# EDGAR Filing Document

**Accession Number:** 0002058976
**File Stem:** 0001493152-25-017367
**Filing Date:** 2025-10
**Character Count:** 1615345
**Document Hash:** 4413d1bee90d0eae039b0c11bf1537ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-017367.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001493152-25-017367

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 45

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RIKU DINING GROUP Ltd
- **CENTRAL INDEX KEY:** 0002058976
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING & DRINKING PLACES [5810]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290212
- **FILM NUMBER:** 251381288

**BUSINESS ADDRESS:**
- **STREET 1:** 46/F, LEE GARDEN ONE, 33 HYSAN AVENUE
- **CITY:** CAUSEWAY BAY
- **STATE:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852-90187860

**MAIL ADDRESS:**
- **STREET 1:** 46/F, LEE GARDEN ONE, 33 HYSAN AVENUE
- **CITY:** CAUSEWAY BAY
- **STATE:** K3
- **ZIP:** 00000

**As filed with the U.S. Securities and Exchange Commission on October 8, 2025.**

**Registration No. 333-290212** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **Amendment No. 1**

 **to**

**Form F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**RIKU DINING GROUP LIMITED**

(Exact name of Registrant as specified in its charter)

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

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **5810** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer <br> Identification Number) |

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**130 Dynamic Drive, Units 4-5**

**Scarborough, ON**

**M1V 5C8, Canada**

**(416) 901-8860**

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

**Cogency Global Inc**.

**122 East 42nd Street**, **18th Floor**

**New York**, **NY 10168**

**(800) 221-0102**

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

*With a Copy to:*

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| | | |
|:---|:---|:---|
| **Henry Yin, Esq.**<br> **Loeb & Loeb LLP**<br> **2206-19 Jardine House**<br> **1 Connaught Place, Central**<br> **Hong Kong SAR**<br> **Telephone**: **+852-39231111** | **Janeane Ferrari, Esq.**<br> **Loeb & Loeb LLP**<br> **345 Park Avenue**<br> **New York, NY 10154**<br> **Telephone**: **+1 212 407 4000**<br>| **Joan Wu, Esq.**<br> **Hunter Taubman Fischer & Li LLC**<br> **950 Third Avenue**<br> **19<sup>th</sup> Floor**<br> **New York, NY 10022**<br> **Telephone**: **+1 212 530 2208** |

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

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, as amended, 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: 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, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to such 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 initial public offering of Class A ordinary shares (the "Class A Ordinary Shares") of the registrant, consisting of 2,587,500 Class A Ordinary Shares to be offered by the Company (the "Public Offering Prospectus"), through the underwriters named in the Underwriting section of the Public Offering Prospectus.

● Resale Prospectus. A prospectus to be used for the resale by the Selling Shareholders set forth therein of 1,643,334 Class A Ordinary Shares of the Registrant (the "Resale Prospectus").

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

● they contain different outside and inside front covers and back covers;

● they contain different Offering sections in the Prospectus Summary section beginning on page 1;

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

● they contain different Use of Proceeds sections on page 58;

● a Selling Shareholders section is included in 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; and

● the Legal Matters section in the Resale Prospectus on page Alt-26 deletes the reference to counsel for the underwriters.

The Registrant has included in this Registration Statement, after the financial statements, a set of alternate pages after the back cover page of the Public Offering Prospectus (the "Alternate Pages") to reflect the foregoing differences in 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 Shareholders.

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

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED OCTOBER 8, 2025** |

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**Riku Dining Group Limited**

**2,250,000** **Class A Ordinary Shares**

This is an initial public offering ("IPO") of our Class A ordinary shares, par value US$0.01 per share ("Class A Ordinary Shares"), of Riku Dining Group Limited ("Riku"). We are offering 2,250,000 Class A Ordinary Shares of Riku, representing approximately 11.1% of the issued and outstanding ordinary shares, par value US$0.01 per share of Riku following completion of this offering, assuming the underwriters do not exercise their over-allotment option. Following the offering, 11.1% of the issued and outstanding Ordinary Shares will be held by public shareholders, assuming the underwriters do not exercise their over-allotment option.

This registration statement also contains a resale prospectus (the "Resale Prospectus"), pursuant to which the selling shareholders listed therein (the "Selling Shareholders") are offering 1,643,334 Class A Ordinary Shares (the "Resale Offering"), to be sold in one or more transactions that may take place in ordinary brokers' transactions, privately negotiated transactions or through sales to one or more dealers for resale of such securities as principals after the trading of our Class A Ordinary Shares on the Nasdaq begins. We will not receive any proceeds from the sale of the Class A Ordinary Shares to be sold by the Selling Shareholders. The Resale Offering is separate from our initial public offering. No sales of the Class A Ordinary Shares covered by the Resale Prospectus shall occur until the Ordinary Shares sold in our IPO begin trading on the Nasdaq Capital Market.

The Class A Ordinary Shares registered for resale as part of the Resale Prospectus, once registered, will constitute a considerable percentage of our public float. The sales of a substantial number of registered shares could result in a significant decline in the public trading price of our Class A Ordinary Shares and could impair our ability to raise capital through the sale or issuance of additional Class A Ordinary Shares. We are unable to predict the effect that such sales may have on the prevailing market price of our Class A Ordinary Shares. Despite such a decline in the public trading price, certain Selling Shareholders may still experience a positive rate of return on their Class A Ordinary Shares due to the lower price at which they purchased the Class A Ordinary Shares compared to other public investors and may be incentivized to sell their Class A Ordinary Shares when others are not. See "Risk Factors —Risks Related to our Class A Ordinary Shares and this Offering—The future sales of Ordinary Shares by existing shareholders, including the sales pursuant to the Resale Prospectus, may adversely affect the market price of our Class A Ordinary Shares."

Prior to this offering, there has been no public market for our Class A Ordinary Shares. The offering price of our Class A Ordinary Shares in this offering is expected to be between US$[●] and US$[●] per share. We have applied to have our Class A Ordinary Shares listed on the Nasdaq Capital Market under the symbol "RIKU." There is no assurance that our listing application will be approved by the Nasdaq Capital Market, and if our listing application is not approved by the Nasdaq Capital Market, this initial public offering will be terminated. No sales of the Class A Ordinary Shares covered by the Resale Prospectus shall occur until the Ordinary Shares sold in our IPO begin trading on the Nasdaq Capital Market.

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share and each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Due to the disparate voting powers associated with our two classes of ordinary shares, Integrated Winners International Limited, our controlling shareholder (the "Controlling Shareholder") will beneficially own approximately 67.6% of the aggregate voting power of our Company immediately following the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming that the underwriters do not exercise their over-allotment option. See "Risk Factors — Risks Related to our Class A Ordinary Shares and this Offering — Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial."

We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, our Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option. As a result, our Controlling Shareholder will have the ability to control the outcome of certain matters submitted to shareholders for approval through his controlling ownership of the Company, such as the election of directors, amendments to our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions. See "Risk Factors — Risks Related to our Class A Ordinary Shares and this Offering— Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders" for further information. If we are deemed as a "controlled company", we intend to avail ourselves of the corporate governance exemptions afforded a "controlled company" under the Nasdaq Stock Market Rules. See "Risk Factors — Risks Related to our Class A Ordinary Shares and this Offering – We are a "controlled company" within the meaning if the Nasdaq listing rules, and intend to follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders."

Riku is a holding company incorporated in the Cayman Islands. As a holding company with no material operations, Riku conducts its operations in Canada through its operating subsidiaries in Canada, including Ajisen Ramen (Canada) Inc., 2750039 Ontario Inc., 2512118 Ontario Inc., 2770933 Ontario Inc., 2811387 Ontario Inc. and 1000047451 Ontario Limited (collectively the "CA Operating Subsidiaries") and in Hong Kong through its operating subsidiaries in Hong Kong, including C& NTP Limited, C& Hospitality Limited, ES Concept (F&B) Co., Limited, ES& TWP Limited, ES& Yoho Limited and ES& Granville Limited (collectively the "HK Operating Subsidiaries"). Investors are cautioned that they are buying shares of a Cayman Islands holding company with operations conducted in Hong Kong and Canada through its Operating Subsidiaries. Riku is not a Chinese or Hong Kong operating company but is a holding company incorporated in the Cayman Islands. This is an offering of the Class A Ordinary Shares of Riku, the holding company incorporated in the Cayman Islands, instead of shares of its HK Operating Subsidiaries and/or its CA Operating Subsidiaries. You may never directly hold any equity interest in its HK Operating Subsidiaries and/or its CA Operating Subsidiaries. This structure involves unique risks to investors, and the PRC regulatory authorities could disallow this structure, which would likely result in a material change in Riku's operations and/or a material change in the value of the securities Riku is registering for sale, including that such event could cause the value of such securities to significantly decline or become worthless, and further:

● could result in a material change in our operations and/or the value of our Class A Ordinary Shares;

● could significantly limit or completely hinder our ability to continue our operations;

● could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and

● may cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

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 its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain 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 any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our HK Operating Subsidiaries' daily business operations, their ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. These actions could result in a material change in our operations and/or to the value of our Class A Ordinary Shares and could significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors. See "*Risk Factors — Risks Related to Doing Business in Hong Kong —Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of the HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale" for further information.*

Unless otherwise stated, references to the "Company", "we", "us", and "our" in the prospectus are to Riku, the Cayman Islands entity that will issue the Class A Ordinary Shares being offered in this prospectus. References to "Operating Subsidiaries" refer to our CA Operating Subsidiaries and HK Operating Subsidiaries. References to "Group" are to Riku and its Subsidiaries, unless otherwise specified.

Recent statements by the PRC government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or 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 markets 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 December 24, 2021, the China Securities Regulatory Commission (the "CSRC") released the Draft Administrative Provisions and the Draft Filing Measures, both of which had a comment period that expired on January 23, 2022. The Draft Administrative Provisions and Draft Filing Measures regulate the administrative system, record-filing management, and other related rules in respect of the direct or indirect overseas issuance of listed and traded securities by "domestic enterprises". The Draft Administrative Provisions specify that the CSRC has regulatory authority over the "overseas securities offering and listing by domestic enterprises", and requires "domestic enterprises" to complete filing procedures with the CSRC if they wish to list overseas. On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; any failure to comply with such filling procedures may result in administrative penalties, such as an order to rectify, warnings, and fines. On April 2, 2022, the CSRC published the Draft Archives Rules, for public comment. These rules state that in the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests.

Under the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, 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 application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing, yet need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing, shall arrange for the filing within a reasonable time period and shall complete the filing procedure before such companies' overseas issuance and listing.

As of the date of this prospectus, given that the Group has no operations in China, the Company believes it is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our potential operations in China, as well as 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 as well as the trading price of our Class A Ordinary Shares.

We may be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. 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 Class A Ordinary Shares. 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 action taken by the PRC government could significantly limit or completely hinder our operations in the PRC and 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.

Furthermore, on July 10, 2021, the Cyberspace Administration of China (the "CAC") issued a revised draft of the Measures for Cybersecurity Review for public comment, which required that, among others, in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated 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, 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&A 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. It remains unclear whether a Hong Kong company which collects personal information from PRC individuals shall be subject to the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our business, our operations or this offering as we do not believe that our HK Operating Subsidiaries would be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that would be required to file for cybersecurity review before listing in the U.S. This conclusion is based on the following factual circumstances: (i) our HK Operating Subsidiaries operate restaurants solely within Hong Kong, engaging exclusively in routine commercial activities unrelated to critical information infrastructure; (ii) their processing of personal information such as customer reservations, payments, and related restaurant operations, involves significantly fewer than one million users; (iii) their operations are confined to Hong Kong, and they do not process personal data of individuals within mainland China or conduct cross-border data transfers from mainland China; and (iv) as of the date of this prospectus, we have not received any notification, inquiry, warning, or request from the CAC or any other PRC regulatory authorities indicating that we are or may be classified as an "operator of critical information infrastructure" or a "data processor," nor have we received requests to submit to a cybersecurity review. Accordingly, we believe that our HK Operating Subsidiaries are not subject to the Revised Review Measures. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Revised Review Measures are adopted into law in the future and any of our HK Operating Subsidiaries is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, our operation and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review.

We have been advised by Hastings & Co., our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, as of the date of this prospectus, the Company and its HK Operating Subsidiaries, are not required to obtain any permissions or approvals from Hong Kong authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors. No such permissions or approvals have been applied for by the Company and/or its subsidiaries or denied by any relevant authorities. Part of our operations are conducted in Hong Kong, which is a part of the PRC. As of the date of this prospectus, our HK Operating Subsidiaries received all requisite permissions or approvals from the Hong Kong authorities to operate their businesses in Hong Kong, including but not limited to their business registration certificates. However, we have been advised by Hastings & Co. that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Based on management's internal assessment that the Company and its subsidiaries currently have no material operations in the PRC, the Company's management believes that as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC. We also believe that our HK Operating Subsidiaries are not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

As of the date of this prospectus, Hong Kong does not have similar regulations as of the PRC to extend oversight and control over offerings that are conducted overseas. Hong Kong does not have similar regulation as of the Trial Measures and the Guidance Rules and Notice, and Measures for Cybersecurity Review of the PRC. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC or if applicable laws, regulations or interpretations change and we are required to obtain such permissions or approvals, (ii) we inadvertently conclude that relevant permissions or approvals were not required or (iii) we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

Under the PRC Enterprise Income Tax Law ("EIT Law") and its implementing rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a PRC resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation ("SAT") issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.

As all of our board members and management are residents of Hong Kong and Canada, and substantially all of our assets and the primary location of the day-to-day operational management are located in Hong Kong and Canada, we are not a "de facto management body" as defined in the Circular 82. Therefore, we are not subject to EIT Law.

As of the date of this prospectus, our subsidiaries and business operations are not subject to the specific laws and regulations adopted by the PRC. Accordingly, we do not believe it is necessary to obtain a legal opinion from PRC counsel, as there are no applicable PRC regulations that would impact our operations.

We also may face risks relating to the lack of Public Company Accounting Oversight Board (the "PCAOB") inspection on our auditor, which may cause our securities to be delisted from a U.S. stock exchange or prohibited from being traded over-the-counter in the future under the Holding Foreign Companies Accountable Act (the "HFCAA" or the "HFCA Act"), if the U.S. Securities and Exchange Commission (the "SEC") determines that we have filed an annual report containing an audit report issued by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate completely for three consecutive years beginning in 2021. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act and on December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to Accelerating Holding Foreign Companies Accountable Act and amended the Holding Foreign Companies Accountable 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, thus reducing the time before our Class A Ordinary Shares may be prohibited from trading or delisted. The delisting or the cessation of trading of our Class A Ordinary Shares, or the threat of their being delisted or prohibited from being traded, may materially and adversely affect the value of your investment.

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 having substantial operations in emerging markets including China. The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets. On May 18, 2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in "Restrictive Market", (ii) adopt a new requirement relating to the qualification of management or board of directors for Restrictive Market companies, and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company's auditors.

On December 16, 2021, the PCAOB issued a 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 PRC; and (2) Hong Kong, a Special Administrative Region of the PRC, because of positions taken by PRC authorities in those jurisdictions, which determinations were vacated on December 15, 2022. Our current auditor, Golden Eagle CPAs LLC, is not headquartered in mainland China or Hong Kong and was not identified by the PCAOB in its report on December 16, 2021 as a firm subject to the PCAOB's determinations, which determinations were vacated on December 15, 2022.

On August 26, 2022, the PCAOB signed a Statement of Protocol, or SOP, Agreement with the CSRC and China's Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigation, establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections in the second half of 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed. If the PCAOB in the future again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the companies audited by those auditors would be subject to a trading prohibition on U.S. markets pursuant to the HFCAA.

If the PCAOB in the future again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the lack of access to the PCAOB inspection in China would prevent the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, investors could be deprived of the benefits of such PCAOB inspections, if the PCAOB again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong. The inability of the PCAOB to conduct inspections of auditors in China would make it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures, which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements. Although our auditor was not identified by the PCAOB in its report as a firm subject to the PCAOB's determinations, which determinations were vacated on December 15, 2022, should the PCAOB be unable to fully conduct inspection of our auditor's work papers in China, this could adversely affect us and our securities for the reasons noted above.

Our auditor, Golden Eagle CPAs LLC, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as a firm headquartered in New Jersey and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections on a regular basis. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations. However, the recent developments in connection with the implementation of the HFCA Act as described above, including the recent joint statement by the SEC and the PCAOB, the proposed rule changes by Nasdaq, and actions by the PCAOB, would add uncertainties to this offering and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. See "Prospectus Summary—Holding Foreign Companies Accountable Act" and "Risk Factors — Risks Relating to our Class A Ordinary Shares and this Offering *—* Although the audit report included in this prospectus is prepared by a U.S. auditor who are subject to the PCAOB inspection on a regular basis, there is no guarantee that future audit reports will be prepared by an auditor 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 HFCAA if the SEC subsequently determines our audit work is performed by an auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA 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, thus reducing the time before the securities may be prohibited from trading or delisted."

As of the date of this prospectus, no dividends or distributions have been made to date to investors in the Company. See "Risk Factors — Risks Related to Our Corporate Structure— We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash."

**Investing in our Class A Ordinary Shares is highly speculative and involves a high degree of risk. Before buying any shares, you should carefully read the discussion of material risks of investing in our Class A Ordinary Shares in "Risk Factors" beginning on page 15 of this prospectus.**

**We are both an "emerging growth company" and a "foreign private issuer" as defined under the federal securities laws and, as such, will be subject to reduced public company reporting requirements. See "Prospectus Summary — Implications of Being an Emerging Growth Company" and "Prospectus Summary — Implications of Being a Foreign Private Issuer" for additional information.**

**Neither the U.S. 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.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** | **Per Share** | **Total<sup>(2)</sup>** | **Total<sup>(2)</sup>** |
| Initial public offering price | US$ | [●]<sup>(3)</sup> | US$ | [●] |
| Underwriting discounts<sup>(1)</sup> | US$ | [●] | US$ | [●] |
| Proceeds to the Company before expenses<sup>(2)</sup> | US$ | [●] | US$ | [●] |

---

(1) Represents underwriting discounts equal to [●]% per Class A Ordinary Share.

(2) Assumes that the underwriters do not exercise any portion of their over-allotment option.

(3) Based on an assumed initial public offering price of $[●] per Class A Ordinary Share, the midpoint of the price range of the initial public offering price shown on the cover page of this prospectus.

We expect our total cash expenses for this offering (including cash expenses payable to our underwriters for their out-of-pocket expenses) to be approximately US$[●], exclusive of the above discounts.

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the shares if any such shares are taken. We have granted the underwriters an option for a period of forty-five (45) days after the closing of this offering to purchase up to fifteen percent (15%) of the total number of our Class A Ordinary Shares offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts. If the underwriters exercise the option in full, the total underwriting discounts payable will be US$[●] based on an assumed initial public offering price of US$[●] per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), and the total gross proceeds to us, before underwriting discounts and expenses, will be US$[●].

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

The underwriters expect to deliver the Class A Ordinary Shares against payment as set forth under "Underwriting" on or about [●], 2025.

**Eddid Securities USA Inc.**

The date of this prospectus is [●], 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Special Note Regarding Forward-Looking Statements](#hk_001) | vii |
| [Prospectus Summary](#hk_002) | 1 |
| [Risk Factors](#hk_003) | 15 |
| [Industry Review](#Aa_001) | 48 |
| [Use of Proceeds](#Aa_002) | 58 |
| [Dividend Policy](#Aa_003) | 59 |
| [Capitalization](#Aa_004) | 60 |
| [Dilution](#Aa_005) | 61 |
| [Exchange Rate Information](#Aa_006) | 62 |
| [Corporate History and Structure](#Aa_007) | 63 |
| [Selected Consolidated Financial and Operating Data](#Aa_008) | 66 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Aa_009) | 67 |
| [Business](#sk_001) | 104 |
| [Our Relationship with Certain Franchisors](#sk_002) | 119 |
| [Regulations](#sk_003) | 125 |
| [Management](#sk_004) | 135 |
| [Related Party Transactions](#sk_005) | 142 |
| [Principal Shareholders](#sk_006) | 145 |
| [Description of Share Capital](#sk_007) | 146 |
| [Shares Eligible for Future Sale](#sk_008) | 155 |
| [Material Taxation Considerations](#sk_009) | 157 |
| [Enforcement of Civil Liabilities](#sk_010) | 163 |
| [Underwriting](#sk_011) | 164 |
| [Expenses Related to this Offering](#sk_012) | 168 |
| [Legal Matters](#sk_013) | 169 |
| [Experts](#sk_014) | 169 |
| [Where You Can Find Additional Information](#sk_015) | 169 |
| [Index to Consolidated Financial Statements](#sk_016) | F-1 |

---

**We are responsible for the information contained in this prospectus and any free writing prospectus we prepare or authorize. We have not, and the underwriters have not, authorized anyone to provide you with different information, and we and the underwriters take no responsibility for any other information others may give you. We are not, and the underwriters are not, making an offer to sell our Class A Ordinary Shares in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus is accurate as of any date other than the date on the front cover of this prospectus, regardless of the time of delivery of this prospectus or the sale of any Class A Ordinary Shares.**

**For investors outside the United States: Neither we nor 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 Class A Ordinary Shares and the distribution of this prospectus outside the United States.**

**We are registered and incorporated in the Cayman Islands as an exempted company with limited liability and a majority of our outstanding securities are owned by non-U.S. residents. Under the rules of the U.S. Securities and Exchange Commission, or 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 U.S. Securities and Exchange Commission, or the SEC, as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act.**

**Until and including [●], 2025 (twenty-five (25) days after the date of this prospectus), all dealers that buy, sell or trade our Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

i

**CONVENTIONS THAT APPLY TO THIS PROSPECTUS**

Unless otherwise indicated or the context otherwise requires, all references in this prospectus to:

● "Articles" or "Articles of Association" are to the articles of association of our Company (as may be amended, restated or replaced from time to time) conditionally adopted on [●], 2025 which shall become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares;

● "ARCI" are to Ajisen Ramen (Canada) Inc., a company incorporated in Canada which is a direct wholly-owned subsidiary of Rich Plenty, and an indirect wholly-owned subsidiary of Riku;

● "Basic Law" are to the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China;

● "Board" are to the board of directors of Riku;

● "BVI" are to the British Virgin Islands;

● "BVI Act" are to the BVI Business Companies Act, as amended, supplemented or otherwise modified from time to time;

● "C& Hospitality" are to C& Hospitality Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "C& NTP" are to C& NTP Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "CAD" or "CA$" are to Canadian Dollar(s), the lawful currency of Canada;

● "CA Operating Subsidiaries" or "CA Operating Subsidiary" are to Ajisen Ramen (Canada) Inc., 2750039 Ontario Inc., 2512118 Ontario Inc., 2770933 Ontario Inc., 2811387 Ontario Inc., and 1000047451 Ontario Limited, individually or collectively;

● "CK Inc." are to 2750039 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "China" or the "PRC" refers to the People's Republic of China, including Hong Kong and Macau. For reference to specific laws and regulations adopted by the PRC, the definition of "China" or the "PRC" refers to the People's Republic of China, excluding Hong Kong and Macau;

● "Church Ltd" are to 1000047451 Ontario Limited, a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Class A Ordinary Shares" are to the Class A ordinary shares with a par value of US$0.01 each of Riku;

● "Class B Ordinary Shares" are to the Class B ordinary shares with a par value of US$0.01 each of Riku;

● "Company", "we", "us", "our" and "Riku" are to Riku Dining Group Limited, an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act on February 14, 2025, that will issue the Class A Ordinary Shares being offered;

● "Companies Act" are to the Companies Act (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time;

● "Controlling Shareholder" is to Integrated Winners International Limited, who, immediately after the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option;

● "Corporate Reorganization" refers to the reorganization of the legal structure of entities under common control as described in "Corporate History and Structure;"

ii

● "COVID-19" are to the Coronavirus Disease 2019;

● "ES Concept" are to ES Concept (F&B) Co., Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& Granville" are to ES& Granville Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& TWP" are to ES& TWP Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& Yoho" are to ES& Yoho Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "Exchange Act" are to the U.S. Securities Exchange Act of 1934, as amended;

● "Founders" are to Mr. Johnny Luk Ching Po ("Mr. Johnny Luk") and Mr. Mark Luk Siu Fung ("Mr. Mark Luk");

● "Group" are to Riku and its Subsidiaries, unless otherwise specified;

● "HKD" or "HK$" are to Hong Kong dollar(s), the lawful currency of Hong Kong;

● "Hong Kong" or "HKSAR" are to the Hong Kong Special Administrative Region of the PRC;

● "HK Operating Subsidiaries" or "HK Operating Subsidiary" are to C& NTP Limited, C& Hospitality Limited, ES Concept (F&B) Co., Limited, ES& TWP Limited, ES& Yoho Limited and ES& Granville Limited, individually or collectively;

● "IPO" are to this initial public offering of securities as covered under this prospectus;

● "Kennedy Inc." are to 2512118 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Macau" are to the Macau Special Administrative Region of the PRC;

● "Mainland China" are to the mainland of the People's Republic of China, excluding for the purpose of this prospectus only, the special administrative regions of Hong Kong and Macau, and Taiwan;

● "Master Central" are to Master Central Holdings Limited, a company limited by shares incorporated under the laws of the BVI, which is the direct subsidiary of Riku;

● "Memorandum" or "Memorandum of Association" are to the memorandum of association of our Company (as may be amended, restated or replaced from time to time) conditionally adopted on [●], 2025 which shall become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares;

● "Midland Inc." are to 2811387 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Operating Subsidiaries" are to both our CA Operating Subsidiaries and HK Operating Subsidiaries;

● "Ordinary Shares" or "Shares" refers to the Class A Ordinary Shares and the Class B Ordinary Shares;

iii

● "Our parent company" are to Riku;

● "PRC authorities", "PRC government" are to the government or regulatory authorities of Mainland China for the purpose of this prospectus only;

● "Resale Offering" is to the resale of Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus;

● "Rich Plenty" are to Rich Plenty Group Limited, a company incorporated under the laws of the BVI, which serves as the holding company of the CA Operating Subsidiaries, and is a directly wholly-owned subsidiary of Master Central and an indirectly wholly-owned subsidiary of Riku;

● "SEC" or "Securities and Exchange Commission" are to the United States Securities and Exchange Commission;

● "Securities Act" are to the U.S. Securities Act of 1933, as amended;

● "Selling Shareholders" are to San River International Sdn. Bhd. and DFK Limited, the shareholders of the Company selling their Class A Ordinary Shares pursuant to the Resale Prospectus;

● "Subsidiary" or "Subsidiaries" or "Our Subsidiary" or "Our Subsidiaries" are to any one or more of our HK Operating Subsidiaries, CA Operating Subsidiaries, Master Central, or Waraku or Rich Plenty, collectively or individually;

● "US" or "U.S." are to the United States of America;

● "U.S. GAAP" refers to generally accepted accounting principles in the United States;

● "U.S. dollars" or "US$" or "USD" or "dollars" are to United States dollar(s), the lawful currency of the United States;

● "Vaughan Inc." are to 2770933 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku; and

● "Waraku" are to Waraku Group Limited, a company incorporated in Hong Kong with limited liability on March 15, 2024 which serves as the intermediate holding company of the HK Operating Subsidiaries, and is a directly wholly-owned subsidiary of Master Central and an indirectly wholly-owned subsidiary of Riku.

We have made rounding adjustments to some of the figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Unless the context indicates otherwise, all information in this prospectus assumes no exercise by the underwriters of their over-allotment option.

Riku is an exempted company with limited liability, registered and incorporated in the Cayman Islands, that operates in Hong Kong and Canada through the Operating Subsidiaries. The reporting currency of the HK Operating Subsidiaries is HKD and the reporting currency of the CA Operating Subsidiaries is CAD. This prospectus contains translations of HKD and CAD into U.S. dollars solely for the convenience of the readers. Unless otherwise noted, all translations from HKD to U.S. dollars and from U.S. dollars to HKD in this prospectus were calculated at the noon buying rate of US$1 = HK$[●] on [●], 2025, as published in H.10 statistical release of the Board of Governors of the Federal Reserve System. Similarly, all translations from CAD to U.S. dollars and from U.S. dollars to CAD in this prospectus were calculated at the noon buying rate of US$ = CA$[●] on [●], 2025, as published in the same H.10 statistical release. We make no representation that the HKD or CAD or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or HKD or CAD, as the case may be, at any particular rate or at all. See also, "Exchange Rate Information."

Riku's fiscal year ends on September 30. References to a particular "fiscal year" are to our fiscal year ended September 30 of that calendar year. References to a particular "year" are also to our fiscal year ended September 30 of that calendar year unless the text indicates otherwise.

iv

**INDUSTRY AND MARKET DATA**

This prospectus includes statistics, other data and descriptive information relating to markets, market sizes, and other industry data pertaining to our business that we have obtained from industry publications and surveys, government publications, surveys and studies conducted by third parties, and other information available to us, including an industry report (the "Frost & Sullivan Report") commissioned by us and prepared by Frost & Sullivan, an independent research firm, as well estimates by our management based on such data. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed. We have not independently verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Market data and statistics are inherently predictive and speculative and are not necessarily reflective of actual market conditions. Such statistics are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. The market data and estimates used in this prospectus involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. In addition, the value of comparisons of statistics for different markets is limited by many factors, including that (i) the markets are defined differently, (ii) the underlying information was gathered by different methods, and (iii) different assumptions were applied in compiling the data. Accordingly, the market statistics included in this prospectus should be viewed with caution. Additionally, forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus.

While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

v

**TRADEMARKS, SERVICE MARKS, AND TRADE NAMES**

Solely for convenience, the trademarks, service marks, and trade names referred to in this prospectus are without the <sup>®</sup> and <sup>TM</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This prospectus contains additional trademarks, service marks, and trade names of others, which are the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

vi

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

● changes in competitive conditions and our ability to compete under such conditions;

● fluctuations in consumer spending and broader economic factors;

● changes in customers' preferences or other factors could reduce demand for our products;

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

● our ability to operate franchised restaurants in Hong Kong and Canada being dependent on key franchise agreements;

● disruptions to or issues with our supply chain and the impact it may have on the Company's operations;

● failure in obtaining or renewing any of the licenses, approvals and permits for our operations;

● the impact of government policies and regulations relating to our industry;

● specific risks relating to doing business in Canada and Hong Kong;

● specific risks relating to our corporate structure, including that we rely on dividends and other distributions on equity paid by our subsidiaries to fund our cash and financing requirements and that we are a "controlled company"; and

● other risks, uncertainties and factors set forth in this prospectus, including those set forth under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business."

We describe certain material risks, uncertainties, and assumptions that could affect our business, including our financial condition and results of operations, under "Risk Factors." We base our forward-looking statements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the heading "Risk Factors" and elsewhere in this prospectus If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.

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. Although we will become a public company after this offering and have ongoing disclosure obligations under United States federal securities laws, we do not intend to update or otherwise revise the forward-looking statements in this prospectus, whether as a result of new information, future events or otherwise.

vii

**PROSPECTUS SUMMARY**

*The following summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in our Class A Ordinary Shares. You should read the entire prospectus carefully, including "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the related notes thereto, in each case included in this prospectus. Unless the context otherwise requires, all references in this prospectus to "we", "us", "our", "our company", and "Riku" refer to Riku, "our Group" refers to Riku and its Subsidiaries. You should carefully consider, among other things, the matters discussed in the section of this prospectus titled "Business" before making an investment decision.*

**Overview**

We are a dynamic and growing international restaurant operator with a diverse portfolio of Japanese-themed dining concepts across Canada and Hong Kong. Through our Operating Subsidiaries, we deliver authentic Japanese culinary experiences by holding exclusive franchise rights for distinguished Japanese restaurant brands in Hong Kong and Canada.

In Canada, we have established a robust presence with our exclusive franchise of Ajisen Ramen, one of Japan's most iconic ramen brands. Ajisen Ramen was brought to Canada by one of our founders, Mr. Johnny Luk, in 2007 as one of the first ramen shops in Toronto. Since then, we have expanded to 13 locations across Ontario, including four (4) directly managed restaurants and nine (9) sub-franchisees. Unlike typical ramen bars, our Ajisen Ramen outlets are full-service Japanese restaurants, offering a broad and diverse menu that extends beyond ramen to include dishes like gyoza, karaage, and sizzling hot plates. We also cater to a wide range of customer preferences by offering a variety of soup bases, from traditional pork bone broth to modern flavors like spicy mala, appealing to different tastes and dietary needs. This versatility has allowed us to thrive in Canada's competitive ramen market and continues to drive strong demand.

In Hong Kong, we franchise Yakiniku Kakura, Yakiniku 801, and Ufufu Café, three distinct concepts that cater to various segments of the dining market. Yakiniku Kakura, a premier Japanese barbecue restaurant from Saga, Kyushu, is renowned for its premium A5 black Wagyu beef, offering a luxurious yet accessible dining experience where each cut is meticulously selected for flavor and texture. Yakiniku 801 provides a more casual yet high-quality yakiniku experience, serving affordable grilled meat that appeal to diners seeking excellent value in a relaxed setting. Yakiniku experience aims to bring along the atmosphere and culture in Japan to HK, which differs from other barbeque restaurants. We are sourcing high quality ingredients from Japan which shipped to HK and ensure our customers to enjoy the premier meat at affordable price with comfortable environment. Finally, Ufufu Café blends Western-influenced Japanese cuisine, such as the Japanese style spaghetti and matcha desserts, with traditional desserts, offering a unique and diverse menu that attracts a broad customer base, from food enthusiasts to families. Together, these three franchises solidify our position as a leader in both upscale and casual dining in Hong Kong.

As of the date of this prospectus, we directly operate four (4) Ajisen Ramen restaurants and sub-franchise nine (9), making a total of thirteen (13) Ajisen Ramen restaurants in Canada, alongside three (3) self-operated and two (2) sub-franchised Yakiniku Kakura restaurants, one (1) self-operated Yakiniku 801 restaurant and one (1) self-operated Ufufu Cafe restaurant in Hong Kong. Our strategic goal is to continue expanding our footprint through new restaurant openings in key markets, leveraging our established brand recognition and operational expertise to meet the growing demand for premium Japanese dining experiences across Asia and North America.

**Our Competitive Strengths**

We believe that the following strengths differentiate us and serve as a platform for the future growth of our business across our territories:

● **Diverse portfolio of Japanese-themed dining concepts**: We offer a diverse range of Japanese-themed dining concepts, from premium yakiniku to family-friendly Western-Japanese cafés and full-service ramen restaurants, catering to a wide array of customer preferences across Asia and North America;

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● **Exclusive franchise rights for renowned Japanese brands**: We hold exclusive franchise rights for prestigious Japanese brands in Hong Kong and Canada, enabling us to bring authentic dining experiences to international markets with long-term, trust-based partnerships;

● **Commitment to quality and consistency**: Our unwavering focus on sourcing premium ingredients and maintaining strict quality controls ensures a consistently high standard of food and service across all our locations, fostering customer loyalty.

● **Proven leadership and operational expertise**: Our experienced leadership team, with deep industry knowledge in both Canada and Hong Kong, drives operational excellence and sustainable growth through strategic management and strong supplier relationships;

**Our Strategies**

We aim to further strengthen our market position and continue to be a competitive international restaurant operator by pursing the following key strategies:

● **Expansion of restaurant footprint in key markets**: We intend to expand our global presence by opening new restaurants and utilizing strategic sub-franchising in high-demand regions, including the U.S., Canada, and Singapore, to capture a larger share of the international dining market;

● **Innovation in menu and customer experience**: We intend to enhance customer loyalty and brand differentiation by diversifying our menus with seasonal and plant-based options, while improving the dining experience through technology integration and personalized services;

● **Operational efficiency and scalability**: We intend to optimize our operations by refining workflows, controlling costs, and integrating technology, which should provide for scalability and profitability across all locations as we expand.

**Corporate History and Structure**

Riku was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on February 14, 2025. Riku was incorporated with nominal assets and liabilities for the purpose of becoming the ultimate holding company for the Subsidiaries and consummating the Corporate Reorganization described herein. See "Corporate History and Structure."

The following diagram illustrates the corporate structure of our Group upon consummation of the Corporate Organization and as of the closing of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming the over-allotment option is not exercised:

![](formdrs_001.jpg)

Prior to the completion of this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Waraku became the direct holding company of the HK Operating
 Subsidiaries through a share-for-share exchange;

(ii) Rich Plenty became the direct holding company of the CA Operating
 Subsidiaries through a share-for-share exchange;

(iii) Waraku and Rich Plenty became wholly-owned subsidiaries of Master
 Central, the intermediary holding company incorporated in the BVI;

(iv) The Company acquired Master Central through a share-for-share
 exchange, making the HK Operating Subsidiaries and CA Operating Subsidiaries indirect wholly-owned subsidiaries of the Company;

(v) The Company redesignated its share capital into Class A and
 Class B ordinary shares under which each Class A Ordinary Share carries one (1) vote per share, and each Class B Ordinary
 Share carries twenty (20) votes per share.

We are offering 2,250,000 Class A Ordinary Shares, representing 11.1% of the Ordinary Shares following the completion of this offering, assuming the underwriters do not exercise their over-allotment option.

We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, our Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, and will have the ability to determine all matters requiring approval by shareholders.

Investors are purchasing securities of our holding company, Riku, instead of securities of our Operating Subsidiaries, through which our operations are conducted.

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

Our management monitors the cash position of our subsidiaries regularly and prepares budgets on a monthly basis to ensure it has the necessary funds to fulfil its 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 our board of directors.

Riku is a holding company with no operations of its own. It conducts its operations in Hong Kong and Canada through its Operating Subsidiaries. Riku may rely on dividends or payments to be paid by its Operating Subsidiaries to fund its cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and U.S. investors, to service any debt we may incur and to pay our operating expenses. Cash will be transferred through our organization in the following manner: (i) funds will be transferred to our HK Operating Subsidiaries, from Riku as needed through Waraku 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 HK Operating Subsidiaries to Riku through Waraku; (iii) funds will be transferred to our CA Operating Subsidiaries, from Riku as needed through Master Central in the form of capital contributions or shareholder loans, as the case may be; and (iv) dividends or other distributions may be paid by our CA Operating Subsidiaries to Riku through Master Central.

For Riku to transfer cash to its Subsidiaries, Riku is permitted under Companies Act and the Memorandum and Articles to provide funding to its subsidiaries incorporated in the BVI, Hong Kong and Canada through loans or capital contributions. Riku's subsidiary incorporated under the laws of the BVI, Master Central, is permitted under the laws of the BVI and its memorandum and articles of association (as amended from time to time) to provide funding to our CA Operating Subsidiaries. Riku's subsidiary incorporated under the laws of Hong Kong, Waraku, is permitted under the laws of Hong Kong and its articles of association (as amended from time to time) to provide funding to our HK Operating Subsidiaries.

As of the date of this prospectus, no transfers were made from the Company to its Operating Subsidiaries and our Operating Subsidiaries have not encountered difficulties or limitations with respect to their ability to transfer cash between each other. As of the date of this prospectus, neither the holding company nor our Operating Subsidiaries maintains cash management policies or procedures dictating the amount of such funding or how funds are transferred.

There are no statutory prohibitions in the Cayman Islands on the granting of financial assistance by a company to another person for the purchase of, or subscription for, its own, its holding company's or a subsidiary's shares. Therefore, a company may provide financial assistance provided the directors of the company, when proposing to grant such financial assistance, discharge their duties of care and act in good faith, for a proper purpose and in the interests of the company. Such assistance should be on an arm's-length basis. Subject to the satisfaction of the solvency test provisions under the Companies Act, the holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our Memorandum and Articles provide that dividends may be declared and paid out of profits of our Company, realized or unrealized, or from any reserve set aside from profits which our board of directors determines is no longer needed. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized for this purpose in accordance with the Companies Act. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium account if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. The Cayman Islands does not impose any tax on payments of dividends to shareholders.

Under the BVI Business Companies Act 2004 (as amended) and subject to its memorandum and articles of association, a BVI company may authorize and declare a dividend to shareholders at such time and of such an amount as the board of directors thinks fit to the extent that they are satisfied that immediately following 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 (Chapter 622 of the Laws of Hong Kong), 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. As at the date of this prospectus, 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 Riku and its HK Operating Subsidiaries, across borders and to U.S. investors, nor are there any restrictions and limitations to distribute earnings from our business and subsidiaries, to Riku 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 to dividends paid by us. The PRC laws and regulations do not currently have any material impact on transfers of cash from Riku to our HK Operating Subsidiaries or our HK Operating Subsidiaries to Riku, our shareholders and U.S. investors. However, the Chinese government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our HK Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could 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. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless.

According to Section 43(1) of the Canada Business Corporations Act ("**CBCA**"), which is applicable to ARCI, and Section 38 of the Business Corporations Act (Ontario) ("**OBCA**"), which is applicable to the CA Operating Subsidiaries (except ARCI), our CA Operating Subsidiaries may pay dividends by issuing fully paid shares of the corporation or in money or property. However our CA Operating Subsidiaries may not declare or pay a dividend if, as provided under Section 42 of the CBCA or Section38 of the OBCA, there are reasonable grounds for believing that the corporation is, or would after payment be, unable to pay its liabilities as they become due, or the realizable value of the corporation's assets would thereby be less than the aggregate of its liabilities and stated capital of all classes. As of the date of this prospectus, no transfers were made from the Company to its CA Operating Subsidiaries. During fiscal year 2024, the CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus*.* Except for the dividend payment mentioned above, the Company, and its CA Operating Subsidiaries and HK Operating Subsidiaries currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future. As of the date of this prospectus, our CA Operating Subsidiaries do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. Further, as of the date of this prospectus, no dividends or distributions have been made to date to investors in the Company. See "Risk Factors — Risks Related to Our Corporate Structure—We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash"

Canada does not impose any foreign exchange control restrictions which would restrict or prohibit the repatriation of funds by a Canadian corporation out of Canada, including to pay dividends to its foreign shareholder(s), except for transactions that will violate the *Criminal Code* and the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act*.

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 Riku and to settle amounts owed under any applicable agreements as of the date of this prospectus.

Since incorporation, Riku has not declared or paid any dividends or distributions. There will not be any transfer of assets among Riku and its Subsidiaries.

We do not expect to pay dividends on our 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 the businesses of our Operating Subsidiaries. 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 and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. See "*Risk Factors — Risks related to our Corporate Structure — We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash*" on page 36.

**Summary of Risk Factors**

Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects that you should consider before making a decision to invest in our Class A Ordinary Shares. These risks are discussed in greater detail in "Risk Factors" These risks include, but are not limited to, the following:

**Risks Related to Our Industry and Our Business**

● The restaurant industry is highly competitive, and we may face challenges in maintaining our competitive edge.

● Fluctuations in consumer spending and broader economic factors may impact our business.

● Changes in consumer preferences or other factors could reduce demand for our products.

● Our ability to operate franchised restaurants, and sub-franchise restaurants in Hong Kong and Canada depends on key franchise agreements, the expiration or termination of which could harm our business.

● Our success relies on the international reputation of the brands we operate, and adverse developments in their global operations or reputation could negatively affect our business and financial performance.

● Our Operating Subsidiaries require various licenses, approvals and permits to operate our business. Any failure in obtaining or renewing any of the licenses, approvals and permits for our operations could materially adversely affect our business, results of operations and financial condition.

● Disruptions to or issues with our supply chain could negatively impact our business operations and profitability.

● We currently rely on our central kitchen to supply certain food ingredients used in our restaurant outlets in Canada. Any disruption of operations in our central kitchen could adversely affect our reputation and results of operations.

● Leasing a broad portfolio of real estate exposes us to potential losses and liabilities.

● Newly developed restaurants may not meet our expectations, and we cannot guarantee that our expansion plans will be successful.

● The economic viability of our restaurant locations may change, and we may face challenges in securing new locations at favorable terms.

● We have limited control over the operations of our sub-franchisees, and their actions could negatively affect our brand and business.

● Our financial condition and results of operations in Canada depend, to a certain extent, on the financial condition of our sub-franchisees and their ability to fulfill their obligations under their sub-franchise agreements.

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

● Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of our HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale.

● Recently in 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our HK Operating Subsidiaries and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of our Class A Ordinary Shares.

● We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, the Trial Measures and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.

● If the Chinese government chooses to extend oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless

● 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.

● The enforcement of laws rules and regulations in the PRC can change quickly with little advance notice. Additionally, the PRC laws and regulations and the enforcement of such that apply or are to be applied to Hong Kong can change quickly with little or no advance notice. As a result, the Hong Kong legal system embodies uncertainties that could limit the availability of legal protections, which could result in a material change in our HK Operating Subsidiaries' operations and/or the value of the securities we are offering.

● 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 HK Operating Subsidiaries, which forms part of our business.

● There are political risks associated with conducting business in Hong Kong.

● The Hong Kong legal system embodies uncertainties which could limit the legal protections available to our HK Operating Subsidiaries.

● Because our business is conducted in Hong Kong dollars and the price of our Class A Ordinary Shares is quoted in United States dollars, changes in currency conversion rates may affect the value of your investments.

**Risks Related to Doing Business in Canada**

● Our operations are subject to various laws and regulations in Canada.

● Changes in Canadian laws, regulations, or government policies may negatively impact our business.

● Economic conditions in Canada may adversely affect consumer spending and our business.

● Social, political, and regulatory developments in Canada may have a material adverse impact on our business.

**Risks Related to Our Corporate Structure**

● We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash.

● You may experience difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited.

● You may have more difficulties protecting your interests than you would as a shareholder of a U.S. corporation.

● Cayman Islands economic substance requirements may have an effect on our business and operations.

● Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of other shareholders.

● We may have conflicts of interest with our Controlling Shareholder, because of our Controlling Shareholder's controlling ownership interest in our Company, we may not be able to resolve such conflicts on terms favorable to us.

● We are a "controlled company" within the meaning of the Nasdaq listing rules, and intend to follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.

**Risks Related to our Class A Ordinary Shares and this Offering**

● The audit report included in this prospectus is prepared by U.S. auditor Golden Eagle CPAs LLC ("GEC"), is headquartered in New Jersey, and is subjected to the PCAOB inspection on a regular basis. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination . As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations. However, there is no guarantee that future audit reports will be prepared by auditor inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our Class A Ordinary Shares may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA 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, thus, reducing the time before the securities may be prohibited from trading or delisted.

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

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

● There has been no public market for our Class A Ordinary Shares prior to this offering, and you may not be able to resell our Class A Ordinary Shares at or above the price you pay for them, or at all.

● The market price of our Class A Ordinary Shares may be highly volatile, and you could lose all or part of your investment.

● Volatility in the price of our Class A Ordinary Shares may subject us to securities litigation.

● If we fail to meet applicable listing requirements, Nasdaq may not approve our listing application, or may delist our Class A Ordinary Shares from trading, in which case the liquidity and market price of our Class A Ordinary Shares could decline.

● Our Class A Ordinary Shares are expected to initially trade under US$5.00 per share and thus would be known as "penny stock." Trading in penny stocks has certain restrictions and these restrictions could negatively affect the price and liquidity of our Class A Ordinary Shares.

● The IPO price and sale price for resales of Class A Ordinary Shares sold under the Resale Prospectus could differ.

● The future sales of Ordinary Shares by existing shareholders, including the sales pursuant to the Resale Prospectus, may adversely affect the market price of our Class A Ordinary Shares.

● Our pre-IPO shareholders, including our Controlling Shareholder, will be able to sell their shares after completion of this offering subject to restrictions under Rule 144.

**Recent Development in the PRC**

We do not have any operations in mainland China and currently do not have or intend to have any operating subsidiary established in mainland China or any contractual arrangement to establish a variable interest entity ("VIE") structure with any entity in mainland China, but because part of our operations are conducted in Hong Kong through our HK Operating Subsidiaries, and Hong Kong is a Special Administrative Region of China, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares.

In the event that the PRC regulatory authorities disallow our business structure, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability and to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless. See "*Risk Factors — Risks Related to Doing Business in Hong Kong — "If the Chinese government chooses to extend oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless*." for further details.

We may be subject to unique risks due to uncertainty of the interpretation and the application of the PRC laws and regulations. We are also subject to the risks of uncertainty about any future actions of the Chinese government or authorities in Hong Kong in this regard. Should the Chinese government choose to exercise significant oversight and discretion over the conduct of our business, they may intervene in or influence our operations. Such governmental actions:

● could result in a material change in our operations and/or the value of our Class A Ordinary Shares;

● could significantly limit or completely hinder our ability to continue our operations;

● could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and

● may cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

Part of our operations are conducted through our HK Operating Subsidiaries in Hong Kong, which is a part of the PRC. 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 its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain 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 any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our HK Operating Subsidiaries' daily business operations, their ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. These actions could result in a material change in our operations and/or to the value of our Class A Ordinary Shares and could significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors. See "*Risk Factors — Risks Related to Doing Business in Hong Kong —Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of the HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale." for further information.*

Recent statements by the PRC government have indicated an intent to exert more exert oversight and control over offerings that are conducted overseas and/or 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 markets 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 December 24, 2021, the China Securities Regulatory Commission (the "CSRC") released the Draft Administrative Provisions and the Draft Filing Measures, both of which had a comment period that expired on January 23, 2022. The Draft Administrative Provisions and Draft Filing Measures regulate the administrative system, record-filing management, and other related rules in respect of the direct or indirect overseas issuance of listed and traded securities by "domestic enterprises". The Draft Administrative Provisions specify that the CSRC has regulatory authority over the "overseas securities offering and listing by domestic enterprises", and requires "domestic enterprises" to complete filing procedures with the CSRC if they wish to list overseas. On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; any failure to comply with such filling procedures may result in administrative penalties, such as an order to rectify, warnings, and fines. On April 2, 2022, the CSRC published the Draft Archives Rules, for public comment. These rules state that in the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests.

Under the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, 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 application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing, yet need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing, shall arrange for the filing within a reasonable time period and shall complete the filing procedure before such companies' overseas issuance and listing.

As of the date of this prospectus, given that the Group has no operations in China, the Company believes it is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our potential operations in China, as well as 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 as well as the trading price of our Class A Ordinary Shares

We may be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. 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 Class A Ordinary Shares. 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 action taken by the PRC government could significantly limit or completely hinder our operations in the PRC and 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.

Furthermore, on July 10, 2021, the Cyberspace Administration of China (the "CAC") issued a revised draft of the Measures for Cybersecurity Review for public comment, which required that, among others, in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated 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, 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&A 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. It remains unclear whether a Hong Kong company which collects personal information from PRC individuals shall be subject to the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our business, our operations or this offering as we do not believe that our HK Operating Subsidiaries would be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that would be required to file for cybersecurity review before listing in the U.S. This conclusion is based on the following factual circumstances: (i) our HK Operating Subsidiaries operate restaurants solely within Hong Kong, engaging exclusively in routine commercial activities unrelated to critical information infrastructure; (ii) their processing of personal information such as customer reservations, payments, and related restaurant operations, involves significantly fewer than one million users; (iii) their operations are confined to Hong Kong, and they do not process personal data of individuals within mainland China or conduct cross-border data transfers from mainland China; and (iv) as of the date of this prospectus, we have not received any notification, inquiry, warning, or request from the CAC or any other PRC regulatory authorities indicating that we are or may be classified as an "operator of critical information infrastructure" or a "data processor," nor have we received requests to submit to a cybersecurity review. Accordingly, we believe that our HK Operating Subsidiaries are not subject to the Revised Review Measures. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Revised Review Measures are adopted into law in the future and any of our HK Operating Subsidiaries is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, our operation and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review.

We have been advised by Hastings & Co., our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, as of the date of this prospectus, the Company and its HK Operating Subsidiaries, are not required to obtain any permissions or approvals from Hong Kong authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Ordinary Shares to foreign investors. No such permissions or approvals have been applied for by the Company and/or its subsidiaries or denied by any relevant authorities. Part of our operations are conducted in Hong Kong, which is a part of the PRC. As of the date of this prospectus, our HK Operating Subsidiaries received all requisite permissions or approvals from the Hong Kong authorities to operate their businesses in Hong Kong, including but not limited to their business registration certificates. However, we have been advised by Hastings & Co. that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Based on management's internal assessment that the Company and its subsidiaries currently have no material operations in the PRC, the Company's management believes that as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC. We also believe that our HK Operating Subsidiaries are not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

As of the date of this prospectus, Hong Kong does not have similar regulations as of the PRC to extend oversight and control over offerings that are conducted overseas. Hong Kong does not have similar regulation as of the Trial Measures and the Guidance Rules and Notice, and Measures for Cybersecurity Review of the PRC. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC or if applicable laws, regulations or interpretations change and we are required to obtain such permissions or approvals, (ii) we inadvertently conclude that relevant permissions or approvals were not required or (iii) we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

Under the PRC Enterprise Income Tax Law ("EIT Law") and its implementing rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a PRC resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation ("SAT") issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.

As all of our board members and management are residents of Hong Kong and Canada, and substantially all of our assets and the primary location of the day-to-day operational management are located in Hong Kong and Canada, we are not a "de facto management body" as defined in the Circular 82. Therefore, we are not subject to EIT Law.

To the date of this prospectus, our subsidiaries and business operations are not subject to the specific laws and regulations adopted by the PRC. Accordingly, we do not believe it is necessary to obtain a legal opinion from PRC counsel, as there are no applicable PRC regulations that would impact our operations.

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

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

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

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

● are not required to obtain an attestation and report from our auditor 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 Class A Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

**Implications Of Being a Foreign Private Issuer**

We are 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 of the Exchange Act that are 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 Fair Disclosure 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 non-compliance 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.

We will be required to file an annual report on Form 20-F within four months of the end of each financial year. As a foreign private issuer, we are not generally required to provide quarterly financial information to the shareholders. However, once listed on Nasdaq, we will be required to file an interim balance sheet and income statement as of the end of our second quarter. These interim financial statements are not required to reconcile to US GAAP, but they must be provided no later than 6 months following the end of our second quarter. 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 than that required to be filed with the SEC by U.S. domestic issuers. A foreign private issuer that follows a home country practice in lieu of one or more of the listing rules is required to disclose in its annual reports filed with the SEC each requirement that it does not follow and describe the home country practice followed by the issuer in lieu of such requirements. 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. Although we are permitted to follow certain corporate governance rules that conform to Cayman requirements in lieu of many of the Nasdaq corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers.

**Holding Foreign Companies Accountable Act**

The Holding Foreign Companies Accountable Act the "HFCAA" or the "HFCA Act"), was enacted on December 18, 2020. The HFCAA states if the SEC determines that we have 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 our shares from being traded on a national securities exchange or in the over-the-countertrading 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 HFCAA. 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 HFCAA, including the listing and trading prohibition requirements described above. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "**AHFCAA**"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB 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 HFCAA. 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. On December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (i) Mainland China, and (ii) Hong Kong.

On August 26, 2022, the PCAOB announced and signed a Statement of Protocol (the "**SOP**") with the China Securities Regulatory Commission and the Ministry of Finance of the PRC. The Protocol provides the PCAOB with: (1) sole discretion to select the firms, audit engagements and potential violations it inspects and investigates, without any involvement of Chinese authorities; (2) procedures for PCAOB inspectors and investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed; (3) direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates.

On December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16, 2021 Determination Report; and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. The December 15, 2022 Determination Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from continuing to inspect or investigate completely. 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 an authority in the PRC, the PCAOB will act expeditiously to consider whether it should issue a new determination.

Our auditor, Golden Eagle CPAs LLC, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as a firm headquartered in New Jersey and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections on a regular basis. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations.

However, in the event it is later determined that the PCAOB is unable to inspect or investigate completely the auditor because of a position taken by an authority in a foreign jurisdiction, such as the PRC authorities, then such lack of inspection could cause trading in the Company's securities to be prohibited under the HFCAA, and ultimately result in a determination by a securities exchange to delist the Company's securities. Furthermore, as more stringent criteria have been imposed by the SEC and the PCAOB, recently, which would add uncertainties to this offering, and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. See "Risk Factors — Risks Relating to our Class A Ordinary Shares and this Offering *—* Although the audit report included in this prospectus is prepared by a U.S. auditor who are subject to the PCAOB inspection on a regular basis, there is no guarantee that future audit reports will be prepared by an auditor 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 HFCAA if the SEC subsequently determines our audit work is performed by an auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA 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, thus reducing the time before the securities may be prohibited from trading or delisted."

**Implications Of Being a Controlled Company**

Public companies that qualify as a "controlled company" with securities listed on the Nasdaq, 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 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 exchange'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 Riku will consist of [●] Class A Ordinary Shares and [●] Class B Ordinary Shares, assuming the underwriters do not exercise their over-allotment option to purchase additional Class A Ordinary Shares, or [●] Class A Ordinary Shares and [●] Class B Ordinary Shares, assuming the over-allotment option is exercised in full. Immediately after completion of this offering, our Controlling Shareholder will hold [●] Class B Ordinary Shares and [●] Class A Ordinary Shares, representing approximately [●]% of our total issued and outstanding Ordinary Shares and approximately [●]% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or [●] Class B Ordinary Shares and [●] Class A Ordinary Shares representing approximately [●]% of our total issued and outstanding Ordinary Shares and approximately [●]% 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 5615(c) because our Controlling Shareholder will hold more than 50% of the voting power for the election of directors, and our Controlling Shareholder will have the ability to determine all matters requiring approval by shareholders. As a "controlled company", we are permitted to elect not to comply with certain corporate governance requirements, and we intend to elect to rely on these exemptions from certain corporate governance requirements under the Nasdaq Listing rules, such as that a majority of the members of our board of directors will not be independent directors and our nominating and corporate governance and compensation committees will not consist entirely of independent directors.

**Corporate Information**

Our principal executive office is located at 130 Dynamic Drive, Units 4-5, Scarborough, ON, M1V 5C8, Canada. The telephone number of our principal executive office (416) 901-8860. Our registered agent in the Cayman Islands is CO Services Cayman Limited. Our registered office and our registered agent's office in the Cayman Islands are both located at the office of CO Services Cayman Limited, P.O. Box 10008, Willow House, Cricket Square, Grand Cayman KY1-1001, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168. We maintain a website at www.rikugroup.com. We do not incorporate the information on our website into this prospectus and you should not consider any information on, or that can be accessed through, our website as part of this prospectus.

**The Offering**

Below is a summary of the terms of the offering:

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| Issuer: | Riku Dining Group Limited |
| Securities being offered: | 2,250,000 Class A Ordinary Shares. |
| Initial public offering price: | We estimate the initial public offering price will be between US$[●] and US$[●] per Class A Ordinary Share |
| Number of Ordinary Shares issued and outstanding prior to this offering: | [●] Ordinary Shares including [●] Class A Ordinary Shares and [●] Class B Ordinary Shares |
| Number of Ordinary Shares issued and outstanding after this offering: | <br> [●] Ordinary Shares, including [●] Class A Ordinary Shares and [●] Class B Ordinary Shares, assuming no exercise of the underwriters' over-allotment option.<br>[●] Ordinary Shares, including [●] Class A Ordinary Shares and [●] Class B Ordinary Shares, assuming full exercise of the underwriters' over-allotment option. |
| Voting Rights | Class A Ordinary Shares are entitled to one (1) vote per share.<br>Class B Ordinary Shares are entitled to twenty (20) votes per share.<br>Holders of Class A Ordinary Shares and Class B Ordinary Shares will vote together as a single class, unless otherwise required by law or our Memorandum and Articles. Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Upon any transfer of Class B Ordinary Shares by a holder to any person or entity other than holders of Class B Ordinary Shares or their affiliates, such Class B Ordinary Shares shall be automatically and immediately converted into the equivalent number of Class A Ordinary Shares. The holders of our Class B Ordinary Shares will hold approximately [●]% of the total votes for our issued and outstanding Shares including [●]% of the total votes from their Class A Ordinary Shares and [●]% of the total votes from their Class B Ordinary Shares, following the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming no exercise of the underwriters' over-allotment option, and will have the ability to control the outcome of matters submitted to our shareholders for approval, including the election of our directors and the approval of any change in control transaction. See the sections titled "Principal Shareholders" and "Description of Share Capital" for additional information. |
| Over-allotment option: | We have granted the underwriter the right to purchase up to 337,500 additional Class A Ordinary Shares from us at the public offering price less the underwriting discount within 45 days from the date of this prospectus to cover over-allotment |
| Use of proceeds: | Based upon an initial public offering price of US$[●] per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us, of approximately US$[●] if the underwriters do not exercise their over-allotment option, and US$[●] if the underwriters exercise their over-allotment option in full.<br>We plan to use the net proceeds of this offering as follows: |

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 For more information on the use of proceeds, see "Use of Proceeds" on page 58.

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| Lock-up: | All of our directors, officers and principal shareholders (defined as owners of 5% or more of our Ordinary Shares) have agreed with the underwriters, subject to certain exceptions, not to offer, issue, sell, transfer, contract to sell, encumber, grant any option for the sale of or otherwise dispose of, directly or indirectly, any of our Ordinary Shares or securities convertible into or exercisable or exchangeable for our Ordinary Shares for a period of six (6) months after the effective date of the registration statement of which this prospectus forms a part of this prospectus.<br>Notwithstanding the foregoing, these restrictions do not apply to the Selling Shareholders with respect to Class A Ordinary Shares sold by them pursuant to the Resale Prospectus.<br>See "Shares Eligible for Future Sale" and "Underwriting" for more information. |
| Transfer Agent | Transhare Corporation |
| Proposed Nasdaq Capital Market symbol | We have applied to have our Class A Ordinary Shares listed on the Nasdaq Capital Market under the symbol "RIKU." |
| Risk factors: | Investing in our Class A 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 15. |

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Unless otherwise indicated, all information contained in this prospectus assumes or gives effect to:

● no exercise of the underwriters' over-allotment option; and

● an initial public offering price of $[●], the midpoint of the price range set forth on the cover page of this prospectus.

**RISK FACTORS**

*An investment in our Class A Ordinary Shares involves a high degree of risk. Before deciding whether to invest in our Class A Ordinary Shares, you should consider carefully the risks described below, together with all of the other information set forth in this prospectus, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes. If any of these risks actually occurs, our business, financial condition, results of operations, or cash flow could be materially and adversely affected, which could cause the trading price of our Class A Ordinary Shares to decline, resulting in a loss of all or part of your investment. The risks described below and discussed in other parts of this prospectus are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business. You should only consider investing in our Class A Ordinary Shares if you can bear the risk of loss of your entire investment.*

**Risks Related to Our Industry and Our Business**

***The restaurant industry is highly competitive, and we may face challenges in maintaining our competitive edge.***

The restaurant industry is highly competitive, with numerous well-established chains and a diverse range of competitors, from large national and international brands to smaller, independent restaurants. Competition centers on factors such as price, brand reputation, food quality, promotions, customer service, location, and convenience. The industry's relatively low barriers to entry further intensify this dynamic landscape. As competitors expand, introduce new menu items, and enhance their marketing efforts, we expect competition to grow even fiercer.

Many competitors possess significantly greater financial resources, enabling them to quickly respond to market trends, secure prime locations, and invest heavily in advertising. Local competitors may also benefit from established brand loyalty within their communities. As more competitors expand or enter the market, we could face challenges in maintaining customer traffic if our marketing efforts do not match or exceed those of our competitors.

If competitors offer better prices, cater more effectively to customer preferences, or execute superior promotional strategies, it may negatively affect our market share and financial performance.

***Fluctuations in consumer spending and broader economic factors could adversely impact our business.***

Our financial performance is influenced by a variety of industry-specific and broader economic factors in both Hong Kong and Canada, many of which are outside of our control. The restaurant industry is sensitive to changes in national, regional, and local economic conditions, as well as shifts in consumer spending and seasonal fluctuations. Additionally, factors such as demographic changes, adverse weather conditions, traffic patterns, and the number and proximity of competing restaurants can affect the performance of individual locations.

General economic trends can also have a significant impact on our results. Economic downturns, prolonged periods of stagnation, rising unemployment, food inflation, higher energy costs, and increasing interest rates may all influence consumer behavior, leading to reduced spending on dining out. Economic challenges, such as job losses, foreclosures, and bankruptcies, may cause customers to cut back on discretionary spending, which could result in lower customer traffic and reduced average transaction values, negatively affecting our financial performance.

Increased costs for energy, such as gasoline, natural gas, and electricity, could also reduce disposable income for our customers, leading them to dine out less frequently or spend less per visit.

Unfavorable changes in these or other macroeconomic factors could increase our operational costs, reduce customer traffic at our restaurants, or limit our ability to raise prices, all of which could adversely affect our profit margins and overall financial health.

***Our ability to operate franchised restaurants***, ***and sub-franchise restaurants in Hong Kong and Canada depends on key franchise agreements, the expiration or termination of which could harm our business.***

Our ability to develop and operate branded restaurants in Hong Kong and Canada is contingent on rights granted to us through exclusive franchise agreements. The continuation of our operations in these markets as the exclusive franchisee for Yakiniku Kakura, Ufufu Café, and Yakiniku 801 in Hong Kong, and Ajisen Ramen in Canada, depends on the maintenance and renewals of these agreements. For more details, see "Business—Our Relationships with Certain Franchisors."

In Canada, we operate under a master franchise agreement with Shigemitsu Industry Co. Ltd. and Ajisen Overseas Franchising Company Limited (collectively, the "**Ajisen Franchisor**"). Our rights to develop Ajisen-branded restaurants in Canada extend for 20 years, beginning on January 1, 2020, and ending on December 31, 2039, with an option to renew for an additional 10-year term. However, we cannot guarantee that the agreement will be renewed on terms that are as favorable as the current ones, or that such renewal will occur at all. The Ajisen Franchisor retains the right to terminate the agreement if we fail to comply with the terms and conditions of the agreement. While we intend to comply with all such terms and conditions, if for any reason we fail to do so, the Ajisen Franchisor may seek to terminate the agreement. For a fuller discussion of the circumstances in which Ajisen Franchisor may limit or terminate our rights under the agreement, see "Business—Our Relationships with Certain Franchisors—Ajisen Ramen - Canada."

In Hong Kong, we operate under three franchise agreements with Unico Co., Ltd and Unico HK Corporation Limited (collectively "**Unico**") who grant us the exclusive rights to operate restaurants under the names of Yakiniku Kakura, Yakiniku 801, and Ufufu Café. These agreements have a 15-year term, set to expire in 2036, 2037, and 2038, respectively, with an option to renew for an additional 15-year term. However, we cannot guarantee that the agreements will be renewed on terms as favorable as the current ones, or that a renewal will occur at all. Unico retains the right to terminate our rights under the three agreements if we fail to comply with the terms and conditions of the agreements. For a fuller discussion of the circumstances in which Unico may limit or terminate our rights under the three agreements, see "Business—Our Relationships with Certain Franchisors—Unico**–**Hong Kong".

While our agreements with Unico and the Ajisen Franchisor are in place until 2036 and 2040, respectively, there is no guarantee that these agreements will be renewed on terms that are as favorable as the current ones, or that they will be renewed at all. If any of the agreements expires or is terminated, it would have a significant negative impact on our business, our financial results, and our future growth prospects.

***Changes in consumer preferences or other factors could reduce demand for our products.***

Our ability to remain competitive relies on our capacity to consistently offer menu items that appeal to consumer tastes. If there are shifts in consumer dining preferences due to changing demographics, tastes, dietary habits, trends in food sourcing or preparation, or if customers begin to prefer other dining options, our financial performance could suffer.

Our success depends on our ability to anticipate changes in consumer preferences and adapt by introducing new menu items that meet these preferences in a timely manner. Failure to effectively respond to evolving customer tastes could result in a material adverse effect on our business and financial results.

***Failure to cost-effectively acquire new customers or retain existing customers could materially affect our business.***

There is a trial run of membership program for our Yakiniku 801 sub-brand in Hong Kong that started in late March 2025. Such program is expected to facilitate the Company's ability to track new and existing customers. As the trial run is still in progress, we are closely monitoring the growth of new customers through such program and no quantified data can be provided at this moment. For our Canadian operations, there is no membership or rewards program at the moment. The success of our business depends on our ability to attract new customers while retaining existing ones and maintaining customer loyalty. If we fail to cost-effectively acquire new customers, whether due to increased competition, ineffective marketing strategies, or changing consumer preferences, our ability to grow revenue may be adversely affected. Similarly, if we fail to retain our existing customers or to derive revenue from them at levels consistent with our historical performance, our financial results could suffer. For instance, if customers perceive our menu offerings as less appealing, less affordable, or less aligned with their dietary preferences, they may choose to dine elsewhere. Additionally, adverse publicity, poor customer experiences, or food safety incidents could further reduce customer loyalty. A failure to address these risks could materially and adversely impact our business, financial condition, and results of operations.

***Food safety and food-borne illness incidents could adversely affect our business.***

The success of our restaurants depends on our ability to provide high-quality and safe food to our customers. Any incident involving food contamination, food-borne illness, or other safety concerns—whether originating from our suppliers, franchisees, or restaurant operations—could result in negative publicity, reduced customer traffic, and financial losses. For example, an outbreak of food-borne illness linked to one of our restaurants could lead to lawsuits, regulatory enforcement actions, product recalls, or even temporary closures of affected locations. Such incidents could also increase our operating costs and harm our reputation, materially adversely affecting our business and financial results.

***Our success relies on the international reputation of the brands we operate, and adverse developments in their global operations or reputation could negatively affect our business and financial performance.***

Our financial success is closely tied to the global reputation and management of the brands we operate under, including Yakiniku Kakura, Ufufu Café, Yakiniku 801, and Ajisen Ramen, which are managed by Unico and the Ajisen Franchisor. All of these brands originate in Japan. While Yakiniku Kakura, Ufufu Café, and Yakiniku 801 operate in Japan and Hong Kong, Ajisen Ramen has a broader global presence, operating in multiple countries worldwide, including Japan, Hong Kong, Canada, Australia, China and other markets. Adverse developments in Japan, the home market for all of these brands, or in other countries where Ajisen Ramen operates, could negatively affect the brands' global reputation and, in turn, harm our business and financial performance.

As a franchisee, we depend heavily on the franchisors' leadership, marketing efforts, and the performance of other franchisees within their networks. We have limited control over how the franchisors manage these brands or how other franchisees operate their businesses. Any mismanagement, operational issues, or negative publicity involving the franchisors or other franchisees could damage the brands' reputation and negatively impact our operations and financial performance.

Additionally, any failure by Unico or the Ajisen Franchisor to safeguard their intellectual property, including trademarks and proprietary content, could weaken brand strength and diminish our competitive edge.

***We may be subject to intellectual property disputes, which may result in significant legal cost and may disrupt our business and operations***.

We depend, to a large extent, on our ability to effectively develop and maintain intellectual property rights relating to our business. However, we cannot assure that we will not be subject to claims and litigation in relation to any alleged infringement of trademarks, copyrights, designs or other intellectual property rights held by third parties, including our competitors. As we grow our business, expand our expertise and face increasing competition, we may be subject to an increased risks of intellectual property right claims and other assertions. If any claims are brought against us, we may be forced to defend our rights. Defending against intellectual property claims is costly and can impose a significant burden on our management and resources. Furthermore, there is no guarantee that the outcomes in all cases are favorable to us. Such intellectual property claims may also cause reputational harm and may dissuade potential customers from subscribing our services. If we were unsuccessful in these claims and were found to be in violation of any intellectual property rights, we may be subject to considerable licensing fees and damages, prohibited to continue using such intellectual property, and may be forced to redevelop substitutions which could require significant effort and expense. Any claims, regardless of its merits, would be time consuming and costly, and would materially adversely affect our business, financial condition and results of operations.

***Our financial condition and results of operations in Canada depend, to a certain extent, on the financial condition of our sub-franchisees and their ability to fulfill their obligations under their sub-franchise agreements***.

Nine (9) of our restaurants in Canada are sub-franchised as of the date of this prospectus. Under our sub-franchise agreements, we receive monthly royalty payments which are set at 3% of the sub-franchisee's gross sales (see "Our Relationships with Certain Franchisors" for more detail on specific franchise fees). Sub-franchisees are independent operators over whom we exercise control through the sub-franchise agreements, by leasing the real estate upon which their restaurants are located and through our operating manual that specifies certain operating items such as menu choices, permitted advertising, equipment, food handling procedures, product quality and approved suppliers. Our operating results depend to a certain extent on the restaurant profitability and financial viability of our sub-franchisees. The concurrent failure by a significant number of sub-franchisees to meet their financial obligations to us could jeopardize our ability to meet our obligations.

In addition, we are liable for our sub-franchisees' monthly payment of a continuing royalty fee to Ajisen Franchisor, which represents a percentage of those sub-franchised restaurants' gross sales. To the extent that our sub-franchisees fail to pay this fee in full, we are responsible for any shortfall. As such, the concurrent failure by a significant number of sub-franchisees to pay their continuing royalty fees could have a material adverse effect on our results of operations and financial condition. While we may be entitled to recover such royalty fees, the enforcement of these rights may be limited by applicable laws, particularly in the event of a sub-franchisee's bankruptcy or insolvency. In such cases, we may be restricted from enforcing our claims or recovering amounts owed, or may only recover a portion of such amounts, if at all. Pursuing legal remedies could also result in significant litigation costs and management time, further impacting our financial condition.

If any of our sub-franchisees become insolvent or bankrupt, we will be an unsecured creditor of such sub-franchisees. As an unsecured creditor, if the bankrupt sub-franchisee's assets are liquidated, we will only be paid after all secured creditors (such as secured lenders of the sub-franchisee) and preferred creditors (such as the government for taxes owed, and employees for wages owed) have been paid. After such creditors are paid, there may not be any assets remaining to pay us and other unsecured creditors. If such remaining assets exist, they will be paid to all unsecured creditors with proven claims on a proportionate basis.

***We have limited control over the operations of our sub-franchisees, and their actions could negatively affect our brand and business.***

In Canada, a significant portion of our restaurants are operated by sub-franchisees, while the remainder are directly managed by us. For these sub-franchised restaurants, we rely on our sub-franchisees to uphold the quality, service, and cleanliness standards that define our restaurant brands. If sub-franchisees fail to maintain these standards, it could damage our brand reputation and hinder our growth potential. While sub-franchisees are obligated by contract to adhere to our operational guidelines and comply with all relevant health and safety regulations, they retain some operational flexibility, such as hiring staff and choosing certain service providers.

Sub-franchisees are responsible for the day-to-day operations of their restaurants, and their employees are not directly employed by us. Although we apply rigorous criteria when selecting sub-franchisees, we cannot guarantee that every sub-franchisee will possess the business acumen or financial resources required for success, or that every sub-franchisee will maintain our standards. In some cases, local franchise laws may limit our ability to terminate or refuse to renew franchise agreements, even if a sub-franchisee is underperforming.

If any sub-franchisees fail to meet our quality, service, or hygiene standards, it could harm our reputation. Although we take corrective actions when necessary, we may not always be able to address issues quickly enough to prevent damage to our brand or business performance. Also, sub-franchisees may not be willing or able to renew their sub-franchise agreements with us due to low sales volumes, high real estate costs, or the failure to secure lease renewals. If our sub-franchisees fail to renew their sub-franchise agreements with us, we have a limited ability to recoup costs which in turn could materially and adversely affect our operating results, brand and business.

***Our Operating Subsidiaries require various licenses, approvals and permits to operate our business. Any failure in obtaining or renewing any of the licenses, approvals and permits for our operations could materially adversely affect our business, results of operations and financial condition.***

Our Operating Subsidiaries are required to obtain and maintain various licenses for their operations in both Canada and Hong Kong, respectively. In Hong Kong, this includes general restaurant license and liquor license. In Canada, each of Church Ltd. and Midland Inc. requires a eating or drinking establishment licence issued by the City of Toronto to operate; each of Church Ltd., Midland Inc. and CK Inc. requires the "DineSafe" inspection report to operate; and each of Vaughan Inc. and Kennedy Inc. requires York Region's Inspection Report to operate.

As of the date of this prospectus, all our Operating Subsidiaries have obtained all applicable licenses and/or fulfilled all applicable licensing requirements and are in compliance with the applicable laws and regulations. For details, see "Business—Regulations" in this prospectus. There is no assurance that our Operating Subsidiaries' existing licenses, approvals or permits can be successfully renewed upon their expiry, or that our Operating Subsidiaries can obtain all the requisite licenses, approvals or permits for the business operations of our new restaurant outlets which we open. Failure to obtain or renew some or all of the requisite licenses, approvals or permits in a timely manner or at all for factors within or beyond our control may require us to suspend part or all of our operations and delay planned new business operations, hence interrupting our existing restaurant business and expansion plan, which could materially adversely affect our business, results of operations and financial condition.

***Disruptions to or issues with our supply chain could negatively impact our business operations and profitability.***

A reliable and efficient supply chain is crucial to our operations, but we face several risks related to the sourcing of food ingredients. In Canada, we manage our supply chain through a centralized procurement system, sourcing key seasonings and sauces from Japan to maintain the authenticity of our dishes, while fresh meats are sourced locally. In Hong Kong, we use a combination of imported and local ingredients, with premium products such as beef and matcha powder imported from Japan to meet our high standards.

However, we do not have long-term contracts with our suppliers, which limits our control over the prices and availability of food ingredients. The prices of these ingredients may fluctuate and be volatile, driven by factors beyond our control, including availability, seasonal fluctuations, climate conditions, natural disasters, general economic conditions, global demand, governmental policies and regulations, and fluctuations in exchange rates. Our suppliers may also face rising costs due to increasing labor expenses, importation fees, and other operational costs, which they may pass on to us, leading to higher food ingredient costs. If we are unable to pass these increased costs on to our customers, our profit margins, business, and results of operations could be adversely affected.

In addition, there is no assurance that our suppliers will always meet our quality control standards. If any supplier ceases or fails to provide quality food ingredients, or if perishable ingredients, such as fresh or frozen goods, deteriorate due to delays in delivery, refrigeration failures, or improper handling during transportation, these ingredients may need to be rejected. There is no guarantee that we will be able to find alternative suppliers on acceptable terms in a timely manner. Any such failure to secure replacement supplies could increase our food costs and cause shortages in our restaurant outlets.

Moreover, any failure to source food ingredients that meet our quality standards, in sufficient quantities, at competitive prices, and within the necessary timeframes, may prevent us from fulfilling customer orders. This could lead to disruptions in our restaurant operations, increased food costs, and, in turn, adversely affect our profit margins, business performance, and overall financial results.

***We currently rely on our central kitchen to supply certain food ingredients used in our restaurant outlets in Canada. Any disruption of operations in our central kitchen could adversely affect our reputation and results of operations.***

Some of the food ingredients used in our Ajisen restaurants in Canada is pre-processed at our central kitchen before delivery to our restaurants and sub-franchised restaurants. Any disruption of operations at our central kitchen, such as power outages, water supply issues, or labor strikes, could delay the delivery of ingredients to our restaurants in a timely manner, potentially increasing our cost and time required for dish preparation. Additionally, such disruptions may force our restaurants to temporarily remove popular items from the menu, which could lead to a loss of customers to competitors and negatively impact our reputation and operational results.

***Rising commodity prices or other operating costs, or disruptions in the availability of the supplies and utilities on which we rely, could adversely affect our financial performance.***

Our business depends on the availability and price stability of essential commodities such as beef, produce, dairy, and beverages. These prices can fluctuate due to various factors, including supply and demand dynamics, weather conditions, currency exchange rates, and trade policies.

We do not currently hedge against price or currency fluctuations, leaving us vulnerable to sudden increases in commodity costs. Additionally, utility costs—such as electricity and natural gas—can rise due to inflation or other factors beyond our control.

Since our Operating Subsidiaries generally do not enter into long-term contracts with suppliers, we have limited control over ingredient pricing. However, we do have alternative suppliers available for most of our ingredients to address any potential uncertainties. Nonetheless, suppliers may also pass on higher costs, such as increased labor or importation expenses, which could raise our food costs. If we are unable to pass these increased costs on to customers, our profit margins could be further pressured. Moreover, the highly competitive restaurant industry may limit our ability to raise menu prices without risking customer attrition.

Additionally, we are required to purchase specialty sauces and other proprietary products exclusively from our franchisors or their approved suppliers, further restricting our ability to source these essential items at competitive prices.

Furthermore, any disruption in the availability of essential utilities—such as gas, electricity, or water—due to infrastructure failures, natural disasters, or accidents could disrupt our restaurant operations and negatively affect our financial performance. Similarly, any issues with suppliers failing to meet our quality or delivery standards could result in ingredient shortages or increased costs, further impacting our ability to operate effectively.

Any inability to source quality ingredients, utilities, and other commodities at competitive prices and in sufficient quantities could disrupt our operations, increase costs, and adversely affect our profit margins and overall business performance.

Our Operating Subsidiaries are impacted by inflationary increases in wages, benefits and other costs. If inflation or other factors were to significantly increase our Operating Subsidiaries' business costs, they may be unable to pass through price increases to their customers. If our Operating Subsidiaries are not able to pass increased wage and other costs resulting from inflation onto their clients our profitability may decline. There can be no assurance that future cost increases can be offset by increased menu prices or that increased menu prices will be fully absorbed by our Operating Subsidiaries customers without resulting in any change to their visit frequencies or spending patterns.

***A potential tariff war between the United States and Canada may result in 25% tariffs imposed on certain goods imported from the United States, thereby causing rising costs, or disruptions in the availability of the supplies and utilities on which we rely, which could adversely affect our financial performance.***

In retaliation to threats by the United States government to impose tariff on goods exported to the United States from Canada, the Canadian government is contemplating the imposition of a 25% tariff on $30 billion in goods imported from the United States into Canada. As the United States government has delayed in effecting the United States tariff, the Canadian government has also put the Canadian tariff on hold. It is uncertain whether the Canadian tariffs will be imposed in the future. The Canadian government has published a list of goods that will be subject to the tariff, and there are many food supplies and raw ingredients on such list. If the CA Operating Subsidiaries purchase supplies from the United States, such supplies may be subject to the Canadian tariffs, thereby causing an increase in cost and a lower profit margin. This could adversely affect our financial performance.

***Changes in U.S. and international trade policies, including the export and import controls and laws, may adversely impact our business and operating results.***

We partner with international suppliers all over the world. This subjects us to risks associated with international trade conflicts including between the United States and Canada, Japan, and other countries, particularly with respect to export and import controls and laws. President Donald J. Trump has advocated for greater restrictions on international trade in general, which could result in significantly increased tariffs on certain goods imported into the United States, particularly from China. For example, in recent years the United States government has renegotiated or terminated certain existing bilateral or multi-lateral trade agreements. It has also imposed tariffs on certain foreign goods which resulted in increased costs for goods imported into the United States. In response to these tariffs, a number of United States trading partners have imposed retaliatory tariffs on a wide range of United States products, making it more costly for companies to export products to those countries.

Rising political tensions could reduce trade volume, investment, technological exchange and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets. Additionally, the resulting environment of tariffs, retaliatory trade or other practices or additional trade restrictions or barriers, if implemented on a broader range of products or raw materials, could harm our ability to obtain necessary raw materials and product components or sell our products and services at prices customers are willing to pay, which could have a material adverse effect on our business, prospects, results of operations, and cash flows

***Increases in labor costs or shortages of qualified staff could negatively affect our profitability.***

Our profitability is highly dependent on the ability to manage labor costs effectively. As of the date of this prospectus, we employed 191 individuals across our restaurants in Hong Kong and in Canada (which reflect only employees directly hired by us).

Any significant increases in labor costs, whether due to adverse changes in United States visa and immigration policies, changes in minimum wage laws, labor regulations, or general wage inflation, could substantially raise our operating expenses. In addition, wage hikes may cascade to other employees earning above the minimum wage, further inflating our labor costs. If we are unable to adjust our pricing or increase revenue to compensate for these rising costs, our profit margins could be adversely affected, thereby impacting our overall financial performance.

***Our growth and operational success depend on our ability to attract, train, and retain qualified management and restaurant staff.***

Our operational success and long-term growth depend heavily on the strength of our management team, which includes leaders with expertise in human resources, restaurant operations, marketing, product development, supply chain management, and finance. As our business expands, the demands on our management team increase, making strong leadership and effective decision-making even more critical to our operations.

The loss of key management personnel, particularly those with significant industry experience, could disrupt our business operations and strategic initiatives. If we are unable to attract, recruit, and retain qualified replacements in a timely manner, it could negatively affect our decision-making, operational efficiency, and overall business performance. Additionally, the departure of senior management could be perceived negatively by investors and analysts, potentially diminishing confidence in our ability to execute our growth plans and threatening the market's perception of our business and its value.

As we expand into new markets, our ability to manage this growth will increasingly depend on recruiting and retaining experienced and capable management personnel. Failure to do so could hinder our expansion efforts, compromise service quality, and ultimately limit our long-term growth potential.

***Our business and results of operations could be adversely affected by difficulties in recruitment and retention of our employees.***

Our ability to operate efficiently and maintain high service standards is contingent upon attracting, retaining, and motivating a sufficient number of skilled employees, including restaurant managers, chefs, kitchen staff, and front-line service personnel. The restaurant industry is highly competitive and often faces labor shortages, making it difficult to find and retain qualified staff. High employee turnover, a common issue in the industry, further exacerbates this challenge and can lead to operational disruptions.

Failure to recruit and retain adequate front-line staff could result in increased recruitment and training costs, operational inefficiencies, and delays in opening new restaurant locations. Additionally, the competition for skilled workers may require us to offer higher wages, enhanced benefits, or other incentives, further driving up labor expenses. Given the competitive nature of the restaurant industry, we may not always be able to pass these increased costs on to customers through higher menu prices without negatively affecting demand, which could ultimately impact our profitability.

Any sustained difficulties in maintaining a stable and well-trained workforce could damage our reputation, limit our growth potential, and adversely affect our financial performance.

***Any failure to maintain effective quality control systems could harm our reputation and financial performance.***

The quality and safety of the food we serve is essential to our success. We depend on the effectiveness of our quality control systems, as well as those of our suppliers and sub-franchisees, to ensure that our food meets high standards. This requires rigorous compliance with food safety regulations and thorough implementation of internal policies.

Despite our best efforts, there can be no guarantee that these systems will always work effectively. Any significant failure in our quality control processes could lead to food safety issues, which would harm our business, damage our reputation, and result in financial losses.

***Challenges in the performance or relationships with third-party delivery services could harm our delivery business and overall performance.***

In Canada, online food delivery is an increasingly important aspect of our business. Delivery orders have grown significantly as a proportion of our restaurant sales, driven by our own delivery vans and partnerships with third-party aggregators. The growing reliance on mobile apps and third-party delivery platforms has made this an integral part of our operations.

However, we depend on these third-party aggregators to provide a high standard of service. Any decline in the quality or reliability of these services could harm our reputation and result in customer dissatisfaction. Moreover, if we are unable to renew or extend agreements with these aggregators on favorable terms, our delivery business may suffer, leading to a potential loss of revenue.

***Newly developed restaurants may not meet our expectations, and we cannot guarantee that our expansion plans will be successful.***

The future growth of our Group depends on our ability to open and operate new restaurant outlets and expand our network profitably. The restaurant industry is highly competitive, and our Operating Subsidiaries face various risks and uncertainties in successfully launching new outlets, including but not limited to:

● Challenges in identifying suitable locations and securing leases on favorable terms;

● Delays in obtaining necessary government approvals, licenses, and permits;

● Difficulties in managing renovation and development costs;

● Risk of not completing renovation projects on schedule;

● Challenges in hiring, training, and retaining qualified staff, including restaurant managers;

● Varying consumer preferences in different regions and the potential for differing levels of acceptance of our products;

● Newly opened restaurants may not meet anticipated sales or cash flow targets;

● Issues with securing reliable suppliers and ensuring timely delivery of inventory that meets our quality standards; and

● Adverse fluctuations in economic and business conditions.

As a result, we cannot guarantee that our expansion efforts will be successful, as we may not fully anticipate the challenges associated with growing our operations. Our growth strategy, along with the significant investment required for each new restaurant, could cause fluctuations in our operating results, making them unpredictable or negatively affecting our business, financial condition, or operational performance. If we are unable to expand within existing markets or enter new ones, our ability to grow sales and profitability could be significantly impaired, potentially leading to losses.

***Expanding into new markets can pose additional challenges due to our lack of familiarity with those regions.***

Venturing into new markets brings a host of additional challenges, especially in regions where our brand is less recognized. For example, as we explore expanding the Ajisen Ramen brand into the U.S., we must adapt to competitive pressures, varying consumer preferences, and differing discretionary spending habits, all of which may differ greatly from those in our established markets. The U.S. restaurant market is also highly saturated and subject to intense competition. Consequently, new locations may take longer to achieve the expected sales and profitability levels, and may incur higher construction, occupancy, or operational costs than those in our existing markets.

In new markets, limited brand awareness could require significantly higher investments in advertising and promotions than initially anticipated. Additionally, attracting, motivating, and retaining employees who align with our vision and culture may be more difficult, further complicating our expansion efforts. Unfamiliar consumer tastes and unpredictable competitive conditions could make it harder to meet market demands, prolonging the time it takes for new locations to reach their full potential.

If we fail to successfully navigate these challenges, our overall profitability could be materially impacted, and our efforts to expand into new regions may not yield the desired results, adversely affecting our business, financial condition, and operating performance.

***Opening new restaurants in existing markets may negatively impact sales at our existing restaurants.***

The consumer target area of our restaurants varies by location, depending on a number of factors, including population density, other local retail and business attractions, area demographics and geography. As a result, if we open new restaurants in or near markets in which we already have restaurants, it could have a material adverse effect on sales at these existing restaurants. Existing restaurants could also make it more difficult to build our consumer base for a new restaurant in the same market. Our core business strategy does not entail opening new restaurants that we believe will materially affect sales at our existing restaurants in the long term. However, due to brand recognition and logistical synergies, as part of our growth strategy, we also intend to open new restaurants in areas where we have existing restaurants. This plan could have a material adverse effect on the results of operations and same-restaurant sales for our restaurants in such markets due to the close proximity with our other restaurants and market saturation. Unintentional sales cannibalization or sales cannibalization in excess of what was intended may become significant in the future as we continue to open new restaurants, and could affect our sales growth, which could, in turn, have a material adverse effect on our business, financial condition and results of operations.

***Our ability to manage future growth effectively is crucial to our financial performance.***

Our growth trajectory is partially dependent on our ability to open new restaurants, and this expansion may vary from period to period. Opening new locations comes with several challenges, including, but not limited to, securing prime locations, sourcing reliable suppliers, recruiting and training staff, obtaining necessary permits, and negotiating favorable lease agreements. In addition, our future growth in same-store sales will largely depend on continued economic growth in the regions where we operate, as well as our ability to adapt to evolving consumer preferences.

We also plan our capital expenditures annually, taking into account various factors such as historical performance, market conditions, and investment requirements outlined in our franchise agreements. However, factors beyond our control—such as economic downturns, construction delays, or changes in consumer demand—could impact our ability to achieve the expected returns on these investments.

Moreover, as we grow, we must ensure that our systems, procedures, and controls are capable of handling increased operational complexity, which may require significant investment in technology and personnel. If we fail to manage our growth effectively, it could have a negative impact on our business and financial results.

***Our expansion into new markets is contingent on approval from our franchisors.***

As a franchisee, our ability to expand into new markets beyond Canada and Hong Kong is subject to obtaining approval from our franchisors. While we have secured the necessary approvals from our franchisors for our current expansion plans, any future expansion into additional markets will still require such approvals. If our franchisors impose delays, restrictions, or unfavorable terms on future approvals, it could limit our ability to capitalize on growth opportunities in key markets. Any inability to expand as planned could adversely impact our business strategy, financial performance, and overall growth prospects.

***The economic viability of our restaurant locations may change, and we may face challenges in securing new locations at favorable terms.***

The success of our restaurants is heavily dependent on their locations. However, the economic viability of these locations may change due to factors such as demographic shifts, renovations, or poor maintenance, which could reduce customer traffic and negatively affect our sales performance. There is no guarantee that these locations will remain attractive or that the malls and buildings where our restaurants are located will continue to operate without closure, renovation, or demolition.

In addition, competition for prime retail spaces is intense, especially in Hong Kong, and our competitors may secure more favorable lease terms or exclusivity rights with landlords, limiting our access to desirable locations. Should our current locations become less viable or attractive, and if we are unable to secure new sites or renew existing leases on favorable terms, our growth strategy and overall financial performance could be adversely affected.

***Our ability to attract sub-franchisees is critical to our growth strategy.***

A key component of our growth strategy is expanding our footprint through sub-franchisees, particularly for our Ajisen Ramen brand in Canada. However, our ability to attract qualified sub-franchisees depends on factors such as the perceived profitability of our franchise model, the availability of desirable locations, and competition from other franchisors. If we fail to attract or retain sub-franchisees, or if our sub-franchisees fail to operate successfully, our growth plans and financial performance could be materially impacted. Additionally, disputes with sub-franchisees over operational or financial issues could harm our reputation and disrupt our business operations.

***We are subject to environmental regulations, which could increase our compliance costs and adversely affect our business.***

Our operations are subject to a wide range of environmental regulations and laws in the jurisdictions in which we operate, including those related to waste disposal, water use, emissions, and energy efficiency. Any changes to existing laws, the imposition of new regulations, or increased enforcement of current regulations could result in higher compliance costs, operational restrictions, or other liabilities. For example, stricter requirements on waste management or energy use could increase our operating expenses across our restaurant locations. Failure to comply with environmental laws could also subject us to fines, penalties, or reputational damage, any of which could adversely affect our financial performance and business operations.

***Our results of operations may fluctuate due to seasonality.***

Our sales in Hong Kong and Canada are influenced by seasonality, driven by cultural celebrations and festivals. For example, we consistently experience higher sales during major festive periods such as Chinese New Year, Christmas, and New Year's celebrations, as customers dine out to commemorate these occasions. However, outside of these festive seasons, customer traffic and sales may decline, which could negatively impact our overall financial results. See also "Business—Seasonality" and "Management's Discussion and Analysis—Seasonality."

Seasonal fluctuations in sales may result in uneven financial performance throughout the year. If we experience softer sales during periods in which we have historically achieved higher sales, it could disproportionately affect our annual results. Additionally, comparisons of sales and operating performance across different periods within a financial year may not reliably indicate future performance. Any seasonal variations that deviate from historical patterns could negatively affect investor expectations and confidence in our business.

***The international nature of our business may subject us to additional risks.***

As an international restaurant operator with operations in Canada and Hong Kong, we are exposed to additional risks inherent in operating across multiple jurisdictions. These risks include compliance with differing regulatory requirements, currency exchange rate fluctuations, political instability, and cultural differences that may affect consumer preferences. For example, changes in local labor laws or tax regulations could increase our operating expenses, while political or economic instability in Hong Kong could disrupt our operations there. Additionally, international operations increase the complexity of our business, which may strain our management resources or expose us to unforeseen liabilities. These factors could adversely affect our financial performance and growth prospects.

***Leasing a broad portfolio of real estate exposes us to potential losses and liabilities.***

We lease the premises for all of our restaurants. Our property rent costs may increase our vulnerability to adverse economic conditions, limit our ability to obtain additional financing and reduce our cash for other purposes. Our property rent costs may further increase in line with our restaurant network expansion.

We normally negotiate with the landlords to renew our leases upon their expiration. If we are unable to renew the leases, we may have to close or relocate a restaurant. We may not be able to identify suitable premises at commercially reasonable prices and we may incur significant relocation and decoration costs in relation to the new premises we lease. In addition, the revenue and profit generated from any such restaurant may be adversely affected.

Even though we are able to renew the lease agreements, we cannot assure you that we will be able to renew without substantial additional costs or increase in rental cost. If a lease agreement is renewed at a rent substantially higher than the historical rate, or any historical favorable terms granted by the lessor to us are not extended, our business and results of operations may be materially and adversely affected. As a result, any inability to obtain leases for desirable restaurant locations or renew existing leases on commercially reasonable terms could have a material and adverse effect on our business, financial condition and results of operations.

We are also subject to risks generally associated with the property rental market. These risks mainly include changes in market rental rates, relocation of business districts or communities, supply or demand for the products of our restaurants and potential liability for environmental contamination. In addition, we are also subject to risks in relation to potential title defects of the premises we lease, which sometimes are beyond our control.

***The advertising and promotional strategies of our competitors could negatively impact our business.***

In an industry where brand visibility and customer awareness are critical to success, effective advertising and promotions are key to attracting and retaining customers. Our competitors, including well-established brands, often have larger advertising budgets and may be able to invest heavily in promotional activities. If competitors increase their spending on advertising, or if the costs of media advertising (such as television or radio) rise, we may struggle to keep up with these efforts, particularly if our own advertising budgets are strained or if our promotional efforts are not as effective.

If our franchisors or we fail to implement successful marketing campaigns, or if competing brands are more effective in their promotional efforts, we could lose customers to rivals, which would have a negative impact on our revenues and overall financial performance.

***Our inability to effectively manage the rapid and widespread impact of social media could significantly harm our business.***

The growing influence of social media platforms such as Instagram, TikTok, Facebook, Threads, etc. presents both opportunities and risks for our business. These channels allow individuals to reach a large audience, often without any oversight regarding the accuracy of the information shared. Negative or misleading information about our brand, whether true or false, can spread quickly and cause immediate damage to our reputation, financial condition, and operating results.

Many of our competitors are increasing their presence on social media, and new platforms are continually emerging. To stay relevant, we must innovate and adapt our digital marketing strategies, ensuring that we remain visible and appealing to our target customers. While we invest heavily in search engine marketing, social media platforms, and other digital initiatives to build customer engagement and loyalty, these efforts may not always yield the desired results. If our social media strategies fail, we could incur costs without seeing a corresponding increase in revenue, brand recognition, or customer engagement.

Additional risks associated with social media include the potential for misuse of proprietary information, negative comments that damage our brand, and unauthorized disclosure of personal data. Should we fail to manage these risks effectively, the resulting negative publicity could lead to litigation, increased operational costs, and significant harm to our overall reputation and business performance.

***Unpredictable events such as natural disasters, political unrest, health-related outbreaks, food-borne illnesses or other disruptions could adversely impact our operations.***

Our business is vulnerable to various unpredictable events, including natural disasters (such as earthquakes, floods, typhoons, and fires), political unrest, terrorist attacks, severe weather conditions, and health-related outbreaks or food-borne illnesses (such as COVID-19, Ebola, avian flu, and other epidemics). These events could significantly disrupt our operations, those of our sub-franchisees or suppliers, and adversely impact our financial condition.

For example, adverse weather, transportation delays, or traffic accidents could result in missed deliveries of perishable goods, leading to food spoilage and loss of revenue. Additionally, widespread health outbreaks or natural disasters could result in the temporary closure of offices, production facilities, or restaurants, and disrupt the supply chain, altering our ability to maintain the consistent quality and availability of our menu items, which is critical to our reputation and customer satisfaction.

In the event of a severe epidemic or natural disaster affecting Hong Kong or Canada—where most of our employees and operations are based—we may experience major disruptions, including staff shortages, suspension of services, and technological interruptions (such as loss of power, telecommunications failures, or system breakdowns). Such disruptions could materially and adversely affect our business, financial performance, and results of operations.

***We are subject to risks related to sustainability and corporate social responsibility.***

The growing focus on environmental, social, and governance ("ESG") issues presents risks for our business. Consumer expectations around sustainability, ethical sourcing, and corporate responsibility are rising, and failure to meet these expectations could harm our reputation and customer loyalty. For instance, concerns over the environmental impact of our packaging, energy use, or sourcing practices for ingredients such as beef could lead to adverse publicity or reduced demand for our products. Additionally, increased regulatory scrutiny of ESG matters or the adoption of new sustainability laws could raise our compliance and operational costs. If we fail to align our business practices with evolving ESG standards, we could face reputational damage, reduced customer loyalty, or other financial and operational challenges.

***The estimates of market opportunity and forecasts of market growth may prove inaccurate, and our business may fail to grow at similar rates.***

This prospectus contains estimates and forecasts regarding the market opportunity for Japanese-themed dining concepts and the projected growth of this market. These projections are based on various assumptions and third-party data, which may prove to be inaccurate. Even if the market in which we operate achieves the forecasted growth, we may not grow at similar rates or may fail to capture our projected market share. Factors such as increased competition, changing consumer preferences, or operational challenges could prevent us from achieving anticipated growth. Any failure to meet market expectations could adversely affect investor confidence and the value of our business.

***We may require additional financing to achieve our growth goals.***

To achieve our strategic growth goals, including opening new restaurant locations and expanding into new markets, we may require additional financing. If we are unable to secure the necessary capital on acceptable terms, or at all, we may be forced to delay or scale back our expansion plans, which could limit our growth potential. Additionally, any future financing could result in increased debt obligations or dilution of existing shareholders or new equity that we issue could have rights, preferences or privileges superior to those of our Class A Ordinary Shares, which may adversely affect our financial condition or the value of our shares. Our ability to obtain financing may be influenced by factors outside of our control, including market conditions, interest rates, and investor sentiment.

***Our insurance may not be sufficient to cover certain losses.***

We purchase and maintain insurance policies that we believe are customary with the standard commercial practice in our industry and as required under the relevant laws and regulations. However, we cannot guarantee that our insurance policies will provide adequate coverage for all the risks in connection with our business operations. If we were to incur substantial losses and liabilities that are not covered by our insurance policies, we could suffer significant costs and diversion of our resources, which could have a material and adverse effect on our financial conditions and results of operations. We may be required to bear our losses to the extent that our insurance coverage is insufficient.

***Failures or breaches of our information technology systems could disrupt our operations and expose us to litigation or reputational damage.***

Our Operating Subsidiaries use computerized point of sale ("POS") systems in our restaurant locations across Hong Kong and Canada. These systems are essential for recording invoices, tracking sales revenue, and managing operating expenses. We rely on the POS systems and our network infrastructure to oversee daily operations and collect accurate, real-time financial and operational data for business analysis. Any damage to or failure of these systems that disrupts our operations could adversely impact our business and financial results.

Additionally, we collect and store certain personal information from our customers, including during credit card transactions, online reservations, and feedback submissions. If our network security is compromised and this data is accessed by unauthorized individuals or misused, we may be held liable for the breach, potentially facing litigation or other legal actions. Such incidents could divert management's attention, incur substantial liabilities, and result in unexpected losses and expenses. Moreover, a data breach could harm consumer trust in our Group and brands, further damaging our business and operating performance.

***Changes to international trade policies, tariffs, and treaties could adversely impact our business.***

Our business is influenced by international trade policies and agreements, as we rely on the importation of certain specialty ingredients and proprietary products from Japan and other regions. Changes in trade policies, tariffs, or treaties, including those driven by shifting political administrations or the emergence of trade wars, could increase the cost of importing these essential products. For example, the imposition of new tariffs on food imports from Japan or other countries could significantly increase our supply chain costs. Any such changes could adversely affect our ability to source ingredients at competitive prices, disrupt our supply chain, and negatively impact our financial results.

***We may be adversely affected by legal actions or claims with respect to our business.***

We could be adversely affected by legal actions and claims brought by consumers or regulatory authorities in relation to the quality of our products and eventual health problems or other consequences caused by our products or by any of their ingredients. We could also be affected by legal actions and claims brought against us for products made in a jurisdiction outside of our territories. Because we conduct our business in two different countries, we may be subject to multi-jurisdictional private and governmental lawsuits, including, but not limited to, lawsuits relating to labor and employment practices, occupational health and safety, taxes, trade and business practices, franchising, intellectual property, consumer protection, product safety, licensing, real property, landlord/tenant, environmental, advertising, nutrition and anti-trust matters.

***Fluctuations in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.***

Our revenues and expenses will be denominated predominantly in Hong Kong dollars and Canadian dollars. Although the exchange rates between HKD to USD have been pegged since 1983, we cannot assure you that HKD will remain pegged to USD. Any significant fluctuations in the exchange rates between HKD to USD or CAD to USD, particularly when converting USD proceeds from this offering into HKD or CAD for our operations, could have an adverse effect on the amounts we receive from such conversions. We have not used any forward contracts, futures, swaps, or currency borrowings to hedge our exposure to foreign currency risk.

***Our financial result for the year ending September 30, 2025 is expected to be adversely affected by non-recurring listing expenses.***

Our management is of the view that our financial results for the year ending September 30, 2025 are expected to be adversely affected by the listing expenses in relation to the offering, the nature of which is non-recurring. See "- Expenses Related to this Offering" for further information. Part of the listing expenses is expected to be accounted for as a deduction from equity upon listing while part of the listing expenses has been and is expected to be recognized as expenses in the consolidated statements of income which is expected to be recognized for the year ending September 30, 2025. Accordingly, the results of operation and financial performance for the year ending September 30, 2025 may be adversely impacted, and may or may not be comparable to our financial performance in the past.

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

***Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of our HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale.***

Riku is a holding company, and we conduct a part of our operations in Hong Kong through our HK Operating Subsidiaries. We have no operations in Mainland China. However, our HK Operating Subsidiaries are located and operate their business in Hong Kong, which is a special administrative region of the PRC. Pursuant to the Basic Law of Hong Kong ("Basic Law"), national laws of Mainland China do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong National laws and regulations relating to data protection, cybersecurity and the anti-monopoly have not been listed in Annex III and so do not apply directly to Hong Kong.

However, due to long-arm provisions under the current PRC laws and regulations, there remains regulatory and legal uncertainty with respect to the implementation of the PRC laws and regulations to Hong Kong. As a result, there is no guarantee that the PRC government may not choose to implement the PRC laws and regulations to Hong Kong and exercise significant direct influence and discretion over the operation of our HK Operating Subsidiaries in the future and, it will not have a material adverse impact on our business, financial condition and results of operations, due to changes in laws, political environment or other unforeseeable reasons.

In the event that we or our HK Operating Subsidiaries become subject to the PRC laws and regulations, the legal and operational risks associated with being based in and having operations in Mainland China could also apply to our operations in Hong Kong. We would face the risks and uncertainties associated with the PRC legal system, complex and evolving PRC laws and regulation, and whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security and anti-monopoly concerns, would apply to companies like our HK Operating Subsidiaries and us, given the substantial operations of our HK Operating Subsidiaries in Hong Kong. The Chinese government may exercise significant oversight over the conduct of business in Hong Kong.

The laws and regulations in Mainland China are evolving, and their enactment timetable, interpretation, enforcement, and implementation involve significant uncertainties and may change quickly with little advance notice, along with the risk that the PRC government may intervene or influence our HK Operating Subsidiaries' operations at any time could result in a material change in our operations and/or the value of our securities. Moreover, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations related to our business and the enforcement and performance of our arrangements with clients in certain circumstances. The laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations, may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from our understanding of these laws and regulations. New laws and regulations that affect existing and proposed future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our business.

The laws, regulations, and other government directives of the PRC 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 business development;

● increase our operating expenses or reputational risks;

● require significant management time and resources;

● cause devaluation of our securities or delisting; and

● subject us to potential administrative penalties, legal liabilities, or operational restrictions.

We are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in Mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over Mainland China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. We have no operations in Mainland China. Based on our understanding of the PRC laws and regulations currently in effect as of the date of this prospectus, as our HK Operating Subsidiaries are located in Hong Kong, we are not currently required to obtain permission from the PRC government to list on a U.S. securities exchange and consummate this offering. However, there is no guarantee that this will continue to be the case in the future in relation to the continued listing of our securities on a securities exchange outside of the PRC, or even when such permission is obtained, that it will not be subsequently denied or rescinded.

The PRC government may intervene or influence our operations at any time or may exert control over offerings conducted overseas and foreign investment in Hong Kong-based issuers, which may result in a material change in our operations and/or the value of our Ordinary Shares. For example, there is currently no restriction or limitation under the laws of Hong Kong on the conversion of HK dollar into foreign currencies and the transfer of currencies out of Hong Kong and the laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer of cash between the ultimate holding company and the HK Operating Subsidiaries in Hong Kong.

The PRC government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and from the other entities within our organization or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to the outside of Hong Kong and may affect our ability to receive funds from our HK Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could 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. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measured could materially decrease the value of our Ordinary Shares, potentially rendering it worthless.

***Recently in 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our HK Operating Subsidiaries and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of our Class A Ordinary Shares.***

Although we currently do not have or intend to have any subsidiary or any contractual arrangement to establish a VIE structure with any entity in mainland China, we are still subject to certain legal and operational risks associated with our HK Operating Subsidiaries being based in Hong Kong. Additionally, the legal and operational risks associated in mainland China may also apply to operations in Hong Kong, and we face the risks and uncertainties associated with the complex and evolving PRC laws and regulations and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security and anti-monopoly concerns, would be applicable to companies such as our HK Operating Subsidiaries given the operations of our HK Operating Subsidiaries in Hong Kong and the Chinese government may exercise significant oversight over the conduct of business in Hong Kong. In the event we or our HK Operating Subsidiaries were to become subject to PRC laws and regulations, we could incur material costs to ensure compliance, and we or our HK Operating Subsidiaries might be subject to fines, experienced evaluation of securities or delisting, no longer be permitted to conduct offerings to foreign investors, and/or no longer be permitted to continue business operations as presently conducted. Our organizational structure involves risks to the investors, and Chinese regulatory authorities could disallow this structure, which would likely result in a material change in our HK Operating Subsidiaries' operations and/or a material change in the value of our Class A Ordinary Shares, including the risk that such event could cause the value of such securities to significantly decline or become worthless. Moreover, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations related to our business and the enforcement and performance of our arrangements with customers in certain circumstances. The laws and regulations may be subject to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations, may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from our understanding of these laws and regulations. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our business.

***We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, the Trial Measures and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.***

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies on August 8, 2006, and amended on June 22, 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of domestic companies in mainland China and controlled by companies or individuals of mainland China to obtain the approval of the CSRC, prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. In addition, on December 24, 2021, the CSRC released the Administrative Regulations of the State Council Concerning the Oversea Issuance of Security and Listing by Domestic Enterprise (Draft for Comments) (the "Draft Administrative Regulations") and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (the "Draft Filing Measures"), collectively the "Draft Rules on Overseas Listing", for public opinion.

Riku is a holding company incorporated in the Cayman Islands with subsidiaries based in Hong Kong and Canada. As of the date of this prospectus, we have no subsidiary, VIE structure or any direct operations in mainland China, nor do we intend to have any subsidiary or VIE structure or to acquire any equity interests in any domestic companies in mainland China, and we are not controlled by any companies or individuals of mainland China. Further, our HK Operating Subsidiaries are headquartered in Hong Kong and all of their revenues and profits are generated in Hong Kong, and not in mainland China. Additionally, we do not intend to operate in mainland China in the foreseeable future. As such, we do not believe we would be subject to the M&A Rules, or would be required to file with the CSRC under the Trial Measures. Moreover, pursuant to the Basic Law of the Hong Kong Special Administrative Region, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy).Therefore, we believe, as of the date of this prospectus, the CSRC's approval or review is not required for the listing and trading of our Class A Ordinary Shares in the U.S. exchange as provided under the M&A Rules and the Trial Measures.

Part of our operations are conducted in Hong Kong, which is a part of the PRC. We are aware that recently, in 2023, 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 its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain 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 any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our HK Operating Subsidiaries' daily business operations, their ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. These actions could result in a material change in our operations and/or to the value of our Class A Ordinary Shares and could significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors.

In addition, on December 28, 2021, the Measures were published and became effective February 15, 2022, and require that, among other things, and in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and which further elaborate on the factors to be considered when assessing the national security risks of the relevant activities. The publication of the Measures indicates greater oversight by the CAC over data security, which may impact our business and this Offering in the future. As of the date of this prospectus, our Operating Subsidiary does not have any mainland China individuals as clients. We do not expect the Measures to have an impact on our business, operations or this Offering to subject us or our HK Operating Subsidiaries to permission requirements from the CAC or any other government agency that is required to approve our HK Operating Subsidiaries' operations, as we do not believe we will be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that are required to file for cybersecurity review before listing in the U.S. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If we were deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, or if other regulations promulgated in relation to the Measures are deemed to apply to us, our subsidiary's business operations and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review or we and our subsidiary might be covered by permission from the CAC or any other government agency that is required to approve our HK Operating Subsidiaries' operations in the future. Nevertheless, since these statements and regulatory actions are new, it is highly uncertain 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 any. It also remains uncertain what the potential impact such modified or new laws and regulations will have on our subsidiary's daily business operations, its ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchanges. If any or all of the foregoing were to occur, it may significantly limit or completely hinder our ability to complete this Offering or cause the value of our Class A Ordinary Shares to significantly decline or become worthless. As of the date of this prospectus, there are no commensurate laws or regulations in Hong Kong which result in similar significant oversight over data security for companies seeking to offer securities on a foreign exchange. However, we cannot guarantee that, if, in the future, such laws or regulations were issued in Hong Kong, we would be compliant with such laws or regulations in a timely manner or at all. In addition, we may have to spend significant time and costs to become compliant. If we are unable to do so, on commercially reasonable terms, in a timely manner or otherwise, we may become subject to sanctions imposed by the relevant regulatory authorities, and our ability to conduct our business, or offer securities on a U.S. or other international securities exchange may be restricted. As a result of the foregoing, our business, reputation, financial condition, and results of operations may be materially and adversely affected.

Recent statements by the PRC government have indicated an intent to exert more exert oversight and control over offerings that are conducted overseas and/or 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 markets 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 December 24, 2021, the China Securities Regulatory Commission (the "CSRC") released the Draft Administrative Provisions and the Draft Filing Measures, both of which had a comment period that expired on January 23, 2022. The Draft Administrative Provisions and Draft Filing Measures regulate the administrative system, record-filing management, and other related rules in respect of the direct or indirect overseas issuance of listed and traded securities by "domestic enterprises". The Draft Administrative Provisions specify that the CSRC has regulatory authority over the "overseas securities offering and listing by domestic enterprises", and requires "domestic enterprises" to complete filing procedures with the CSRC if they wish to list overseas. On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; any failure to comply with such filling procedures may result in administrative penalties, such as an order to rectify, warnings, and fines. On April 2, 2022, the CSRC published the Draft Archives Rules, for public comment. These rules state that in the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests.

Under the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, 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 application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing, yet need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing, shall arrange for the filing within a reasonable time period and shall complete the filing procedure before such companies' overseas issuance and listing.

As of the date of this prospectus, given that the Group has no operations in China, the Company believes it is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our potential operations in China, as well as 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 as well as the trading price of our Class A Ordinary Shares.

Furthermore, on July 10, 2021, the Cyberspace Administration of China (the "CAC") issued a revised draft of the Measures for Cybersecurity Review for public comment, which required that, among others, in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated 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, 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&A 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. It remains unclear whether a Hong Kong company which collects personal information from PRC individuals shall be subject to the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our business, our operations or this offering as we do not believe that our HK Operating Subsidiaries would be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that would be required to file for cybersecurity review before listing in the U.S. This conclusion is based on the following factual circumstances: (i) our HK Operating Subsidiaries operate restaurants solely within Hong Kong, engaging exclusively in routine commercial activities unrelated to critical information infrastructure; (ii) their processing of personal information such as customer reservations, payments, and related restaurant operations, involves significantly fewer than one million users; (iii) their operations are confined to Hong Kong, and they do not process personal data of individuals within mainland China or conduct cross-border data transfers from mainland China; and (iv) as of the date of this prospectus, we have not received any notification, inquiry, warning, or request from the CAC or any other PRC regulatory authorities indicating that we are or may be classified as an "operator of critical information infrastructure" or a "data processor," nor have we received requests to submit to a cybersecurity review. Accordingly, we believe that our HK Operating Subsidiaries are not subject to the Revised Review Measures. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Revised Review Measures are adopted into law in the future and any of our HK Operating Subsidiaries is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, our operation and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review.

We have been advised by Hastings & Co., our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, as of the date of this prospectus, the Company and its HK Operating Subsidiaries, are not required to obtain any permissions or approvals from Hong Kong authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors. No such permissions or approvals have been applied for by the Company and/or its subsidiaries or denied by any relevant authorities. Part of our operations are conducted in Hong Kong, which is a part of the PRC. As of the date of this prospectus, our HK Operating Subsidiaries received all requisite permissions or approvals from the Hong Kong authorities to operate their businesses in Hong Kong, including but not limited to their business registration certificates. However, we have been advised by Hastings & Co. that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Based on management's internal assessment that the Company and its subsidiaries currently have no material operations in the PRC, the Company's management believes that as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC. We also believe that our HK Operating Subsidiaries are not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

As of the date of this prospectus, Hong Kong does not have similar regulations as of the PRC to extend oversight and control over offerings that are conducted overseas. Hong Kong does not have similar regulation as of the Trial Measures and the Guidance Rules and Notice, and Measures for Cybersecurity Review of the PRC. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC or if applicable laws, regulations or interpretations change and we are required to obtain such permissions or approvals, (ii) we inadvertently conclude that relevant permissions or approvals were not required or (iii) we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

Under the PRC Enterprise Income Tax Law ("EIT Law") and its implementing rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a PRC resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation ("SAT") issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.

As all of our board members and management are residents of Hong Kong and Canada, and substantially all of our assets and the primary location of the day-to-day operational management are located in Hong Kong and Canada, we are not a "de facto management body" as defined in the Circular 82. Therefore, we are not subject to EIT Law.

To the date of this prospectus, our subsidiaries and business operations are not subject to the specific laws and regulations adopted by the PRC. Accordingly, we do not believe it is necessary to obtain a legal opinion from PRC counsel, as there are no applicable PRC regulations that would impact our operations.

***If the Chinese government chooses to extend oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless.***

Recent statements, laws and regulations by the Chinese government in 2022 and 2023, including the Measures, the PRC Personal Information Protection Law and the Trial Measures have already indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in mainland China-based issuers. We could be subject to approval or review by Chinese regulatory authorities to pursue this offering. We do not have any operations in mainland China and currently do not have or intend to have any operating subsidiary established in mainland China or any contractual arrangement to establish a VIE structure with any entity in mainland China, but because part of our operations are conducted in Hong Kong through our HK Operating Subsidiaries, and Hong Kong is a Special Administrative Region of China, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares.

In the event that the PRC regulatory authorities disallow our business structure, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability and to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

***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 HK Operating Subsidiaries are subject to a variety of laws and other obligations regarding data privacy and protection in Hong Kong. The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (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 PDPO also places a statutory duty on data users to comply with the requirements of the six data protection principles contained in Schedule 1 of this ordinance. The six data protection principles are as follows: (i) principle 1 — purpose and manner of collection of personal data; (ii) principle 2 — accuracy and duration of retention of personal data; (iii) principle 3 — use of personal data; (iv) principle 4 — security of personal data; (v) principle 5 — information to be generally available; and (vi) principle 6 — access to personal data. The PDPO also gives data subjects to the following rights: (i) the right to be informed of whether any data user holds their personal data; (ii) the right to be supplied with a copy of such data; and (iii) the right to request correction of any data they consider to be inaccurate. Non-compliance with a data protection principle may lead to a complaint to the Privacy Commissioner for Personal Data.

We believe that we have been in compliance with the data privacy and personal information requirements of the PDPO. Given the nature of our business as an international restaurant operator, we do not expect to be subject to any cybersecurity review by Hong Kong and PRC government authorities for this Offering. However, if we or our HK Operating Subsidiaries have violated certain provisions of the PDPO, we could face significant civil penalties and/or criminal prosecution, which could adversely affect our business, financial condition, and results of operations. Nonetheless, as advised by our Hong Kong legal counsel, we do not believe that existing or future data privacy or cybersecurity laws in Hong Kong will materially restrict our business operations, limit our ability to accept foreign investment, or impair our ability to list on a U.S. or foreign stock exchange. This conclusion is based on an assessment of our current business activities, which primarily involve operating restaurants and handling limited personal data such as customer contact information, reservations, payments, and employee records, and do not involve large-scale processing of sensitive or high-risk personal data that would typically attract heightened regulatory scrutiny under the PDPO or other applicable Hong Kong data privacy and cybersecurity requirements. Furthermore, as of the date of this prospectus, we are not aware of any existing or reasonably foreseeable Hong Kong laws, regulations, or governmental orders imposing restrictions specifically applicable to foreign investment or overseas listings of businesses similar to ours, provided such businesses remain in compliance with the PDPO and related laws.

However, given the evolving and dynamic nature of data privacy and cybersecurity regulations in Hong Kong, future legislative or regulatory developments could result in additional compliance obligations, unexpected restrictions, or heightened scrutiny. Any failure to comply with current or future Hong Kong data privacy and cybersecurity laws or regulations could result in regulatory actions, fines, penalties, or litigation, any of which could adversely affect our business, financial condition, and results of operations.

***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 HK Operating Subsidiaries, which forms part of our business.***

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 former HKSAR chief executive Carrie Lam. On October 14, 2020, the U.S. State Department submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to "the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law." The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect the foreign financial institutions as well as any third parties or customers dealing with any foreign financial institution that is targeted. It is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong, which forms part of our business. If our HK Operating 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.

***There are political risks associated with conducting business in 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 may 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, namely, Hong Kong's constitutional document, which provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". However, 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 part of 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 development including the Hong Kong National Security Law 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. In addition, the United States has suspended several bilateral agreements with Hong Kong, including its extradition treaty, tax information exchange agreement, and a reciprocal agreement on tax exemptions for international shipping. More recently, the U.S. has expanded enforcement of export restrictions and sanctions to include Hong Kong-based entities, reflecting a broader policy shift toward treating Hong Kong as a conduit for restricted trade with Mainland China. These developments 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 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 Class A Ordinary Shares could be adversely affected.

***The Hong Kong legal system embodies uncertainties which could limit the legal protections available to our HK Operating Subsidiaries.***

Hong Kong is a Special Administrative Region of the PRC. Following British colonial rule from 1842 to 1997, China assumed sovereignty under the "one country, two systems" principle. The Hong Kong SAR's constitutional document, the Basic Law, ensures that the current political situation will remain in effect for 50 years. Hong Kong has enjoyed the freedom to function with a high degree of autonomy for its affairs, including currencies, immigration and customs operations, and its independent judiciary system and parliamentary system. On July 14, 2020, the United States signed an executive order to end the special status enjoyed by Hong Kong post-1997. As the autonomy currently enjoyed may be compromised, it could potentially impact Hong Kong's common law legal system and may, in turn, bring about uncertainty in, for example, the enforcement of our contractual rights. This could, in turn, materially and adversely affect our business and operations. Additionally, intellectual property rights and confidentiality protections in Hong Kong may not be as effective as in the United States or other countries. Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including our ability to enforce our agreements with our clients.

***Because our business is conducted in Hong Kong dollars and the price of our Class A Ordinary Shares is quoted in United States dollars, changes in currency conversion rates may affect the value of your investments.***

Since part of our business is conducted by our HK Operating Subsidiaries in Hong Kong, our books and records are maintained in Hong Kong dollars, which is the currency of Hong Kong, but the financial statements that we file with the SEC and provide to our shareholders are presented in United States dollars. Changes in the exchange rate between the Hong Kong dollar and U.S. dollar affect the value of our assets and the results of our operations in United States dollars. The value of the Hong Kong dollar against the United States dollar and other currencies may fluctuate and is affected by, among other things, changes in the Hong Kong's political and economic conditions and perceived changes in the economy of Hong Kong and the United States. Any significant revaluation of the Hong Kong dollar may materially and adversely affect our cash flows, revenue and financial condition. Further, our Class A Ordinary Shares offered by this prospectus are denominated in United States dollars, and we will need to convert the net proceeds we receive into Hong Kong dollars in order to use the funds for our business. Changes in the conversion rate between the United States dollar and the Hong Kong dollar will affect that amount of proceeds we will have available for our business.

Since 1983, Hong Kong dollars have been pegged to the U.S. dollars at the rate of approximately HK$7.80 to US$1.00. We cannot assure you that this policy will not be changed in the future. If the pegging system collapses and Hong Kong dollars suffer devaluation, the Hong Kong dollar cost of our expenditures denominated in foreign currency may increase. This would in turn adversely affect the operations and profitability of our business.

**Risks Related to Doing Business in Canada**

***Our operations are subject to various laws and regulations in Canada.***

Our Canadian business, which currently consists of four directly managed Ajisen Ramen restaurants, nine sub-franchised locations, and a central kitchen, operates entirely within Ontario. We are subject to a wide range of federal, provincial, and municipal laws, including those governing franchise operations, labor and employment, health and safety, food handling, environmental protection, and data privacy. Failure to comply with these regulations could result in penalties, fines, or other legal actions, which may adversely affect our business. For instance, non-compliance with the applicable municipality's stringent food safety regulations or Ontario's labor laws could lead to temporary closures of our restaurants or central kitchen, negatively impacting our financial performance. Furthermore, any failure by our sub-franchisees to adhere to these standards could harm the Ajisen brand and affect our overall business reputation.

Provincial laws in Ontario govern franchise relationships, and we are required to comply with franchise disclosure obligations under the Arthur Wishart Act (Franchise Disclosure), 2000, as amended. This requires us to provide prospective franchisees with comprehensive disclosure documents outlining the terms and conditions of the franchise arrangement. Failure to meet these requirements could result in disputes, the voiding of franchise agreements, or legal action, which may impede our expansion plans in Ontario and potentially other provinces in the future.

***Changes in Canadian laws, regulations, or government policies may negatively impact our business***.

The legislative and regulatory environment in Canada is subject to changes, and new laws or regulations may be introduced that could impact our profitability. For example, amendments to labor laws in Ontario, such as increases in the minimum wage or new employee benefits requirements, could raise our operating costs and reduce profitability.

We also face risk from changes in government policies that could affect our ability to operate efficiently. For instance, new regulations related to food safety, environmental sustainability, anti-trust and competition or data privacy could require us to modify our operations, potentially incurring additional costs. Furthermore, changes in franchise-related laws and new court decisions, or the interpretation of related laws and regulations could impact our relationships with sub-franchisees, leading to disputes or legal challenges that may harm our financial performance.

***Economic conditions in Canada may adversely affect consumer spending and our business.***

Our revenue in Canada, particularly in Ontario, is closely tied to consumer discretionary spending, which can be influenced by broader economic conditions. Economic downturns, inflationary pressures, or rising interest rates could reduce consumer confidence and disposable income, leading to lower foot traffic and reduced sales at both our directly managed and sub-franchised locations. Additionally, the rising cost of living in urban centers like Toronto could deter consumers from dining out, further impacting our sales.

Economic uncertainty could also result in higher operating costs, particularly in the areas of labor, food supplies, and rent. For instance, labor shortages in the food service industry have been a challenge in Ontario, and increasing wages or benefits could raise our staffing costs significantly. Additionally, disruptions in our supply chain—whether due to inflation, logistical issues, or fluctuations in the cost of imported goods—could affect the pricing and availability of key ingredients, putting pressure on our profit margins.

***Social, political, and regulatory developments in Canada may have a material adverse impact on our business.***

We are also exposed to risks stemming from social, political, and regulatory developments in Canada, particularly in Ontario. Changes in the political landscape, including shifts in government leadership or policy priorities, could lead to new regulations that impact our operations. For example, increases in taxes, imposition of tariffs, new environmental regulations, or changes in food safety standards could impose additional costs or operational challenges. Social developments, such as a growing emphasis on sustainability or ethical sourcing, may also influence consumer behavior and regulatory expectations, requiring us to adapt our business practices at potentially significant costs.

Additionally, any negative media coverage or social media amplification of issues related to food safety, labor practices, or environmental concerns could harm our reputation and reduce customer traffic. This risk is heightened by the widespread use of mobile technology and social media platforms, which can rapidly spread complaints or concerns, even if they are based on rumors or isolated incidents. Negative publicity, whether affecting our specific restaurants or the broader restaurant industry, could have a lasting adverse impact on our business in Ontario and beyond.

**Risks Related to Our Corporate Structure**

***We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash.***

Riku is a holding company, and we will in the future rely on dividends and other distributions on equity paid by our Operating Subsidiaries for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and to service any debt we may incur. We do not expect to pay dividends in the foreseeable future. We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. If any of our Operating Subsidiaries incur 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.

There are no statutory prohibitions in the Cayman Islands on the granting of financial assistance by a company to another person for the purchase of, or subscription for, its own, its holding company's or a subsidiary's shares. Therefore, a company may provide financial assistance provided the directors of the company, when proposing to grant such financial assistance, discharge their duties of care and act in good faith, for a proper purpose and in the interests of the company. Such assistance should be on an arm's-length basis. Subject to the Companies Act and our Articles of Association, our Company in general meeting may declare dividends in any currency but no dividends shall be declared in excess of the amount recommended by our board of directors. Subject to a solvency test, as prescribed in the Companies Act, and the provisions, if any, of the company's memorandum and articles of association, a company may pay dividends and distributions out of its share premium account. In addition, based upon English case law that is likely to be persuasive in the Cayman Islands, dividends may be paid out of profits. The Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. For more details, please see "Description of Share Capital."

Under the BVI Business Companies Act 2004 (as amended) and subject to its memorandum and articles of association, a BVI company may authorize and declare a dividend to shareholders at such time and of such an amount as the board of directors thinks fit to the extent that immediately following 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, dividends could only be paid by our HK Operating Subsidiaries out of its 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 HKD into foreign currencies and the remittance of currencies out of Hong Kong, nor there is any restriction on foreign exchange to transfer cash between Riku 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 Riku 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. The PRC laws and regulations do not currently have any material impact on transfers of cash from Riku to our HK Operating Subsidiaries or our HK Operating Subsidiaries to Riku, our shareholders and U.S. investors. However, the Chinese government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our HK Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could 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. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless.

According to Section 43(1) of the Canada Business Corporations Act ("**CBCA**"), which is applicable to ARCI, and Section 38 of the Business Corporations Act (Ontario) ("**OBCA**"), which is applicable to the CA Operating Subsidiaries (except ARCI), our CA Operating Subsidiaries may pay dividends by issuing fully paid shares of the corporation or in money or property. However, our CA Operating Subsidiaries may not declare or pay a dividend if, as provided under Section 42 of the CBCA or Section 38 of the OBCA, as applicable, there are reasonable grounds for believing that the corporation is, or would after payment be, unable to pay its liabilities as they become due, or the realizable value of the corporation's assets would thereby be less than the aggregate of its liabilities and stated capital of all classes. Canada does not impose any foreign exchange control restrictions which would restrict or prohibit the repatriation of funds by a Canadian corporation out of Canada, including to pay dividends to its foreign shareholder(s), except for transactions that will violate the *Criminal Code* and the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act*.

Dividends paid by the CA Subsidiaries to its non-resident shareholder (situated in British Virgin Island) are subject to a withholding tax at a rate of 25%. During fiscal year 2024, our CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus. Except for the dividend payments mentioned above, the Company, and its CA Operating Subsidiaries, currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future.

Any limitation on the ability of our Operating 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.

***You may experience difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited.***

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We conduct our operations in Canada through our CA Operating Subsidiaries and in Hong Kong through our HK Operating Subsidiaries. All of our assets are located in Canada and Hong Kong. In addition, all of our directors and executive officers named in this prospectus reside in Hong Kong and Canada, and most of their assets are located in Hong Kong and Canada*.* As a result, it may be difficult or impossible for you to bring an action against us or our directors and officers in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, Hong Kong, or other relevant jurisdictions may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

Carey Olsen Hong Kong LLP, our counsel as to the laws of the Cayman Islands, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of the United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States. For more details, see "Enforcement of Civil Liabilities."

***You may have more difficulties protecting your interests than you would as a shareholder of a U.S. corporation.***

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

Shareholders of Cayman Islands exempted companies have no general rights under Cayman Islands law to inspect or obtain copies of the register of members or corporate records of the company. Our directors have discretion but are not obliged to, under our Articles to determine whether or not, and under what conditions, our corporate records may be made available to our shareholders for their inspection. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest. A Cayman Islands exempted company may maintain its principal register of members and any branch registers in any country or territory, whether within or outside the Cayman Islands, as the company may determine from time to time. There is no requirement for an exempted company to make any returns of members to the Registrar of Companies in the Cayman Islands. The names and addresses of the members are, accordingly, not a matter of public record and are not available for public inspection.

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

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

For a discussion of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Share Capital — Certain Cayman Islands Company Considerations — Differences in Corporate Law".

***Cayman Islands economic substance requirements may have an effect on our business and operations.***

Pursuant to the Cayman Islands' International Tax Co-operation (Economic Substance) Act (as revised) of the Cayman Islands ("ES Act"), a "relevant entity'' that is engaged in "relevant activities" including, for example, a financing and leasing business or an intellectual property business, and receive "relevant income" (i.e., gross income generated from the "relevant activities") is required to satisfy the economic substance test set out in the ES Act and related compliance requirements including performance of substantive functions in the Cayman Islands. A "relevant entity'' includes an exempted company incorporated in the Cayman Islands as is the Company and the Company may be subject to the compliance obligations to ensure the Company satisfies the requirements of the ES Act. If the Company is subject to ES Act and are unable to comply with the ES Act, the Company may be subject to significant fines and penalties and, if the authorities determines that the Company has failed to satisfy the ES Act for a period of time, the Registrar of Companies of the Cayman Islands may apply to the Grand Court of the Cayman Islands for an order to struck off the Company.

***Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of other shareholders.***

Immediately after completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, our Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or [●] Class B Ordinary Shares and [●] Class A Ordinary Shares, representing approximately [●]% of our total issued and outstanding Ordinary Shares and approximately [●]% of the total voting power, assuming that the over-allotment option is exercised in full. Because the Controlling Shareholder will control a majority of our outstanding voting power, we will be a "controlled company" under corporate governance rules for NASDAQ-listed companies. Therefore, the Controlling Shareholder will be able to exert significant control over our management and affairs requiring shareholder approval, including approval of significant corporate transactions.

***Our Controlling Shareholder may result in strategic business decisions that favor our Controlling Shareholder rather than the interests of our other shareholders.***

Although our company is a stand-alone company, we expect to operate, for as long as our Controlling Shareholder is our controlling shareholder, as an affiliate of Integrated Winners International Limited. Our Controlling Shareholder may from time to time make strategic decisions that it believes are in the best interests of the Group as a whole, including our Company. These decisions may be different from the decision that we would have made on our own. Notwithstanding the duty of our Board to act in the best interests of the Company, in particular with respect to matters over which our shareholders retain control, our Controlling Shareholder's decisions with respect to us or our business may be resolved in ways that favor our Controlling Shareholder, which may not coincide with the interests of our other shareholders. We may not be able to resolve any potential conflicts, and even if we do so, the resolution may be less favorable to us than if we were dealing with a non-controlling shareholder. Even if both parties seek to transact business on terms intended to approximate those that could have been achieved among unaffiliated parties, this may not succeed in practice.

***We may have conflicts of interest with our Controlling Shareholder, because of our Controlling Shareholder's controlling ownership interest in our Company, we may not be able to resolve such conflicts on terms favorable to us.***

Immediately after completion of this offering, our Controlling Shareholder will hold [●] Class B Ordinary Shares and [●] Class A Ordinary Shares, representing approximately [●]% of our total issued and outstanding Ordinary Shares and approximately [●]% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or [●] Class B Ordinary Shares and [●] Class A Ordinary Shares, representing approximately [●]% of our total issued and outstanding Ordinary Shares and approximately [●]% of the total voting power, assuming that the over-allotment option is exercised in full. Accordingly, our Controlling Shareholder will continue to be our controlling shareholder immediately upon the completion of this offering and may have significant influence in determining the outcome of any corporate actions or other matters that require shareholder approval, such as mergers, consolidations, change of our name, and amendments of our memorandum and articles of association.

The concentration of ownership and voting power may cause transactions to occur in a way that may not be beneficial to you as a holder of our Class A Ordinary Shares and may prevent us from doing transactions that would be beneficial to you.

***We are a "controlled company" within the meaning of the Nasdaq listing rules, and intend to follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.***

Following this offering, our largest shareholder will continue to own more than a majority of the voting power of our outstanding Ordinary Shares. Under the Nasdaq listing rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and is permitted to phase in its compliance with the independent committee requirements. As a "controlled company", we intend to elect to rely on these exemptions from certain corporate governance requirements under the Nasdaq Listing rules, such as that a majority of the members of our board of directors will not be independent directors and our nominating and corporate governance and compensation committees will not consist entirely of independent directors. Accordingly, if we rely on the exemptions, during the period we remain a "controlled company" and during any transition period following a time when we are no longer a "controlled company", you would not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. See "Management—Controlled Company."

**Risks Related to our Class A Ordinary Shares and this Offering**

***Although the audit report included in this prospectus is prepared by U.S. auditors who are subject to the PCAOB inspection on a regular basis, 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 HFCAA 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, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA 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, thus reducing the time before the securities may be prohibited from trading or delisted.***

The Holding Foreign Companies Accountable Act, or the HFCAA, was enacted on December 18, 2020. The HFCAA 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 HFCAA. 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 HFCAA, including the listing and trading prohibition requirements described above. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "**AHFCAA**"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB 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 HFCAA. 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. On December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (i)Mainland China, and (ii) Hong Kong.

On August 26, 2022, the PCAOB announced and signed a Statement of Protocol (the "**SOP**") with the China Securities Regulatory Commission and the Ministry of Finance of the PRC. The Protocol provides the PCAOB with: (1) sole discretion to select the firms, audit engagements and potential violations it inspects and investigates, without any involvement of Chinese authorities; (2) procedures for PCAOB inspectors and investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed; (3) direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates.

On December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16, 2021 Determination Report; and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. The December 15, 2022 Determination Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from continuing to inspect or investigate completely. 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 an authority in the PRC, the PCAOB will act expeditiously to consider whether it should issue a new determination.

Our auditor, Golden Eagle CPAs LLC, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as a firm headquartered in New Jersey and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards. Our auditor is not headquartered in mainland China or Hong Kong and is not subject to and not affected by to the PCAOB's December 2021 Determination Report. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations. However, in the event it is later determined that the PCAOB is unable to inspect or investigate completely the auditor because of a position taken by an authority in a foreign jurisdiction, such as the PRC authorities, then such lack of inspection could cause trading in the Company's securities to be prohibited under the HFCAA, and ultimately result in a determination by a securities.

The SEC may propose additional rules or guidance that could impact us if our auditor is not subject to PCAOB inspection. For example, on August 6, 2020, the President's Working Group on Financial Markets, or the PWG, issued the Report on Protecting United States Investors from Significant Risks from Chinese Companies to the then President of the United States. This report recommended the SEC implement five recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfil its statutory mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCAA. However, some of the recommendations were more stringent than the HFCAA. For example, if a company's auditor was not subject to PCAOB inspection, the report recommended that the transition period before a company would be delisted would end on January 1, 2022.

The SEC has announced that the SEC staff is preparing a consolidated proposal for the rules regarding the implementation of the HFCAA and to address the recommendations in the PWG report. It is unclear when the SEC will complete its rulemaking and when such rules will become effective and what, if any, of the PWG recommendations will be adopted. The implications of this possible regulation in addition to the requirements of the HFCAA are uncertain. Such uncertainty could cause the market price of our Class A Ordinary Shares to be materially and adversely affected, and our securities could be delisted or prohibited from being traded on the national securities exchange earlier than would be required by the HFCAA. If our Class A Ordinary Shares are unable to be listed on another securities exchange by then, such a delisting would substantially impair your ability to sell or purchase our Class A Ordinary Shares when you wish to do so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our Class A Ordinary Shares.

Further, new laws and regulations or changes in laws and regulations in both the United States and the PRC could affect our ability to list our Class A Ordinary Shares, which could materially impair the market for and market price of our Class A Ordinary Shares.

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

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share and each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Due to the disparate voting powers associated with our two classes of ordinary shares, our Controlling Shareholder will beneficially own 67.6% of the aggregate voting power of our Company immediately following the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming that the underwriters do not exercise their over-allotment option. The interests of our Controlling Shareholder may not coincide with your interests, and it may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our Controlling Shareholder differ from your interests, you may be disadvantaged by any action that they may seek to pursue. This concentrated control could also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect of depriving the holders of our Class A Ordinary Shares of the opportunity to sell their shares at a premium over the prevailing market price.

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

We cannot predict whether our dual-class structure will result in a lower or more volatile market price of our Class A Ordinary Shares, adverse publicity or other adverse consequences. For example, certain index providers have announced and implemented restrictions on including companies with multiple-class share structures in certain of their indices. In July 2017, FTSE Russell announced that it would require new constituents of its indices to have greater than 5% of the company's voting rights in the hands of public stockholders, and S&P Dow Jones announced that it would no longer admit companies with multiple-class share structures to certain of its indices. Affected indices include the Russell 2000 and the S&P 500, S&P MidCap 400 and S&P SmallCap 600, which together make up the S&P Composite 1500. Also in 2017, MSCI, a leading stock index provider, opened public consultations on its treatment of no-vote and multi-class structures and temporarily barred new multi-class listings from certain of its indices; however, in October 2018, MSCI announced its decision to include equity securities "with unequal voting structures" in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria. Under such announced and implemented policies, the dual-class structure of our Ordinary Shares would make us ineligible for inclusion in certain indices and, as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices would not invest in our Class A Ordinary Shares. These policies are relatively new and it is unclear what effect, if any, they will have on the valuations of publicly-traded companies excluded from such indices, but it is possible that they may adversely affect valuations, as compared to similar companies that are included. Due to the dual-class structure of our ordinary shares, we will likely be excluded from certain indices and we cannot assure you that other stock indices will not take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices would likely preclude investment by many of these funds and could make our Class A Ordinary Shares less attractive to other investors. As a result, the market price of our Class A Ordinary Shares could be adversely affected.

***There has been no public market for our Class A Ordinary Shares prior to this offering, and you may not be able to resell our Class A Ordinary Shares at or above the price you pay for them, or at all.***

Prior to this offering, there has not been a public market for our Class A Ordinary Shares. We have applied for the listing of our Class A Ordinary Shares on the Nasdaq Capital Market. An active public market for our Class A Ordinary Shares, however, may not develop or be sustained after the offering, in which case the market price and liquidity of our Class A Ordinary Shares will be materially and adversely affected.

In recent years, the stock markets generally have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. Broad market and industry factors may significantly affect the market price of our Class A Ordinary Shares, regardless of our actual operating performance. These fluctuations may be even more pronounced in the trading market for our Class A Ordinary Shares shortly following this offering. If the market price of our Class A Ordinary Shares after this offering does not ever 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.

In addition, in the past, class action litigation has often been instituted against companies whose securities have experienced periods of volatility in market price. Securities litigation brought against us following volatility in the price of our Class A Ordinary Shares, regardless of the merit or ultimate results of such litigation, could result in substantial costs, which would hurt our financial condition and results of operations and divert management's attention and resources from our business.

***The market price of our Class A Ordinary Shares may be highly volatile, and you could lose all or part of your investment.***

The trading price of our Class A Ordinary Shares is likely to be volatile. 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 Class A Ordinary Shares among our executive officers and directors. As a result of our small public float, our Class A Ordinary Shares may be less liquid and have greater stock price volatility than the shares of companies with broader public ownership. Our stock price could be subject to wide fluctuations in response to a variety of other factors, which include:

● whether we achieve our anticipated corporate objectives;

● changes in financial or operational estimates or projections;

● termination of the lock-up agreement or other restrictions on the ability of our shareholders and other security holders to sell shares after this offering; and

● general economic or political conditions in Hong Kong, Canada and the United States or elsewhere.

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 Class A 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.

***Volatility in the price of our Class A Ordinary Shares may subject us to securities litigation.***

The market for our Class A Ordinary Shares may have, when compared to seasoned issuers, significant price volatility and we expect that our Class A Ordinary Share price may continue to be more volatile than that of a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated securities class action litigation against a company following periods of volatility in the market price of its securities. We may, in the future, be the target of similar litigation. Securities litigation could result in substantial costs and liabilities and could divert management's attention and resources.

***If we fail to meet applicable listing requirements, Nasdaq may not approve our listing application, or may delist our Class A Ordinary Shares from trading, in which case the liquidity and market price of our Class A Ordinary Shares could decline.***

We have applied to have our Class A Ordinary Shares listed on Nasdaq Capital Market. We expect that our Class A Ordinary Shares will be listed on Nasdaq Capital Market on or promptly after the date of this prospectus. However, we cannot assure you that we will be able to meet Nasdaq's initial listing standards or that we will be able to meet the continued listing standards of Nasdaq in the future. If we fail to comply with the applicable listing standards and Nasdaq delists our Class A Ordinary Shares, we and our shareholders could face significant material adverse consequences, including:

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

● reduced liquidity for our Class A Ordinary Shares;

● a limited amount of news about us and analyst coverage of us; and

● a decreased ability for us to issue additional equity securities or obtain additional equity or debt financing in the future.

The U.S. National Securities Markets Improvement Act of 1996 prevents or pre-empts the states from regulating the sale of certain securities, which are referred to as "covered securities." Because we expect that our Class A Ordinary Shares will be listed on Nasdaq, such securities will be covered securities. Although states are pre-empted from regulating the sale of our Class A Ordinary Shares when they are listed on Nasdaq, this statute does allow the states to investigate companies if there is a suspicion of fraud, and if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities on a case-by-case basis. Further, if we were no longer listed on Nasdaq, our Class A Ordinary Shares would not be covered securities and we would be subject to regulations in each state in which we offer our Class A Ordinary Shares.

***Our Class A Ordinary Shares are expected to initially trade under US$5.00 per share and thus would be known as "penny stock." Trading in penny stocks has certain restrictions and these restrictions could negatively affect the price and liquidity of our Class A Ordinary Shares.***

Our Class A Ordinary Shares are expected to initially trade below US$5.00 per share. As a result, our Class A Ordinary Shares would be known as a "penny stock", which is subject to various regulations involving disclosures to be given to you prior to the purchase of any penny stock. The SEC has adopted regulations which generally define a "penny stock" to be any equity security that has a market price of less than US$5.00 per share, subject to certain exceptions. Depending on market fluctuations, our Class A Ordinary Shares could be considered to be "penny stock." A penny stock is subject to rules that impose additional sales practice requirements on brokers/dealers who sell these securities to persons other than established members and accredited investors. For transactions covered by these rules, the broker/dealer must make a special suitability determination for the purchase of these securities. In addition, a broker/dealer must receive the purchaser's written consent to the transaction prior to the purchase and must also provide certain written disclosures to the purchaser. Consequently, the "penny stock" rules may restrict the ability of brokers/dealers to sell our Class A Ordinary Shares, and may negatively affect the ability of holders of our Class A Ordinary Shares to resell them. These disclosures require you to acknowledge that you understand the risks associated with buying penny stocks and that you can absorb the loss of your entire investment. Penny stocks generally do not have a very high trading volume. Consequently, the price of the stock is often volatile and you may not be able to buy or sell the stock when you want to do so.

***The IPO price and sale price for resales of Class A Ordinary Shares sold under the Resale Prospectus could differ.***

The initial public offering price of our Class A Ordinary Shares in the IPO has been determined by negotiations between the Company and the underwriters. The offering price in the IPO bears no relationship to our assets, earnings or book value, or any other objective standard of value. The Selling Shareholders may sell their Class A Ordinary Shares under the Resale Prospectus in one or more transactions that may take place in ordinary brokers' transactions, privately negotiated transactions or through sales to one or more dealers for resale of such securities as principals as further described in the "Selling Shareholders Plan of Distribution" in the Resale Prospectus after close of the IPO and listing of the Class A Ordinary Shares on Nasdaq. Therefore, the initial public offering price of the IPO and the sale price for resales of Class A Ordinary Shares sold under the Resale Prospectus could differ. As a result, the purchasers in the Resale Offering could pay more or less than the initial public offering price in the IPO.

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

As a relatively small-capitalization company with relatively small public float we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. The Class A Ordinary Shares registered for resale as part of the Resale Prospectus, once registered, will constitute a considerable percentage of our public float. Sales of a substantial number of our Class A Ordinary Shares in the public market could occur at any time. The sales of a substantial number of registered shares could result in a significant decline in the public trading price of our Class A Ordinary Shares and could impair our ability to raise capital through the sale or issuance of additional Ordinary Shares. We are unable to predict the effect that such sales may have on the prevailing market price of our Class A Ordinary Shares. Despite such a decline in the public trading price, the Selling Shareholders may still experience a positive rate of return on the Class A Ordinary Shares due to the lower price at which they purchased their Class A Ordinary Shares compared to other public investors and may be incentivized to sell their Class A Ordinary Shares when others are not.

***Our pre-IPO shareholders, including our Controlling Shareholder, will be able to sell their shares after completion of this offering subject to restrictions under Rule 144.***

Our pre-IPO shareholders, including our Controlling Shareholder, may be able to sell their Ordinary Shares pursuant to Rule 144 under the Securities Act after completion of this offering and after expiration of the applicable lock-up period. Because these shareholders have paid a lower price per Class A Ordinary Share than participants in this offering, when they are able to sell their pre-IPO shares under Rule 144, they may be more willing to accept a lower sales price than the IPO price. This fact could impact the trading price of our Class A Ordinary Shares following completion of the offering, to the detriment of participants in this offering. Under Rule 144, before our pre-IPO shareholders can sell their shares, in addition to meeting other requirements, they must meet the required holding period. We do not expect any of the Ordinary Shares to be sold pursuant to Rule 144 during the pendency of this offering.

***Substantial future sales or perceived sales of our Ordinary Shares in the public market could cause the price of our Class A Ordinary Shares to decline.***

Sales of our Ordinary Shares in the public market, or the perception that these sales could occur, could cause their market price to decline. Such sales might make it more difficult for us to sell equity or equity-related securities in the future at a time and price that we deem appropriate. Additionally, if any existing shareholder or shareholders sell a substantial amount of our Ordinary Shares, this, in turn, could have a material adverse effect on their price.

In particular, as we are registering 1,643,334 Class A Ordinary Shares for resale by certain selling shareholders, such resale shares would be immediately available for resale in the public market, which may cause or accelerate our market price to decline.

***Because our initial public offering price is substantially higher than our pro-forma net tangible book value per share, you will incur immediate and substantial dilution in the book value of your Class A Ordinary Shares.***

Investors purchasing our Class A Ordinary Shares in this offering will pay a price per share that substantially exceeds the pro forma net tangible book value per Class A Ordinary Share. As a result, investors purchasing Class A Ordinary Shares in this offering will incur immediate dilution of $[●] per Class A Ordinary Share, based on the assumed initial public offering price of $[●] per Class A Ordinary Share, which is the midpoint of the estimated offering price range described on the cover of this prospectus assuming no exercise of over-allotment options. Investors in this offering will pay a price per unit that substantially exceeds the book value of our assets after subtracting our liabilities. See "Dilution" for more information on the dilution you may experience as a result of investing in this offering.

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

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

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

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

We anticipate that we will use the net proceeds from this offering as follows: approximately 50% for expansion into new markets; approximately 20% for existing markets capital expenditure; and approximately 30% for general working capital. See "Use of Proceeds". We have not determined a specific use for a portion of the net proceeds of this offering now earmarked for working capital and other general corporate purposes, and our management will have considerable discretion in deciding how to apply these proceeds. You will not have the opportunity to assess whether the proceeds would be used appropriately before you make your investment decision, and you must therefore rely on the judgment of our management regarding the application of the net proceeds of this offering. We cannot assure you that the net proceeds will be used in a manner that would improve our results of operations or increase the price of our Class A Ordinary Shares, nor that these net proceeds will be placed only in investments that generate income or appreciate in value.

***We do not intend to pay dividends for the foreseeable future.***

We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our Class A Ordinary Shares if the market price of our Class A Ordinary Shares increases. Our board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our directors. Under Cayman Islands law, we may only pay dividends if we are solvent before and after the dividend payment in the sense that we will be able to satisfy our liabilities as they become due in the ordinary course of business.

***Because the amount, timing, and whether or not we distribute dividends at all is entirely at the discretion of our board of directors, you must rely on price appreciation of our Class A Ordinary Shares for return on your investment.***

Our board of directors has complete discretion as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. In either case, all dividends are subject to certain restrictions under the Cayman Islands law, namely that the Company may only pay dividends out of profits or share premium, and provided that under no circumstances may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. We cannot assure you that our Class A Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased our Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may even lose your entire investment in our Class A Ordinary Shares.

***Securities analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause our Class A Ordinary Share price or trading volume to decline.***

If a trading market for our Class A Ordinary Shares develops, the trading market will be influenced to some extent by the research and reports that industry or financial analysts publish about us and our business. We do not control these analysts. As a new public company, we may be slow to attract research coverage and the analysts who publish information about our Class A Ordinary Shares will have had relatively little experience with us or possibly with our industry as well, which could affect their ability to accurately forecast our results and could make it more likely that we fail to meet their estimates. In the event we obtain securities or industry analyst coverage, if any of the analysts who cover us provide inaccurate or unfavorable research or issue an adverse opinion regarding our Class A Ordinary Share price, our share price could decline. If one or more of these analysts cease coverage of us or fail to publish reports covering us regularly, we could lose visibility in the market, which in turn could cause our share price or trading volume to decline and result in the loss of all or a part of your investment in us.

***We qualify as a foreign private issuer and, as a result, we will not be subject to U.S. proxy rules and will be subject to Exchange Act reporting obligations that permit less detailed and less frequent reporting than that of a U.S. corporation.***

Upon the closing of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; (ii) the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and (iii) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K upon the occurrence of specified significant events. In addition, our officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act and the rules thereunder. Therefore, our shareholders may not know on a timely basis when our officers, directors and principal shareholders purchase or sell our Shares. Furthermore, foreign private issuers are not required to file their annual report on Form 20-F until one hundred twenty (120) days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within seventy-five (75) days after the end of each fiscal year. Foreign private issuers also are exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information. As a result of the above, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers.

If we lose our status as a foreign private issuer, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC and Nasdaq rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs and would make some activities highly time consuming and costly. We also expect that if we were required to comply with the rules and regulations applicable to U.S. domestic issuers, obtaining and maintaining directors' and officers' liability insurance would become more difficult and expensive for us, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These rules and regulations could also make it more difficult for us to attract and retain qualified members of our board of directors.

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

Prior to this offering, we were a private company with limited accounting personnel and other resources with which to address our internal controls and procedures. Our management has not completed an assessment of the effectiveness of our internal controls over financial reporting, and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. In the course of auditing our consolidated financial statements for the years ended September 30, 2024 and 2023, we identified material weaknesses in our internal control over financial reporting and other control deficiencies as of September 30, 2024. A "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses identified to date relate to (i) there was no accountant with adequate U.S. GAAP knowledge working in the Company's Accounting Department. Part of the Company's U.S. GAAP reporting function was outsourced to external consultant; (ii) the Company does not have internal audit function in place to monitor the control execution which may lead to material audit adjustments to the financial statements; and (iii) lack of assessment and implementation of internal control over financial reporting in accordance with the requirement of COSO 2013 framework.

Following the identification of the material weaknesses and control deficiencies, we plan to take remedial measures including (i) hiring more qualified accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and system control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for our accounting and financial reporting personnel; (iii) setting up an internal audit function as well as engaging an external consulting firm to assist us with the assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal control; and (iv) appointing independent directors and strengthening corporate governance.

However, the implementation of these measures may not fully address the material weaknesses in our internal control over financial reporting. Our failure to correct the material weaknesses or our failure to discover and address any other material weaknesses or control deficiencies could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial condition, results of operations, and prospects, as well as the trading price of our Class A common stock, may be materially and adversely affected. Moreover, ineffective internal control over financial reporting significantly hinders our ability to prevent fraud.

Upon 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 will require that we include a report of management on our internal control over financial reporting in our annual report on Form 20-F beginning with our annual report for the fiscal year ending September 30, 2025. However, our auditors will not be required to formally attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 until we are no longer a smaller reporting company. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified, if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated, or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a significant strain on our management, operational, and financial resources and systems for the foreseeable future. We may be unable to complete our evaluation testing and any required remediation in a timely manner.

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

As a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq rules that allow us to follow our home country law for certain governance matters. Certain corporate governance practices in our home country, the Cayman Islands, may differ significantly from corporate governance listing standards. Currently, we intend to rely on certain corporate governance practices commonly followed in the Cayman Islands after we complete this offering. If we rely on corporate governance practices commonly followed in the Cayman Islands 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.

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

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

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

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

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. We have elected to take advantage of such exemptions afforded to an emerging growth company. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective data.

Further, we cannot predict if investors will find our Class A Ordinary Shares less attractive because we may rely on these exemptions. If some investors find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and the price of our Class A Ordinary Shares may be more volatile.

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

Upon consummation of this offering, we will incur significant legal, accounting and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley, as well as rules subsequently implemented by the SEC, impose various requirements on the corporate governance practices of public companies. We are an "emerging growth company" as defined in the JOBS Act and 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$1.07 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 Class A Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay the adoption of new or revised accounting standards until such time as those standards apply to private companies.

Compliance with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costlier. After we are no longer an "emerging growth company", or until five years following the completion of our initial public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of Sarbanes-Oxley and the other rules and regulations of the SEC. For example, as a public company, we will be required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We will incur additional costs in obtaining director and officer liability insurance. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

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

In general, we will be treated as a PFIC for any taxable year in which either (1) at least 75% of our gross income (looking through certain 25% or more-owned subsidiaries) is passive income or (2) at least 50% of the average value of our assets (looking through certain 25% or more-owned subsidiaries) is attributable to assets that produce, or are held for the production of, passive income. Passive income generally includes, without limitation, dividends, interest, rents, royalties, 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. Holder (as defined in the Section of this prospectus captioned "*Material United States Federal Income Tax Considerations*") of our securities, the U.S. Holder may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements. The determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. Our actual PFIC status for any taxable year will not be determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules in light of their individual circumstances.

***Changes in our tax rates or exposure to additional tax liabilities or assessments could affect our profitability, and audits by tax authorities could result in additional tax payments.***

We operate in Hong Kong and Canada, which are subject to distinct tax regimes and regulations. Our effective tax rates could be impacted by changes in tax laws, treaties, or regulations, or by differing interpretations or enforcement of such laws in these jurisdictions. Factors such as amendments to tax rates, changes in government policy, or the introduction of new tax rules - whether in Hong Kong, Canada, or any other jurisdiction in which we may expand in the future, could materially affect our financial performance.

Moreover, audits or investigations by tax authorities could result in additional tax liabilities, penalties, or assessments. Any such changes or developments could adversely impact our profitability, results of operations, and financial condition.

**INDUSTRY REVIEW**

In connection with the offering, we have engaged Frost & Sullivan, an independent research firm, to conduct a detailed analysis and prepare an industry report on the markets in which we operate (the "Frost & Sullivan Report"). Except for the Frost & Sullivan Report, we did not commission any other industry report in connection with this offering. All the information and data presented in this section have been derived from the Frost & Sullivan Report, unless otherwise indicated. See "Industry and Market Data" for additional information.

While we believe that the information set forth herein is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

**Overview of the restaurant industry**

The global foodservice industry remains a vital component of the world economy. In 2023, the global foodservice market was valued at USD 3,028.3 billion, and it is projected to reach USD4,248.8 billion in 2028, representing a compound annual growth rate ("CAGR") of 7.0% since 2023.This growth is primarily driven by rising disposable incomes, evolving consumer lifestyles and the rapid expansion of cafés, restaurants, and online food delivery platforms. This trend is particularly evident in markets like Hong Kong and Canada, where the restaurant sectors are both dynamic and competitive.

**Hong Kong Restaurant Market**

Hong Kong is a dynamic hub for the food and beverage industry in Asia, renowned for its unique culinary landscape that blends local traditions with global influences. With a population of approximately 7.5 million, Hong Kong is home to around 15,000 dining establishments, making the restaurant industry a vital part of its economy and cultural identity. The restaurant industry refers to the commercial activities of cooking, preparing, and selling food to customers in specific locations. The restaurant industry in Hong Kong can be categorized into three primary types: full-service restaurants, fast-food restaurants, and other establishments such as cafés and food stalls. Full-service restaurants are traditional dining establishments where meals are served directly to customers at their tables by waiters, with payment typically made after the meal. These restaurants are distinguished by their attentive table service, superior food quality, more comfortable dining environment, and a broader variety of cuisine options compared to fast-food restaurants. They are often situated in high-end shopping malls or commercial districts and primarily cater to customers with mid-to-high spending capacity. Fast-food restaurants are dining venues that specialize in quick meal preparation and efficient service, offering customers a fast-paced and convenient dining experience. These establishments typically feature limited menus focusing on standardized dishes such as burgers, fried chicken, and noodles, allowing for rapid service and cost efficiency. Fast food restaurants are commonly found in busy urban areas, transport hubs, and shopping centers, targeting customers who value speed, affordability, and convenience. The others category encompasses a wide variety of dining formats beyond full-service and fast-food restaurants, including cafés, bars, food stalls, dessert shops, and takeaway-only outlets. These establishments offer a range of food and beverage options, from snacks and drinks to specialized cuisines, catering to diverse consumer preferences.

The restaurant industry in Hong Kong experienced a significant downturn from 2018 to 2022, primarily due to the COVID-19 pandemic (the "COVID-19 pandemic" or the "pandemic"), with the market size shrinking from HKD 119.6 billion in 2018 to HKD 86.8 billion in 2022. However, the industry began recovering in 2023, driven by better market conditions and the easing of pandemic-related restrictions. Looking forward, the sector is anticipated to recover steadily, with an expected CAGR of 3.6% from 2023 to 2028.

Among the various segments, full-service restaurants were the hardest hit during the pandemic, suffering the largest decline, marked by a CAGR of -2.7% from 2018 to 2023. This was due to strict dine-in restrictions, social distancing measures, and reduced spending on upscale dining. In contrast, fast-food restaurants and others restaurants, such as takeaway-focused businesses, showed greater resilience, benefiting from changing consumer preferences for convenience and affordability. As the market recovers, full-service restaurants are expected to regain momentum as demand for premium dining experiences increases along with improving consumer confidence.

***Market Size of Hong Kong's Restaurant Industry, 2018 - 2028E***

*Source: Census and Statistics Department, Frost & Sullivan Analysis*

Japanese cuisine has been steadily gaining popularity among Hong Kong consumers, largely due to its mild flavors, delicate presentation, and use of fresh, high-quality ingredients. Known for being relatively healthier, Japanese food has become particularly appealing to those seeking balanced diets. There are approximately 3,000 Japanese restaurants in Hong Kong, offering a variety of dining experiences, including sushi bars, ramen shops, izakayas, and Japanese barbeque restaurants. These diverse restaurant types cater to different consumer preferences, from casual dining to more sophisticated, fine-dining experiences.

Despite the overall decline in Hong Kong's restaurant industry from 2018 to 2023, the Japanese restaurant market in Hong Kong has shown resilience, growing from HKD 12.1 billion in 2018 to HKD 12.6 billion in 2023, with a CAGR of 0.8%. This growth was maintained despite significant challenges, including the COVID-19 pandemic and a ban on certain Japanese seafood imports, both of which disrupted supply chains and consumer confidence. Looking ahead, the Japanese restaurant industry in Hong Kong is expected to maintain its growth and reach HKD 15.5 billion by 2028. The continued rise in consumer demand for healthier and lighter dining options, coupled with the enduring appeal of Japanese culinary traditions, is expected to drive this growth.

***Market Size of Japanese Restaurants in Hong Kong, by Value, 2018 - 2028E***

![](formdrs_a002.jpg)

*Source: Frost & Sullivan Analysis*

Japanese barbecue, also known as yakiniku, is a popular type of dining experience within the Japanese restaurant sector in Hong Kong. From 2018 to 2023, the market size for Japanese barbecue restaurants in Hong Kong grew from HKD 1,018.6 million to HKD 1,157.9 million with a CAGR of 2.6%. This growth reflects the growing popularity of Japanese barbecue, where diners grill high-quality meats and vegetables at the table.

Looking ahead, the Japanese barbecue market is expected to continue expanding and reaching HKD 1,516.5 million by 2028. This growth is likely to be driven by factors such as the rising popularity of grilled meat and the appeal of unique, hands-on dining experiences.

***Market Size of Japanese Barbecue Restaurants in Hong Kong, by Value, 2018 - 2028E***

![](formdrs_a003.jpg)

*Source: Frost & Sullivan Analysis*

***Major market drivers***

*Robust Economic Expansion*

The growth of the Japanese barbecue restaurants market in Hong Kong is strongly supported by the city's ongoing economic expansion. As Hong Kong's economy continues to thrive, disposable income levels rise, allowing consumers to spend more on dining out. This increased purchasing power encourages people to indulge in premium dining experiences, such as Japanese barbecue, which typically offers higher-quality ingredients and a more interactive, social dining experience compared to other food options. With a more affluent middle class and a rising demand for unique culinary experiences, the economic growth of Hong Kong plays a key role in driving the market for upscale, experiential dining concepts like Japanese barbecue.

*Increasing Popularity of Japanese Culture*

In 2023, the number of Hong Kong visitors to Japan reached 2,114,402, nearly recovering to pre-pandemic levels, according to the Japan National Tourism Organisation. This resurgence underscores the growing appeal of Japanese culture among Hong Kong residents, which is driving increased demand for Japanese cuisine. Hong Kong has long been influenced by Japanese culture, with Japanese manga, anime, dramas, and fashion trends capturing the local imagination. This cultural influence has led to a greater appreciation for authentic Japanese dining experiences, with barbeque standing out as a popular choice. The rise of Japanese TV shows and anime, along with the increasing presence of Japanese brands and products, has created a strong cultural connection that fuels demand for Japanese food. As Hong Kong consumers continue to embrace Japanese culture, the popularity of Japanese barbecue restaurants has surged, offering both a unique culinary experience and a taste of modern Japan.

*Increasing Social Gatherings Among Families and Friends*

Another important driver of the Japanese barbecue restaurants market in Hong Kong is the growing trend of social gatherings among families and friends. Japanese barbeque, with its interactive and communal dining style, is particularly well-suited for group dining experiences. The social aspect of grilling food together at the table encourages a sense of togetherness, making it an ideal choice for family meals, celebrations, and gatherings with friends. With people increasingly prioritizing quality time with loved ones, Japanese barbecue offers a perfect setting with its interactive and vibrant dining experience, making it a popular choice for social occasions.

*Increasingly Popular Awareness of Healthy and High-quality Diet*

The growing awareness of healthy eating and the demand for high-quality, nutritious food is another key driver for the Japanese barbecue restaurants market in Hong Kong. Japanese cuisine, known for its emphasis on fresh ingredients and balanced flavors, aligns well with the rising trend of health-conscious dining. Japanese barbecue, which typically features premium cuts of meat, fresh vegetables, and a focus on grilling rather than frying, appeals to consumers seeking healthier meal options without compromising on taste. As more people in Hong Kong prioritize nutritious diets and seek out meals that are both delicious and healthy, the appeal of Japanese barbecue continues to grow.

*Development of Tourism Industry and Increasing Number of Tourists*

The growth of Hong Kong's tourism industry has also contributed to the expansion of the Japanese barbecue restaurants market. As a major financial hub in the Asia Pacific, Hong Kong attracts a significant number of international visitors. In 2024, Hong Kong recorded nearly 36.7 million visitor arrivals as of October, marking a year-on-year increase of nearly 40%. With more tourists visiting the city, there is an increasing demand for diverse and authentic dining experiences, including Japanese barbecue. Tourists often seek out local and international cuisines that reflect cultural authenticity, and Japanese barbecue offers a unique and engaging option. As tourism continues to grow, Japanese barbecue restaurants are well-positioned to cater to both local and international diners, benefiting from the influx of tourists eager to explore Hong Kong's culinary scene.

***Future trends***

*Switching Spending Pattern*

One notable trend in the future of the Japanese barbecue restaurants market is the shift in the spending patterns of Hong Kong residents following the pandemic. As more people have adapted to spending more time at home, dining habits have changed. Many consumers are now more selective about where and how they spend their money, with a growing preference for higher-quality food when dining out. This trend is driven by a desire for more meaningful and elevated dining experiences. As a result, a larger portion of the consumer base that dines out is seeking premium, high-quality options, such as Japanese barbecue, which offers both a superior dining experience and a focus on fresh, high-end ingredients. This shift toward quality over quantity presents a growth opportunity for Japanese barbecue restaurants, positioning them well to cater to this demand for premium meals.

*Increasing Market Consolidation*

As competition intensifies and the market matures, smaller players may find it difficult to maintain profitability, leading to greater consolidation among larger, more established restaurant chains. This trend is particularly influenced by the high demands placed on ingredients and supply chains in the Japanese barbecue industry. Japanese barbecue restaurants require premium cuts of meat, which can lead to higher costs and more complex supply chain management. Larger restaurant groups or successful brands may acquire smaller establishments to streamline operations, secure better supply agreements, and ensure consistent quality.

*Increasing Attractiveness for the Young Generations*

As millennials and Gen Z increasingly prioritize unique dining experiences, Japanese barbecue offers a perfect fit with its interactive and social dining style. Younger consumers are drawn to experiences that go beyond just eating, favoring restaurants that offer an engaging atmosphere where they can participate in the cooking process. The communal nature of Japanese barbecue, combined with the emphasis on high-quality ingredients, makes it an attractive option for those seeking both fun and high-end dining. As younger diners continue to explore diverse cuisines and look for memorable food experiences, Japanese barbecue is poised to become an even more popular choice in Hong Kong's dining landscape.

***Competitive Landscape***

The Japanese barbeque restaurants market in Hong Kong is relatively fragmented, with over 100 players in the industry. Most of these are independent, non-chain brand operating a single location. The Group was the third largest Japanese barbeque restaurants in Hong Kong in terms of number of restaurants in 2023.

***Ranking of Leading Players in Hong Kong's Japanese Barbeque Restaurants Market, by Group, 2023***

*Source: Frost & Sullivan Analysis*

**Canada Restaurant Market**

The restaurant industry in Canada experienced a significant downturn from 2018 to 2022, primarily due to the COVID-19 pandemic, with the market size shrinking from CAD 94.9 billion in 2018 to CAD 62.4 billion in 2020. However, the industry began recovering in 2021, driven by better market conditions and the easing of pandemic-related restrictions. Looking forward, the sector is anticipated to recover steadily, with a CAGR of 6.3% from 2023 to 2028.

Among the various segments, fast-food restaurants were the hardest hit during the pandemic, suffering the largest decline, marked by a CAGR of -0.6% from 2018 to 2023. This was due to strict dine-in restrictions, social distancing measures, and reduced spending on upscale dining. In contrast, full-service restaurants and others restaurants, such as takeaway-focused businesses, showed greater resilience, benefiting from changing consumer preferences for convenience and affordability. As the market recovers, full-service restaurants are expected to regain momentum as demand for premium dining experiences increases along with improving consumer confidence.

***Market Size of Canada's Restaurant Industry, 2018 - 2028E***

![](formdrs_a005.jpg)

*Source: Restaurant Canada, Frost & Sullivan Analysis*

Japanese cuisine has been steadily gaining popularity among Canada consumers, largely due to its mild flavors, delicate presentation, and use of fresh, high-quality ingredients. Known for being relatively healthier, Japanese food has become particularly appealing to those seeking balanced diets. There are approximately 2,800 Japanese restaurants in Canada, offering a variety of dining experiences, including sushi bars, ramen shops, izakayas, and Japanese barbeque restaurants. These diverse restaurant types cater to different consumer preferences, from casual dining to more sophisticated, fine-dining experiences.

Despite the overall decline in Canada's restaurant industry from 2018 to 2023, the Japanese restaurant market in Canada has shown resilience, growing from CAD 3.8 billion in 2018 to CAD 5.1 billion in 2023, with a CAGR of 5.8%. This growth was maintained despite significant challenges, including the COVID-19 pandemic and a ban on certain Japanese seafood imports, both of which disrupted supply chains and consumer confidence. Looking ahead, the Japanese restaurants industry in Canada is expected to maintain its growth and reach CAD 7.4 billion by 2028. The continued rise in consumer demand for healthier and lighter dining options, coupled with the enduring appeal of Japanese culinary traditions, is expected to drive this growth.

***Market Size of Japanese Restaurants in Canada, by Value, 2018 - 2028E***

![](formdrs_a006.jpg)

*Source: Frost & Sullivan Analysis*

Ramen restaurants in Canada have gained significant popularity over the past few years, offering a diverse range of authentic and fusion ramen dishes to cater to a growing appetite for Japanese cuisine. From 2018 to 2023, the market size for ramen restaurants in Canada grew from CAD 411.1 million to CAD 597.2 million with a CAGR of 7.8%.

Looking ahead, the ramen restaurants market is expected to continue expanding and reaching CAD 943.1 million by 2028 with a CAGR of 9.6%.

**Market Size of Ramen Restaurants in Canada, by Value, 2018 - 2028E**

![](formdrs_a007.jpg)

*Source: Frost & Sullivan Analysis*

***Major market drivers***

*Growth of the economy*

As the pandemic gradually recovers and the global economy rebounds, Canada's economy is also experiencing new growth. With the increase in the frequency of normal social activities and dining out, the food service market is expanding. According to data from Statistics Canada, as of 2023, the food service industry contributes nearly 4% to GDP. At the same time, the job market is gradually recovering, people's income levels are rising, and consequently, their dining consumption capacity and willingness are increasing. Canada's food service market size was CAD 113.6 billion in 2023. Looking forward, Canada's food service market is anticipated to recover steadily, with an expected CAGR of 6.3% from 2023 to 2028. The food service industry has also enhanced service efficiency and customer experience through digital transformation, such as delivery platforms, online reservations, and smart payments, further stimulating market growth. The country's hectic lifestyle and rising convenience preferences have culminated in an increased demand for online food deliveries, thereby driving growth in the Canada food service market. The rising popularity of convenience products, including sushi on-the-go, due to its portability and instant preparation, are significantly contributing to drive market growth. Further, the increased opening of new establishments in the food service sector is contributing to market growth.

*Rise of the population and inflow of immigrants and the favorable policy of Canada Government to immigrants*

Canada is the third-most populous country in North America. The current population of Canada is 39,949,738 as of January 02, 2025, based on interpolation of the latest United Nations data. Immigration is a significant factor in Canadian population growth, accounting for nearly 80% of recent increases. Canada is a major destination for immigrants worldwide, with the government setting high annual immigration quotas and maintaining lenient policies, attracting a large influx of young labor. In recent years, the number of immigrants has continued to rise, especially in major cities like Toronto, Vancouver and Montreal. According to Canadian government data, the number of immigrants in Canada reached 468,817,000 in 2023, primarily from Asia, Europe, and the Middle East. Over 80% of Canada's population growth is attributed to permanent and nonpermanent immigrants. Population predictions indicate that Canada's immigrant population may make up 24.5% to 30% of Canada's total population by 2036. With targets of 485,000 newcomers in 2024 and 500,000 in both 2025 and 2026, Canada aims to harness immigration as a key driver for economic growth and cultural diversity. This has contributed to an increase in diverse food cultures and consumption habits.

*Rising demand from the tourists*

Canada is a globally renowned tourist destination, attracting a large number of visitors from around the world. Canada's natural landscapes, rich cultural activities, and diverse urban attractions make it one of the most popular travel destinations in North America. Since 2022, Canada's tourism industry has gradually recovered, especially after the pandemic, with the increase in tourist numbers directly driving the growth of the dining market and increasing the demand for local dining services. International tourists not only choose traditional restaurants but also express a strong interest in local specialties and global foods. The food service market in Canada is steadily growing. The total revenue of the food service industry in Canada was CAD 113.6 billion in 2024, and is projected to reach CAD 154.1 billion by 2028, growing at a CAGR of 3.7%. Canada's foodservice market is likely to increase drastically as it is expected to grow to CAD 154.1 billion in 2028.

*Booming popularity of Japanese culture*

The rise of Japanese culture globally, particularly Japanese cuisine (such as sushi, ramen, tempura and izakaya), has become an important part of the Canadian food service market. Japanese dining is not only popular among young people but also loved by many middle-aged individuals and families. The popularity of Japanese dining culture has promoted the expansion of related dining forms and driven market innovation. Sushi, as a representative of Japanese cuisine, has become a common dining choice in major Canadian cities. Japanese ramen, izakayas, and teishoku are also gradually emerging in the market, especially in big cities, where many restaurants are adopting original or innovative versions of Japanese dishes, attracting a large number of customers. Japanese cultural elements such as anime, movies, fashion, and lifestyle have also profoundly influenced the younger generation in Canada, further driving the popularity of Japanese cuisine. In particular, the pursuit of novel dining experiences by young people, has made Japanese cuisine a symbol of fashion and lifestyle. Many well-known Japanese restaurant chains are expanding into the Canadian market, while also making certain innovations based on local consumer tastes and needs, making the dining market more diverse.

***Future trends***

*Innovation and Fusion*

In the ever-evolving Canadian food service market, innovation and fusion play crucial roles in shaping the dining landscape. For example, creative menu offerings: Japanese restaurants in Canada may focus on innovating their menu offerings by introducing unique and creative dishes that blend traditional Japanese flavors with local Canadian ingredients. This fusion of cuisines can provide customers with new and exciting dining experiences. Also, cross-cultural culinary experiences: Japanese restaurants could embrace fusion by incorporating elements from other global cuisines into their menu. This approach can cater to the diverse tastes of Canadian diners and offer a refreshing twist on traditional Japanese dishes. And finally, interactive Dining Experiences, to engage customers and create memorable experiences: Japanese restaurants could incorporate interactive elements into their dining experiences. This may include live cooking stations, DIY sushi workshops, or chef's table experiences that offer a behind-the-scenes look at the culinary process. Japanese restaurants may also explore innovative approaches by fusing Japanese flavors and cooking techniques with local Canadian ingredients. This fusion cuisine trend can appeal to a wider audience looking for unique dining experiences.

*A heightened focus on sustainability and local sourcing*

A significant development in the Canadian food service market involves a heightened focus on sustainability and local sourcing. Consumers are increasingly mindful of environmental impact and seek restaurants that prioritize eco-friendly practices, such as reducing food waste, using sustainable packaging, and sourcing ingredients locally. This movement aligns with a growing interest in supporting local communities and reducing carbon footprints, prompting restaurants to adapt their sourcing practices, menus, and operational strategies to emphasize sustainability. It has led to collaborations between restaurants and local farmers or suppliers, promoting transparency in the supply chain and resonating positively with environmentally conscious consumers.

***Entry barriers***

*Understanding of Japanese food culture and local customers' taste*

Canada is a diverse country with significant regional and cultural differences, especially in food preferences. While Japanese cuisine enjoys wide popularity, its acceptance varies across regions and consumer groups. Japanese restaurants must strike a balance between maintaining "authenticity" and catering to local tastes. Some diners prefer traditional dishes like sushi, sashimi, and tempura, while others, particularly those without a Japanese background, may lean toward localized or fusion options, such as California rolls, fried chicken katsu sushi, or Japanese-style barbecue. In cities like Vancouver and Toronto, many restaurants offer fusion dishes combining Japanese flavors with local Canadian ingredients, such as Hokkaido-style grilled salmon or Japanese cream stews, to appeal to a broader audience. Freshness is critical for Japanese cuisine, especially for sushi and sashimi. While Canada has abundant seafood resources, many high-end Japanese restaurants still import ingredients from Japan to maintain authentic flavors. This requires a significant financial investment in sourcing and ensuring ingredient quality. In addition, with the growing trend of healthy eating, there is increasing consumer demand for low-calorie, gluten-free, organic, or vegetarian options. To meet this demand, Japanese restaurants must incorporate these choices into their menus, such as using organic ingredients or offering low-fat or vegetarian sushi.

*Capital Investment*

Capital investment is essential for both the startup and long-term operation of a restaurant. High-end Japanese restaurants, in particular, require substantial initial investment due to the specialized equipment, ingredients, and restaurant design needed to serve authentic cuisine. These restaurants often use expensive imported ingredients, such as sushi-grade fish and Wagyu beef, which demand careful attention to freshness and quality. Establishing reliable supplier relationships is crucial, though it may take time and increase procurement costs for new establishments. Moreover, high-quality Japanese restaurants need specialized kitchen equipment, such as sushi counters, sashimi displays, fine tableware, and precision cooking tools, all of which come with high purchase and maintenance costs. Renting space in prime business districts, such as downtown Toronto or Vancouver, is typically expensive. To attract customers, restaurants must also invest in designing an ambiance that reflects Japanese culture, often incorporating elements like Japanese gardens or minimalist interiors. In Canada, the restaurant industry's low gross profit margins and high operating costs can make it challenging for new restaurants, which may experience long-term losses in their early stages. As a result, investors need substantial financial reserves to support initial losses and help the restaurant establish a strong foothold in the market.

*Brand reputation*

Brand reputation is crucial in the highly competitive Japanese restaurant market. Restaurants must focus on staff training to ensure they understand Japanese culture and dining etiquette. High-end restaurants often rely on word-of-mouth and renowned chefs to build their brand. Media coverage, social media promotion, and celebrity endorsements also play a significant role in increasing brand awareness. With the rise of social media, customer reviews are key to brand marketing. Restaurants should manage online reviews, respond promptly to feedback, and address negative comments. By continuously improving food quality, service and innovation, restaurants can earn positive reviews and strengthen their brand image.

*Talents*

High-end Japanese restaurants need skilled sushi chefs with years of experience, often including time in Japan. Sushi making requires precision and expertise, so hiring the right chef can be costly and time-consuming. Additionally, significant resources must be invested in training waiter staff to understand and convey Japanese cultural values and dining etiquette.

*Industry know-how*

Restaurants must conduct thorough research on the local market, understanding customer preferences, popular dishes, and the competitive landscape. Canada's food and beverage industry is heavily regulated, with strict food safety standards, labor laws, and environmental requirements. Restaurants must ensure compliance with these regulations and ensure their management team has the necessary legal knowledge. Japanese restaurants, particularly, rely on high-quality ingredients, especially fresh seafood. Therefore, selecting reliable suppliers and ensuring a stable, consistent supply of quality ingredients is crucial.

*R&D*

Japanese restaurants need to continuously innovate their menus, blending traditional and fusion dishes to meet evolving market demand. The research and development team should analyze trends, customer feedback, and seasonal ingredients to ensure a diverse and appealing offering. Embracing technology, such as smart ordering systems, kitchen automation, and delivery platforms, can enhance both operational efficiency and customer experience. Additionally, upgrading kitchen equipment is key to optimizing overall operations.

***Competitive Landscape***

The ramen restaurants market in Canada is relatively fragmented, with over 100 players in the industry. Most of these are independent, non-chain brand operating restaurants in a single location. The Group was the third largest ramen restaurant in Canada in terms of number of restaurants in 2023.

***Ranking of Leading Players in Canada's Ramen Restaurants, by Group, 2023***

*Source: Frost & Sullivan Analysis*

**USE OF PROCEEDS**

Based upon an initial public offering price of US$[●] per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us, of approximately US$[**●**] if the underwriters do not exercise their over-allotment option, and US$[**●**] if the underwriters exercise their over-allotment option in full.

Each US$1.00 increase (decrease) in the assumed initial public offering price of US$[●] per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) the net proceeds to us from this offering by US$[●], assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and estimated offering expenses payable by us. An increase (decrease) of 1.0 million in the number of Class A Ordinary Shares we are offering would increase (decrease) the net proceeds to us from this offering by US$[**●**], assuming the assumed initial public offering price remains the same, and after deducting the underwriting discounts and estimated offering expenses payable by us.

The primary purposes of this offering are to create a public market for our Class A Ordinary Shares for the benefit of all shareholders. We plan to use the net proceeds of this offering as follows:

● Approximately 50%, or $[●], for expansion into new markets;

● Approximately 20%, or $[●], for existing markets capital expenditure; and

● Approximately 30%, or $[●], for general working capital.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this registration statement. We reserve the right to change the use of proceeds that we presently anticipate and describe in this prospectus. See "Risk Factors —Risks Related to our Class A Ordinary Shares and this Offering —Our management has broad discretion to determine how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our Class A Ordinary Shares" for more information.

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.

**DIVIDEND POLICY**

We do not have any present plan to declare or pay any dividends on our Ordinary Shares 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 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 and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

Since incorporation, Riku did not declare or pay any dividends or distributions and there was no transfer of assets among Riku and its subsidiaries. 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 Cayman Islands 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. Subject to the satisfaction of the solvency test provisions under the Companies Act, the holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. The payment of dividends will be determined at the discretion of our board of directors, and is also subject to Cayman Islands law and our Memorandum and Articles. Under the laws of the Cayman Islands, a Cayman Islands company may pay a dividend out of profits or its share premium account, provided that in no circumstances may a dividend be paid out of the share premium account unless, immediately following the date on which the dividend is proposed to be paid, the company shall be able to pay its debts as they fall due in the ordinary course of business.

The holders of our Ordinary Shares are entitled to such dividends the Company in general meeting may declare but no dividend shall exceed the amount recommended by our board of directors. No dividend may be declared or paid other than out of profits and reserves of the Company lawfully available for distribution, including share premium. Our Memorandum and Articles provide that dividends may be declared and paid out of profits of our Company, realized or unrealized, or from any reserve set aside from profits which our board of directors determines is no longer needed, or not in the same amount. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized for this purpose in accordance with the Companies Act. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business.

We are a holding company incorporated in the Cayman Islands. In order for us to distribute any dividends to our shareholders, 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 Operating Subsidiaries.

Under the BVI Business Companies Act 2004 (as amended) and subject to its memorandum and articles of association, a BVI company may authorize and declare a dividend to shareholders at such time and of such an amount as the board of directors thinks fit to the extent that immediately following 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.

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. See "Risk Factors — Risks Related to Our Corporate Structure — We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on our ability or that of our HK Operating Subsidiaries by the PRC government to transfer cash." and "Prospectus Summary—Summary of Risk Factors—Risks Related to Our Corporate Structure" for more information.

According to Section 43(1) of the Canada Business Corporations Act ("CBCA"), which is applicable to ARCI, and Section 38 of the Business Corporations Act (Ontario) ("**OBCA**"), which is applicable to the CA Operating Subsidiaries (except ARCI), our CA Operating Subsidiaries may pay dividends by issuing fully paid shares of the corporation or in money or property. However, our CA Operating Subsidiaries may not declare or pay a dividend if, as provided under Section Article 42 of the CBCA or Section 38 of the OBCA, as applicable, there are reasonable grounds for believing that the corporation is, or would after payment be, unable to pay its liabilities as they become due, or the realizable value of the corporation's assets would thereby be less than the aggregate of its liabilities and stated capital of all classes. Canada does not impose any foreign exchange control restrictions which would restrict or prohibit the repatriation of funds by a Canadian corporation out of Canada, including to pay dividends to its foreign shareholder(s), except for transactions that will violate the *Criminal Code* and the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act*.

Dividends paid by the CA Subsidiaries to its non-resident shareholder (situated in British Virgin Island) are subject to a withholding tax at a rate of 25%. During fiscal year 2024, the CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus. Except for the dividend payments mentioned above, the Company, and its CA Operating Subsidiaries and HK Operating Subsidiaries, currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future.

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

**CAPITALIZATION**

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

● an actual basis;

● a pro forma basis to give effect to the Corporate Reorganization; and

● a pro forma as adjusted basis to give effect to (i) the Corporate Reorganization and (ii) the sale of [●] Class A Ordinary Shares in this offering at the assumed initial public offering price of US$[●] per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus) after deducting the underwriting discounts and estimated offering expenses payable by us, assuming the underwriters do not exercise the over-allotment option.

You should read this information together with our audited consolidated financial statements appearing elsewhere in this prospectus and the information set forth under the sections titled "Exchange Rate Information", "Use of Proceeds" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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| | | | |
|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Actual** | **Pro Forma** | **Pro Forma As Adjusted <sup>(1)</sup>** |
|  | **US$** | **US$** | **US$** |
| Ordinary Shares, US$0.01 par value per share: 5,000,000 shares authorized comprising (i) 4,300,000 Class A Ordinary Shares and (ii) 700,000 Class B Ordinary Shares; 838,000 shares issued and outstanding comprising: |  | [●] | [●] |
| 170,800 Class A Ordinary Shares issued and outstanding | $1708 | [●] | [●] |
| 667,200 Class B Ordinary Shares and outstanding; | 6672 | [●] | [●] |
| Total ordinary shares | 8380 | [●] | [●] |
| Additional paid-in capital | 883007 | [●] | [●] |
| Accumulated other comprehensive loss | (126975) | [●] | [●] |
| Retained earnings | 3420365 | [●] | [●] |
| Total shareholders' equity | 4184777 | [●] | [●] |
| Banks and other borrowings | 1824526 | [●] | [●] |
| Total capitalization | $6009303 | [●] | [●] |

---

(1) Reflects the sale of Class
 A Ordinary Shares in this offering at an assumed initial public offering price of US$[●] per Class A Ordinary Share
 (the midpoint of the price range set forth on the cover page of this prospectus), and after deducting the underwriting discounts and
 estimated offering expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this
 information based on the actual initial public offering price and other terms of this offering determined at pricing. Additional
 paid-in capital reflects the net proceeds we expect to receive, after deducting the underwriting discounts (underwriting discount
 equal to [●]% per Class A Ordinary Share, and estimated offering expenses payable by us (US$[●]). We estimate
 that such net proceeds will be approximately US$[●]. For an itemization of an estimation of the total offering expenses
 payable by us, see "Expenses Related to this Offering".

**DILUTION**

If you invest in our Class A Ordinary Shares in this offering, your interest will be immediately diluted to the extent of the difference between the initial public offering price per Class A Ordinary Share in this offering and the net tangible book value per Class A Ordinary Share after this offering. Dilution results from the fact that the initial public offering price per Class A Ordinary Share is substantially in excess of the net tangible book value per Class A Ordinary Share. As of March 31, 2025, we had a historical net tangible book value of US$[●], or US$[●] per Class A Ordinary Share. Our net tangible book value per Class A Ordinary Share represents total net tangible assets less intangible asset and deferred initial public offering costs, all divided by the number of Class A Ordinary Shares outstanding as of March 31, 2025.

After giving effect to the consummation of the Corporate Reorganization and the sale of Class A Ordinary Shares in this offering at the assumed initial public offering price of US$[●] per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we will have [●] Class A Ordinary Shares outstanding, and after deducting the underwriting discounts and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value at September 30, 2024 would have been US$[●], or US$[●] per Class A Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$[●] per Class A Ordinary Share to existing investors and immediate dilution of US$[●] per Class A Ordinary Share to new investors. The following table illustrates this dilution to new investors purchasing Class A Ordinary Shares in this offering:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Post-<br> Offering<sup>(1)</sup>** | **Post-<br> Offering<sup>(1)</sup>** | **Full Exercise of <br> Over-allotment <br> Option<sup>(2)</sup>** | **Full Exercise of <br> Over-allotment <br> Option<sup>(2)</sup>** |
| Assumed initial public offering price per Class A Ordinary Share | US$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] | US$ | [●] |
| &nbsp;&nbsp;&nbsp;Net tangible book value per Class A Ordinary Share as of March 31, 2025 | US$ | [●] | US$ | [●] |
| &nbsp;&nbsp;&nbsp;Increase in pro forma as adjusted net tangible book value per Class A Ordinary Share attributable to new investors purchasing Class A Ordinary Shares in this offering | US$ | [●] | US$ | [●] |
| Pro forma as adjusted net tangible book value per Class A Ordinary Share after this offering | US$ | [●] | US$ | [●] |
| Dilution per Class A ordinary share to new investors in this offering | US$ | [●] | US$ | [●] |

---

(1) Assumes gross proceeds from
 the offering of [●] Class A Ordinary Shares, and assumes that the underwriters' over-allotment option has not been
 exercised.

(2) Assumes gross proceeds from
 the offering of [●] Class A Ordinary Shares, and assumes that the underwriters' over-allotment option has been exercised
 in full.

Each US$1.00 increase (decrease) in the assumed initial public offering price of US$[●] per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) our pro forma as adjusted net tangible book value as of March 31, 2025 after this offering by approximately US$[●] per Class A Ordinary Share, and would increase (decrease) dilution to new investors by US$[●] per Class A Ordinary Share, assuming that the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and estimated offering expenses payable by us.

If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book value per Class A Ordinary Share after this offering would be US$[●], the increase in net tangible book value per Class A Ordinary Share to existing shareholders would be US$[●], and the immediate dilution in net tangible book value per Class A Ordinary Share to new investors in this offering would be US$[●].

To the extent that we issue additional Class A Ordinary Shares in the future, there will be further dilution to new investors participating in this offering.

The following table summarizes, on a pro forma basis as described above (which gives effect to the consummation of the Corporate Reorganization) as of March 31, 2025, the differences between the existing shareholders and the new investors with respect to the number of Class A Ordinary Shares purchased from us in this offering, the total consideration paid and the average price per Class A Ordinary Shares paid at the assumed initial public offering price of US$[●] per Class A Ordinary Shares, the midpoint of the price range set forth on the cover page of this prospectus, before deducting estimated underwriting discounts and estimated offering expenses. The total number of Class A Ordinary Shares does not include Class A Ordinary Shares issuable upon the exercise of the over-allotment option granted to the underwriters.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary Shares purchased** | **Class A Ordinary Shares purchased** | **Total consideration** | **Total consideration** | **Total consideration** | **Average<br> price per<br> Class A** | **Average<br> price per<br> Class A** |
|  | **Number** | **Percent** | **Amount** | **Amount** | **Percent** | **Ordinary Share** | **Ordinary Share** |
| Existing shareholders | [●] | 75% | US$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] | 0% | US$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| New investors | [●] | 25% | US$ | [●] | 100% | US$ | [●] |
| Total | [●] | 100% | US$ | [●] | 100% | US$ | [●] |

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**EXCHANGE RATE INFORMATION**

Riku is an exempted company with limited liability, registered and incorporated in the Cayman Islands, that operates in Hong Kong and Canada through the Operating Subsidiaries. The reporting currency of the HK Operating Subsidiaries is HKD and the reporting currency of the CA Operating Subsidiaries is CAD. This prospectus contains translations of HKD and CAD into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from HKD to U.S. dollars and from U.S. dollars to HKD in this prospectus were calculated at the noon buying rate of US$1 = HK$[●] on [●], 2025, as published in H.10 statistical release of the Board of Governors of the Federal Reserve System. Similarly, all translations from CAD to U.S. dollars and from U.S. dollars to CAD in this prospectus were calculated at the noon buying rate of US$ = CA$[●] on [●], 2025, as published in the same H.10 statistical release. We make no representation that the HKD or CAD or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or HKD or CAD, as the case may be, at any particular rate or at all.

**CORPORATE HISTORY AND STRUCTURE**

**Corporate History and Structure**

Riku was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on February 14, 2025. Riku was incorporated with nominal assets and liabilities for the purpose of becoming the ultimate holding company for the Subsidiaries and consummating the corporate reorganization described below. Riku is a holding company with no material operations on its own. We conduct our core business operations in Hong Kong through our HK Operating Subsidiaries and in Canada through our CA Operating Subsidiaries.

**Corporate Reorganization**

On September 10, 2025, Riku amended its Memorandum and Articles of Incorporation in connection with the Corporate Reorganization, and on [●], 2025, completed the Corporate Reorganization through the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Waraku
 became the direct holding company of the HK Operating Subsidiaries through a share-for-share exchange;

(ii) Rich
 Plenty became the direct holding company of the CA Operating Subsidiaries through a share-for-share exchange;

(iii) Waraku
 and Rich Plenty became wholly-owned subsidiaries of Master Central, the intermediary holding company incorporated in the BVI;

(iv) The
 Company acquired Master Central through a share-for-share exchange, making the HK Operating Subsidiaries and CA Operating
 Subsidiaries indirect wholly-owned subsidiaries of the Company;

(v) The
 Company redesignated its share capital into Class A and Class B ordinary shares.

Therefore, investors in this offering will only acquire, and this prospectus only describes the offering of the Class A ordinary shares of Riku.

Each step of the Corporate Reorganization is described in further detail below and all of which will have been completed prior to the offering:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Share Exchange between Waraku and HK Operating Subsidiaries** 

The former shareholders of the HK Operating Subsidiaries exchanged their shares for newly issued shares in Waraku. As a result, Waraku became the direct holding company of the HK Operating Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Share Exchange between Waraku and Master Central** 

The sole shareholder of Waraku exchanged all its shares in Waraku for newly issued shares in Master Central, making Waraku a wholly owned subsidiary of Master Central.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Share Exchange between Rich Plenty and CA Operating Subsidiaries** 

The former shareholder of the CA Operating Subsidiaries exchanged their shares for newly issued shares in Rich Plenty. As a result, Rich Plenty became the direct holding company of the CA Operating Subsidiaries, acquiring full ownership of all entities.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Share Exchange between Rich Plenty and Master Central** 

The sole shareholder of Rich Plenty exchanged its shares in Rich Plenty for newly issued shares in Master Central, following which Rich Plenty becomes a wholly-owned subsidiary of Master Central.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Acquisition of Master Central by the Company** 

The Company acquired 100% of the issued shares of Master Central from its existing shareholders in exchange for newly issued shares of the Company. Upon completion of this step, Master Central, Waraku, Rich Plenty, and their respective subsidiaries (the HK Operating Subsidiaries and the CA Operating Subsidiaries) became wholly-owned subsidiaries of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;6. **Re-designation of share capital of the Company** 

In accordance with its existing memorandum and articles of association, the Company shall re-designate its share capital into Class A and Class B ordinary shares. Class B Ordinary Shares will carry twenty (20) votes per share and be convertible into Class A Ordinary Shares at any time, while Class A Ordinary Shares will carry one (1) vote per share and will not be convertible into Class B Ordinary Shares under any circumstances.

The chart below illustrates our corporate structure and identifies our subsidiaries upon consummation of the Corporate Organization and as of the closing of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming the over-allotment option is not exercised:

![](formdrs_002.jpg)

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| | | |
|:---|:---|:---|
| **Name** | **Background** | **Ownership** |
| Master Central Holdings Limited | — A BVI company<br> — Incorporated on July 2, 2021<br> — Issued share capital of US50,000<br>— Intermediate holding company | 100% owned by Riku |
| Waraku Group Limited | — A Hong Kong company<br> — Incorporated on March 15, 2024<br> — Issued share capital of HK$10,000<br> — Intermediate holding company | 100% owned by Master Central |
| Rich Plenty Group Limited | — A BVI company<br> — Incorporated on October 30, 2024<br> — Issued share capital of US$50,000<br> — Intermediate holding company | 100% owned by Master Central |
| C& Hospitality Limited | — A Hong Kong company<br> — Incorporated on June 16, 2021<br> — Issued share capital of HK$10,000<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| ES& TWP Limited | — A Hong Kong company<br> — Incorporated on February 27, 2023<br> — Issued share capital of HK$10,000<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| ES& Yoho Limited | — A Hong Kong company<br> — Incorporated on January 6, 2023<br> — Issued share capital of HK$10,000<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| ES& Granville Limited | — A Hong Kong company<br> — Incorporated on June 8, 2022<br> — Issued share capital of HK$10,000<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| C& NTP Limited | — A Hong Kong company<br> — Incorporated on July 12, 2021<br> — Issued share capital of HK$10,000<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| ES Concept (F&B) Co., Limited | — A Hong Kong company<br> — Incorporated on May 26, 2020<br> — Issued share capital of HK$34,782,609<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| Ajisen Ramen (Canada) Inc. | — A Canadian company<br> — Incorporated on July 18, 2007<br> — Issued share capital of CA$100.00<br> — Engaged as the Canadian sub-franchisor and in the operation of the central kitchen and restaurants | 100% owned by Master Central Holdings Limited |
| 2750039 Ontario Inc. | — An Ontario company<br> — Incorporated on March 26, 2020<br> — Issued share capital of CA$100.00<br> —Engaged in the holding of the real property where the central kitchen is located | 100% owned by Master Central Holdings Limited |
| 2512118 Ontario Inc. | — An Ontario company<br> — Incorporated on April 5, 2016<br> — Issued share capital of CA$100.00<br> — Engaged in the operation of restaurants<br>| 100% owned by Master Central Holdings Limited |
| 2770933 Ontario Inc. | — An Ontario company<br> — Incorporated on August 10, 2020<br> — Issued share capital of CA$100.00<br> — Engaged in the operation of restaurants | 100% owned by Master Central Holdings Limited |
| 2811387 Ontario Inc. | — An Ontario company<br> — Incorporated on January 27, 2021<br> — Issued share capital of CA$100.00<br> — Engaged in the operation of restaurants | 100% owned by Master Central Holdings Limited |
| 1000047451 Ontario Limited | — A Canadian company<br> — Incorporated on December 7, 2021<br> — Issued share capital of CA$100.00<br> — Engaged in the operation of restaurants | 100% owned by Master Central Holdings Limited |

---

The Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of the total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, immediately after the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming the underwriters do not exercise their over-allotment option. We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, our Controlling Shareholder, will own approximately 59.6% of our total issued and outstanding Shares, representing 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, and may have the ability to determine matters requiring approval by shareholders.

At each general meeting, each Class A shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one (1) vote for each Class A Ordinary Share which such shareholder holds and each Class B shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have twenty (20) votes for each Class B Ordinary Share which such shareholder holds. There are no prohibitions to cumulative voting under the laws of the Cayman Islands, but our Articles of Association do not provide for cumulative voting.

**SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA**

The following tables summarize our consolidated financial data for the periods and as of the dates indicated. The following summary consolidated financial data for the years ended September 30, 2024 and 2023 are derived from our audited consolidated financial statements included elsewhere in this prospectus, and the summary of the unaudited financial data as of and for the six months ended March 31, 2025 and 2024 are derived from our unaudited condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Our historical results are not necessarily indicative of the results that may be expected in the future. The following summary consolidated financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Corporate History and Structure" and our consolidated financial statements for the years ended September 30, 2024 and 2023 and unaudited condensed consolidated financial statements for the six months ended March 31, 2025 and 2024, and the related notes included elsewhere in this prospectus.

On February 14, 2025, Riku was incorporated under the laws of the Cayman Islands as an exempted company with limited liability and as a holding company. See "Corporate History and Structure—Corporate Reorganization." Prior to this offering, Riku has only engaged in activities incidental to its formation, the Corporate Reorganization and this offering. Accordingly, a discussion and analysis of the results of operations and financial condition of Riku itself for the period of its operations prior to the consummation of the Corporate Reorganization would not be meaningful and are not presented. We have historically conducted our business through our operating subsidiaries in Canada and Hong Kong, and therefore our historical consolidated financial statements present the consolidated results of our Group, which include the operations of our subsidiaries in Canada and Hong Kong, as entities under common control. All significant intercompany balances and transactions have been eliminated in consolidation. See Note 1 of the consolidated financial statements included elsewhere in this prospectus.

The following table presents our summary combined and consolidated statements of operations for the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31** | **For the six months ended March 31** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  | **(Unaudited)** | **(Unaudited)** | | |
| Revenues | $9143635 | $8492197 | $18089745 | $17617309 |
| Gross profit | $2196559 | $2272258 | $4128655 | $4492225 |
| Operating expenses | $1880208 | $1534608 | $2331336 | $2065735 |
| Income from operations | $316351 | $737650 | $1797319 | $2426490 |
| Other income (expenses) | $30943 | $(11062) | $(53492) | $(44925) |
| Income tax expenses | $146353 | $166378 | $346886 | $269814 |
| Net income | $200941 | $560210 | $1396941 | $2111751 |
| Comprehensive income | $39460 | $558703 | $1420112 | $2116033 |
| Earnings per share, basic and diluted | $0.24 | $0.67 | $1.67 | $2.52 |
| Weighted average ordinary shares outstanding, basic and diluted | 838000 | 838000 | 838000 | 838000 |

---

The following table presents our combined and consolidated balance sheets data as of the dates presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of September 30,** | **As of September 30,** |
|  | **2025** | **2024** | **2023** |
|  | **(Unaudited)** | | |
| Current assets | $3762840 | $4246110 | $3173587 |
| Non-current assets | $7551343 | $8894746 | $7999135 |
| Total assets | $11314183 | $13140856 | $11172722 |
| Total liabilities | $7129406 | $8995539 | $8049785 |
| Total shareholders' equity | $4184777 | $4145317 | $3122937 |

---

The following table sets forth a summary of our combined and consolidated cash flows for the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31** | **For the six months ended March 31** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  | **(Unaudited)** | **(Unaudited)** | | |
| Net cash provided by (used in) operating activities | $(55231) | $789243 | $2276214 | $2056188 |
| Net cash used in investing activities | $(211668) | $(626895) | $(1787919) | $(1213312) |
| Net cash used in financing activities | $(275442) | $(617389) | $(940508) | $(900596) |

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

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. See "Special Note Regarding Forward-Looking Statements" for a discussion of the uncertainties, risks, and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth under "Risk Factors" and elsewhere in this prospectus.*

**Overview**

We are a holding company incorporated in the Cayman Islands. We are a dynamic international restaurant operator with a diverse portfolio of Japanese-themed dining concepts, strategically positioned in key markets such as Hong Kong and Canada. Through our operating subsidiaries located in Canada and Hong Kong, we deliver authentic Japanese culinary experiences to customers by holding exclusive franchise rights for prestigious Japanese brands in Hong Kong and Canada.

***<u>Organization</u>***

Riku Dining Group Limited ("Riku" or the "Company") was incorporated under the laws of the Cayman Islands on February 14, 2025 as an exempted company with limited liability.

Prior to this offering, Riku has only engaged in activities incidental to its formation, the Corporate Reorganization and this offering. Accordingly, a discussion and analysis of the results of operations and financial condition of Riku itself for the period of its operations prior to the consummation of the Corporate Reorganization would not be meaningful and are not presented. We have historically conducted our business through our operating subsidiaries in Canada and Hong Kong, and therefore our historical consolidated financial statements present the consolidated results of our Group, which include the operations of our subsidiaries in Canada and Hong Kong, as entities under common control. All significant intercompany balances and transactions have been eliminated in consolidation. See Note 1 of the consolidated financial statements included elsewhere in this prospectus.

The Company has no substantive operations other than holding all of the outstanding share capital of Master Central Holdings Ltd. ("Master Central"), a limited liability company incorporated under the laws of British Virgin Islands ("BVI"). Master Central has no substantive operations other than holding all of the outstanding share capital of (1) Rich Plenty Group Limited ("Rich Plenty"), a limited liability company formed under the laws of BVI and (2) Waraku Group Limited ("Waraku"), a limited liability company formed under the laws of Hong Kong.

Riku, Master Central, Rich Plenty and Waraku are currently not engaging in any active business operations and merely acting as holding companies.

The Group's business operations were conducted by the following operating subsidiaries in Canada and Hong Kong, including (1) Ajisen Ramen (Canada) Inc. ("ARCI"), a company incorporated in Canada on July 18, 2007; (2) 2750039 Ontario Inc. ("CK Inc."), a company incorporated in Ontario on March 26, 2020; (3) 2512118 Ontario Inc. ("Kennedy Inc."), a company incorporated in Ontario on April 5, 2016; (4) 2770933 Ontario Inc. ("Vaughan Inc."), a company incorporated in Ontario on August 10, 2020; (5) 2811387 Ontario Inc. ("Midland Inc."), a company incorporated in Ontario on January 27, 2021; (6) 1000047451 Ontario Limited ("Church Limited"), a company incorporated in Ontario on December 7, 2021; (7) C & Hospitality Limited ("C& Hospitality"), a limited company incorporated in Hong Kong on June 16, 2021; (8) ES Concept (F&B) Co., Limited ("ES Concept"), a limited company incorporated in Hong Kong on May 26, 2020; (9) ES&TWP Limited ("ES&TWP"), a limited company incorporated in Hong Kong on February 27, 2023; (10) ES & Yoho Limited ("ES&Yoho"), a limited company incorporated in Hong Kong on January 6, 2023; (11) C&NTP Limited ("C & NTP"), a limited company incorporated in Hong Kong on July 12, 2021; and (12) ES & Granville Limited ("ES & Granville"), a limited company incorporated in Hong Kong on June 8, 2022. Please refer to section headed "Corporate History and Structure – Corporate Reorganization" for additional information.

ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are our operating subsidiaries in Canada and collectively referred to as the "CA Operating Subsidiaries". ARCI is primarily engaged in providing management services to the franchisees and operating the central kitchen, CK Inc. is holding the real property where the central kitchen is located, and Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are primarily engaged in running full-service Japanese dining restaurants in Canada under the brand name of Ajisen Ramen, with a featured menu of a wide range of dishes, including its signature Kyushu-style tonkotsu ramen, famous in-house made gyoza, chicken karaage, and AAA striploin served on a sizzling hot plate. The menu also includes vegan and customizable options to cater to diverse dietary preferences.

C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville are our operating subsidiaries in Hong Kong and collectively referred to as the "HK Operating Subsidiaries" (and the CA Operating Subsidiaries, together with the HK Operating Subsidiaries, the "Operating Subsidiaries"). ES Concept, ES &Yoho and C&NTP are primarily running the franchised full-service Japanese barbecue restaurant under the prestigious brand name of Yakiniku Kakura. ES&TWP and ES& Granville are primarily running the franchised restaurant business under the brand name of Yakiniku 801, specializing in high-quality beef cuts while ensuring affordability. ES&TWP also runs the restaurant business under the brand name of Ufufu Café, a Japanese-inspired cafe that blends Western-influenced Japanese cuisine (yoshoku) with Japanese-style desserts.

***<u>Reorganization</u>***

A reorganization of our legal structure ("Reorganization") was consummated prior to completion of the offering on [●], 2025. The reorganization involved the incorporation of Riku on February 14, 2025, and thereafter involved (1) the incorporation of Rich Plenty and Master Central; (2) the transfer of the entire issued share capital of CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Inc. and ARCI to Rich Plenty; (3) the acquisition of the entire issued share capital of Rich Plenty by Master Central, following which Rich Plenty became wholly-owned by Master Central and the CA Operating Subsidiaries became indirectly owned by Master Central; (4) the transfer of the issued share capital of the HK Operating Subsidiaries to Waraku, and (5) the acquisition of the entire issued share capital of Waraku and Rich Plenty by Master Central and Riku, following which, Waraku and Rich Plenty will become wholly-owned by Riku and the HK Operating Subsidiaries will become indirectly wholly-owned by Riku. Consequently, Riku, through its subsidiaries Master Central. Rich Plenty and Waraku, will directly control the CA Operating Subsidiaries and HK Operating Subsidiaries, and become the ultimate holding company of all other entities mentioned above.

The Reorganization was accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

**Key Factors Affecting Our Results of Operations**

Our financial condition and results of operation have been and will continue to be affected by a number of factors, many of which may be beyond our control, including those factors set out in the section headed "Risk Factors" and those set out below:

***<u>Macroeconomic Conditions</u>***

Food service businesses depend on consumer discretionary spending and are often affected by changes in consumer tastes, national, regional and local economic conditions. Factors such as traffic patterns, weather, number and locations of competing restaurants may adversely affect the performances of individual locations. In addition, economic downturns, geopolitical tensions, inflation or increased food or energy costs have harmed and could continue to harm the restaurant industry in general. Adverse changes in any of these factors could reduce consumer traffic or impose practical limits on pricing that could have a material adverse effect on our business, financial condition and results of operations. It is possible that consumers may no longer regard our menu offerings favorably, that we will no longer be able to develop new menu items that appeal to consumer preferences or that there will be a drop in consumer demands for restaurant dining. Restaurant traffic and our resulting sales depend in part on our ability to anticipate, identify and respond to changing consumer preferences and economic conditions. In addition, the restaurant industry is subject to scrutiny due to the perception that restaurant company practices have contributed to poor nutrition, high caloric intake, obesity or other health concerns of their customers. If we are unable to adapt to changes in consumer preferences and trends, we may lose customers, which could have a material adverse effect on our business, financial condition and results of operations. Please refer to sections headed "Risk Factors – Risks Related to Our Industry and Our Business - Fluctuations in consumer spending and broader economic factors could adversely impact our business." and "Risk Factors – Risks Related to Our Industry and Our Business - Changes in consumer preferences or other factors could reduce demand for our products." for additional information.

***<u>Efficient Restaurant Operations</u>***

We have historically focused on driving high revenue growth through expansion. The growth of our business is dependent on our ability to improve operating efficiency, which is determined by our ability to monitor and adjust costs and expenses. The costs and expenses of our Operating Subsidiaries in Hong Kong and Canada primarily consist of food and beverage, payroll and employee benefits, occupancy, and other operating expenses. Going forward, as we work to continue to expand our restaurant network, our profitability will largely depend on our ability to effectively control these expenses by implementing various measures such as leveraging our scale to negotiate more favorable supply and occupancy terms, increasing our staff's efficiency, and implementing technology to further automate and streamline our operations. If we fail to implement initiatives to control costs and improve our operating efficiency over time, our profitability will be negatively impacted Please refer to sections headed "Risk Factors – Risks Related to Our Industry and Our Business - Failure to cost-effectively acquire new customers or retain existing customers could materially affect our business.", "Risk Factors – Risks Related to Our Industry and Our Business - Rising commodity prices or other operating costs, or disruptions in the availability of the supplies and utilities on which we rely, could adversely affect our financial performance." and "Risk Factors – Risks Related to Our Industry and Our Business - Increases in labor costs or shortages of qualified staff could negatively affect our profitability." for additional information.

Our Operating Subsidiaries are impacted by inflationary increases in wages, benefits and other costs. If inflation or other factors were to significantly increase our Operating Subsidiaries' business costs, they may be unable to pass through price increases to their customers. If our Operating Subsidiaries are not able to pass increased wage and other costs resulting from inflation onto their clients our profitability may decline. There can be no assurance that future cost increases can be offset by increased menu prices or that increased menu prices will be fully absorbed by our Operating Subsidiaries customers without resulting in any change to their visit frequencies or spending patterns.

***<u>Customer Demand for Quality Japanese Cuisine and Related Products</u>***

Our results of operations have been and will continue to be influenced by consumer spending on Japanese cuisine and related products, which is largely affected by the continuous improvements in living standards and Japanese food consumption behavior in Hong Kong and Canada. As a result of economic growth, Hong Kong and Canada have experienced an increase in per capita disposable income, which in turn drives the growth of the Japanese food market in Hong Kong and Canada. Our Operating Subsidiaries have in the past benefitted from the growth of the industry, and we believe that the macro-economy in Hong Kong and Canada and its growth will continue to drive the growth of the Japanese food market as well as our business Please refer to section headed "Risk Factors – Risks Related to Our Industry and Our Business - Changes in consumer preferences or other factors could reduce demand for our products.", "Risk Factors – Risks Related to Doing Business in Canada - Economic conditions in Canada may adversely affect consumer spending and our business" for additional information.

***<u>Our Ability to Compete Successfully</u>***

The restaurant industry is highly competitive and fragmented, with restaurants competing directly and indirectly with regard to dining experience, food quality, service, price and location. In addition, there is active competition for management personnel, real estate sites, supplies and restaurant employees. Competition is also influenced strongly by marketing and brand reputation. We face competition from larger restaurant chains, many of which possess significant brand recognition, sales volume and a broad customer base. Some of the current and potential competitors have significantly greater financial, technical or marketing resources than we do. In addition, some of the competitors or new entrants may be acquired by, receive investment from, or enter into strategic relationships with, well-established and well-financed companies or investors which would help enhance their competitive positions. Our failure to properly respond to increased competition and the above challenges may reduce our operating margins, market share and brand recognition, or force us to incur losses, which will have a material adverse effect on our business, prospects, financial condition and results of operations Please refer to section headed "Risk Factors – Risks Related to Our Industry and Our Business - The restaurant industry is highly competitive, and we may face challenges in maintaining our competitive edge." for additional information.

***<u>Impact of COVID-19</u>***

The COVID-19 pandemic had negatively affected our business and financial results in fiscal years 2020 through2022. When the COVID-19 pandemic was at its peak, our Operating Subsidiaries in Hong Kong and Canada recorded lower revenue due to reduced customer traffic, shortened operating hours, occupancy restrictions, and temporary closures of our restaurant outlets. In mid-2022, our operating results started to recover with the improvement in public health conditions and the easing of social distancing measures.

Although the spread of COVID-19 appears to be under control as of the date of this prospectus, the extent to which the COVID-19 pandemic may impact our future financial results will depend on future developments, such as new information on the effectiveness of the mitigation strategies, the duration, spread, severity, and recurrence of COVID-19 and COVID-19 variants, if any, any related travel advisories and restrictions, and the overall impact of the COVID-19 pandemic on the global economy and capital markets, all of which remain uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the expected impact of the COVID-19 pandemic on its future operations, financial condition, liquidity, and results of operations Please refer to section headed "Risk Factors – Risks Related to Our Industry and Our Business - Unpredictable events such as natural disasters, political unrest, or other disruptions could adversely impact our operations." for additional information.

**Revenues**

The Company has determined that it has four operating segments, based on revenue generated by service type, which consist of: (i) self-operated restaurant revenue, (ii) franchise revenue, (iii) management service fees and (iv) sales of food ingredients. Our revenues increased by $472,436, or 2.7%, from $17,617,309 for the fiscal year ended September 30, 2023 ("fiscal year 2023") to $18,089,745 for the fiscal year ended September 30, 2024 ("fiscal year 2024"). Revenue from self-operated restaurants accounted for 86.5% and 91.3% of our total revenues, franchise revenue accounted for 0.7% and 0.7% of our total revenues, management services fees accounted for 6.5% and 6.0% of our total revenues and sales of food ingredients accounted for 6.3% and 2.0% of our total revenue, in each case for fiscal year 2024 and 2023, respectively.

Our revenues increased by $651,438, or 7.7%, from $8,492,197 for the six months ended March 31, 2024 to $9,143,635 for the six months ended March 31, 2025. Revenue from self-operated restaurants accounted for 86.4% and 90.3% of our total revenues, franchise revenue accounted for 1.0% and 0.6% of our total revenues, management services fees accounted for 3.8% and 5.5% of our total revenues and sales of food ingredients accounted for 8.8% and 3.6% of our total revenue, in each case for the six months ended March 31, 2025 and 2024, respectively.

In terms of geographic regions, revenue from Hong Kong accounted for 51.9% and 50.9% of the total revenue for the six months ended March 31, 2025 and 2024, and accounted for 51.9% and 53.2% of the total revenues for the fiscal year 2024 and 2023, and revenue from Canada accounted for 48.1% and 49.1% of our total revenue for the six months ended March 31, 2025 and 2024, and accounted for 48.1% and 46.8% of our total revenues for the fiscal year 2024 and 2023, respectively.

From time to time, we also sell restaurant products and provide management services to related parties. Revenue from third party customers accounted for 94.3% and 98.2% of our total revenue in each case for the six months ended March 31, 2025 and 2024, and accounted for 94.2% and 93.7% of our total revenues in each case for the fiscal year 2024 and 2023, and revenue from related party customers accounted for 5.7% and 1.8% of our total revenue in each case for the six months ended March 31, 2025 and 2024, and accounted for 5.8% and 6.3% of our total revenues, in each case for fiscal year 2024 and 2023, respectively.

The following tables illustrate the amount and percentage of our revenue by service type for the six months ended March 31, 2025 and 2024, and for the years ended September 30, 2024 and 2023, respectively:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Self-operated restaurant revenue | $7896546 | 86.4% | $7668894 | 90.3% | $227652 | 3.0% |
| Franchise revenue | 90961 | 1.0% | 48770 | 0.6% | 42191 | 86.5% |
| Management service fees | 348025 | 3.8% | 466118 | 5.5% | (118093) | (25.3)% |
| Sales of food ingredients | 808103 | 8.8% | 308415 | 3.6% | 499688 | 162.0% |
| **Total revenues** | $**9143635** | **100.0%** | $**8492197** | **100.0%** | $**651438** | **7.7%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Self-operated restaurant revenue | $15653963 | 86.5% | $16081232 | 91.3% | $(427269) | (2.7)% |
| Franchise revenue | 124097 | 0.7% | 125786 | 0.7% | (1689) | (1.3)% |
| Management service fees | 1172930 | 6.5% | 1064186 | 6.0% | 108744 | 10.2% |
| Sales of food ingredients | 1138755 | 6.3% | 346105 | 2.0% | 792650 | 229.0% |
| **Total revenues** | $**18089745** | **100.0%** | $**17617309** | **100.0%** | $**472436** | **2.7%** |

---

The following tables illustrate the amount and percentage of our revenue by geographic regions for the six months ended March 31, 2025 and 2024, and for the years ended September 30, 2024 and 2023, respectively:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Revenue from Hong Kong | $4748251 | 51.9% | $4321780 | 50.9% | $426471 | 9.9% |
| Revenue from Canada | 4395384 | 48.1% | 4170417 | 49.1% | 224967 | 5.4% |
| Total revenues | $9143635 | 100.0% | $8492197 | 100.0% | $651438 | 7.7% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Revenue from Hong Kong | $9394208 | 51.9% | $9366691 | 53.2% | $27517 | 0.3% |
| Revenue from Canada | 8695537 | 48.1% | 8250618 | 46.8% | 444919 | 5.4% |
| Total revenues | $18089745 | 100.0% | $17617309 | 100.0% | $472436 | 2.7% |

---

The following table illustrates the amount and percentage of our revenue derived from our customer types for the six months ended March 31, 2025 and 2024, and for the years ended September 30, 2024 and 2023, respectively:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Revenue from third party customers | $8624811 | 94.3% | $8335490 | 98.2% | $289321 | 3.5% |
| Revenue from related party customers | 518824 | 5.7% | 156707 | 1.8% | 362117 | 231.1% |
| Total revenues | $9143635 | 100.0% | $8492197 | 100.0% | $651438 | 7.7% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Revenue from third party customers | $17049452 | 94.2% | $16509584 | 93.7% | $539868 | 3.3% |
| Revenue from related party customers | 1040293 | 5.8% | 1107725 | 6.3% | (67432) | (6.1)% |
| Total revenues | $18089745 | 100.0% | $17617309 | 100.0% | $472436 | 2.7% |

---

**Key Financial Performance Metrics** 

Throughout "Management's Discussion and Analysis of Financial Condition and Results of Operations" we commonly discuss the following key operating metrics that we believe will drive our financial results and long-term growth model. We believe these metrics are useful to investors because management uses these metrics to evaluate performance and assess the growth of our business as well as the effectiveness of our marketing and operational strategies. The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater detail under "Results of Operations."

***For the Six Months Ended March 31, 2025 and 2024***

The below table sets forth such key operating metrics for the six months ended March 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2024** | **Variance** | **Variance** |
| Self-operated restaurants sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | $4614973 | $4263236 | $351737 | 8.3% |
| &nbsp;&nbsp;&nbsp;Canada | 3281573 | 3405658 | (124085) | (3.6)% |
| Total | $7896546 | $7668894 | $227652 | 3.0% |
| Operating weeks | 26 | 26 | - | 0.0% |
| Number of Self-operated restaurants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 6 | 5 | 1 | 20.0% |
| &nbsp;&nbsp;&nbsp;Canada | 4 | 4 | - | 0.0% |
| Total | 10 | 9 | 1 | 11.1% |
| Number of new self-operated restaurants opening |  |  |  | 0.0% |
| Number of sub-franchised restaurants | 2 | 2 | - | 0.0% |
| Average sales volume ("ASV") by self-operated restaurant stores |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | $769162 | $852647 | $(83485) | (9.8)% |
| &nbsp;&nbsp;&nbsp;Canada | 820393 | 851415 | (31021) | (3.6)% |
| Total ASV | $1589555 | $1704062 | $(114506) | (6.7)% |

---

***Self-operated restaurants sales***: means the sales generated by restaurants directly owned and managed by the Company's CA Operating Subsidiaries and HK Operating Subsidiaries and not from sales generated by our franchised restaurants. The Company maintains full control over the operations, branding, quality and customer experiences of these self-operated restaurants. There were total of 10 self-operated restaurants in the six months ended March 31, 2025 and 9 self-operated restaurants in the six months ended March 31, 2024. The Company also reviews this metric by geographic area: Hong Kong and Canada.

***New Self-Operated Restaurant Openings***: means the number of new self-operated restaurants commencing operations during the period. There were no new self-operated restaurants opened during the six months ended March 31, 2025 and 2024.

***Sub-franchised Restaurants***: means the number of new sub-franchised restaurants commencing operations during the period. Number of sub-franchised restaurants was two and two in the six months ended March 31, 2025 and 2024, respectively.

***Average Sales Volume*** ("ASV"): the total self-operated restaurant sales divided by the number of restaurants in the comparable restaurant base during the period. This measurement allows management to assess changes in consumer spending patterns at our restaurants and the overall performance of our restaurant base. The Company also reviews this metric by geographic area: Hong Kong and Canada.

**Key Components of Results of Operations**

***Revenue***

Our revenues are derived by four different service types: self-operated restaurant revenue, franchise revenue, management service fees and sales of food ingredients.

For self-operated restaurant revenue, sales in any period are directly influenced by the number of operating weeks in the period, the number of open restaurants, customer traffic and average check. Average check is driven by our menu price increase or decrease and changes to our menu mix. For franchise revenue, royalty is normally charged 3% of the monthly gross revenues of the sub-franchisee and additional lump sum based on the kilograms of noodle and oil consumed by each sub-franchisee on a monthly basis. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants. Revenue from sales of food ingredients to the sub-franchised restaurants is affected by the selling price we charged to sub-franchised restaurants and the sale volume. See "Our Relationships with Certain Franchisors" for more detail on specific franchise fees.

Revenue from self-operated restaurants accounted for 86.4% and 90.3% of our total revenues, franchise revenue accounted for 1.0% and 0.6% of our total revenues, management services fees accounted for 3.8% and 5.5% of our total revenues and sales of food ingredients accounted for 8.8% and 3.6% of our total revenue, in each case for the six months ended March 31, 2025 and 2024, respectively.

In terms of geographic regions, revenue from Hong Kong accounted for 51.9% and 50.9% of the total revenues, and revenue from Canada accounted for 48.1% and 49.1% of our total revenues, in each case for the six months ended March 31, 2025 and 2024, respectively.

From time to time, we also sell restaurant products and provide management services to related parties. Revenue from third party customers accounted for 94.3% and 98.2% of our total revenues, and revenue from related party customers accounted for 5.7% and 1.8% of our total revenues, in each case for the six months ended March 31, 2025 and 2024, respectively.

***Cost of Revenues***

Cost of revenues primarily consists of food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. We expect our cost of revenues to increase in absolute dollars to support our growth. However, we expect that, over time, cost of revenues will decrease as a percentage of net revenue, as a result of the scaling of our business.

***Gross Profit***

Gross profit is equal to net revenue minus cost of revenues. Cost of revenues primarily includes food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. Our cost of revenues accounted for 76.0% and 73.3% of our total revenue for the six months ended March 31, 2025 and 2024, respectively. We expect our cost of revenues to increase as we further expand our operations in the foreseeable future.

Our gross margin was 24.0% for the six months ended March 31, 2025, a decrease by 2.7 percentage points from gross margin of 26.7% in the six months ended March 31, 2024. Our gross profit and gross margin is affected by sales of different product and service mix during each reporting period. Our gross margin increases when more products and services with lower costs and higher margin are sold, while our gross margin decreases when more products and services with higher costs and lower margin are sold. The decrease in our gross profit by $75,699 and decrease in gross margin by 2.7 percentage points in the six months ended March 31, 2025 as compared to six months ended March 31, 2024 was largely affected by increased payroll expense and restaurant rent expense when we opened a new self-operated restaurant store in later half of fiscal year 2024, this led to higher payroll expense and restaurant rent expense in the six months ended March 31, 2025 as compared to the six months ended March 31, 2024. See detailed discussion under "–Results of Operation."

***Operating Expenses***

Our operating expenses consist of selling expenses, and general and administrative expenses.

Our selling expenses primarily include advertising and promotion expenses to enhance our brand awareness and attract customers. As a percentage of revenues, our selling expenses accounted for 1.2% and 0.6% of our total revenue for the six months ended March 31, 2025 and 2024, respectively.

Our general and administrative expenses primarily consist of employee salaries, insurance and welfare expenses, office and utility expenses, consulting and professional service fees, business travel and meals expenses, and other expenses. General and administrative expenses were 19.4% and 17.5% of our revenue for the six months ended March 31, 2025 and 2024, respectively. We expect our general and administrative expenses, including, but not limited to, salaries and business consulting expenses, to continue to increase in the foreseeable future, as we plan to hire additional personnel and incur additional expenses in connection with the expansion of our business operations. We expect our professional fees for legal, audit, and advisory services to increase as we become a public company upon the completion of this offering.

**Results of Operations**

The following table summarizes our operating results as reflected in our statements of income during the six months ended March 31, 2025 and 2024, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such periods.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| **REVENUE** |  |  |  |  |  |  |
| Revenue - third parties | $8624811 | 94.3% | $8335490 | 98.2% | $289321 | 3.5% |
| Revenue - related parties | 518824 | 5.7% | 156707 | 1.8% | 362117 | 231.1% |
| &nbsp;&nbsp;&nbsp;Total revenue | 9143635 | 100.0% | 8492197 | 100.0% | 651438 | 7.7% |
| **COST OF REVENUES** |  |  |  |  |  |  |
| Cost of revenues - third parties | 6552888 | 71.7% | 6105162 | 71.9% | 447726 | 7.3% |
| Cost of revenues - related parties | 394188 | 4.3% | 114777 | 1.4% | 279411 | 243.4% |
| &nbsp;&nbsp;&nbsp;Total cost of revenues | 6947076 | 76.0% | 6219939 | 73.3% | 727137 | 11.7% |
| **GROSS PROFIT** | 2196559 | 24.0% | 2272258 | 26.7% | (75699) | (3.3)% |
| **OPERATING EXPENSES** |  |  |  |  |  |  |
| Selling expenses | 110161 | 1.2% | 52472 | 0.6% | 57689 | 109.9% |
| General and administrative expenses | 1770047 | 19.4% | 1482136 | 17.5% | 287911 | 19.4% |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 1880208 | 20.6% | 1534608 | 18.1% | 345600 | 22.5% |
| **INCOME FROM OPERATIONS** | **316351** | **3.4%** | **737650** | **8.6%** | **(421299)** | **(57.1)%** |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |  |  |
| Interest expense, net | (46785) | (0.5)% | (67229) | (0.8)% | 20444 | (30.4)% |
| Other income, net | 77728 | 0.9% | 56167 | 0.7% | 21561 | 38.4% |
| &nbsp;&nbsp;&nbsp;Total other income (expenses), net | 30943 | 0.4% | (11062) | (0.1)% | 42005 | (379.7)% |
| **INCOME BEFORE INCOME TAX PROVISION** | **347294** | **3.8%** | **726588** | **8.5%** | **(379294)** | **(52.2)%** |
| **PROVISION FOR INCOME TAXES** | 146353 | 1.6% | 166378 | 2.0% | (20025) | (12.0)% |
| **NET INCOME** | $**200941** | **2.2%** | $**560210** | **6.5%** | $**(359269)** | **(64.1)%** |

---

***Revenue***

Our total revenues increased by $651,438, or 7.7%, to $9,143,635 in the six months ended March 31, 2025 from $8,492,197 in the six months ended March 31, 2024. The increase in our total revenue was due to (1) a $227,652 increase in revenue from self-operated restaurants because of a new self-operated restaurant has been opened in later half of fiscal year 2024 and contributed to the revenue growth in the six months ended March 31, 2025; (2) a $499,688 increase in revenue from sales of pre-processed food ingredients at our central kitchen before delivery to the sub-franchised restaurants; and (3) offset by a $118,093 decrease in management services fees derived from managing the sub-franchised restaurant stores in Canada and Hong Kong self-operated restaurants during the six months ended March 31, 2025 as compared to the six months ended March 31, 2024.

Our revenue by service type is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Self-operated restaurant revenue | $7896546 | 86.4% | $7668894 | 90.3% | $227652 | 3.0% |
| Franchise revenue | 90961 | 1.0% | 48770 | 0.6% | 42191 | 86.5% |
| Management service fees | 348025 | 3.8% | 466118 | 5.5% | (118093) | (25.3)% |
| Sales of food ingredients | 808103 | 8.8% | 308415 | 3.6% | 499688 | 162.0% |
| **Total revenues** | $**9143635** | **100.0%** | $**8492197** | **100.0%** | $**651438** | **7.7%** |

---

*Self-operated restaurant revenue*

With our exclusive franchise right of Ajisen Ramen in Canada, we have four directly managed Ajisen Ramen restaurants in Canada. In Hong Kong, we have three directly managed Japanese barbecue restaurants under the brand name of Yakiniku Kakura, two directly managed restaurants under the brand name of Yakiniku 801 and one directly managed restaurant under the brand name of Ufufu Café. Restaurant sales represent the aggregate sales of food and beverages, net of discounts, at self-operated restaurants. Revenues from self-operated restaurants are recognized at point when food and beverage products are delivered to customers and payment is tendered at the time of sale. Restaurant sales in any period are directly influenced by the number of operating weeks in the period, the number of open restaurants, customer traffic and average check. Average check is driven by our menu price increase or decrease and changes to our menu mix. In addition, average sales volume ("ASV") measurement also allows management to assess changes in consumer spending patterns at our restaurants and the overall performance of our restaurant base. Operating weeks for the six months ended March 31, 2025 and 2024 were 26 weeks in each case. Number of self-operated restaurants were 10 restaurants in six months ended March 31, 2025 and 9 restaurants in six months ended March 31, 2024. There were no additional new openings of self-operated restaurants in the six months ended March 31, 2025 and 2024. Therefore, for the six months ended March 31, 2025 and 2024, 100% of the revenue was generated from existing self-operated restaurant stores. Revenue from self-operated restaurants increased by $227,652 or 3.0%, from $7,668,894 in six months ended March 31, 2024 to $7,896,546 in six months ended March 31, 2025, primarily because we had 10 self-operated restaurant stores in six months ended March 31, 2025 as compared to 9 self-operated restaurant stores in six months ended March 31, 2024. We did not materially change our restaurant menus or related food and beverage prices during the six months ended March 31, 2025 and 2024, and accordingly our revenue fluctuation from six months ended March 31, 2024 to the six months ended March 31, 2025 was not due to price changes. In terms of customer traffic volume, ASV decreased by $114,506 or 6.7%, from $1,704,062 in six months ended March 31, 2024 to $1,589,555 in six months ended March 31, 2024, among which ASV in Hong Kong decreased by $83,485 or 9.8% from $852,647 in six months ended March 31, 2024 to $769,162 in six months ended March 31, 2025, and ASV in Canada decreased by $31,021 or 3.6%, from $851,415 in six months ended March 31, 2024 to $820,393 in six months ended March 31, 2025. The decrease in ASV reflected the decrease in customer traffic volume in six months ended March 31, 2025 as compared to six months ended March 31, 2024, especially in self-operated restaurants located in Hong Kong. The decrease in customer traffic in Canada was affected by restaurant competition in local market. The decrease in customer traffic in Hong Kong was affected by several factors, including (i) post-COVID 19 pandemic economic slowdown challenges has impacted consumer spending and shifted consumer behaviors: many Hong Kong locals have adopted habits of dining out less, seeking more affordable dining options or cooking at home to cut costs; (ii) a significant wave of emigration in Hong Kong, driven by political unrest and the National Security Law, has reduced the local customer base; (iii) Hong Kong locals are dining out less in Hong Kong, opting for more affordable and competitive dining experiences in nearby cities like Shenzhen in mainland of China. This trend is driven by lower prices and attractive dining environments across the border. These factors collectively and negatively impacted our restaurant business operations in Hong Kong. As a result of the above, restaurant traffic in our self-operated restaurant stores has decreased in six months ended March 31, 2025 as compared to six months ended March 31, 2024.

*Franchise revenue*

Franchise revenues in any period are directly influenced by the number of open sub-franchised restaurants. We have 2 sub-franchised restaurant stores in six months ended March 31, 2025 and 2024. Franchise revenues increased by $42,191 or 86.5%, from $48,770 in the six months ended March 31, 2024 to $90,961 in the six months ended March 31, 2025 primarily due to better operating performance of the sub-franchised restaurants located in Canada.

*Management service fees*

To better manage the sub-franchised restaurant stores, we provide upfront site selection, lease assistance, supply of necessary franchise equipment, employee training services and other store management skills to the sub-franchisee to ensure that the sub-franchised restaurants conform to the general settings and requirements of the brand name over the contracted sub-franchise period. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants (see "Our Relationships with Certain Franchisors" for more detail on specific franchise fees). Revenue from management service fees decreased by $118,093 or 25.3%, from $466,118 in six months ended March 31, 2024 to $348,025 in six months ended March 31, 2025. The decrease was due to decreased level of revenue generated by the sub-franchised restaurants in Hong Kong during the six months ended March 31, 2025.

*Sales of food ingredients*

Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at our central kitchen before delivery to the sub-franchised restaurants. We recognize revenue net of discounts and sales returns when the food ingredient products are delivered and the title is passed to the sub-franchisees. Revenue from sales of food ingredients to the sub-franchised restaurants increased by $499,688 or 162.0%, from $308,415 in six months ended March 31, 2024 to $808,103 in six months ended March 31, 2025, primarily due to increased sales volume of pre-processed noodle and other food ingredients to sub-franchised restaurants.

***Cost of Revenues***

The following table breakdowns the components of our cost of revenues for the six months ended March 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | Amount | % | Amount | % | Amount | % |
| Food, beverage and other inventory costs | $2963287 | 42.7% | $2725957 | 43.8% | $237330 | 8.7% |
| Payroll and employees benefit expenses | 1679385 | 24.2% | 1283842 | 20.6% | 395543 | 30.8% |
| Restaurant rent expenses | 1134825 | 16.3% | 1049484 | 16.9% | 85341 | 8.1% |
| Royalty fee | 346486 | 5.0% | 266923 | 4.3% | 79563 | 29.8% |
| Franchise fee | 268875 | 3.9% | 405656 | 6.5% | (136781) | (33.7)% |
| Depreciation | 382792 | 5.5% | 345905 | 5.6% | 36887 | 10.7% |
| Utilities | 110527 | 1.6% | 87643 | 1.4% | 22884 | 26.1% |
| Insurance | 60899 | 0.8% | 54529 | 0.9% | 6370 | 11.7% |
| **Total cost of revenues** | $**6947076** | **100.0%** | $**6219939** | **100.0%** | $**727137** | **11.7%** |

---

Our cost of revenues primarily consists of food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. Our total cost of revenues increased by $727,137 or 11.7%, from $6,219,939 in six months ended March 31, 2024 to $6,947,076 in six months ended March 31, 2025, primarily due to (i) an increase in food, beverage and inventory costs by $237,330 or 8.7%, from $2,725,957 in six months ended March 31, 2024 to $2,963,287 in six months ended March 31, 2025. The increase was affected by the change in sales mix of food and beverage which led to increase in related inventory purchase costs; (ii) an increase in payroll and employee benefit expenses by $395,543 or 30.8%, from $1,283,842 in six months ended March 31, 2024 to $1,679,385 in six months ended March 31, 2025 due to increased number of employees as we opened a new self-operated restaurant in Hong Kong since later half of fiscal year 2024; (iii) restaurant rent expense increased by $85,341 or 8.1%, from $1,049,484 in six months ended March 31, 2024 to $1,134,825 in six months ended March 31, 2025 and an increase in royalty fee by $79,563 or 29.8%, from $226,923 in six months ended March 31, 2024 to $346,486 in six months ended March 31, 2025; (iv) due to running 10 self-operated restaurants in six months ended March 31, 2025 as compared to 9 self-operated restaurant stores in six months ended March 31, 2024, depreciation costs and utilities costs also increased by $36,887 or 10.7%, and $22,884 or 26.1% when comparing six months ended March 31, 2025 to the six months ended March 31, 2024, respectively. The overall increase in our cost of revenues for six months ended March 31, 2025 as compared to six months ended March 31, 2024 reflected the above combined factors.

***Gross profit***

Our gross profit decreased by $75,699, or 3.3%, from $2,272,258 in the six months ended March 31, 2024 to $2,196,559 in the six months ended March 31, 2025, primarily due to an increased cost of revenues by $727,137 due to increased food and beverage costs because of changes in sales mix and increased payroll and restaurant rent expense when we had 10 self-operated restaurants in six months ended March 31, 2025 as compared to 9 self-operated restaurants in six months ended March 31, 2024. Our gross margin decreased by 2.7% from 26.7% in six months ended March 31, 2024 to 24.0% in six months ended March 31, 2025 primarily due to an increased cost of revenues outpacing the increase in revenue. During the six months ended March 31, 2025, our revenue increased by $651,438 or 7.7%, but cost of revenue increased by $727,137 or 11.7% as compared to that of in the six months ended March 31, 2024.

***Operating Expenses***

The following table sets forth the breakdown of our operating expenses for the six months ended March 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  |<br>**Amount** | **% of**<br>**revenue** |<br>**Amount** | **% of**<br>**revenue** |<br>**Amount** |<br>**% of** |
| **Total Revenue** | $**9143635** | **100.0%** | $**8492197** | **100.0%** | $**651438** | **7.7%** |
| **Operating Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling expenses | 110161 | 1.2% | 52472 | 0.6% | 57689 | 109.9% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 1770047 | 19.4% | 1482136 | 17.5% | 287911 | 19.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $1880208 | 20.6% | $1534608 | 18.1% | $345600 | 22.5% |

---

*Selling expenses*

Our selling expenses primarily include advertising and promotion expenses. Our selling expenses increased by $57,689, or 109.9%, to $110,161 for the six months ended March 31, 2025 from $52,472 for the six months ended March 31, 2024 primarily due to an increase in advertising and promotion expense. Due to the expansion of our business operation, we spent more on advertising and promotion activities to enhance our brand awareness and attract more customers. Especially, we joined and tried to promote our business on an online restaurant guide and review platform in Hong Kong, as the platform allows users to find restaurants based on various criteria, read and write reviews, browse menus, and view photos. As a percentage of revenues, our selling expenses accounted for 1.2% and 0.6% of our total revenue for the six months ended March 31, 2025 and 2024, respectively.

*General and administrative expenses*

Our general and administrative expenses primarily consist of employee salaries, insurance and welfare expenses, office and utility expenses, consulting and professional service fees, business travel and meals expenses, and other expenses.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Amount** | **% of** | **Amount** | **% of** | **Amount** | **% of** |
| **General and Administrative Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salary, employee insurance and welfare expenses | $757778 | 42.8% | $870748 | 58.7% | $(112970) | (13.0)% |
| &nbsp;&nbsp;&nbsp;Office and utility expenses | 275419 | 15.6% | 200196 | 13.5% | 75223 | 37.6% |
| &nbsp;&nbsp;&nbsp;Consulting and professional service fees | 545197 | 30.8% | 113877 | 7.7% | 431320 | 378.8% |
| &nbsp;&nbsp;&nbsp;Travel and meals expenses | 106211 | 6.0% | 74106 | 5.0% | 32105 | 43.3% |
| &nbsp;&nbsp;&nbsp;Other expenses | 85442 | 4.8% | 223209 | 15.1% | (137767) | (61.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total general and administrative expenses | $1770047 | 100.0% | $1482136 | 100.0% | $287911 | 19.4% |

---

Our general and administrative expenses increased by $287,911, or 19.4%, to $1,770,047 for the six months ended March 31, 2025 from $1,482,136 for the six months ended March 31, 2024, primarily attributable to (i) an increase in office and utility expenses by $75,223 or 37.6%, to $275,419 for the six months ended March 31, 2025 from $200,196 for six months ended March 31, 2024 due to the expansion of our business operation; (ii) an increase in our consulting and professional fees by $431,320, or 378.8%, to $545,197 for the six months ended March 31, 2025 from $113,877 for the six months ended March 31, 2025, primarily due to the increased fees paid for professional services such as audit services and financial consulting services during the six months ended March 31, 2025; (iii) an increase in our travel and meals expenses by $32,105, or 43.3%, to $106,211 for the six months ended March 31, 2025 from $74,106 for the six months ended March 31, 2025 as our management travelled frequently for site inspection to assess potential locations for new restaurants during the six months ended March 31, 2025; (iv) a decrease in salary, employee insurance and welfare expenses by $112,970, or 13.0%, to $757,778 for the six months ended March 31, 2025 from $870,748 for the six months ended March 31, 2024 due to the decreased headcount (v) a decrease in other expenses by $137,767, or 61.7% for the six months ended March 31, 2025, as compared to the same period last year. General and administrative expenses accounted for 19.4% and 17.5% of our total revenue for the six months ended March 31, 2025 and 2024, respectively.

 ****

***Provision for Income Taxes***

Our provision for income taxes was $146,353 for the six months ended March 31, 2025, a decrease of $20,025, or 12.0%, from provision for income taxes of $166,378 for the six months ended March 31, 2024 and the effective tax rate for the six months ended March 31, 2025 was 42.1%, increased by 19.2% when compared to 22.9% for the six months ended March 31, 2024. The decrease in income tax expenses for the six months ended March 31, 2025 was primarily due to reduced taxable income from our entities in Hong Kong as affected reduced customer traffic.

***Net Income***

As a result of the foregoing, we reported a net income of $200,941 for the six months ended March 31, 2025, representing a $359,269, or 64.1% decrease from a net income of $560,210 for the six months ended March 31, 2024.

**Key Financial Performance Metrics**

***For the Years Ended September 30, 2024 and 2023***

The below table sets forth such key operating metrics for the years ended September 30, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2023** | **Variances** | **Variances** |
| Self-operated restaurants sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | $6476882 | $7077797 | $(600915) | (8.5)% |
| &nbsp;&nbsp;&nbsp;Canada | 9177083 | 9003426 | 173657 | 1.9% |
| Total | $15653965 | $16081223 | $(427258) | (2.7)% |
| Operating weeks | 52 | 52 | - | - |
| Number of Self-operated restaurants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 6 | 5 | 1 | 20.0% |
| &nbsp;&nbsp;&nbsp;Canada | 4 | 4 | - | 0.0% |
| Total | 10 | 9 | 1 | 11.1% |
| Number of new self-operated restaurants opening | 1 | 0 | 1 | 100.0% |
| Number of sub-franchised restaurants opening | 2 | 2 | - | 0.0% |
| Average sales volume ("ASV") by self-operated restaurant stores |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | $1079480 | $1415559 | $(336079) | (23.7)% |
| &nbsp;&nbsp;&nbsp;Canada | 2294271 | 2250857 | 43414 | 1.9% |
| Total ASV | $3373751 | $3666416 | $(292665) | (8.0)% |

---

***Self-operated restaurants sales***: means the sales generated by restaurants directly owned and managed by the Company's CA Operating Subsidiaries and HK Operating Subsidiaries and not from sales generated by our franchised restaurants. The Company maintains full control over the operations, branding, quality and customer experiences of these self-operated restaurants. There were total of 10 self-operated restaurants in fiscal year 2024 and 9 self-operated restaurants in fiscal year 2023. The Company also reviews this metric by geographic area: Hong Kong and Canada.

***New Self-Operated Restaurant Openings***: means the number of new self-operated restaurants commencing operations during the period.

***Sub-franchised Restaurants***: means the number of new sub-franchised restaurants commencing operations during the period. Number of sub-franchised restaurants was two and two in fiscal year 2024 and 2023, respectively.

***Average Sales Volume*** ("ASV"): the total self-operated restaurant sales divided by the number of restaurants in the comparable restaurant base during the period. This measurement allows management to assess changes in consumer spending patterns at our restaurants and the overall performance of our restaurant base. The Company also reviews this metric by geographic area: Hong Kong and Canada.

**Key Components of Results of Operations**

***Revenue***

Our revenues are derived by four different service types: self-operated restaurant revenue, franchise revenue, management service fees and sales of food ingredients.

For self-operated restaurant revenue, sales in any period are directly influenced by the number of operating weeks in the period, the number of open restaurants, customer traffic and average check. Average check is driven by our menu price increase or decrease and changes to our menu mix. For franchise revenue, royalty is normally charged 3% of the monthly gross revenues of the sub-franchisee and additional lump sum based on the kilograms of noodle and oil consumed by each sub-franchisee on a monthly basis. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants. Revenue from sales of food ingredients to the sub-franchised restaurants is affected by the selling price we charged to sub-franchised restaurants and the sale volume. See "Our Relationships with Certain Franchisors" for more detail on specific franchise fees.

Revenue from self-operated restaurants accounted for 86.5% and 91.3% of our total revenues, franchise revenue accounted for 0.7% and 0.7% of our total revenues, management services fees accounted for 6.5% and 6.0% of our total revenues and sales of food ingredients accounted for 6.3% and 2.0% of our total revenue, in each case for fiscal year 2024 and 2023, respectively.

In terms of geographic regions, revenue from Hong Kong accounted for 51.9% and 53.2% of the total revenues for the fiscal year 2024, and revenue from Canada accounted for 48.1% and 46.8% of our total revenues for the fiscal year 2024 and 2023, respectively.

From time to time, we also sell restaurant products and provide management services to related parties. Revenue from third party customers accounted for 94.2% and 93.7% of our total revenues, and revenue from related party customers accounted for 5.8% and 6.3% of our total revenues, in each case for fiscal year 2024 and 2023, respectively.

***Cost of Revenues***

Cost of revenues primarily consists of food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. We expect our cost of revenues to increase in absolute dollars to support our growth. However, we expect that, over time, cost of revenues will decrease as a percentage of net revenue, as a result of the scaling of our business.

***Gross Profit***

Gross profit is equal to net revenue minus cost of revenues. Cost of revenues primarily includes food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. Our cost of revenues accounted for 77.2% and 74.5% of our total revenue for the fiscal year 2024 and 2023, respectively. We expect our cost of revenues to increase as we further expand our operations in the foreseeable future.

Our gross margin was 22.8% for fiscal year 2024, a decrease by 2.7 percentage points from gross margin of 25.5% in fiscal year 2023. Our gross profit and gross margin is affected by sales of different product and service mix during each reporting period. Our gross margin increases when more products and services with lower costs and higher margin are sold, while our gross margin decreases when more products and services with higher costs and lower margin are sold. The decrease in our gross profit and gross margin in fiscal year 2024 was largely affected by increased payroll expense and restaurant rent expense when we opened a new self-operated restaurant store in fiscal year 2024. See detailed discussion under "–Results of Operation."

***Operating Expenses***

Our operating expenses consist of selling expenses, and general and administrative expenses.

Our selling expenses primarily include advertising and promotion expenses to enhance our brand awareness and attract customers. As a percentage of revenues, our selling expenses accounted for 0.7% and 0.5% of our total revenue for the years ended September 30, 2024 and 2023, respectively.

Our general and administrative expenses primarily consist of employee salaries, insurance and welfare expenses, office and utility expenses, consulting and professional service fees, business travel and meals expenses, and other expenses. General and administrative expenses were 12.2% and 11.3% of our revenue for the years ended September 30, 2024 and 2023, respectively. We expect our general and administrative expenses, including, but not limited to, salaries and business consulting expenses, to continue to increase in the foreseeable future, as we plan to hire additional personnel and incur additional expenses in connection with the expansion of our business operations. We expect our professional fees for legal, audit, and advisory services to increase as we become a public company upon the completion of this offering.

**Results of Operations**

The following table summarizes our operating results as reflected in our statements of income during the years ended September 30, 2024 and 2023, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such periods.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| **REVENUE** |  |  |  |  |  |  |
| Revenue - third parties | $17049452 | 94.2% | $16509584 | 93.7% | $539868 | 3.3% |
| Revenue - related parties | 1040293 | 5.8% | 1107725 | 6.3% | (67432) | (6.1)% |
| &nbsp;&nbsp;&nbsp;Total revenue | 18089745 | 100.0% | 17617309 | 100.0% | 472436 | 2.7% |
| **COST OF REVENUES** |  |  |  |  |  |  |
| Cost of revenues - third parties | 13158225 | 72.7% | 12299817 | 69.8% | 858408 | 7.0% |
| Cost of revenues - related parties | 802865 | 4.5% | 825267 | 4.7% | (22402) | (2.6)% |
| &nbsp;&nbsp;&nbsp;Total cost of revenues | 13961090 | 77.2% | 13125084 | 74.5% | 836006 | 6.4% |
| **GROSS PROFIT** | 4128655 | 22.8% | 4492225 | 25.5% | (363570) | (8.1)% |
| **OPERATING EXPENSES** |  |  |  |  |  |  |
| Selling expenses | 124775 | 0.7% | 81015 | 0.5% | 43760 | 54.0% |
| General and administrative expenses | 2206561 | 12.2% | 1984720 | 11.3% | 221841 | 11.2% |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 2331336 | 12.9% | 2065735 | 11.7% | 265601 | 12.9% |
| **INCOME FROM OPERATIONS** | **1797319** | **9.9%** | **2426490** | **13.8%** | **(629171)** | **(25.9)%** |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |  |  |
| Interest expense, net | (136916) | (0.8)% | (139544) | (0.8)% | 2628 | (1.9)% |
| Other income, net | 83424 | 0.5)% | 94619 | 0.5)% | (11195) | (11.8)% |
| &nbsp;&nbsp;&nbsp;Total other expenses, net | (53492) | (0.3)% | (44925) | (0.3)% | (8567) | 19.1% |
| **INCOME BEFORE INCOME TAX PROVISION** | **1743827** | **9.6%** | **2381565** | **13.5%** | **(637738)** | **(26.8)%** |
| **PROVISION FOR INCOME TAXES** | 346886 | 1.9% | 269814 | 1.5% | 77072 | 28.6% |
| **NET INCOME** | $**1396941** | **7.7%** | $**2111751** | **12.0%** | $**(714810)** | **(33.8)%** |

---

***Revenue***

Our total revenues increased by $472,436, or 2.7%, to $18,089,745 in the fiscal year 2024 from $17,617,309 in the fiscal year 2023. The increase in our total revenue was due to (1) a $108,774 increase in management services fees derived from managing the sub-franchised restaurant stores in Canada and Hong Kong; (2) a $792,650 increase in revenue from sales of pre-processed food ingredients at our central kitchen before delivery to the sub-franchised restaurants; and (3) offset by a $427,269 decrease in self-operated restaurants during fiscal year 2024 as compared to fiscal year 2023.

Our revenue by service type is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Self-operated restaurant revenue | $15653963 | 86.5% | $16081232 | 91.3% | $(427269) | (2.7)% |
| Franchise revenue | 124097 | 0.7% | 125786 | 0.7% | (1689) | (1.3)% |
| Management service fees | 1172930 | 6.5% | 1064186 | 6.0% | 108744 | 10.2% |
| Sales of food ingredients | 1138755 | 6.3% | 346105 | 2.0% | 792650 | 229.0% |
| **Total revenues** | $**18089745** | **100.0%** | $**17617309** | **100.0%** | $**472436** | **2.7%** |

---

*Self-operated restaurant revenue*

With our exclusive franchise right of Ajisen Ramen in Canada, we have four directly managed Ajisen Ramen restaurants in Canada. In Hong Kong, we have three directly managed Japanese barbecue restaurants under the brand name of Yakiniku Kakura, two directly managed restaurants under the brand name of Yakiniku 801 and one directly managed restaurant under the brand name of Ufufu Café. Restaurant sales represent the aggregate sales of food and beverages, net of discounts, at self-operated restaurants. Revenues from self-operated restaurants are recognized at point when food and beverage products are delivered to customers and payment is tendered at the time of sale. Restaurant sales in any period are directly influenced by the number of operating weeks in the period, the number of open restaurants, customer traffic and average check. Average check is driven by our menu price increase or decrease and changes to our menu mix. In addition, average sales volume ("ASV") measurement also allows management to assess changes in consumer spending patterns at our restaurants and the overall performance of our restaurant base. Operating weeks for both fiscal year 2024 and 2023 were 52 weeks. Number of self-operated restaurants were 10 restaurants in fiscal year 2024 and 9 restaurants in fiscal year 2023. There was one newly opened self-operated restaurant store in Hong Kong in fiscal year 2024. Revenue from new restaurant opening accounted for approximately $663,147, or 4.1%, while revenue from existing self-operated restaurant stores accounted for $15,418,085 or 95.9% of the total self-operated restaurant revenue for the year ended September 30, 2024, respectively. In contrast, for the year ended September 30, 2023, there were no new openings of self-operated restaurants and 100% of the revenue was generated from existing self-operated restaurant stores. Revenue from self-operated restaurants decreased by $427,269 or 2.7%, from $16,081,232 in fiscal year 2023 to $15,653,963 in fiscal year 2024, primarily due to decreased customer traffic. We did not materially change our restaurant menus or related food and beverage prices during the fiscal years 2024 and 2023, and accordingly our revenue fluctuation from fiscal year 2023 to fiscal year 2024 was not due to price changes, but rather primarily due to a decrease in customer traffic. ASV decreased by $292,665 or 8.0%, from $3,666,416 in fiscal year 2023 to $3,373,751 in fiscal year 2024, among which ASV in Hong Kong decreased by $336,079 or 23.7% from $1,415,559 in fiscal year 2023 to $1,079,480 in fiscal year 2024, while ASV in Canada increased by $43,414 or 1.9%, from $2,250,857 in fiscal year 2023 to $2,294,271 in fiscal year 2024. The decrease in ASV reflected the decrease in customer traffic volume in fiscal year 2024 as compared to fiscal year 2023, especially in self-operated restaurants located in Hong Kong. The decrease in customer traffic in Hong Kong was affected by several factors, including (i) post-COVID 19 pandemic economic slowdown challenges has impacted consumer spending and shifted consumer behaviors: many Hong Kong locals have adopted habits of dining out less, seeking more affordable dining options or cooking at home to cut costs; (ii) a significant wave of emigration in Hong Kong, driven by political unrest and the National Security Law, has reduced the local customer base; (iii) Hong Kong locals are dining out less in Hong Kong, opting for more affordable and competitive dining experiences in nearby cities like Shenzhen in mainland of China. This trend is driven by lower prices and attractive dining environments across the border. These factors collectively and negatively impacted our restaurant business operations in Hong Kong and restaurant traffic in our self-operated restaurant stores in Hong Kong has decreased in fiscal year 2024 as compared to fiscal year 2023.

*Franchise revenue*

Franchise revenues in any period are directly influenced by the number of open sub-franchised restaurants. We have 2 sub-franchised restaurant stores in fiscal year 2023. In fiscal year 2024, we opened two sub-franchised restaurants and also closed two sub-franchised restaurant stores during the year, which led to 2 active sub-franchised restaurants as of September 30, 2024. Franchise revenues slightly decreased by $1,689 or 1.3%, from $125,786 in fiscal year 2023 to $124,097 in fiscal year 2024, primarily due to foreign currency exchange rate fluctuations when average exchange rates were used in converting CAD and HK$ into USD.

*Management service fees*

To better manage the sub-franchised restaurant stores, we provide upfront site selection, lease assistance, supply of necessary franchise equipment, employee training services and other store management skills to the sub-franchisee to ensure that the sub-franchised restaurants conform to the general settings and requirements of the brand name over the contracted sub-franchise period. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants (see "Our Relationships with Certain Franchisors" for more detail on specific franchise fees). Revenue from management service fees increased by $108,744 or 10.2%, from $1,064,186 in fiscal year 2023 to $1,172,930 in fiscal year 2024. The increase was due to increased level of revenue generated by the sub-franchised restaurants.

*Sales of food ingredients*

Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at our central kitchen before delivery to the sub-franchised restaurants. We recognize revenue net of discounts and sales returns when the food ingredient products are delivered and the title is passed to the sub-franchisees. Revenue from sales of food ingredients to the sub-franchised restaurants increased by $792,650 or 229.0%, from $346,105 in fiscal year 2023 to $1,138,755 in fiscal year 2024, primarily due to increased sales volume of pre-processed noodle and other food ingredients to sub-franchised restaurants.

***Cost of Revenues***

The following table breakdowns the components of our cost of revenues for the fiscal years ended September 30, 2024 and 2023:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | Amount | % | Amount | % | Amount | % |
| Food, beverage and other inventory costs | $5595305 | 40.1% | $6111258 | 46.6% | $(515953) | (8.4)% |
| Payroll and employees benefit expenses | 3357773 | 24.1% | 2642371 | 20.1% | 715402 | 27.1% |
| Restaurant rent expenses | 2370404 | 17.0% | 1689896 | 12.9% | 680508 | 40.3% |
| Royalty fee | 583336 | 4.2% | 491874 | 3.7% | 91462 | 18.6% |
| Franchise fee | 711737 | 5.1% | 662725 | 5.0% | 49012 | 7.4% |
| Depreciation | 777064 | 5.6% | 797146 | 6.1% | (20082) | (2.5)% |
| Utilities | 462080 | 3.3% | 652913 | 5.0% | (190833) | (29.2)% |
| Insurance | 103391 | 0.7% | 76901 | 0.6% | 26490 | 34.4% |
| **Total cost of revenues** | $**13961090** | **100.0%** | $**13125084** | **100.0%** | $**836006** | **6.4%** |

---

Our cost of revenues primarily consists of food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. Our total cost of revenues increased by $836,006 or 6.4%, from $13,125,084 in fiscal year 2023 to $13,961,090 in fiscal year 2024, primarily due to (i) an increase in payroll and employee benefit expenses by $715,402 or 27.1%, from $2,642,371 in fiscal year 2023 to $3,357,773 due to increased number of employees as we opened a new self-operated restaurant in Hong Kong; (ii) restaurant rent expense increased by $680,508 or 40.3%, from $1,689,896 in fiscal year 2023 to $2,370,404 in fiscal year 2024 due to increased decoration and leasehold improvement costs on the newly added self-operated restaurant store; this also led to an increase in franchise fee by $49,012 or 7.4%, from $662,725 in fiscal year 2023 to $711,737 and an increase in royalty fee by $91,462 or 18.6%, from $491,874 in fiscal year 2023 to $583,336 in fiscal year 2024; (iii) food, beverage and inventory costs decreased by $515,953 or 8.4%, from $6,111,258 in fiscal year 2023 to $5,595,305 in fiscal year 2024, and utility costs also decreased by $190,833 or 29.2%, which was in line with a 2.7% decrease in revenue from self-operated restaurants due to decrease in customer traffic when ASV decreased by $292,665 or 8.0%, from $3,666,416 in fiscal year 2023 to $3,373,751 in fiscal year 2024, among which ASV in Hong Kong decreased by $336,079 or 23.7% from $1,415,559 in fiscal year 2023 to $1,079,480 in fiscal year 2024, while ASV in Canada increased by $43,414 or 1.9%, from $2,250,857 in fiscal year 2023 to $2,294,271 in fiscal year 2024. The overall increase in our cost of revenues for the fiscal year 2024 as compared to fiscal year 2023 reflected the above combined factors.

***Gross profit***

Our gross profit decreased by $363,570, or 8.1%, from $4,492,225 in the fiscal year 2023 to $4,128,655 in the fiscal year 2024, primarily due to an increased cost of revenues by $836,006 due to increased payroll expense and restaurant rent expense when we opened a new self-operated restaurant store in fiscal year 2024. Our gross margin decreased by 2.7% from 25.5% fiscal year 2023 to 22.8% in fiscal year 2024 primarily due to an increased cost of revenues outpacing the increase in revenue.

***Operating Expenses***

The following table sets forth the breakdown of our operating expenses for the years ended September 30, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  |<br>**Amount** | **% of**<br>**revenue** |<br>**Amount** | **% of**<br>**revenue** |<br>**Amount** |<br>**% of** |
| **Total Revenue** | $18089745 | 100.0% | $17617309 | 100.0% | $472436 | 2.7% |
| **Operating Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling expenses | 124775 | 0.7% | 81015 | 0.5% | 43760 | 54.0% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 2206561 | 12.2% | 1984720 | 11.3% | 221841 | 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $2331336 | 12.9% | $2065735 | 11.8% | $265601 | 12.9% |

---

*Selling expenses*

Our selling expenses primarily include advertising and promotion expenses. Our selling expenses increased by $43,760, or 54.0%, to $124,775 for the year ended September 30, 2024 from $81,015 for the year ended September 30, 2023 primarily due to an increase in advertising and promotion expense. Due to the expansion of our business operation, we spent more on advertising and promotion activities to enhance our brand awareness and attract more customers. Especially, we joined and tried to promote our business on an online restaurant guide and review platform in Hong Kong, as the platform allows users to find restaurants based on various criteria, read and write reviews, browse menus, and view photos. As a percentage of revenues, our selling expenses accounted for 0.7% and 0.5% of our total revenue for the years ended September 30, 2024 and 2023, respectively.

*General and administrative expenses*

Our general and administrative expenses primarily consist of employee salaries, insurance and welfare expenses, office and utility expenses, consulting and professional service fees, business travel and meals expenses, and other expenses.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  | **Amount** | **% of** | **Amount** | **% of** | **Amount** | **% of** |
| **General and Administrative Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salary, employee insurance and welfare expenses | $1015119 | 46.0% | $786748 | 39.6% | $228371 | 29.0% |
| &nbsp;&nbsp;&nbsp;Office and utility expenses | 445037 | 20.2% | 405879 | 20.5% | 39158 | 9.6% |
| &nbsp;&nbsp;&nbsp;Consulting and professional service fees | 252917 | 11.5% | 229523 | 11.6% | 23394 | 10.2% |
| &nbsp;&nbsp;&nbsp;Travel and meals expenses | 73497 | 3.3% | 135596 | 6.8% | (62099) | (45.8)% |
| &nbsp;&nbsp;&nbsp;Other expenses | 419991 | 19.0% | 426974 | 21.5% | (6983) | (1.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total general and administrative expenses | $2206561 | 100.0% | $1984720 | 100.0% | $221841 | 11.2% |

---

Our general and administrative expenses increased by $221,841, or 11.2%, to $2,206,561 for the year ended September 30, 2024 from $1,984,720 for the year ended September 30, 2023, primarily attributable to (i) an increase in salary, employee insurance and welfare expenses by $228,371, or 29.0%, to $1,015,119 for the year ended September 30, 2024 from $786,748 for the year ended September 30, 2023due to the increased headcount causing by the expansion of our business operation as we opened more restaurants during the year ended September 30, 2024; (ii) an increase in office and utility expenses by $39,158, or 9.6%, to $445,037 for the year ended September 30, 2024 from $405,879 for the year ended September 30, 2023 due to the expansion of our business operation as we opened more restaurants during the year ended September 30, 2024; (iii) an increase in our consulting and professional fees by $23,394, or 10.2%, to $252,917 for the year ended September 30, 2024 from $229,523 for the year ended September 30, 2023, primarily due to the increased fees paid for professional services such as audit services and financial consulting services during the year ended September 30, 2024; (iv) a decrease in our travel and meals expenses by $62,099, or 45.8%, to $73,497 for the year ended September 30, 2024 from $135,596 for the year ended September 30, 2023 as our management travelled frequently for site inspection to assess potential locations for new restaurants during the year ended September 30, 2023, and subsequently, shifted the focus on the management of existing restaurants, hence, our travel and meals expenses decreased for the year ended September 30, 2024; and (vi) a decrease in other expenses by $6,983, or 1.6% for the year ended September 30, 2024, as compared to the same period last year. General and administrative expenses accounted for 12.2% and 12.0% of our total revenue for the years ended September 30, 2024 and 2023, respectively.

***Provision for Income Taxes***

Our provision for income taxes was $346,886 for the year ended September 30, 2024, an increase of $77,072, or 28.6%, from provision for income taxes of $269,814 for the year ended September 30, 2023 and the effective tax rate for the year ended September 30, 2024 was 19.9%, increased by 8.6% when compared to 11.3% for the year ended September 30, 2023, primarily due to increased taxable income generated from our entities in Canada which are subjected to higher income tax rate for the year ended September 30, 2024 as compared to the same period of last year.

***Net Income***

As a result of the foregoing, we reported a net income of $1,396,941 for the year ended September 30, 2024, representing a $714,810, or 33.8% decrease from a net income of $2,111,751 for the year ended September 30, 2023.

**<u>Liquidity and Capital Resources</u>**

***Cash Flows for the Six Months Ended March 31, 2025 Compared to the Six Months Ended March 31, 2024***

The following table set forth our current assets and current liabilities as of the dates indicated:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025 (Unaudited)** | **September 30,**<br>**2024** |
| **CURRENT ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $954352 | $1543500 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 182133 | 401604 |
| &nbsp;&nbsp;&nbsp;Accounts receivable - related parties, net | 748940 | 425192 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 328112 | 358466 |
| &nbsp;&nbsp;&nbsp;Due from related parties | 1121281 | 992340 |
| &nbsp;&nbsp;&nbsp;Short-term investments |  | 148028 |
| &nbsp;&nbsp;&nbsp;Deferred initial public offering costs | 150259 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 277763 | 376980 |
| **TOTAL CURRENT ASSETS** | **3762840** | **4246110** |
| **CURRENT LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term loans | $229860 | $261128 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 174776 | 668566 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 313394 | 270135 |
| &nbsp;&nbsp;&nbsp;Taxes payable | 335472 | 762851 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 1636912 | 1818946 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities, current | 34001 | 43546 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1044879 | 825559 |
| **TOTAL CURRENT LIABILITIES** | $**3769294** | $**4650731** |

---

We were incorporated in the Cayman Islands as a holding company and our Cayman Islands holding company did not have active business operations as of September 30, 2024 and as of the date of this prospectus. Our consolidated assets and liabilities and consolidated revenue and net income are the consolidated operation results of our CA Operating Subsidiaries and HK Operating Subsidiaries. The ability of our CA Operating Subsidiaries and HK Operating Subsidiaries to transfer funds to us in the form of loans or advances or cash dividends is not materially restricted by regulatory provisions in accordance with laws and regulations in Canada and Hong Kong. During fiscal year 2024, the CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. There was no additional dividend payment during the six months ended March 31, 2025. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus. Except for the dividend payments mentioned above, the Company, and its CA Operating Subsidiaries and HK Operating Subsidiaries, currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future. In addition, during the six months ended March 31, 2025 and during the fiscal year 2023 and fiscal year 2024, there was no cash transfer between Riku, CA operating Subsidiaries and HK Operating Subsidiaries.

As of March 31, 2025, we had $954,352 in cash and cash equivalents as compared to $1,543,500 as of September 30, 2024. We also had $182,133 in accounts receivable as of March 31, 2025 as compared to $401,604 as of September 30, 2024. Our accounts receivable primarily includes balance due from customers when the Company's products are sold and delivered to customers. As of date of this prospectus, the Company's account receivable balance at September 30, 2024 has been fully collected. For the accounts receivable balance as of March 31, 2025, approximately 41% has been subsequently collected and the remaining balance is expected to be collected by the end of September 2025.

As of March 31, 2025 and September 30, 2024, our inventory balance amounted to $328,112 and $358,466, respectively, primarily consisting of cost of food, beverages and supplies used in the restaurant business.

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
| Food and beverages | $73561 | $19077 |
| Food ingredients | 237037 | 322942 |
| Other kitchen materials | 17514 | 16447 |
| Inventory valuation allowance | - | - |
| Total inventory, net | $328112 | $358466 |

---

Our inventories decreased by approximately $30,354 or 8.5% from approximately $358,466 as at September 30, 2024 to approximately $328,112 as at March 31, 2025, primarily due to increased sales of food and beverage during the six months ended March 31, 2025. We believe our inventories are able to be sold quickly based on the analysis of the current trends in demand for our restaurant food and beverage products.

As of March 31, 2025 and September 30, 2024, we had due from related parties balance of $1,121,281 and $992,340, respectively. Our CA Operating Subsidiaries and HK Operating Subsidiaries, in the past, advanced cash to related parties for business purposes and recorded advances as due from related parties in the consolidated financial statements. Such advances were non-interest bearing. Subsequent to the balance sheet date, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. In addition, in April 2025, the Company's CA Operating Subsidiaries collected back approximately $89,000 from related parties. In August 2025, the Company further collected back $427,506 from related parties. As of the date of this prospectus, approximately $788,000, or 70.3% of the March 31, 2025 due from related parties balance has been collected and the remaining balance is expected to be collected by the end of September 2025. The Company does not have the intention to make further cash advances to related parties in the future.

As of March 31, 2025, we had taxes payable of approximately $335,472. We have substantially settled our tax liabilities when we file the 2024 tax returns with relevant tax authorities in Hong Kong and Canada.

As of March 31, 2025, we had trade accounts payable of $174,776, comprised of amounts due to our suppliers for purchase of food, beverage and food ingredients. We expect to settle the accounts payable with our suppliers upon receiving their invoices within three to six months.

As of March 31, 2025, we had approximately $1,824,526 in long-term loans (including current portion of long-term loans of $229,860 and long-term loans of $1,594,666), including:

&nbsp;&nbsp;&nbsp;&nbsp;1. on April 8, 2022, our subsidiary in Canada, Church Limited, entered
 into a term loan facility agreement with RBC to borrow CAD 345,000 ($255,347) as working capital, with a loan maturity date on April
 26, 2027. The loan bears variable interests, with interest charged at 3.0% p.a. above the royal bank prime rate quoted by the RBC
 from time to time. The effective interest rate was 10.20% per annum;

&nbsp;&nbsp;&nbsp;&nbsp;2. on November 23, 2020, our subsidiary in Canada, Vaughan Inc., entered
 into a term loan facility agreement with RBC to borrow CAD 278,250 ($205,943) as working capital, with a loan maturity date on December
 30, 2025. The loan bears variable interests, with interest charged at 3.0% p.a. above the royal bank prime rate quoted by the RBC
 from time to time. The effective interest rate was 10.20% per annum. The outstanding principal and interest shall be paid by 60 installment
 payments of CAD 4,638 each with all outstanding principal and interests is payable in full at the end of the term; and

&nbsp;&nbsp;&nbsp;&nbsp;3. on March 23, 2020, our subsidiary in Canada, CK Inc., entered into
 a term loan facility agreement with BDC to borrow CAD 1,450,000 (approximately $1.1 million) to finance the purchase of 2 condominium
 units as central kitchen and warehouse, with a loan maturity date on September 15, 2045. The loan bears variable interests, with
 interest charged at 0.75% p.a. below the floating base rate quoted by the BDC from time to time. The effective interest rate was
 8.20% per annum. The outstanding principal and interest shall be paid by 300 installment payments, the first payment is CAD 5,830
 and the remaining 299 payments is CAD 4,830 each.

&nbsp;&nbsp;&nbsp;&nbsp;4. On April 1, 2022, our subsidiary in Hong Kong, ARCI,
 entered into a term loan facility agreement with BOAHK to borrow HK$9 million (approximately $1.2 million) as working capital, with
 loan maturity date on April 20, 2032. The loan bears variable interests, with interest charged at 2.5% p.a. below the Hong Kong dollars
 prime rate quoted by the Hong Kong Mortgage Corporation Limited from time to time. The effective interest rate ranged between 2.75%
 to 3.746% per annum. The outstanding principal and interest shall be paid by 120 installment payments of HKD 85,870 each.;

We expect that we will be able to renew all of the existing bank loans upon their maturity based on our past experience and outstanding credit history.

As of March 31, 2025, we had current assets of $3,762,840, current liabilities of $3,769,294 and a working capital deficit of $6,454. In assessing our liquidity, management monitors and analyzes our cash and cash equivalents, our ability to generate sufficient revenue in the future, and our operating and capital expenditure commitments. We believe that our current cash and cash equivalents and cash flows provided by operating activities will be sufficient to meet our working capital needs in the next 12 months from the date the unaudited condensed consolidated financial statements for the six months ended March 31, 2025 were issued. However, we may incur additional capital needs in the long term and we may use part of the proceeds from this offering to support our long-term business expansion. We may also seek additional financing, to the extent required, and there can be no assurance that such financing will be available on favorable terms, or at all. All of our business expansion endeavors involve risks and will require significant management, human resources, and capital expenditures. There is no assurance that the investment to be made by us as contemplated under our future plans will be successful and generate the expected return. If we are not able to manage our growth or execute our strategies effectively, or at all, our business, results of operations, and prospects may be materially and adversely affected.

Please refer to section headed "Risk Factors – Risks Related to Our Industry and Our Business – "We may require additional financing to achieve our growth goals,"

**<u>Cash Flows</u>**

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

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> March 31,** | **For the Six Months Ended<br> March 31,** |
|  | **2025** | **2024** |
| Net cash (used in) provided by operating activities | $(55231) | $789243 |
| Net cash used in investing activities | (211668) | (626895) |
| Net cash used in financing activities | (275442) | (617389) |
| Effect of exchange rate change on cash and cash equivalents | (46807) | (1838) |
| Net decrease in cash and cash equivalents | (589148) | (456879) |
| Cash and cash equivalents, beginning of period | 1543500 | 1989851 |
| Cash and cash equivalents, end of period | $954352 | $1532972 |

---

***Operating Activities***

Net cash used in operating activities was $55,231 for the six months ended March 31, 2025, primarily derived from a net income of $200,941 for the period, reconciled by depreciation and amortization of $464,987, and net changes in our operating assets and liabilities, which mainly included an increase in accounts receivable from related parties of $329,985 and an increase in accrued expenses and other current liabilities of $225,579, offset by a decrease in accounts payable of $492,044 , a decrease in taxes payable of $403,866 and a decrease in operating lease liabilities of $924,534.

Net cash provided by operating activities was $789,243 for six months ended March 31, 2024, primarily derived from a net income of $560,210 for the period, reconciled by depreciation and amortization of $374,826, and net changes in our operating assets and liabilities, which mainly included an increase in taxes payable of $141,729, partially offset by the decrease in prepaid expenses and other current assets of $113,839, and decrease in accounts payable of $385,580 and a decrease in operating lease liabilities of $682,270.

***Investing Activities***

Net cash used in investing activities amounted to $211,668 for six months ended March 31, 2025, and primarily included the advances made to related parties of $174,293, purchase of property and equipment of $178,538, and proceeds received from the redemption of a short-term investment of $141,163.

Net cash used in investing activities amounted to $626,895 for the six months ended March 31, 2024, and primarily included the purchase of property and equipment and intangible assets of $79,391 and advances made to related parties of $547,504.

***Financing Activities***

Net cash used in financing activities amounted to $275,442 for the six months ended March 31, 2025, and primarily included repayments of long-term loans of $149,293, payment of deferred IPO costs of $150,313, payment made for finance leases of $19,509 and proceeds received from borrowing from related parties of $43,673.

Net cash used in financing activities amounted to $617,389 for the six months ended March 31, 2024, and primarily included payment of dividend distribution of $129,184, repayments of long-term loans of $205,928, refund of capital contribution of $98,965 and repayment of borrowing to related parties of $164,431.

**Contractual obligations**

As of March 31, 2025, our contractual obligations were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Contractual obligations** |<br>**Total** | **Less than**<br>**1 year** |<br>**1-2 years** |<br>**2-3 years** |<br>**3-4 years** |<br>**4-5 years** |<br>**Thereafter** |
| Long-term auto loans (1) | $18979 | $10499 | $8480 | $- | $- | $- | $- |
| Long-term bank loans (2) | 1805547 | 219361 | 202364 | 161865 | 161615 | 165444 | 894898 |
| Operating lease payments (3) | 3574500 | 1740950 | 1114917 | 518547 | 97636 | 62742 | 39708 |
| Finance lease payments (4) | 49000 | 35179 | 12759 | 1062 | - | - | - |
| Total | $5448026 | $2005989 | $1338520 | $681474 | $259251 | $228186 | $934606 |

---

(1) Represents the outstanding principal balance of long-term auto loans.

(2) Represents the outstanding principal balance of long-term loans from banks.

(3) We lease office spaces and restaurant stores, which are classified as operating
leases in accordance with Topic 842. As of March 31, 2025, our future operating lease payments totaled $3,574,500.

(4) We lease vehicles, which are classified as finance leases in accordance with
Topic 842. As of March 31, 2025, our future finance lease payments totaled $49,000.

***Cash Flows for the Year Ended September 30, 2024 Compared to the Year Ended September 30, 2023***

The following table set forth our current assets and current liabilities as of the dates indicated:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| **CURRENT ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1543500 | $1989851 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 401604 | 167112 |
| &nbsp;&nbsp;&nbsp;Accounts receivable - related parties, net | 425192 | 377507 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 358466 | 233931 |
| &nbsp;&nbsp;&nbsp;Due from related parties | 992340 | 161598 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 148028 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 376980 | 243588 |
| **TOTAL CURRENT ASSETS** | **4246110** | **3173587** |
| **CURRENT LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term loans | $261128 | $294064 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 668566 | 654662 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 270135 | 406549 |
| &nbsp;&nbsp;&nbsp;Taxes payable | 762851 | 502207 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 1818946 | 1128549 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities, current | 43546 | 43469 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 825559 | 595385 |
| **TOTAL CURRENT LIABILITIES** | $**4650731** | $**3624885** |

---

We were incorporated in the Cayman Islands as a holding company and our Cayman Islands holding company did not have active business operations as of September 30, 2024 and as of the date of this prospectus. Our consolidated assets and liabilities and consolidated revenue and net income are the consolidated operation results of our CA Operating Subsidiaries and HK Operating Subsidiaries. The ability of our CA Operating Subsidiaries and HK Operating Subsidiaries to transfer funds to us in the form of loans or advances or cash dividends is not materially restricted by regulatory provisions in accordance with laws and regulations in Canada and Hong Kong. During fiscal year 2024, the CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus. Except for the dividend payments mentioned above, the Company, and its CA Operating Subsidiaries and HK Operating Subsidiaries, currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future. In addition, during the fiscal year 2023 and fiscal year 2024, there was no cash transfer between Riku, CA operating Subsidiaries and HK Operating Subsidiaries.

As of September 30, 2024, we had $1,543,500 in cash and cash equivalents as compared to $1,989,851 as of September 30, 2023. We also had $401,604 in accounts receivable. Our accounts receivable primarily includes balance due from customers when the Company's products are sold and delivered to customers. As of date of this prospectus, the Company's account receivable balance at September 30, 2024 has been subsequently fully collected.

As of September 30, 2024, we had short-term investments of $148,028. Short-term investments primarily consist of investments in prime-linked cashable guaranteed investment certificate ("GIC"), which is a flexible and secure investment option that offers a guaranteed rate of return and early cash option to investor, with an annual interest rate linked to changes in Canadian bank's prime interest rate. Such investment can earn interest up to the cash out date and it can be cashed out any time without penalty. The Company accounts for short-term investments in accordance with ASC 320, Investments — Debt and Equity Securities and ASC 321, Investments- Equity Securities.

As of September 30, 2024, our inventory balance amounted to $358,466, primarily consisting of cost of food, beverages and supplies used in the restaurant business.

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2024** | **September 30,**<br> **2023** |
| Food and beverages | $19077 | $18654 |
| Food ingredients | 322942 | 212824 |
| Other kitchen materials | 16447 | 2453 |
| Inventory valuation allowance | - | - |
| Total inventory, net | $358466 | $233931 |

---

Our inventories increased by approximately $124,535 or 53.2% from approximately $233,931 as at September 30, 2023 to approximately $358,466 as at September 30, 2024, primarily due to an increased stockpile of food ingredients to support our sales in the near future. We believe our inventories are able to be sold quickly based on the analysis of the current trends in demand for our restaurant food and beverage products.

As of September 30, 2024, we had due from related parties balance of $992,340. Our CA Operating Subsidiaries and HK Operating Subsidiaries, in the past, advanced cash to related parties for business purposes and recorded advances as due from related parties in the consolidated financial statements. Such advances were non-interest bearing. Subsequent to the balance sheet date, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. In addition, in April 2025, the Company's CA Operating Subsidiaries collected back approximately $89,000 from related parties. In August 2025, the Company further collected back $427,506 from related parties. As of the date of this prospectus, approximately $788,000, or 79.4% of the September 30, 2024 due from related parties balance has been collected and the remaining balance is expected to be collected by the end of September 2025. The Company does not have the intention to make further cash advances to related parties in the future.

As of September 30, 2024, we had taxes payable of approximately $762,851. We plan to settle our tax liabilities when we file the 2024 tax returns with relevant tax authorities in Hong Kong and Canada.

As of September 30, 2024, we had trade accounts payable of $668,566, comprised of amounts due to our suppliers for purchase of food, beverage and food ingredients. We expect to settle the accounts payable with our suppliers upon receiving their invoices within three to six months.

As of September 30, 2024, we had approximately $2,041,767 in long-term loans (including current portion of long-term loans of $261,128 and long-term loans of $1,780,639), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. on April 8, 2022, our subsidiary in Canada, Church Limited, entered
 into a term loan facility agreement with RBC to borrow CAD 345,000 ($255,347) as working capital, with a loan maturity date on April
 26, 2027. The loan bears variable interests, with interest charged at 3.0% p.a. above the royal bank prime rate quoted by the RBC
 from time to time. The effective interest rate was 10.20% per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. on November 23, 2020, our subsidiary in Canada, Vaughan Inc., entered
 into a term loan facility agreement with RBC to borrow CAD 278,250 ($205,943) as working capital, with a loan maturity date on December
 30, 2025. The loan bears variable interests, with interest charged at 3.0% p.a. above the royal bank prime rate quoted by the RBC
 from time to time. The effective interest rate was 10.20% per annum. The outstanding principal and interest shall be paid by 60 installment
 payments of CAD 4,638 each with all outstanding principal and interests is payable in full at the end of the term; and

3. on March 23, 2020, our subsidiary in Canada, CK Inc., entered into
 a term loan facility agreement with BDC to borrow CAD 1,450,000 (approximately $1.1 million) to finance the purchase of 2 condominium
 units as central kitchen and warehouse, with a loan maturity date on September 15, 2045. The loan bears variable interests, with
 interest charged at 0.75% p.a. below the floating base rate quoted by the BDC from time to time. The effective interest rate was
 8.20% per annum. The outstanding principal and interest shall be paid by 300 installment payments, the first payment is CAD 5,830
 and the remaining 299 payments is CAD 4,830 each.

We expect that we will be able to renew all of the existing bank loans upon their maturity based on our past experience and outstanding credit history.

As of September 30, 2024, we had current assets of $4,246,110, current liabilities of $4,650,731 and a working capital deficit of $404,621. In assessing our liquidity, management monitors and analyzes our cash and cash equivalents, our ability to generate sufficient revenue in the future, and our operating and capital expenditure commitments. We believe that our current cash and cash equivalents and cash flows provided by operating activities will be sufficient to meet our working capital needs in the next 12 months from the date the consolidated financial statements were issued. However, we may incur additional capital needs in the long term and we may use part of the proceeds from this offering to support our long-term business expansion. We may also seek additional financing, to the extent required, and there can be no assurance that such financing will be available on favorable terms, or at all. All of our business expansion endeavors involve risks and will require significant management, human resources, and capital expenditures. There is no assurance that the investment to be made by us as contemplated under our future plans will be successful and generate the expected return. If we are not able to manage our growth or execute our strategies effectively, or at all, our business, results of operations, and prospects may be materially and adversely affected.

Please refer to section headed "Risk Factors – Risks Related to Our Industry and Our Business – "We may require additional financing to achieve our growth goals,"

**<u>Cash Flows</u>**

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

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended<br> September 30,** | **For the Years Ended<br> September 30,** |
|  | **2024** | **2023** |
| Net cash provided by operating activities | $2276214 | $2056188 |
| Net cash used in investing activities | (1787919) | (1213312) |
| Net cash used in financing activities | (940508) | (900596) |
| Effect of exchange rate change on cash and cash equivalents | 5862 | 10186 |
| Net decrease in cash and cash equivalents | (446351) | (47534) |
| Cash and cash equivalents, beginning of year | 1989851 | 2037385 |
| Cash and cash equivalents, end of year | $1543500 | $1989851 |

---

***Operating Activities***

Net cash provided by operating activities was $2,276,214 for the year ended September 30, 2024, primarily derived from a net income of $1,396,941 for the year, reconciled by depreciation and amortization of $824,767, and net changes in our operating assets and liabilities, which mainly included an increase in taxes payable of $256,390 and accrued expenses and other current liabilities of $224,723, partially offset by the increase in accounts receivable of $232,560, prepaid expenses and other current assets of $131,617 and inventories of $122,934.

Net cash provided by operating activities was $2,056,188 for the year ended September 30, 2023, primarily derived from a net income of $2,111,751 for the year, reconciled by depreciation and amortization of $623,236, and net changes in our operating assets and liabilities, which mainly included an increase in taxes payable of $148,471, partially offset by the increase in other non-current assets of $398,182, prepaid expenses and other current assets of $140,181, accounts receivable - related parties of $258,687 and accounts receivable of $91,854.

***Investing Activities***

Net cash used in investing activities amounted to $1,787,919 for the year ended September 30, 2024, and primarily included the advances made to related parties of $824,725 and purchase of property and equipment and intangible assets of $816,200, and payment made for a short-term investment of $146,994.

Net cash used in investing activities amounted to $1,213,312 for the year ended September 30, 2023, and primarily included the purchase of property and equipment and intangible assets of $1,057,029 and advances made to related parties of $156,283.

***Financing Activities***

Net cash used in financing activities amounted to $940,508 for the year ended September 30, 2024, and primarily included repayments of long-term loans of $432,988, payment of dividend distribution of $253,289, refund of capital contribution of $143,356 and payments made to related parties of $136,949.

Net cash used in financing activities amounted to $900,596 for the year ended September 30, 2023, and primarily included payment of dividend distribution of $574,639, repayments of long-term loans of $289,587 and refund of capital contribution of $63,523.

**Contractual obligations**

As of September 30, 2024, our contractual obligations were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Contractual obligations** |<br>**Total** | **Less than**<br>**1 year** |<br>**1-2 years** |<br>**2-3 years** |<br>**3-4 years** |<br>**4-5 years** |<br>**Thereafter** |
| Long-term auto loans (1) | $54996 | $21300 | $21300 | $12396 | $- | $- | $- |
| Long-term bank loans (2) | 1986771 | 239828 | 229786 | 205362 | 175528 | 175528 | 960739 |
| Operating lease payments (3) | 4624707 | 1959261 | 1453519 | 749376 | 320706 | 65855 | 75990 |
| Finance lease payments (4) | 74845 | 45392 | 21532 | 7921 | - | - | - |
| Total | $6741319 | $2265781 | $1726137 | $975055 | $496234 | $241383 | $1036729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the outstanding principal balance of long-term auto loans.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents the outstanding principal balance of long-term loans from banks.

&nbsp;&nbsp;&nbsp;&nbsp;(3) We lease office spaces and restaurant stores, which are classified
 as operating leases in accordance with Topic 842. As of September 30, 2024, our future operating lease payments totaled $4,624,707.

&nbsp;&nbsp;&nbsp;&nbsp;(4) We lease vehicles, which are classified as finance leases in accordance
 with Topic 842. As of September 30, 2024, our future finance lease payments totaled $74,845.

**Off-Balance Sheet Arrangements**

We did not have any off-balance sheet arrangements as of September 30, 2024 and 2023.

**Trend Information**

Other than as disclosed elsewhere in this prospectus, we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have a material effect on our net revenue, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

***Impact of Inflation***

Our Operating Subsidiaries are impacted by inflationary increases in wages, benefits and other costs. If inflation or other factors were to significantly increase our Operating Subsidiaries' business costs, they may be unable to pass through price increases to their customers. If our Operating Subsidiaries are not able to pass increased wage and other costs resulting from inflation onto their clients our profitability may decline. There can be no assurance that future cost increases can be offset by increased menu prices or that increased menu prices will be fully absorbed by our Operating Subsidiaries customers without resulting in any change to their visit frequencies or spending patterns.

**Quantitative and Qualitative Disclosures About Market Risk**

***Foreign Exchange Risk***

Our foreign exchange risk results mainly from cash flows from transactions denominated in foreign currencies. At present, we do not have any formal policy for hedging against currency risk. We ensure that the net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates, where necessary, to address short-term imbalances.

We have transactional currency exposures arising from sales or purchases that are denominated in a currency other than the functional currency of the entity, primarily United States Dollar, Hong Kong Dollar and Canadian Dollar.

For details of the foreign currency risk, please refer to section headed "Index to consolidated financial statements — Financial risk management" for additional information.

***Interest Rate Risk***

Our exposure to interest rate risk arises primarily from cash and cash equivalents and our long-term loans. We periodically review our liabilities and monitors interest rate fluctuations to ensure that the exposure to interest rate risk is within acceptable level.

We do not expect any significant effect on our profit or loss arising from the effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the reporting period.

For details of the interest rate risk, please refer to section headed "Index to consolidated financial statements — Financial risk management" for additional information.

***Credit Risk***

Credit risk is the potential financial loss to our Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to our Company, as and when they fall due. As our Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of trade and other receivables, and cash presented on the consolidated statements of financial position. Our Company has no other financial assets which carry significant exposure to credit risk.

***Liquidity Risk***

We are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to financial institutions and related parties to obtain short-term funding to cover any liquidity shortage.

**Seasonality**

Our Operating Subsidiaries' revenues are subject to seasonal fluctuations. Typically, we experience the highest customer traffic and revenue towards the end of the year, driven by festivals, the Chinese New Year, and increased tourist activity during this period.

**Critical Accounting Estimates**

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and revenue and expenses, to disclose contingent assets and liabilities on the date of the consolidated financial statements, and to disclose the reported amounts of revenue and expenses incurred during the financial reporting period. The most significant estimates and assumptions include the valuation of accounts receivable, inventory valuation, useful lives of property and equipment and intangible assets, the realization of deferred tax assets, the recoverability of long-lived assets, estimates used in lease accounting and provision necessary for contingent liabilities. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe critical accounting policies as disclosed in this prospectus reflect the more significant judgments and estimates used in preparation of our consolidated financial statements. Further, we elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (1) are no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

***Uses of estimates***

In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the allowance for credit losses, inventory valuation, the realization of advance to vendors, useful lives of property and equipment, the recoverability of long-lived assets, estimates used in lease accounting and realization of deferred tax assets. Actual results could differ from those estimates.

***Accounts receivable, net***

Accounts receivable represents balance due from customers and are recorded net of allowance for credit loss. The Company's primary accounts receivables are restaurant sales made with credit cards.

On October 1, 2023, the Company adopted ASC 326, Credit Losses, which replaced previously issued guidance regarding the impairment of financial instruments with an expected loss methodology that will result in more timely recognition of credit losses. The Company used a modified retrospective approach and did not restate the comparable prior periods.

The allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the receivables and is measured in accordance with ASC 326. Provisions for credit losses are recorded based on management's judgment regarding the Company's ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible. As of March 31, 2025, and September 30, 2024 and 2023, there was no credit loss recorded as management believed that all of the accounts receivable balances were fully collectible.

***<u>Inventories, net</u>***

Inventories are stated at the lower of cost and net realizable value using the weighted average method. Costs include the cost of food, beverages and supplies used in the restaurant business, labor costs and other overhead costs. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision for diminution in the value of inventories. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. 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. The Company recorded no inventory reserve as of March 31, 2025, and September 30, 2024 and 2023, respectively.

***<u>Revenue recognition</u>***

On October 1, 2022, the Company adopted Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with customers", using the modified retrospective approach.

To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will *not* occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The Company currently generates its revenue from the following main sources. Further, in accordance with ASC 280, Segment Reporting, management, including the Chief Operating Decision Maker ("CODM"), reviews operating results by the revenue of different services. Based on management's assessment, the Company has determined that it has four operating segments as defined by ASC 280 (see Note 15 of the consolidated financial statements included elsewhere in this prospectus):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Self-operated restaurant revenue* 

With our exclusive franchise right of Ajisen Ramen in Canada, we have four directly managed Ajisen Ramen restaurants in Canada. In Hong Kong, we have three directly managed Japanese barbecue restaurants under the brand name of Yakiniku Kakura, two directly managed restaurants under the brand name of Yakiniku 801 and one directly managed restaurant under the brand name of Ufufu Café. Revenues from self-operated restaurants are recognized at point when food and beverage products are delivered to customers and payment is tendered at the time of sale. The Company presents sales, net of discount, promotional allowances and sales taxes. Sales taxes collected from customers are included in other accrued taxes on our consolidated balance sheets until the taxes are remitted to governmental authorities.

The Company accounts for the revenue from sales of food and beverage products in self-operated restaurants on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Franchise revenue* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Management service fees* 

To better manage the sub-franchised restaurant stores, the Company provides upfront site selection, lease assistance, supply of the necessary franchise equipment, employee training services and other store management skills to the sub-franchisee to ensure that the sub-franchised restaurants conform to the general settings and requirements of the brand name over the contracted sub-franchise period. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly gross revenue of the sub-franchised restaurants and the Company recognizes such revenue on a monthly basis over the contracted period when the services are rendered on a continuous basis. See "Our Relationships with Certain Franchisors" for more detail on specific franchise fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Sales of food ingredients* 

Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at the Company's central kitchen before delivery to the sub-franchised restaurants. The Company accounts for the revenue from sales of food ingredient products to sub-franchisees on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. The Company recognizes revenue net of discounts and sales returns when the food ingredient products are delivered and the title is passed to the sub-franchisees.

*Contract Assets and Liabilities*

The Company did not have contract assets and contract liabilities as of March 31, 2025, September 30, 2024 and 2023.

*Disaggregation of Revenues*

The Company disaggregates its revenue from contracts by product, service types and geographic areas, as the Company believes it best depicts how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors. The Company's disaggregation of revenues for the six months ended March 31, 2025 and 2024, and for the years ended September 30, 2024 and 2023 are as follows:

*Revenue by service type*

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Self-operated-restaurant revenue | $7896546 | $7668894 |
| Franchise fee income | 90961 | 48770 |
| Management fee income | 348025 | 466118 |
| Sale of ingredients | 808103 | 308415 |
| Total revenues | $9143635 | $8492197 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Company-restaurant revenue | $15653963 | $16081232 |
| Franchise fee income | 124097 | 125786 |
| Management fee income | 1172930 | 1064186 |
| Sale of ingredients | 1138755 | 346105 |
| Total revenues | $18089745 | $17617309 |

---

*Revenue by geographic areas*

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Hong Kong, China | $4748251 | $4321780 |
| Canada | 4395384 | 4170417 |
| Total revenues | $9143635 | $8492197 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Hong Kong, China | $9394208 | $9366691 |
| Canada | 8695537 | 8250618 |
| Total revenues | $18089745 | $17617309 |

---

*Revenue by customer types*

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Revenue from third party customers | $8624811 | $8335490 |
| Revenue from related parties | 518824 | 156707 |
| Total revenues | $9143635 | $8492197 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Revenue from third party customers | $17049452 | $16509584 |
| Revenue from related parties | 1040293 | 1107725 |
| Total revenues | $18089745 | $17617309 |

---

***<u>Income taxes</u>***

***Cayman Islands***

We are incorporated in the Cayman Islands. The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company levied by the Government of the Cayman Islands save for certain stamp duties which may be applicable, from time to time, on certain instruments. The Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

***BVI***

We own Master Central, which incorporated in the BVI and is not subject to tax on income or capital gains under current BVI law. In addition, upon payments of dividends by these entities to their shareholders, no BVI withholding tax will be imposed.

***Hong Kong***

We own our HK Operating Subsidiaries through Waraku. Our HK Operating Subsidiaries and Waraku are all incorporated in Hong Kong and are subject to Hong Kong profit tax at a rate of 16.5%. From year of assessment of 2019/2020 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. There are no withholding taxes in Hong Kong on remittance of dividends.

***Canada***

Our CA Operating Subsidiaries are incorporated in Ontario, Canada, and are subject to both federal and provincial tax regulations. In Ontario, a combined corporate income tax rate of 26.5% (15% federal and 11.5% provincial) generally applies to the net taxable income generated by a corporate taxpayer, subject to certain deductions and tax credits. Since our suppliers are based in Canada, no withholding tax (WHT) is applicable on payments to domestic suppliers under Canadian tax law. As a result, our tax obligations are primarily subject to the requirements set forth by the Canada Revenue Agency (CRA) and applicable provincial tax authorities.

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. 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.

An uncertain tax position is recognized only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the six months ended March 31, 2025 and 2024, and for the years ended September 30, 2024 and 2023. The Company does not believe that there was any uncertain tax provision on March 31, 2025 and September 30, 2024 and 2023. The Company's subsidiaries in Canada and Hong Kong are subject to the income tax laws of the Canada and Hong Kong, respectively. As of March 31, 2025 and September 30, 2024, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

***Recent accounting pronouncements***

On December 14, 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that entities disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The new standard is effective for the Company beginning December 15, 2024, with early adoption permitted effective for fiscal years beginning January 1, 2024. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity's definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statements.

In March 2025, the FASB issued ASU 2025-02—*Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122.* The amendments in this Update are effective immediately and on a fully retrospective basis to annual periods beginning after December 15, 2024. The Company is currently evaluating the effect of adoption of this standard to its consolidated financial statements and disclosures.

**JOBS Act**

We are an emerging growth company, as defined in the JOBS Act. We intend to rely on certain reduced reporting and other requirements that are otherwise generally applicable to public companies. As an emerging growth company, we are not required to, among other things, (i) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act, which would otherwise be required beginning with our second annual report on Form 20-F, and (ii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis).

**BUSINESS**

**Our Company and Concepts**

We are a dynamic international restaurant operator with a diverse portfolio of Japanese-themed dining concepts, strategically positioned in Hong Kong and Canada. Through our Operating Subsidiaries, we deliver authentic Japanese culinary experiences by holding exclusive franchise rights for prestigious Japanese brands in Hong Kong and Canada.

In Toronto, we have established a strong presence with our exclusive franchise of Ajisen Ramen, one of Japan's most iconic ramen brands. Ajisen Ramen was brought to Canada by one of our founders, Mr. Johnny Luk, in 2005 as one of the first ramen shops in Toronto, and has since grown to 13 locations across Ontario, including four directly managed restaurants and nine sub-franchisees. Despite the growing competition within the ramen industry in Toronto, Ajisen Ramen has continued to expand and attract new customers across the city. One of the most unique aspects is our extensive offerings that go beyond just ramen, as well as the wide variety of customizable options available. Ajisen Ramen's central kitchen ensures consistency in quality and food preparation across all locations.

In Hong Kong, we franchise Yakiniku Kakura, a prestigious brand known for its premium A5 black Wagyu beef sourced directly from Saga, Kyushu. Our dedication to offering an exceptional quality at accessible prices has established us as a leader in upscale Japanese barbecue dining. Additionally, we franchise Yakiniku 801 and Ufufu Café. Yakiniku 801 provides an affordable yet high-quality yakiniku experience in a relaxed, modern setting, while Ufufu Café offers a unique blend of Western-influenced Japanese cuisine, appealing to a diverse customer base seeking both traditional and innovative dishes.

Across all markets, our restaurant concepts share a commitment to high-quality ingredients, attentive service, and unique customer experiences. We cater to a broad range of customer preferences, from luxury dining to casual family meals, while consistently delivering the authentic taste of Japan. Below is a summary of our four core concepts:

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| ![](formdrs_011.jpg) | ***Ajisen Ramen***<br>As one of the most iconic Japanese ramen brands known for its Kyushu-style pork bone broth ramen (tonkotsu), Ajisen Ramen has been a staple in Japan since 1968. The franchise has expanded to over 700 international outlets across Japan, China (Including Hong Kong), Singapore, Malaysia, Philippines, Mongolia, Cambodia, USA, Australia, New Zealand, Italy, Finland, Panama, Colombia. We hold the exclusive franchise rights for Ajisen Ramen in Canada and currently operate 13 locations across Ontario, including 4 self-operated restaurants and 9 sub-franchisees.<br>Unlike other typical ramen shops, our Ajisen Ramen outlets are full-service Japanese dining restaurants that offer a broad and diverse menu. In addition to our signature Kyushu-style tonkotsu ramen, our menu features a wide range of dishes, including our famous in-house made gyoza, chicken karaage, and AAA striploin served on a sizzling hot plate. The menu also includes vegan and customizable options to cater to diverse dietary preferences. We are known for offering a variety of soup bases, from traditional pork broth to more innovative options like spicy mala, which has become a best-seller among our Indian clientele. Our diverse menu, including popular items like Japanese curry pork katsu rice and wok-fried filet mignon, positions Ajisen Ramen as a trendsetter in flavor creation rather than just a ramen bar. The chic, modern Japanese interiors of our stores further enhance the dining experience, attracting a wide range of customers. To maintain consistency and quality across all locations, our state-of-the-art central kitchen ensures uniformity in food preparation.<br>|

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| ![](formdrs_012.jpg) | ![](formdrs_013.jpg) |
| Our mouthwatering selection of crispy house-made gyoza, golden fried chicken, and decadent Takoyaki, perfectly paired with a refreshing cocktail<br>| Crispy pork katsu smothered in rich, savory Japanese curry, served over fluffy steamed rice - comfort food at its most irresistible<br>|
|  | ![](formdrs_015.jpg) |
| A hearty, plant-based ramen crafted for vegans, featuring tender vegan noodles, and a choice of soul-warming broths like classic miso or rich black garlic<br>| Our signature mala beef noodle soup - packed with bold spicy flavors, along with our slow-cooked, melt-in-your-mouth pork ribs ramen |

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<br> Ajisen Ramen was recognized by Euromonitor International Shanghai Co. Ltd. as the world's No. 1 noodle restaurant brand in terms of the number of directly operated stores globally as of December 2023, further solidifying its reputation in the global market.<br>Our Canadian restaurants serve approximately 5,500 customers per week, with an average check size of approximately CAD25. We are focused on expanding Ajisen Ramen's footprint in Canada, with plans to open 5 additional locations in 2025, while also exploring opportunities to expand further into North America.<br>

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| ![](formdrs_016.jpg) | ***Yakiniku Kakura***<br>Originating from Saga, Kyushu, Yakiniku Kakura is a renowned Japanese barbecue restaurant that offers a high-quality dining experience at accessible prices. Benefiting from direct connections with slaughterhouses and farms in Japan, Yakiniku Kakura delivers top-tier A5 Wagyu beef at a price point that is friendly for the exceptional quality of meat offered. This unique supply chain advantage allows us to provide premium cuts, such as short rib, ribeye, and sirloin, without the typical markup seen in fine dining establishments. Each cut is expertly prepared to highlight its rich texture and flavor, offering diners a melt-in-your-mouth experience that is both luxurious and approachable. In addition to its signature Wagyu offerings, the restaurant features a range of izakaya-style dishes, including pork, chicken, seafood, donburi, and other traditional Japanese small plates. For those looking for a more curated experience, we also offer a Wagyu beef omakase set guided by our chefs.<br>|

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| ![](formdrs_017.jpg) | ![](formdrs_018.jpg) |
| A mouth-watering selection of premium Black Hair Wagyu cuts, showcasing beautifully marbled options like ribeye, short ribs, and brisket, served with a choice of salt or rich sauces | Our signature cold noodle bowl with a tangy kick of kimchi perfectly balances the richness of the beef for a refreshing bite |
| To complement the meal, Yakiniku Kakura provides a selection of alcoholic and non-alcoholic beverages, including sake, shochu, fruit wines, Japanese beers, and more. The restaurant's state-of-the-art ventilation system ensures a smoke-free, comfortable environment, allowing customers to enjoy the art of grilling without distraction. | To complement the meal, Yakiniku Kakura provides a selection of alcoholic and non-alcoholic beverages, including sake, shochu, fruit wines, Japanese beers, and more. The restaurant's state-of-the-art ventilation system ensures a smoke-free, comfortable environment, allowing customers to enjoy the art of grilling without distraction. |
| ![](formdrs_019.jpg) | ![](formdrs_020.jpg) |
| Our spacious dining area designed for comfort, with excellent airflow that keeps the space fresh and smoke-free, enhancing the overall yakiniku experience | A feast of premium Japanese beef complemented by our signature whisky highball and premium Japanese beer |

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| Since opening in Hong Kong, Yakiniku Kakura has attracted a diverse clientele seeking high-quality offerings at accessible prices. The restaurant operates at capacity during peak hours, and serves approximately 5,000 customers per week, with an average check size of approximately HK$350 per person. With five (5) locations in Hong Kong – three (3) self-operated and two (2) sub-franchised, we are actively exploring opportunities for expansion into new international markets.<br>|
| ***Yakiniku 801***<br>Offering an exceptional yet budget-friendly yakiniku experience, Yakiniku 801 specializes in high-quality beef cuts while ensuring affordability. Positioned as a mid-tier dining option, the restaurant features a variety of set meals and à la carte offerings, including popular cuts like black Wagyu beef shoulder and ribeye. Known for its consistent flavor and satisfying portions, Yakiniku 801 caters to diners who seek delicious meals at great value. The streamlined menu also includes a selection of side dishes such as kimchi, cold noodles, and rice sets, all priced competitively. With a focus on delivering excellent cost-performance (CP-value), Yakiniku 801 has become a favored destination for casual diners and small groups. Its efficient grilling system ensures a pleasant, smoke-free dining experience. |

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| ![](formdrs_022.jpg) | ![](formdrs_023.jpg)<br>|
| A value-for-money beef set featuring premium cuts, served with rice, miso soup, and onsen egg for a satisfying and complete meal | Our vibrant dining space, featuring individual grills for a smoke-free and personalized yakiniku experience |

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With two (2) locations in Hong Kong, the restaurant serves approximately 2,200 diners weekly, with an average check size of approximately HK$250, offering high-quality dining without the premium price tag.<br>

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| ![](formdrs_024.jpg) | ***Ufufu Café***<br>Originally from Saga, Japan, Ufufu Café is a Japanese-inspired café that blends Western-influenced Japanese cuisine (yoshoku) with Japanese-style desserts. Ufufu Café has gained popularity for its savory dishes such as hamburger steak, creamy pasta, and pizzas, alongside beautifully presented desserts like parfaits and French toasts. The café is particularly known for its desserts, crafted by Japanese pastry chefs using high-quality ingredients imported from Japan, including premium fruits, matcha powder, and coffee beans. Its best-selling parfaits are both beautifully photogenic and made with seasonal ingredients, such as fresh fruits air-flown from Japan, which enhance the overall taste and reflect the café's commitment to authenticity. A key feature of Ufufu Café is its seasonal menus, which introduce fresh and exciting new items throughout the year, keeping customers engaged and eager to try new offerings. Another highlight is the coffee, brewed with water from Shirakawa Springs, one of Japan's "Top 100 Famous Waters," giving it a unique and refined flavor. With its wooden aesthetic and cozy atmosphere, Ufufu Café is an inviting spot for casual dining and social gatherings.<br>|

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| ![](formdrs_025.jpg) | ![](formdrs_027.jpg) |
| Our best-selling all-day breakfast features a juicy hamburger steak, perfectly complemented by crispy-on-the-outside, fluffy-on-the-inside French toast with fresh strawberries<br>| Our warm, Japanese-style wooden interior with lush greenery creating a serene and cozy atmosphere, perfect for relaxing and dining |
| ![](formdrs_028.jpg) | ![](formdrs_029.jpg) |
| Our exquisite strawberry parfait and peach French toast, made with fresh, seasonal and aromatic fruits from Japan | A rich cup of latte brewed with Shirakawa Springs water, paired with our flavorful shrimp pasta for a delightful balance of taste. |
| We currently have two (2) locations in Hong Kong – one (1) self-operated and one (1) sub-franchised, serving approximately 900 customers per week with an average check size of approximately HK$150. Its diverse menu and affordable pricing have attracted a broad audience, from young influencers to families, with many sharing its beautifully presented food and desserts on social media. | We currently have two (2) locations in Hong Kong – one (1) self-operated and one (1) sub-franchised, serving approximately 900 customers per week with an average check size of approximately HK$150. Its diverse menu and affordable pricing have attracted a broad audience, from young influencers to families, with many sharing its beautifully presented food and desserts on social media. |

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**Industry backdrop** 

The global foodservice industry remains a key part of the world economy, with significant growth projected in the coming years. In 2023, the market was valued at over USD 3.2 trillion and is expected to expand to USD 6.3 trillion by 2032, driven by rising disposable incomes, evolving consumer lifestyles, and the rapid expansion of cafés, restaurants, and online food delivery platforms. This trend is particularly evident in markets like Hong Kong and Canada, where the restaurant sectors are both dynamic and competitive.

In Hong Kong, the restaurant industry has faced challenges but is showing signs of stabilization. Full-service restaurants, especially Asian dining concepts, are expected to see steady recovery, reaching pre-pandemic sales levels by 2026. The return of tourism will play a crucial role in driving footfall and revenue growth, presenting opportunities for our brands - Yakiniku Kakura, Yakiniku 801, and Ufufu Café - to capitalize on the rising demand for diverse dining experiences.

Similarly, in Canada, the restaurant sector continues to grow, supported by increasing consumer demand for international cuisines, including Japanese food. With a multicultural population, cities like Toronto and Vancouver are seeing heightened interest in authentic Japanese dining, providing a strong foundation for the expansion of Ajisen Ramen. Our focus on high-quality ingredients, innovative menu offerings, and adaptability to dietary preferences positions us well for capturing market share in both regions.

Against this backdrop, our concepts are well-positioned for growth. The recovery of full-service restaurants in Hong Kong, coupled with the return of tourism, provides a favorable environment for expanding our yakiniku and café offerings. In Canada, the increasing demand for authentic Japanese cuisine creates significant opportunities for Ajisen Ramen to scale. By leveraging our diversified portfolio, maintaining high standards of food quality, and tapping into shifting consumer trends toward sustainability and convenience, we are poised to further expand our footprint in both markets and internationally, enhancing our brand presence and driving long-term growth. See "Industry and Market Data" for more details.

**Our Competitive Strengths** 

We believe the following competitive strengths, when combined with our strategic plan and operating model, enable our sustainable growth in the global restaurant industry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Diverse Portfolio of Japanese-Themed Dining Concepts***

We pride ourselves on offering a diverse portfolio of Japanese-themed dining concepts, catering to a wide range of customer preferences, from accessible yet high-quality dining options to casual meals. Our portfolio includes yakiniku restaurants such as Yakiniku Kakura, which provides exceptional A5 Wagyu beef sourced directly from Saga, Kyushu, at a price point that reflects the quality of the meat, making it an attractive option for diners seeking great value. Yakiniku 801, on the other hand, offers an affordable yakiniku experience with high-quality beef cuts, appealing to value-conscious diners in a modern, casual setting. Additionally, Ufufu Café offers a blend of Western-influenced Japanese cuisine and beautifully crafted desserts, making it a popular destination for both young influencers and families.

In Canada, we have successfully established Ajisen Ramen, which is not just a ramen bar but a full-service Japanese dining restaurant. While known for its signature Kyushu-style tonkotsu ramen, Ajisen Ramen also offers an extensive menu, including gyoza, chicken karaage, Japanese curry pork katsu, and AAA striploin served on a sizzling hot plate. The menu is designed to cater to a variety of tastes and dietary preferences, including vegan options and customizable dishes, making it a versatile dining destination for a broad audience.

This diverse portfolio enables us to effectively target different customer segments, from high-end diners seeking premium quality to value-conscious consumers and families looking for casual dining experiences. In addition, our presence in two distinct continents - Asia and North America, allows us to tap into unique market opportunities and expand our reach across diverse cultural and demographic groups, while consistently delivering authentic Japanese culinary experiences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *Exclusive Franchise Rights for Renowned Japanese Brands***

Our company holds exclusive franchise rights for several prestigious Japanese restaurant brands, ensuring that we bring authentic and high-quality Japanese dining experiences to key international markets. In Canada, our exclusive franchise of Ajisen Ramen has allowed us to introduce one of Japan's most iconic brands to North American diners. In Hong Kong, we franchise Yakiniku Kakura, Yakiniku 801, and Ufufu Café, delivering authentic Japanese flavors and experiences to an increasingly discerning customer base.

A key strength of our company lies in the long-term franchise agreements we secure, typically spanning 15 to 20 years with an option to extend for an additional 15 to 20 years. These extended terms reflect the strong, enduring partnerships we have built with our Japanese franchisors, demonstrating a deep level of trust and commitment on both sides. This long-term approach not only ensures business sustainability but also allows us to work closely with our partners to co-develop expansion plans, fostering a mutually beneficial relationship that supports consistent growth and brand integrity over time. For more details, see "Business—Our Relationships with Certain Franchisors."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *Commitment to Quality and Consistency***

A core strength of our company is our unwavering commitment to quality and consistency across all our restaurant concepts. In Canada, our central kitchen for Ajisen Ramen ensures that all locations maintain consistent standards in food preparation and taste, offering the same high-quality ramen and other dishes across all outlets. This focus on quality and consistency not only sets us apart from competitors but also fosters customer loyalty and repeat business. In Hong Kong, we source beef directly from Japan, ensuring that our diners enjoy high-quality cuts of meat at Yakiniku Kakura and Yakiniku 801 at a price that offers excellent value for the quality. At Ufufu Café, we import seasonal ingredients, such as fruits, matcha powder, and coffee beans, directly from Japan to maintain the freshness and authenticity of our dishes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *Proven Leadership and Operational Expertise***

Our Company's leadership is grounded in extensive industry expertise and operational excellence, with key leaders overseeing our operations in both Hong Kong and Canada.

In Canada, our Chairman and Chief Executive Officer, Mr. Johnny Luk, oversees the operations of our CA Operating Subsidiaries. With over 20 years of experience in marketing, management, and food quality control in restaurant operations, he brings a wealth of expertise to the role. Mr. Johnny Luk's relationship with Ajisen Ramen Japan began in 1998, when he helped build the brand through his work at a marketing and advertising company. In 2005, Johnny brought Ajisen Ramen to Canada, where under his leadership, it has expanded to 13 locations across Ontario. His deep understanding of the brand and commitment to maintaining authenticity and high standards continue to drive the growth and success of our Canadian operations.

In Hong Kong, our Vice Chairman and Executive Director - Mr. Mark Luk, oversees the HK Operating Subsidiaries. He is responsible for the day-to-day administrative and operational management of the Group, ensuring the overall supervision and smooth functioning of our restaurant operations. Mr. Mark Luk's significant insight into the F&B industry and strong connections with Japanese suppliers have enabled us to maintain a close relationship with Unico, our franchisor for Yakiniku Kakura, Yakiniku 801, and Ufufu Café. His leadership has been instrumental in the successful expansion of these brands in Hong Kong, positioning us as a market leader in the region.

Collectively, our management team possesses the industry expertise and operational experience necessary to formulate sustainable business strategies, assess and manage risks, and adapt to evolving customer preferences. This expertise enables us to seize major market opportunities and ensures that our business continues to grow and thrive. With the combined leadership skills and in-depth industry knowledge of our executive directors and senior management, we are confident in our ability to drive revenue growth and sustain long-term success.

**Our Growth Strategies** 

Our growth strategy focuses on expanding our restaurant footprint in key markets, enhancing customer experience through menu innovation, and optimizing operational performance to support sustainable growth. We will leverage our strong track record in restaurant operations, franchising, and market entry to capitalize on new opportunities and achieve long-term success. Our key strategic initiatives include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Expansion of Restaurant Footprint in Key Markets***

We plan to continue expanding our global presence through a combination of new restaurant openings and strategic sub-franchising. For the years ended September 30, 2022, 2023 and 2024, we opened 1, 0 and 0 self-operated restaurants, respectively, and 1, 1 and 3 sub-franchised restaurants, respectively. For the six months ended March 31, 2025, 2024, and 2023, we opened 0, 0 and 0 self-operated restaurants, respectively, and 2, 2 and 1 sub-franchised restaurants, respectively. We intend to open two more sub-franchised stores before the end of 2025 in Ontario—specifically, Brampton and Oakville. See "Management's Discussion and Analysis—Key Financial Performance Metrics." We normally do not purchase real estate property, but a typical new store will cost around US$550,000 to 700,000 which includes the purchase of kitchen equipment and decorations. This amount also includes the initial build out cost of the restaurant, excluding the cost of a lease. This diversification helps us mitigate market risk while capturing a larger share of the global dining market. By carefully selecting regions with a growing interest in Japanese cuisine, we ensure our new outlets are placed in vibrant, high-traffic areas that appeal to both locals and tourists. Our expansion plans include:

**Ajisen Ramen in Canada**

Through our CA Operating Subsidiary, ARCI, we entered into the MFA with the Ajisen Franchisor on November 5, 2019 for the exclusive rights to operate and sub-franchise Ajisen Ramen restaurants in Canada. The MFA does not require us to open a certain number of restaurants.

Our expansion of Ajisen Ramen in Canada will be driven by a robust sub-franchising strategy, enabling us to leverage local market expertise while scaling efficiently. After establishing a strong presence in Toronto with 13 stores, we intend to expand into British Columbia, Alberta, and Quebec, where there is high demand for authentic Japanese ramen.

To support this growth, we intend to recruit sub-franchisees aligned with our brand values and provide them with comprehensive training, marketing support, and access to our state-of-the-art central kitchen. The central kitchen ensures operational efficiency and consistency, allowing franchisees to focus on customer service while maintaining our high standards.

By handling core ingredient preparation, the central kitchen simplifies supply chain management, reducing complexity and labor costs. In addition, we offer ongoing support through marketing campaigns, market analysis, and operational guidance, ensuring each location is set up for long-term success and maintains the integrity of the Ajisen Ramen brand across Canada.

In addition to opening physical locations, we intend to manufacture and sell packaged ramen in supermarkets across Canada, which is proven to be highly successful in Ajisen China. We have plans to manufacture and distribute packaged ramen in supermarkets across Canada in the near future, but have neither taken any steps nor made any financial commitments to do so yet. We do not yet have an anticipated distribution date or budgeted costs associated with this new initiative.

**Ajisen Ramen in the United States**

We plan to expand Ajisen Ramen into major U.S. cities, including Chicago, New York, and Los Angeles. These cities represent significant opportunities for growth, given their diverse culinary scenes and large customer bases for authentic ramen experiences. To facilitate this expansion, we will collaborate with local sub-franchisors, ensuring efficient market entry while maintaining brand integrity.

**Yakiniku Kakura in North America**

We plan to introduce Yakiniku Kakura to Canada as the first step in our international expansion of this premium Japanese BBQ brand. Following its success in Canada, we plan to expand into New York, Chicago, and Los Angeles, tapping into growing demand for authentic Japanese dining experiences. We will explore both company-owned and franchise models to scale the brand internationally.

**Ufufu Café in North America**

We see a significant gap in the Western-Japanese style café market in North America, particularly in cities like Toronto, Chicago, and Los Angeles. Ufufu Café's unique offerings, such as Japanese-inspired desserts and specialty drinks, are well-positioned to fill this gap and attract a diverse customer base. Our strategy will involve both franchise and company-owned models, focusing on high-traffic urban areas that align with the brand's positioning as a leader in the specialty café market.

Expanding into new locations presents new risks, some of which may be unique to such locations. In the United States these include, but are not limited to potential increased labor costs due to changes in immigration policies in the United States, tariff policies in the United States, intense competition, low brand recognition, market saturation, varying consumer preferences and differing discretionary spending habits. See "Risk Factors—Risks Related to our Business and Industry—Changes in U.S. and international trade policies, including the export and import controls and laws, may adversely impact our business and operating results," —"Increases in labor costs or shortages of qualified staff could negatively affect our profitability, and —"Expanding into new markets can pose additional challenges due to our lack of familiarity with those regions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2. Innovation in Menu and Customer Experience***

To differentiate our brands and meet evolving consumer preferences, we will continue to innovate in both menu offerings and the overall customer experience. Our strategies include:

● **Menu Diversification**: We will introduce seasonal items and limited-time offerings to keep our menus fresh and attractive to returning customers. For example, we plan to expand Ajisen Ramen's menu by incorporating more plant-based options and regional ramen varieties to appeal to a broader demographic.

● **Enhanced Customer Experience**: We are committed to delivering a high-quality dining experience across all our brands. This includes incorporating technology such as interactive digital menus, mobile ordering, and personalized dining services. Unique restaurant designs and ambient settings create memorable experiences that go beyond the meal itself, encouraging customers to return and share their experiences on social media, indirectly boosting brand visibility. We will also explore loyalty programs and personalized promotions to strengthen customer engagement and retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *Operational Efficiency and Scalability***

As we expand into new markets, maintaining operational excellence and ensuring that our business remains scalable are critical to our success. Our strategies in this area include:

● **Optimizing Restaurant Operations**: We will focus on improving operational efficiency at each of our locations by refining our employee training, enhancing kitchen workflows, and implementing best practices to drive consistent performance. This will help us scale efficiently while maintaining high standards across all locations.

● **Maintaining Profitability**: As we grow, we will continue to monitor our cost structures and operating margins to ensure that each new location contributes positively to our bottom line. Our focus on cost management will include optimizing labor and food costs, as well as identifying opportunities to streamline operations without compromising quality.

● **Technology Integration**: We will continue to explore technology solutions to enhance both front-of-house and back-of-house operations. This includes adopting digital platforms for order management, inventory tracking, and customer engagement, which will allow us to serve guests more efficiently and maintain operational consistency as we expand.

**Our Footprints and Properties**

*Canada*

As of the date of this prospectus, we self-operate four (4) Ajisen Ramen restaurants and one (1) central kitchen facility across Ontario, in addition to overseeing nine (9) sub-franchised restaurants.

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| **Franchise brand** | **Locations** | **Operating model** |
| Ajisen Ramen | 3720 Midland Avenue, Scarborough, Ontario | Self-operated |
|  | 3175 Rutherford Road, Concord, Ontario | Self-operated |
|  | 399 Church Street, Toronto, Ontario | Self-operated |
|  | 8360 Kennedy Road, Unionville, Ontario | Self-operated |
|  | 7010 Warden Avenue, Markam, Ontario | Sub-franchised |
|  | 5229 Yonge Street, North York, Ontario | Sub-franchised |
|  | 332 Spadina Avenue, Toronto, Ontario | Sub-franchised |
|  | 3196 Dougall Avenue, Windsor, Ontario | Sub-franchised |
|  | 17325 Leslie Street, Newmarket, Ontario | Sub-franchised |
|  | 2601 Lauzon Parkway, Ontario | Sub-franchised |
|  | 5229 Yonge Street, North York, Ontario | Sub-franchised |
|  | 15 King Street North, Waterloo, Ontario | Sub-franchised |
|  | 334 Rossland Road East, Ajax, Ontario | Sub-franchised |

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Our self-operated Ajisen Ramen restaurants range in size from 1,400 to 2,254 square feet, with seating capacities varying from 40 to 74 guests, including both indoor and outdoor seating at select locations. We lease all our self-operated restaurant spaces. These leases typically have initial terms of five (5) to ten (10) years, with options to renew for an additional five (5) years. The interior decor across all locations features custom wooden accents and LED elements, offering a modern interpretation of a traditional ramen shop. In addition, our strategically designed business signage, both indoor and outdoor, is visually striking and crafted to capture the attention of pedestrians and vehicle traffic from all directions.

The following images showcase the distinctive interiors and exteriors of our self-operated restaurants:

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| ![](formdrs_030.jpg) | ![](formdrs_031.jpg) | ![](formdrs_032.jpg) |

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We own our central kitchen facility, located at Units 4 and 5, 130 Dynamic Drive, Scarborough, Ontario, which spans approximately 5,000 square feet. Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at our central kitchen before delivery to the sub-franchised restaurants. Revenue from sales of such food ingredients to the sub-franchised restaurants represents one operating segment of revenues.

*Hong Kong*

As of the date of this prospectus, we self-operate three (3) Yakiniku Kakura restaurants, one (1) Yakiniku 801 restaurant, and one (1) Ufufu Café restaurant. In addition, we oversee two (2) sub-franchised Yakiniku Kakura restaurants. For our sub-franchised operations, we provide management services and receive a management fee equivalent to 1.5% to 10% of their revenues.

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| **Franchise brands** | **Locations** | **Location type** | **Operating model** |
| Yakiniku Kakura | Shop No. G1 & G3, G/F., Site 11 (Treasure World), Whampoa Garden, Hung Hom, Kowloon, Hong Kong<br>| Mall | Self-operated |
|  | Shop 701, 7/F, New Town Plaza Phase I, 18-19 Sha Tin Centre Street, Shatin, New Territories, Hong Kong<br>| Mall | Self-operated |
|  | Shop B155, 1/F, YOHO MIX, 1 Long Lok Road, Yuen Long, New Territories, Hong Kong | Mall | Self-operated |
|  | Shop 101-102, 1/F, Tower 535, 535 Jaffe Road, Causeway Bay, Hong Kong<br>| Mixed-use building | Sub-franchised |
|  | Shop 311A, Plaza Hollywood, 3 Lung Poon Street, Diamond Hill, Kowloon | Mall | Sub-franchised |
| Ufufu Café | Shop 321-323, 3/F, Tsuen Wan Plaza, 4-30 Tai Pa Street, Tsuen Wan, New Territories, Hong Kong | Mall | Self-operated |
| Yakiniku 801 | Shop 321-323, 3/F, Tsuen Wan Plaza, 4-30 Tai Pa Street, Tsuen Wan, New Territories, Hong Kong | Mall | Self-operated |

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Our Hong Kong restaurants range in size from 1,500 to 2,300 square feet, and all seating is indoors, accommodating between 50 and 100 guests. We do not own any of the real estate and lease all our restaurant locations. Lease terms for our restaurants in Hong Kong are typically 3 to 4 years, and generally do not include renewal options.

**Our Relationship with Franchisors** 

We operate and franchise Ajisen Ramen, Yakiniku Kakura, Yakiniku 801 and Ufufu Café in Hong Kong and Canada under exclusive franchise agreements. The respective terms and expiration dates of those agreements are as follows:-

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| **Restaurant Brand – Location** | **Agreement** | **Term** | **Date of Expiration** |
| Yakiniku Kakura – Hong Kong | Franchise Agreement dated July 21, 2021 | 15 years | June 30, 2036 |
| Yakiniku 801 – Hong Kong | Franchise Deed dated September 1, 2022 | 15 years | August 31, 2037 |
| Ufufu Café – Hong Kong | Franchise Deed dated July 1, 2023 | 15 years | June 30, 2038 |
| Ajisen Ramen – Canada | Franchise Agreement dated November 5, 2019 | 20 years | December 31, 2039 |

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For discussion of the terms of each agreement listed above, see "Our Relationships with Certain Franchisors."

**Restaurant Management**

***Customers***

Due to the nature of our business, our Operating Subsidiaries' customers are mainly retail customers from the general public. Our Directors consider that it is not practicable to identify the five largest customers for the two years ended September 30, 2023 and 2024, and the six months ended March 31, 2025 and 2024, due to the diverse nature of our customer base. None of our Operating Subsidiaries' customers accounted for 5% or more of our Group's total revenue for the two years ended September 30, 2023 and 2024, and the six months ended March 31, 2025 and 2024, and we did not rely on any single customer during the two years ended September 30, 2023 and 2024 and the six months ended March 31, 2025 and 2024. In line with the industry practice, during the two years ended September 30, 2023 and 2024, the six months ended March 31, 2025 and 2024, and up to the date of this registration statement, none of our Operating Subsidiaries have entered into any long-term contract with our Operating Subsidiaries' customers.

***Employees***

Our employees are the backbone of our restaurant operations, and we take pride in ensuring that they are trained to deliver high-quality, efficient, and friendly service to all our customers. Through a variety of training programs, we ensure that our staff maintains the highest standards of professionalism and efficiency.

We categorize our employees into four main groups: Corporate Management and Office Staff, Management, Kitchen Staff, and Service Crew. Each group plays a unique and vital role in the success of our restaurants.

As of the date of this prospectus, we employed 169 persons, of whom 55 are located in Hong Kong and 114 are located in Canada. These numbers reflect only employees directly hired by us. In Hong Kong, we employ 8 corporate and office staff, 8 restaurant managers, 27 kitchen staff including chefs and dishwashers, and 12 service crew including floor supervisors and waiters and waitresses. In Canada, we have 21 managers, 53 kitchen staff including chefs and dishwashers, and 40 service crew including waiters and waitresses.

***Training and Employee Development***

Our employees are critical to delivering a positive dining experience. As such, we focus on on-the-job training to ensure all staff members are well-prepared to provide fast, efficient, and friendly service. Rather than relying on formal training programs, our employees in both Hong Kong and Canada learn directly through hands-on experience, guided by experienced team members and supervisors. This approach allows new hires to become familiar with our operations in a real-world setting, ensuring they quickly adapt to our standards and practices.

We also work closely with our sub-franchisees, providing them with thorough training to ensure consistency and operational excellence across all locations.

In Canada, we require key members of our sub-franchisees to complete a mandatory 4-week training program at our self-operated restaurant locations. This structured program, led by our corporate training managers, covers both back of house ("BOH") and front of house ("FOH") operations. Trainees progress through a schedule that requires them to get certified at each operational station before moving on to the next. By the end of the program, all participants are fully certified to manage and operate the store independently, maintaining the high standards that define our brand. Once a new sub-franchised restaurant is ready to open, our corporate team will send two managers - one specializing in BOH operations and one in FOH operations, to the new location for 7 days to assist with the initial setup and operations. These managers may extend their stay and remain on-site until the local team is fully prepared to run the store independently and meet our operational standards. Additionally, we provide detailed training materials, including standard operating procedures and access to our learning management system, which form an integral part of our training system. In Hong Kong, our sub-franchisees receive hands-on training under the guidance of experienced managers and supervisors. We provide direct coaching on the sub-franchisees' daily operations, quality control, and customer service to ensure that all locations maintain our expected standards.

**Supply Chain Management** 

***Supply Chain Network***

In Canada, our supply chain is managed through a centralized procurement system, with most seasonings and sauces imported from our Japan headquarters. These products are critical to maintaining the authentic flavor of our dishes. Meats, on the other hand, are primarily sourced locally to ensure freshness and cost efficiency. Ramen noodles are freshly made daily in our central kitchen, which also handles the processing and preparation of key ingredients. Pursuant to our franchise agreement with the Ajisen Franchisor, we are required to source the unique soup bases used in our dishes from the franchisor. Our diverse range of soup bases includes ingredients sourced globally: mala from China, tom yum from Thailand, and black garlic and miso from Japan. This international approach to sourcing not only ensures a wide variety of authentic flavors but also helps maintain consistent quality that we believe is difficult for others to replicate, preserving the uniqueness of our offerings. Other than our obligations under the franchise agreement to purchase certain core ingredients from the Ajisen Franchisor, we do not currently have written contracts with other suppliers.

In Hong Kong, we source key ingredients from a combination of Japan and local suppliers. For Yakiniku Kakura and Yakiniku 801, our premium beef is imported from Japan to ensure the highest quality, while other ingredients are sourced from local suppliers. We operate both brands under separate franchise agreements with Unico, pursuant to which we are required to purchase specialty sauces and other proprietary ingredients either directly from Unico or from suppliers designated by Unico. At Ufufu Café, we import selected high-quality ingredients from Japan, including premium fruits, matcha powder, and coffee beans. This combination of imported and local ingredients helps maintain the high standards expected at our restaurants. Other than our obligations under the franchise agreements with Unico to purchase key ingredients, we do not currently have written contracts with any other suppliers.

We are required to source certain key ingredients, including noodles and Ajisen Ramen's unique soup base, directly from the Ajisen Franchisor. These supplies are to be purchased at prices determined by the Ajisen Franchisor, and we must pay the Ajisen Franchisor in advance.

***Food Safety and Quality Control***

In Canada, food safety and quality control are top priorities. Our central kitchen plays a key role in maintaining consistent food quality across all locations, handling the preparation of key ingredients, such as ramen noodles, seasonings, and meats, for both our own and sub-franchised restaurants. In addition to daily quality checks, we have a QC Inspector who anonymously audits our restaurants to ensure that food safety and quality standards are met. This inspector provides feedback directly to management, including photographic evidence and a "Food Testing Form", to address any issues promptly.

All of our restaurants in Canada follow a strict food safety manual that focuses on illness prevention, proper food handling, temperature control, and cross-contamination prevention. Employees are trained to adhere to these standards, ensuring compliance with local food safety regulations. Daily reports, including photos of ingredients, cooking equipment, and the overall restaurant environment, are submitted to management to ensure that all locations strictly follow our quality and safety protocols.

In Hong Kong, we ensure food safety and quality control through direct oversight from Unico, the franchisor of our brands. Unico staff regularly monitor operations at our restaurants to ensure the quality of premium ingredients, like A5 Wagyu beef and imported Japanese products, is upheld.

Unlike Canada's centralized kitchen model, our Hong Kong restaurants source ingredients directly from Japan and local suppliers. This requires on-site quality control, with daily checks on ingredient freshness, hygiene, and food preparation practices. Restaurant managers and staff in both our self-operated and sub-franchised restaurants are trained to follow strict protocols, including temperature control, sanitation, and cross-contamination prevention. Our hands-on approach and continuous staff training help maintain high standards at every location, ensuring consistent quality and safety for our customers.

**Management Information and Systems**

In Canada, we use Snappy Innovations for our point-of-sale (POS) system, a comprehensive platform designed specifically for the restaurant industry. This system enables us to efficiently track and manage sales, food and beverage costs, and inventory levels. The Snappy POS integrates seamlessly with our staff's handheld devices for order-taking and payment processing, ensuring a smooth and streamlined workflow. Its customizable features and built-in analytics provide valuable insights into guest preferences, allowing us to enhance the overall customer experience. For payment processing, we rely on Moneris Solutions, a trusted provider that ensures secure and efficient transactions across our restaurants. We use XERO for our accounting, a cloud-based platform that helps us manage financial operations with accuracy and transparency. XERO's features allow us to handle invoicing, payroll, and financial reporting efficiently, supporting the growing number of restaurants we operate.

In Hong Kong, we use Lising Company for our point-of-sale (POS) system, a comprehensive platform tailored for the restaurant industry to timely track the sales of each branch by categories such as the time interval and types of food and drinks ordered.

We depend on these third-party systems and providers to protect the sensitive information of both our customers and employees, ensuring data security and compliance with industry standards.

**Advertising and Marketing** 

Our marketing strategy is designed to enhance restaurant sales by encouraging existing customers to visit frequently and by attracting new patrons.

In Canada, we maintain customer interest and engagement through seasonal promotions and limited-time offers, featuring special ingredients and flavors. One of our most notable campaigns is World Ajisen Day, which celebrates the global presence of more than 700 Ajisen Ramen locations worldwide. This event includes special menu items and exclusive offers that encourage customers to participate in the celebration, driving significant traffic to our restaurants. Typically, our restaurants have five to seven promotion periods each year, with messaging designed to inspire immediate action and boost customer visits. A key aspect of our marketing strategy is our collaboration with a marketing agent to create compelling campaigns, including reels and promotional videos that showcase our offerings. These videos are shared across platforms such as Instagram Reels, Dished TikTok, blogTO TikTok, and blogTO Twitter, significantly expanding our digital reach. Additionally, Johnny Luk, one of our founders, plays a central role in these campaigns. As a frequent guest on broadcast radio, Johnny personally promotes Ajisen Ramen, sharing his love for ramen and the brand's story. His media appearances, combined with our digital efforts, create a multi-platform strategy that enhances brand awareness, builds a personal connection with customers, and drives traffic to our restaurants.

In Hong Kong, we focus on promotions and strategic partnerships. For Yakiniku Kakura and Yakiniku 801, we take advantage of various festivals to offer special promotions and discounts. Seasonal menus, such as autumn-themed selections, keep our offerings fresh and enticing. We provide "back-to-school" student discounts, discounts for residents of the shopping malls where our restaurants are located, and coupons for Ufufu Café ice cream. We have a partnership with Cathay Pacific, allowing customers to earn airline miles for dining at Yakiniku Kakura. Additionally, our collaboration with local membership clubs offers dining discounts at our restaurants. For Ufufu Café, our menu is regularly updated with seasonal drinks and desserts featuring fresh ingredients. We offer special promotions on afternoon tea sets and collaborate with platforms like OpenRice, offering a complimentary dessert for reservations made through their sites. We also partner with selected cinemas in Hong Kong to provide discounts for patrons who present their cinema tickets. To boost visibility, we utilize social media platforms such as Instagram and Facebook, along with key opinion leaders, YouTubers, and food bloggers to promote our restaurants and help us reach a wider audience.

**Seasonality**

Our business experiences seasonal variations driven by cultural celebrations and festivals. In both Hong Kong and Canada, sales tend to peak around cultural celebrations and major festivals, including Chinese New Year, Christmas, and New Year's celebrations. These occasions inspire an increase in dining out as customers seek memorable meals for their festive gatherings.

In Canada, our restaurants experience higher customer traffic during festive periods, as guests take advantage of special menus and promotions that cater to these celebrations. Festivals are the primary driver of seasonal sales in both markets, providing opportunities to engage with customers who are looking to celebrate cultural and seasonal milestones with exceptional dining experiences.

In Hong Kong, festivals not only attract local diners but also draw a significant number of tourists, who travel to the city for its vibrant culinary scene. This influx of visitors, combined with local festive celebrations, results in higher foot traffic across our restaurants during these periods. Many patrons seek unique and memorable dining experiences, making festivals a key driver of sales in Hong Kong. See also "Management's Discussion and Analysis—Seasonality" and "Risk Factors—Risks Related to our Industry and Business—Our results of operations may fluctuate due to seasonality."

**Competition** 

In Canada, the ramen market is relatively more concentrated, with Kinton Ramen being one of the most prominent competitors. The competition is primarily among other chain ramen restaurants and independent establishments that emphasize food quality, brand recognition, and customer experience.

In Hong Kong, the market for yakiniku is fragmented, with a variety of competitors offering different price points and dining experiences. Notable competitors include both chain and independent restaurants, such as Gyu-Kaku, which operates multiple locations and offers a range of options in the yakiniku segment. The broader Japanese-Western café market is similarly competitive, with a number of established brands like QUE, J.S. Foodies and PHI Coffee & Pancake offering similar fusion-style dishes.

Across all markets, we compete with other restaurants on factors such as food quality, consistency, brand reputation, value for money, ambiance, service, location, supply of quality ingredients, and the availability of trained employees. See also "Industry Overview."

**Intellectual Property** 

The Company's use of certain material trademarks and service marks is governed by the franchise agreements that we have entered into with our franchisors. These agreements are described under the section "Our Relationships with Certain Franchisors."

**Licenses** 

As of the date of this prospectus, we have obtained all requisite licenses or permissions that are material to our business operations, all of which are valid and current, and we have not been denied such licenses, permissions or approvals by any authorities.

**Insurance**

For our operations in Hong Kong, we maintain employees' compensation insurance for our directors and employees, which covers the liability to make payment in the case of death, injury or disability of all our employees under the Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) and at common law for injuries sustained at work. We believe that our current insurance policies are sufficient for our operations and are in line with our industry norm.

For our operations in Canada, our insurance coverage includes, among others, employees' compensation, business interruption, trade credit and fire. We believe that our insurance coverage is in line with our industry standard. We review our insurance policies from time to time for adequacy in the breadth of coverage.

**Working Capital** 

For a discussion about the Company's working capital, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations."

**Legal Proceedings**

We may from time to time become a party to various legal or administrative proceedings arising in the ordinary course of our business 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.

**OUR RELATIONSHIPS WITH CERTAIN FRANCHISORS**

**Ajisen Ramen - Canada**

Through our CA Operating Subsidiary, ARCI, we entered into a master franchise agreement (the "**MFA**") with Shigemitsu Industry Co. Ltd (as the head franchisor) and Ajisen Overseas Franchising Company Limited (as the franchisor) (collectively, the "**Ajisen Franchisor**") on November 5, 2019 for the exclusive rights to operate and sub-franchise Ajisen Ramen restaurants in Canada.

*Term*

The MFA has an initial term of 20 years, commencing on January 1, 2020 and ending on 31 December, 2039, and is renewable for an additional 10-year term. The MFA does not explicitly address whether the terms of the agreement may be renegotiated or amended upon renewal. Therefore, any changes to the terms of the agreement at the time of renewal may be subject to mutual agreement between the parties. The MFA may be terminated upon expiration, or in the event of non-compliance with the terms, including failure to meet the standards set forth by the Ajisen Franchisor or failure to pay the required fees.

*Franchise fees and other contributions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Self-operated Ajisen Ramen restaurants

Under the MFA, the initial franchise fee was waived for our first four Ajisen Ramen restaurants. Starting with the fifth restaurant, we are required to pay a lump-sum franchise fee of USD 10,000 for each new location. Additionally, we must pay a monthly royalty fee of USD 1,000 per restaurant to the Ajisen Franchisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Sub-franchised restaurants

Under the MFA, we are responsible for collecting an initial lump-sum franchise fee of CAD 40,000 from each sub-franchisee, and we are required to remit 50% of this amount to the Ajisen Franchisor. Additionally, we collect continuing royalty fees from sub-franchisees, set at 3% of their gross monthly sales as specified in their sub-franchise agreements. The sub-franchise fees required to be paid to us are normally charged at 3% of the monthly revenues of the sub-franchisee and we are obliged to pay 50% of the collected royalty fees to the Ajisen Franchisor. At our discretion, we may also charge sub-franchisees a monthly marketing fee of up to a certain percentage of their gross monthly sales. In the event that a sub-franchisee fails to pay the full royalty amount, we remain liable to the Ajisen Franchisor for the unpaid portion and must cover any shortfall from our own funds. See "Risk Factors – Risks Related to Our Industry and Our Business – Our financial condition and results of operations in Canada depend, to a certain extent, on the financial condition of our sub-franchisees and their ability to fulfil their obligations under their sub-franchise agreements."

*Our Rights and Obligations*

Under the MFA, we have, among other things, the exclusive rights to:

● Own and operate Ajisen Ramen-branded restaurants in Canada;

● Sub-franchise the business to third parties, allowing them to operate Ajisen Ramen-branded restaurants within the territory;

● Use the Ajisen Ramen trade name, trademarks, and proprietary methods, which include operational procedures, setting standards, menu items, and other elements central to the Ajisen Ramen brand; and

● Advertise and promote the Ajisen Ramen brand in Canada, leveraging the brand's established identity to grow the business.

In return, among other things, we are required to:

● Operate in compliance with the Ajisen Franchisor's standards, including the design, setting, layout, and operational guidelines of the restaurants;

● Pay franchise fees and continuing royalty fees for each restaurant, as well as the fees on sub-franchisee sales if we sub-franchise the business.

● Manufacture supplies such as noodles and soup bases strictly to the Ajisen Franchisor's product standards.

*Real Estate and Operational Control*

We are responsible for securing and maintaining real estate for the operation of Ajisen Ramen-branded restaurants. All restaurant locations must comply with the Franchisors' guidelines regarding layout, design, and operations. Additionally, we are required to maintain operational control over the restaurants and ensure that all restaurant staff adhere to the brand's guidelines for customer service, uniform standards, and cleanliness.

*Supply Chain Obligations*

We are required to source certain key ingredients, including noodles and Ajisen Ramen's unique soup base, directly from the Ajisen Franchisor. These supplies are to be purchased at prices determined by the Ajisen Franchisor, and we must pay the Ajisen Franchisor in advance. For subsequent orders, we must first submit a purchase order, after which the Ajisen Franchisor will provide a quotation with a proposed shipping date. We must then confirm the quotation in writing and remit payment before production and shipment. Delivery will occur at least one month after payment.

*Advertising and Promotion*

We are entitled to engage in local advertising and promotional activities to support the growth of the Ajisen Ramen brand in Canada. Ajisen Franchisor may also provide us with marketing materials, and we are encouraged to develop marketing strategies that resonate with the local market.

*Termination*

The MFA allows for termination under specific conditions, including material breach of the agreement, such as failure to comply with operational standards, non-payment of franchise or royalty fees, or unauthorized transfers of franchise rights. Additionally, the MFA may be terminated if we become insolvent or sell our operation without the Ajisen Franchisor's consent. In light of this condition, we have obtained the Ajisen Franchisor's consent in relation to this IPO listing.

Upon termination, we must immediately cease using all Ajisen Ramen trademarks, proprietary methods, and branding, and settle any outstanding financial obligations.

**Unico – Hong Kong**

In Hong Kong, we obtained franchise rights for operating Yakiniku Kakura, Yakiniku 801 and Ufufu Café from Unico Co., Ltd. and Unico HK Corporation Ltd. as the franchisors (collectively "**Unico**").

***Yakiniku Kakura***

Through our HK Operating Subsidiary, C& Hospitality, we entered into an exclusive franchise agreement with Unico on July 21, 2021 for the exclusive right to develop and operate Yakiniku Kakura restaurants in Hong Kong (the "**YK Franchise Agreement**"). The terms of the YK Franchise Agreement are detailed below.

*Term*

The initial term of the YK Franchise Agreement is fifteen (15) years, commencing on July 1, 2021, and ending on June 30, 2036. We have an option to extend the agreement for an additional fifteen (15) years (until June 30, 2051) upon mutual agreement and subject to our compliance with the terms of the agreement. The YK Franchise Agreement does not specify whether the terms of the agreement may be renegotiated or amended upon renewal or extension. Therefore, the terms of the agreement upon renewal or extension may change subject to mutual agreement between the parties.

*Franchise fees* 

In consideration of the franchise rights granted, we are required to pay a continuing monthly franchise fee equivalent to 3% of the monthly sales of each Yakiniku Kakura restaurant we operate.

*Our Rights and Obligations as the Franchisee*

Under the YK Franchise Agreement, we have, among other things, the rights to:

● operate restaurants in Hong Kong under the trade names "Yakiniku Kakura" or "焼肉 芳水";

● advertise, promote, and market the Yakiniku Kakura brand in accordance with guidelines provided by Unico;

● use Unico's proprietary methods and intellectual property, including trade names, trademarks, and operational systems.

Unico also undertakes to send or delegate at least one qualified chef, employed by Unico and at Unico's own expense, to assist and supervise us during the preparation and opening of any additional restaurants or the launch of any promotional campaigns. This support will be provided for a period of no less than two (2) weeks.

In return, among other things, we are subject to the following obligations:

● comply with Unico's operational procedures, menu specifications, and brand standards;

● purchase specialty sauces and other proprietary products exclusively from Unico or its approved suppliers;

● pay the continuing franchise fee on time;

● submit monthly sales reports to Unico, providing full transparency regarding the financial performance of each restaurant;

● be responsible for all operational costs, including staff salaries, training expenses, and restaurant maintenance;

● seek Unico's approval for any significant changes to restaurant operations, such as renovations or menu adjustments;

● comply with local regulations and obtain all necessary licenses to operate the franchise.

*Sub-franchising*

Under the YK Franchise Agreement, sub-franchising is permitted only with the prior written consent of Unico. We have obtained this approval from Unico and have sub-franchised our Causeway Bay and Diamond Hill locations. Unlike our Canadian sub-franchise model, where we collect franchise fees and share royalty payments with the franchisor, our Hong Kong sub-franchise arrangement follows a different structure. In Hong Kong, we do not collect franchise fees or royalties from the sub-franchisee. Instead, as part of our own separate arrangement, we receive a fixed management fee equivalent to 1.5% to 10% of the sub-franchisee's monthly revenue.

*Termination and Transfer of Rights*

The YK Franchise Agreement can be terminated by Unico if we fail to comply with its terms, such as not adhering to operational standards, failing to make the required payments, or breaching any other material obligations. Additionally, the agreement will automatically terminate upon the sale of our business, and Unico may also terminate this agreement summarily if there is any change in our majority ownership or control. In light of this condition, we have obtained Unico's consent in relation to this IPO listing. Upon termination, all rights to operate under the Yakiniku Kakura brand are immediately revoked, and we are required to cease all use of Unico's intellectual property, including trade names, trademarks, and proprietary methods.

***Yakiniku 801***

Through our HK Operating Subsidiary, C& Hospitality, we entered into a franchise deed with Unico on September 1, 2022 for the exclusive right to develop and operate Yakiniku 801 restaurants in Hong Kong (the "**801 Deed**"). The terms of the 801 Franchise Deed are detailed below.

*Term*

The initial term of the 801 Deed is fifteen (15) years, commencing on September 1, 2022, and ending on August 31, 2037. We have an option to extend the 801 Deed for an additional fifteen (15) years upon mutual agreement and subject to our compliance with the terms of the 801 Deed. It is not specified in the 801 Deed whether the terms of the agreement may be renegotiated or amended upon renewal or extension. Hence, the terms may be subject to change upon renewal or extension, depending on the mutual agreement between the parties.

*Franchise fees* 

Throughout the term, we are required to pay a continuing monthly franchise fee equal to 3% of all gross revenue and income from the operation of each Yakiniku 801 restaurant.

*Rights and Obligations as Franchisee*

Under the 801 Deed, we have, among other things, the exclusive rights to:

● operate restaurants in the existing two locations in Hong Kong under the trade names "Yakiniku 801" or "焼肉 やきにく";

● Use the trade names, trademarks, and proprietary methods, which include operational procedures, setting standards, menu items, and other elements central to the Yakiniku 801 brand; and

● Advertise and promote the Yakiniku 801 brand in Hong Kong;

● operate and equip each restaurant in compliance with Unico's standards, including the design, setting, layout, and operational guidelines;

● pay the continuing monthly royalty fees for each restaurant timely;

● provide monthly revenue report and advertising or marketing report to Unico;

● purchase all equipment, supplies and materials (including the specialty sauce and other food ingredients) from Unico or in accordance with Unico's instructions;

● upgrade each restaurant to Unico's standards and specifications upon Unico's requests;

● avoid being involved, directly or indirectly, in any business similar to or competing with Yakiniku 801, except for Yakiniku Kakura. This includes owning, operating, or having a financial interest that allows us to influence the Yakiniku 801 business (excluding passive investments);

● comply with local regulations and obtain all necessary licenses to operate the franchise.

*Termination and Transfer of Rights*

The 801 Deed can be terminated by Unico without notice under certain conditions, such as failure to comply with operational standards, failure to pay the continuing royalty fees, operating the business in an unsuitable location, entering liquidation or undergoing significant changes in ownership or control (except for reorganizations related to an IPO).

Upon termination, we are required to stop operating the restaurants and immediately cease all use of Unico's intellectual property, including trade names, trademarks, and proprietary methods, as well as remove all branding and identifying elements from our premises as directed by Unico within one (1) month.

*Limitations on Business*

Upon termination of the 801 Deed, we are restricted for one (1) year from engaging in any business within Hong Kong's food and beverage industry that offers Yakiniku cuisine, except for any businesses already in operation prior to the termination, either for our own benefit or for others. This includes holding any interest or role, such as owner, partner, employee, consultant, or investor, in such businesses.

***Ufufu Café***

Through our HK Operating Subsidiary, C& Hospitality, we entered into a franchise deed with Unico on July 1, 2023 for the exclusive right to develop and operate Ufufu Café restaurants in Hong Kong (the "**Ufufu Deed**").

*Term*

The initial term of the Ufufu Deed is fifteen (15) years, commencing on July 1, 2023, and ending on June 30, 2038. The Ufufu Deed provides for an option to extend the term for an additional fifteen (15) years (until June 30, 2053) subject to our compliance with the terms of the agreement. It is not specified in the Ufufu Deed whether the terms of the agreement may be renegotiated or amended upon renewal or extension. Hence, the terms may be subject to change upon renewal or extension, depending on the mutual agreement between the parties.

*Franchise fees* 

In consideration of the franchise rights granted, we are required to pay a continuing monthly franchise fee equal to 3% of the gross revenue and income of all Ufufu Café restaurants.

*Rights and Obligations as Franchisee*

Under the Ufufu Deed, we have, among other things, the exclusive rights to:

● operate restaurants in the existing two locations in Hong Kong under the trade name of "UFUFU CAFÉ";

● Use the trade name, trademarks, and proprietary methods, which include operational procedures, setting standards, menu items, and other elements central to the Ufufu Café brand; and

● Advertise and promote the Ufufu Café brand in Hong Kong;

In return, among other things, we are required to:

● operate and equip each restaurant in compliance with Unico's standards, including the design, setting, layout, and operational guidelines;

● pay the continuing monthly royalty fees for each restaurant timely;

● provide monthly revenue reports and advertising or marketing reports to Unico;

● purchase all equipment, supplies and food ingredients from Unico or approved suppliers;

● comply with local regulations and obtain all necessary licenses to operate the franchise.

*Sub-franchising*

While Unico grants us non-sublicensable franchise rights under the Ufufu Deed, we have obtained Unico's written consent to sub-franchise the Ufufu Café restaurant in the Causeway Bay location. As part of our own separate arrangement with the sub-franchisee, we receive a management fee equivalent to 1.5% to 10% of the sub-franchisee's monthly revenue.

*Termination and Transfer of Rights*

The Ufufu Deed can be terminated by Unico without notice under certain conditions, such as failure to comply with operational standards, failure to pay the continuing royalty fees, operating the business in an unsuitable location, entering liquidation or undergoing significant changes in ownership or control (except for reorganizations related to an IPO in Hong Kong or anywhere in the world).

Upon termination, we are required to stop operating the restaurants and immediately cease all use of Unico's intellectual property, including trade names, trademarks, and proprietary methods, as well as remove all branding and identifying elements from our premises as directed by Unico within one (1) month.

*Limitations on Business*

Upon termination of the Ufufu Deed, we are restricted for one (1) year from engaging in or having any interest in any restaurant, food, or hospitality business in Hong Kong that conducts Japanese style café, during the franchise term and for one year after termination, except for businesses already in operation before termination.

**Franchise Agreements for Expansion Plans**

As we intend to expand into new markets by opening new restaurants and utilizing strategic sub-franchising in high-demand regions, including the U.S., UK and South East Asian countries, to capture a larger share of the international dining market, our ability to do so is subject to obtaining approval from our franchisors. While we have secured the necessary approvals from our franchisors for our current expansion plans, any future expansion into additional markets will still require such approvals, and we will require newly signed franchise agreements in order to enter into new markets.

**REGULATIONS**

Our operations are subject to various laws and regulations in Canada and Hong Kong where we operate. This section sets out summaries of certain aspects of the laws and regulations of Canada and Hong Kong which are relevant to our Group's operations and business.

**Regulations Related to our Business and Operations in Hong Kong**

Our HK Operating Subsidiaries operate multiple restaurants in Hong Kong, which are subject to the following laws and regulations. As of the date of this prospectus, all our HK Operating Subsidiaries have obtained all applicable licenses and/or fulfilled all applicable licensing requirements and are in compliance with the applicable laws and regulations.

***Business registration requirements***

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, all our HK Operating Subsidiaries hold valid business registration certificates.

***Food Safety and Licensing Requirements for Restaurants***

The regulatory framework governing food safety in Hong Kong is outlined in Part V of the Public Health and Municipal Services Ordinance (Chapter 132 of the Laws of Hong Kong) (the "PHMSO") and its associated subsidiary legislation. In Hong Kong, all food establishments must obtain a license to ensure compliance with health, fire, and structural safety standards before they begin operations. Under the PHMSO, food manufacturers and sellers are obligated to ensure that their products are safe for human consumption and adhere to relevant food safety and quality standards.

According to Section 52 of the PHMSO, any person who sells food that does not meet the nature, substance, or quality expected by the buyer, and does so to the buyer's detriment, is guilty of an offence, subject to the provisions of Section 53 of the PHMSO. The maximum penalty for violating Section 52 is a fine of HK$10,000 and imprisonment for up to three months. Furthermore, Section 54 of the PHMSO stipulates that anyone who sells or offers for sale food that is unfit for human consumption commits an offence, punishable by a maximum fine of HK$50,000 and imprisonment for up to six months.

The Food and Environmental Hygiene Department (the "FEHD") is responsible for enforcing the relevant laws and regulations under the PHMSO. The FEHD has the authority to issue regulations on food manufacturing and sales, as well as to inspect, seize, and remove food intended for human consumption if necessary.

Our HK Operating Subsidiaries must obtain the following licenses and approvals to operate our restaurants in Hong Kong:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) General Restaurant Licence** 

To operate a restaurant in Hong Kong, an individual or entity must obtain a restaurant licence from the FEHD under both the PHMSO and the Food Business Regulation (Chapter 132X of the Laws of Hong Kong) ("FBR") before commencing business. A general restaurant licence allows the licensee to prepare and sell any type of food for consumption on the premises. Under Section 31(1)(b) of the FBR, no one may operate a restaurant without a valid licence granted by the FEHD.

When deciding whether to issue a general restaurant licence, the FEHD will assess whether the premises meet certain health, hygiene, ventilation, gas safety, structural, and fire safety standards. The FEHD works closely with the Buildings Department (the "**BD**") and the Fire Services Department (the "**FSD**") to evaluate whether a location is suitable for restaurant use by ensuring compliance with the BD's structural standards and the FSD's fire safety requirements.

Under Section 33C of the FBR, the FEHD may issue a provisional restaurant licence to new applicants who have satisfied the basic requirements of the FBR, pending the fulfilment of all remaining conditions needed to obtain a full restaurant licence. A provisional licence is valid for up to six months or for a shorter period and can be renewed once. The full restaurant licence, generally valid for one year, is renewable annually, subject to the payment of prescribed fees and continuous compliance with the relevant regulations.

Operating a restaurant without a valid licence is considered a serious offence under section 35 of the FBR. Anyone found guilty may face a maximum fine of HK$50,000 and imprisonment for up to six months. In the case of a continuing offence, an additional fine of HK$900 for each day the offence continues may be imposed.

As at the date of this prospectus, all our restaurants in Hong Kong have obtained a general restaurant licence.

*Demerit points system* 

The FEHD also operates a penalty system to sanction food businesses for repeated violations of relevant hygiene and good safety legislation. Under the system:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) if
 within a period of 12 months, a total of 15 demerit points or more have been registered against a licensee in respect of any licensed
 premises, the license in respect of such licensed premises will be suspended for seven days ()"**First Suspension** ");

b) if,
 within a period of 12 months from the date of the last offence leading to the First Suspension, a total of 15 demerit points or more
 have been registered against the licensee in respect of the same licensed premises, the license will be suspended for 14 days ()"**Second Suspension** "); and

c) thereafter,
 if within a period of 12 months from the date of the last offence leading to the Second Suspension, a total of 15 demerit points
 or more have been registered against the licensee in respect of the same licensed premises, the license will be cancelled.

As of the date of this prospectus, we can confirm that no demerit points have ever been registered against the HK Operating Subsidiaries.

*Hygiene manager and hygiene supervisor scheme* 

To strengthen food safety supervision in licensed food premises, the FEHD has introduced the Hygiene Manager and Hygiene Supervisor Scheme (the "**Scheme**").

Under the Scheme, all large food establishments and food establishments producing high risk food are required to appoint a hygiene manager ("**HM**") and a hygiene supervisor ("**HS**"); and all other food establishments are required to appoint a HM or a HS. General restaurants which accommodate over 100 customers are required to appoint an HM plus an HS.

Food business operators are required to train their staff or appoint qualified persons to take up the post of HM or HS. According to "A Guide to Application for Restaurant Licenses" of the FEHD, one of the criteria for the issuance of a provisional licence/full general restaurant licence is the submission of a duly completed nomination form for HM and/or HS together with a copy of the relevant course certificate(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Liquor License**

For the sale of liquor in a restaurant in Hong Kong, a restaurant operator has to obtain a liquor licence from the Liquor Licensing Board ("**LLB**") under the Dutiable Commodities Ordinance (Chapter 109 of the Laws of Hong Kong) ("**DCO**"). It is provided under section 17(3B) of the DCO that where regulations prohibit the sale or supply of any liquor except with a liquor licence, no person shall sell, or advertise or expose for sale, or supply, or possess for sale or supply, liquor except with a liquor licence. Rule 25A of the Dutiable Commodities Regulations ("**DCR**") prohibits the sale of liquor at any premises for consumption at the place or occasion except with a liquor licence. The LLB will consider the fitness of the applicant to hold the licence, the suitability of the premises to which the application relates in supplying intoxicating liquor and the public interest before granting the liquor licence. A liquor licence will only be issued when the relevant premises have also been issued with a full or provisional restaurant licence. A liquor licence will only be valid if the relevant premises remain licensed as a restaurant. All applications for liquor licenses are referred to the Commissioner of Police and the District Officer concerned for comments. A liquor licence is only granted if the applicant can devote sufficient time and attention to the proper management of the liquor-licensed premises. Therefore, all licenses are granted to our employees at the relevant locations.

A liquor licence is valid for a period of one year or a lesser period, subject to the continuous compliance with the requirements under the relevant legislation and regulations. Any person who contravenes section 17(3B) of the DCO commits an offence and is liable on conviction to a fine of HK$1,000,000 and to imprisonment for two years.

As at the date of this prospectus, we have obtained the liquor licenses (under the name of our employees) required for our restaurants that serve alcohol in Hong Kong.

***Environmental regulatory compliance***

*Water pollution control* 

In Hong Kong, discharges of trade effluents into specific water control zones are subject to control by the EPD under the WPCO. Under sections 8(1) and 8(2) of the WPCO, a person who discharges (i) any waste or polluting matters into waters of Hong Kong in a water control zone; or (ii) any matter into any inland waters in a water control zone which tends (either directly or in combination with other matter which has entered those waters) to impede the proper flow of water in a manner leading or likely to lead to substantial aggravation of pollution, commits an offence and where any such matter is discharged from any premises, the occupier of the premises also commits an offence. Under sections 9(1) and 9(2) of the WPCO, a person who discharges any matter into a communal sewer or communal drain into a water control zone commits an offence and where any such matter is discharged into a communal sewer or communal drain in a water control zone from any premises, the occupier of the premises also commits an offence. Under section 11 of the WPCO, a person who commits an offence under section 8(1), 8(2), 9(1) or 9(2) of the WPCO, is liable to imprisonment for six months and a fine of HK$200,000 for first offence and up to HK$400,000 for a second or subsequent offence and in addition, if the offence is continuing, to a fine of HK$10,000 for each day the offence has continued. Under section 11 of the WPCO, a person who commits an offence under section 8(1A) or 9(1) or 9(2) of the WPCO by discharging any poisonous or noxious matter into a communal sewer or communal drain is liable to imprisonment for one year and a fine of HK$400,000 for first offence and up to HK$1,000,000 and imprisonment for two years for a second or subsequent offence and in addition, if the offence is continuing, to a fine of HK$40,000 for each day the offence has continued.

A water pollution control licence may be granted for a period of not less than two years, subject to payment of the prescribed licence fee and continuous compliance with the requirements under the relevant legislation and regulations. A water pollution control licence is renewable.

*Air pollution control approval* 

Section 30 of the APCO provides that where it appears to the DEP that any chimney, relevant plant or other machinery or equipment may evolve any air pollutant by reason of (i) unsuitable design, defective construction or lack of maintenance; (ii) excessive wear and tear; (iii) the use of unsuitable fuel or other material; or (iv) improper operation, the DEP may serve a notice on the owner of the premises in which the chimney, relevant plant or other machinery or equipment is found (i) requiring him, within a reasonable time specified in the notice, to modify, replace, clean or repair the chimney, relevant plant or other machinery or equipment specified in the notice or to take the other steps specified in the notice; (ii) requiring him, within a reasonable time specified in the notice, to install control equipment or a control system or additional control equipment or an additional control system specified in the notice; (iii) requiring him, after a reasonable time specified in the notice, to operate the chimney, relevant plant or other machinery or equipment in the manner specified in the notice; (iv) prohibiting him from using or permitting the use in the relevant plant or other machinery or equipment, after a reasonable time specified in the notice, the fuel, or other material, or mixture of fuels, or other materials specified in the notice. Further, under regulation 11 of the APCR, no occupier shall carry out or cause or permit to be carried out any work in relation to the installation, alteration or modification of any furnace, oven, chimney or flue on his premises unless approval in respect of all the plans and specifications of the same is obtained in accordance with the relevant regulations.

Under section 30(2) of the APCO, any owner who fails, without reasonable excuse, to comply with any of the requirements of a notice duly served upon him under section 30(1) of the APCO commits an offence and is liable to a fine of HK$100,000 on conviction for a first offence and HK$200,000 and imprisonment for six months for a second or subsequent offence and in addition, if the offence is a continuing offence, to a fine of HK$20,000 for each day during which it is proved to the satisfaction of the court that the offence has continued.

Under regulation 12 of the APCR, an occupier who contravenes regulation 11 of the APCR shall be guilty of an offence and shall be liable on conviction to a fine of HK$50,000 and, in addition, shall be liable to a fine of HK$500 for each day during which the offence has continued.

***Employment and labor protection***

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

The EO provides for, amongst other things, the protection of the wages of employees, to regulate general conditions of employment, and for matters connected therewith. Under section 25 of the EO, where a contract of employment is terminated, any sum due to the employee shall be paid to him as soon as it is practicable and in any case not later than seven days after the day of termination. Any employer who willfully and without reasonable excuse contravenes section 25 of the EO commits an offence and is liable to a maximum fine of HK$350,000 and to imprisonment for a maximum of three years. Further, under section 25A of the EO, if any wages or any sum referred to in section 25(2)(a) are not paid within seven days from the day on which they become due, the employer shall pay interest at a specified rate on the outstanding amount of wages or sum from the date on which such wages or sum become due up to the date of actual payment. Any employer who willfully and without reasonable excuse contravenes section 25A of the EO commits an offence and is liable on conviction to a maximum fine of HK$10,000.

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

The ECO establishes a no-fault and non-contributory employee compensation system for work injuries and lays down the rights and obligations of employers and employees in respect of injuries or death caused by accidents arising out of and in the course of employment, or by prescribed occupational diseases.

Under the ECO, if an employee sustains an injury or dies as a result of an accident arising out of and in the course of his employment, his employer is in general liable to pay compensation even if the employee might have committed acts of faults or negligence when the accident occurred. Similarly, an employee who suffers incapacity or dies arising from an occupational disease is entitled to receive the same compensation as that payable to employees injured in occupational accidents.

According to section 40 of the ECO, all employers (including contractors and subcontractors) are required to take out insurance policies to cover their liabilities both under the ECO and at common law for injuries at work in respect of all their employees (including full-time and part-time employees). An employer who fails to comply with the ECO to secure an insurance cover is liable on conviction to a fine of HK$100,000 and imprisonment for two years. Our Company confirms that as of the date of this prospectus, employee compensation insurance has been obtained for all of our employees.

According to section 48 of the ECO, an employer shall not, without the consent of the Commissioner for Labor, terminate, or give notice to terminate, the contract of service of an employee (who has suffered incapacity or temporary incapacity in circumstances which entitle him to compensation under the ECO) before occurrence of certain events. Any person who commits breach of this provision is liable on conviction to a maximum fine of HK$100,000.*Minimum* 

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

The MWO provides for a statutory minimum wage at an hourly rate for every employee employed under the EO. The statutory minimum wage is currently HK$40 per hour with effect from May 1, 2023. Any provision of the employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employees by the MWO is void.

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

Under section 7 of the MPFSO, every employer of an employee aged between 18 and 65, must take all practicable steps to ensure that the employee becomes a member of a registered scheme within the permitted period, which is currently 60 days from the day on which employment commences. Section 7A of the MPFSO further provides that an employer and its employee are both each required to contribute to the relevant registered scheme an amount determined in accordance with MPFSO, which is currently 5% of the employee's monthly relevant income, as mandatory contributions. Schedule 3 of the MPFSO provides that the maximum level of relevant income for contribution purposes is HK$30,000 per month. Under section 43B of the MPFSO, an employer, without reasonable excuse, fails to comply with a requirement imposed on employers by section 7 commits an offence and is liable on conviction to a fine of HK$350,000 and to imprisonment for three years.

*Occupiers Liability Ordinance (Chapter 314 of the Laws of Hong Kong) (the "OLO")*

The OLO regulates the obligations of a person occupying or having control of premises on injury resulting to persons or damage caused to goods or other property lawfully on the land.

The OLO imposes a common duty of care on an occupier of premises to take such care as in all the circumstances of the case is reasonable to see that the visitors will be reasonably safe in using the premises for the purposes for which he/she is invited or permitted by the occupier to be there.

*Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong) (the "OSHO")*

The OSHO provides for the safety and health protection of employees in both industrial and non-industrial workplaces. Employers must as far as reasonably practicable ensure the safety and health in their workplaces by:

&nbsp;&nbsp;&nbsp;&nbsp;(i) providing
 and maintaining plant and work systems that are safe and without risks to health;

(ii) making
 arrangement for ensuring safety and absence of risks to health in connection with the use, handling, storage or transport of plant
 or substances;

(iii) providing
 all necessary information, instruction, training, and supervision for ensuring safety and health;

(iv) providing
 and maintaining safe access to and egress from the workplaces; and

(v) providing
 and maintaining a safe and healthy working environment.

Failure to comply with the above provisions is considered an offence with penalties up to HK$200,000 on conviction. An employer who fails to comply intentionally, knowingly or recklessly commits an offence and is liable on conviction to a fine of $200,000 and to imprisonment for 6 months.

The Commissioner for Labour has the authority to issue improvement notices against non-compliance of this Ordinance or the Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong), or suspension notices against activity of workplace which may create imminent hazard to the employees. Failure to comply with the notices constitutes an offence punishable by a fine of HK$400,000 and HK$1,000,000, respectively and imprisonment of up to 12 months.

*Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong)*

The Factories and Industrial Undertakings Ordinance ("**FIU(F)R**") ensures that the proprietor of every notifiable workplace shall maintain a means of escape from the workplace in good condition and free from obstruction. Under regulation 5(1) of the FIU(F)R, the proprietor of every notifiable workplace shall maintain in good condition and free from obstruction every doorway, stairway and passageway within the workplace which affords a means of escape from the workplace in case of fire. Regulation 14(5) of the FIU(F)R stipulates that the proprietor of any notifiable workplace who contravenes regulation 5(1) without reasonable excuse commits an offence and is liable to a fine of HK$200,000 and to imprisonment for six months.

***Personal Data Protection***

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

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:

● the right to be informed by a data user whether the data user holds personal data of which the individual is the data subject;

● 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.

***Other regulations***

*Competition Ordinance (Chapter 619 of the Laws of Hong Kong) (the "CO")*

The CO is to prohibit conduct that prevents, restricts or distorts competition in Hong Kong; to prohibit mergers that substantially lessen competition in Hong Kong, and to provide for incidental and connected matters.

The CO includes the First Conduct Rule, which states that an undertaking shall not make or give effect to an agreement, engage in a concerted practice, or, as a member of an association of undertakings, make or give effect to a decision of the association, if the object or effect of the agreement, concerted practice or decision is to prevent, restrict or distort competition in Hong Kong. The Second Conduct Rule prohibits anti-competitive conduct by a party with substantial market power; and the Merger Rule, which states that an undertaking that has a substantial degree of market power in a market must not abuse that power by engaging in conduct that has as its object or effect the prevention, restriction or distortion of competition in Hong Kong.

Upon breach, the Competition Tribunal may impose against offenders pecuniary penalty, director disqualifications, and prohibition, damage and other orders. For pecuniary penalty, section 93 of the CO enables the Competition Tribunal to award a penalty up to 10% of the turnover of the undertakings involved for up to three years in which the contravention occurs.

*Import and Export Ordinance (Chapter 60 of the Laws of Hong Kong)(the "IEO")*

The IEO is an ordinance which provides for the regulation and control of, amongst other things, the import and export of products into or out of Hong Kong.

According to section 6C of the IEO, no person shall import any article specified in schedule 1 to the Import and Export (General) Regulations (Chapter 60A of the Laws of Hong Kong), except under and in accordance with an import licence. Applications for import licence are handled by the Director General of Trade and Industry pursuant to section 3 of the IEO. A person who fails to comply with this section commits an offence and is liable on conviction to a maximum fine of HK$500,000 and two years' imprisonment.

*Trade Descriptions Ordinance (Chapter 362 of the Laws of Hong Kong)(the "TDO")*

The TDO prohibits unfair trade practices deployed against consumers. A trade description includes an indication of quantity, composition, and fitness for purpose, performance, physical characteristics and place of origin with respect to any goods. It is an offence under the TDO for any person to apply a false or misleading trade description to goods or to supply goods to which false trade descriptions have been applied. The TDO also prohibits the use of false and misleading trade descriptions of goods in advertisements.

In order to enhance protection of consumers against other commonly seen unfair trade practices in consumer transactions, and to prohibit false trade descriptions to both goods and services, the Trade Descriptions (Unfair Trade Practices) (Amendment) Ordinance 2012 amended and extended the coverage of the TDO. The key changes include:

● the expansion of the definition of "trade description" in respect of goods to mean any indication, direct or indirect, and by whatever means given, with respect to any goods or parts of goods such as price indication;

● the extension of the prohibition on false trade descriptions to services made in consumer transactions, and to define "services" under any consumer contract;

● the creation of new offences on practices such as misleading omissions, aggressive commercial practices, bait advertising, bait-and-switch and wrongly accepting payment; and

● an introduction of a mechanism enabling aggrieved consumers to commence civil actions to recover any loss or damage suffered in addition to criminal sanctions.

A person who commits an offence under sections 7, 7A, 13E, 13F, 13G, 13H or 13I of the TDO shall be guilty of an offence and shall be liable on conviction on indictment to a maximum fine of HK$500,000 and imprisonment for five years, and on summary conviction to a maximum fine of HK$100,000 and imprisonment for two years.

**Regulations Related to our Business and Operations in Canada** 

Four of our CA Operating Subsidiaries (being Midland Inc., Church Ltd., Vaughan Inc. and Kennedy Inc. (collectively, the "**CA Restaurant Subsidiaries**") operate multiple restaurants in Ontario, CK Inc. owns the real property on which the central kitchen is operated, and ARCI operates the central kitchen and is the Canadian sub-franchisor.

As of the date hereof, all our CA Operating Subsidiaries have obtained all applicable licenses and/or fulfilled all applicable licensing requirements and are in compliance in all material respects with the applicable laws and regulations.

Our CA Operating Subsidiaries are subject to numerous laws and regulations in Canada and Ontario and the applicable municipality where we operate. This following is a summary of certain aspects of the laws, regulations and practices which are relevant to our operations in Ontario.

**Food Establishment Regulations**

<u>Ontario Food Safety and Quality Act, 2001</u> 

This Act was created to managing the overall safety and quality of food, agricultural and aquatic commodities and agricultural inputs, management of food safety risks, and control and regulation of activities.

This Act states that all food service establishments in Ontario cannot operate without a license, that all Ontario restaurants are subject to health inspections, and grants inspectors with the power to search without a warrant when suspicions about food safety risks exist.

Health inspectors have the authority to request access to food handler certification, to examine any and all areas and pieces of equipment in your premises, seize food samples for further inspection, and issue penalties if food operators or food handlers are found to be in violation of the act.

This Act also outlines the penalties related to offences, including the issuance of notices, significant fines, the closure of food premises, and, in extreme cases, imprisonment.

<u>Health Protection and Promotion Act</u>

Regulation 493 under the Health Protection and Promotion Act imposes food safety requirements, such as (1) all food shall be protected from contamination and adulteration; and (2) all food must be processed in a manner that makes the food safe to eat. This Act also requires at least one food handler or supervisor on the premise who has completed food handler training during every hour in which the premise is operating.

<u>Liquor Licence and Control Act, 2019</u> 

To serve or sell alcohol in Ontario, one needs a liquor licence from the Alcohol and Gaming Commission of Ontario. Such licence is issued after the municipality or region confirms that the location's zoning permits the sale of liquor, the place is a licenced eating establishment, all fire safety requirements are met, and all health requirements are met.

<u>Building Code Act, 1992, S.O. 1992, c. 23</u> 

Restaurants and commercial kitchens are subject to building codes under the Building Code Act. The Ontario building codes regulate the layout, materials for walls, floor coverings, ceilings, cupboards and countertops, level of lighting, handwashing facilities, janitorial facilities, washroom/sanitary facilities etc.

<u>Employment Laws</u> 

In Ontario, where the CA Operating Subsidiaries operate, a number of statues and the common law govern the employment relationship, including:

*Employment Standards Act, 2000*

This Act governs the payment of wages, keeping records, hours of work, overtime pay, minimum wages, public holidays, paid vacation, parental leave, termination pay.

*Common Law Application to Termination of Employment*

In addition to the Employment Standards Act, under common law, termination payments may be awarded by a court based on a "reasonable" prior notice of termination or payment instead. At common law, there also exists a doctrine of "constructive dismissal", which means when an employer imposes fundamental changes, the employee may treat the contract as having been ended and then sue for damages for wrongful dismissal.

*Ontario Human Rights Code (the "**Code**")*

Human Rights legislation is recognized by Canadian courts as having a preferred status in comparison to other types of legislation. The legislation is remedial and is therefore intended to be given the most liberal interpretation which will best ensure that its objectives are achieved. Ontario employers are governed by the Code. Employers and employees are not permitted to "contract out" of the provisions of the Code. The Code enumerates certain basic freedoms in relation to services, goods, facilities, accommodation, and employment. With respect to employment, the Code provides as follows:

"Every person has a right to equal treatment with respect to employment without discrimination because of race, ancestry, place of origin, colour, ethnic origin, citizenship, creed, sex, sexual orientation, age, record of offences, marital status, family status or handicap.

Every person who is an employee has a right to freedom from harassment in the workplace by the employer or agent of the employer, or by another employee because of race, ancestry, place of origin, colour, ethnic origin, citizenship, creed, age, record of offences, marital status, family status or handicap.

Every person who is an employee has a right to freedom from harassment in the workplace because of sex by his or her employer or agent of the employer or by another employee."

*Workplace Safety & Insurance Act* 

This Act creates a system of compensation for workplace accidents or injuries which occur while workers are in the course of their employment.

*Pay Equity Act*

The Ontario Pay Equity Act is legislation aimed to redress systemic gender discrimination in compensation for work performed by employees in female job classes.

<u>Advertising Laws</u>

Laws governing advertising and marketing include federal laws such as:

● Anti-Spam Legislation - restricts advertisers and marketers from sending spam messages in the form of texts, emails, or software updates and upgrades without the customer's consent

● Competition Act: prohibits advertisers from using anti-competitive, false, or misleading representations, aside from prescribing offenses that constitute as deceptive marketing practices

● PIPEDA: requires companies, including advertisers, to get consent before personal information can be collected, used, or disclosed

Ontario legislation such as:

● Consumer Protection Act, 2002 - regulates advertising and marketing, and provides for the prohibited misleading advertising rules.

● Human Rights Code - Certain provisions of the Human Rights Code (HRC) add to Ontario's advertising laws by ensuring every person's right to equal treatment in employment. The HRC says that the following must not directly or indirectly classify or indicate qualifications using HRC's prohibited grounds of discrimination: job postings or advertisements, forms of application for employment and during written or oral inquiries or personal employment interview.

<u>Arthur Wishart Act (Franchise Disclosure), 2000, SO 2000, c 3</u>.

The primary purpose of this Act is to ensure that franchisors provide potential franchisees with detailed information about the franchise before the buyer commits to purchase and outlines certain rights that potential franchisees have when entering into a franchise agreement.

Under the law, the franchisor is required to provide a disclosure document at least 14 days before a franchisee signs an agreement or makes any payment to a franchise.

The disclosure document will include information about the franchisor including: business background, litigation history, bankruptcy or insolvency information, and financial statements. It will also include information about the franchise offer, such as: costs (e.g., deposits or fees), copies of proposed franchise agreements, a description of any exclusive territory, restrictions (e.g., obligations to purchase from certain suppliers), the franchisor's policy on volume rebates, conditions of termination, contract renewal and transfer of franchise, a description of the franchisor's mediation process, if one is used, training and other assistance programs, advertising funds (e.g., if the franchisee is required to contribute to one), a list of their current and former franchisees.

If a disclosure document or a statement of material change is late or otherwise doesn't meet the Act's requirements, the franchisee can cancel the agreement without penalty or obligation up to 60 days after receiving it. If a disclosure document is not provided, the franchisee may cancel the agreement without penalty or obligation up to two years after entering into the franchise agreement. If the franchisee suffers a loss because the disclosure document or statement of material change were incomplete or included a misrepresentation, the franchisee has the right to take legal action for damages. If the contract is cancelled the franchisor has 60 days to refund the franchisee's money

**MANAGEMENT**

The following table sets forth the names, ages and positions of our Board, director nominees, and executive officers and a description of the business experience of each of them:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Mr. Johnny Luk Ching Po<sup>(1)(2)</sup> | 62 | Chief Executive Officer and Chairman and Chief Executive Director Nominee<sup>(3)(4)</sup> |
| Mr. Mark Luk Siu Fung <sup>(1)</sup> | 36 | Vice Chairman and Executive Director |
| Ms. Loraine Luk Yuen Ching<sup>(2)</sup> | 25 | Executive Director Nominee<sup>(3)</sup> |
| Mr. Shigemitsu Katsuaki | 56 | Non-Executive Director Nominee <sup>(3)</sup> |
| Mr. Kelton Ngai Ming Hon | 38 | Chief Financial Officer |
| Mr. Victor Lee Kam Wing | 55 | Independent Non-Executive Director Nominee <sup>(3)</sup> |
| Mr. Hugh Sutherland | 68 | Independent Non-Executive Director Nominee <sup>(3)</sup> |
| Dr. Connson Chou Locke | 59 | Independent Non-Executive Director Nominee <sup>(3)</sup> |

---

(1) Mr. Luk Siu Fung Mark is the nephew of Mr. Johnny Luk.

(2) Ms. Loraine Luk is the daughter of Mr. Johnny Luk.

(3) Each of the director nominees will be appointed upon the effectiveness of the registration statement of which this prospectus forms a part.

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

***Mr. Johnny Luk Ching Po, Chairman and Chief Executive Director Nominee***

Mr. Johnny Luk Ching Po ("**Mr. Johnny Luk**") will serve as our Chief Executive Officer and Chairman of the Board and Chief Executive Director, upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. Johnny Luk will primarily be responsible for the overall management of our CA Operating Subsidiaries, formulating operation direction, devising annual plans, strategic planning and business development. In September 2005, he introduced Ajisen Ramen into the Canadian market and has served as the managing director of our CA Operating Subsidiaries since 2005. He has more than 30 years of experience in the restaurant industry and such insight into food trends has laid a strong foundation for our business. Mr. Johnny Luk is the uncle of Mr. Mark Luk and the father of Ms. Loraine Luk.

***Mr. Mark Luk Siu Fung, Vice Chairman and Executive Director***

Mr. Mark Luk Siu Fung ("**Mr. Mark Luk**") has served as our Vice Chairman and Executive Director since the formation of Riku on February 14, 2025. Mr. Mark Luk has over 10 years of experience in the food and beverage industry and has been serving as a managing director of our HK Operating Subsidiaries since July 2021, where he has successfully brought our franchise brands into Hong Kong. Mr. Mark Luk oversees the entire marketing function, brand management, business development, public relations and cooperation of our HK Operating Subsidiaries. Mr. Mark Luk is also responsible for managing the daily operations and providing corrective feedback while managing different teams across various departments, including project development, restaurant operations, and marketing, to ensure seamless coordination and collaboration. Mr. Mark Luk received his bachelor's degree in Economics from the University of Cambridge in 2011. Mr. Mark Luk is the nephew of Mr. Johnny Luk and the cousin of Ms. Loraine Luk.

***Ms. Loraine Luk Yuen Ching, Executive Director Nominee***

Ms. Loraine Luk Yuen Ching ("**Ms. Loraine Luk**") will serve as our Executive Director upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Ms. Loraine Luk has built a wealth of experience in the food and beverage industry through her progressive career at Ajisen Ramen Canada. Starting as a Front of House server in one of our sub-franchised Ajisen Ramen restaurants in 2015, she worked her way up through various roles, including Front of House Manager, Marketing Coordinator, and Franchise Development Officer. This progression reflects her deep understanding of Ajisen Ramen restaurant operations, marketing, and franchise development from the ground up. Currently serving as the Franchise Development Manager at ARCI, Ms. Loraine Luk oversees all aspects of franchise growth, including recruitment, training, and support for franchisees, while driving strategic market expansion across Canada. She is dedicated to ensuring brand consistency, optimizing operational efficiency, and fostering strong relationships with franchisees to enhance store performance and profitability. Ms. Loraine Luk earned her Honours Bachelor of Arts in Criminology and Sociology from the University of Toronto in 2021. Her hands-on experience and leadership make her a vital contributor to the continued success of Ajisen Ramen Canada. Ms. Loraine Law is the daughter of Mr. Johnny Luk and the cousin of Mr. Mark Luk.

***Mr. Shigemitsu Katsuaki, Independent Non-Executive Director Nominee***

Mr. Shigemitsu Katsuaki ("**Mr. Katsuaki**") will serve as our Non-Executive Director upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. With over 25 years of experience in the food and beverage industry, Mr. Katsuaki has played a pivotal role in the growth and leadership of Shigemitsu, a family-owned business. After earning his degree in Structural Engineering from the Kumamoto Institute of Technology in 1991, he joined Shigemitsu and began his career as a restaurant manager at an Ajisen Ramen restaurant in Japan. Through his dedication and expertise, he steadily progressed into senior leadership roles within the company. In 1995, Mr. Katsuaki was appointed Vice Chairman of Shigemitsu, and by 1997, he assumed the role of Chairman. Under his leadership, Shigemitsu has expanded its presence and strengthened its position in the F&B industry. His extensive experience in restaurant operations, strategic management, and business development brings valuable insight to our board as we continue to grow and expand.

***Mr. Kelton Ngai Ming Hon, Chief Financial Officer***

Mr. Kelton Ngai Ming Hon ("**Mr. Ngai**") has served as our chief financial officer since September 2025. Mr. Ngai brings over 15 years of expertise in auditing, initial public offerings, corporate finance, and financial management. He has served as the chief financial officer of C& Hospitality since August 2024. Mr. Ngai began his career at a Big Four accounting firm and has since held senior financial leadership roles in both publicly listed companies and private enterprises. Mr. Ngai earned his bachelor's degree in business administration in Professional Accountancy from The Chinese University of Hong Kong in 2008 and is a member of the Hong Kong Institute of Certified Public Accountants.

***Mr. Victor Lee Kam Wing, Independent Non-Executive Director Nominee***

Mr. Victor Lee Kam Wing ("**Mr. Lee**") will serve as one of our independent directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. Lee is a seasoned professional with 28 years of experience in the private equity industry. Over the course of his distinguished career, Mr. Lee has held numerous senior positions, including a 19-year tenure at Franklin Templeton, a leading global asset management firm. Mr. Lee's expertise and industry contributions have been widely recognized. Notably, the Asian Structured Equity Fund, a fund founded and managed by Mr. Lee under Franklin Templeton, was awarded Best Alternative Investment Fund at the 2023 Hong Kong Fund Managers Awards. With extensive experience in deal origination, structuring, and strategy formulation across various alternative asset classes, Mr. Lee has successfully worked in private equity, growth capital, leveraged buyout, distressed investments, venture capital, and private credit. Before joining Franklin Templeton in 2005, Mr. Lee worked at Mizuho Securities Asia Limited, focusing on private equity investments in North Asia. He also gained valuable experience at CLSA Private Equity Limited and UBS Capital, where he facilitated private equity and leveraged buyout opportunities across Asia. Following his recent departure from Franklin Templeton in October 2024, Mr. Lee founded Novacle Ventures Ltd, a new firm specializing in distressed and special situations investments on a global scale. In addition to his entrepreneurial endeavors, in November 2024, Mr. Lee was appointed as the Executive Director of VCI Global Limited (ticker: VCIG), a Nasdaq-listed diversified holding company, and serves as the Vice Chairman of Global Investment Fund, the investment platform of the World Trade United Foundation, a United Nations Consultative NGO. Mr. Lee began his career in the financial services industry in 1992. He holds a bachelor's degree in business administration with a concentration in professional accountancy from the Chinese University of Hong Kong and is a Fellow of the Association of Chartered and Certified Accountants (ACCA) in the UK. His extensive background in private equity, alternative investments, and corporate leadership contributes exceptional strategic acumen and financial expertise to the board.

***Mr. Hugh Sutherland****, **Independent Non-Executive Director Nominee***

Mr. Hugh Sutherland ("**Mr. Sutherland**") will serve as one of our independent directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. Sutherland is a seasoned sales and business leader with over two decades of experience in the Asia-Pacific region, specializing in market entry, business development, and corporate strategy. He is the Co-Founder and Director of Geomain Pte. Ltd., a Singapore-based company focused on next-generation address systems, where he has led global strategic initiatives and investment efforts since 2018. He also serves as Director of Dalnair International, providing market entry and business development consulting, primarily for Australia, New Zealand, and UK-based software companies. Previously, he held senior leadership roles at FileNet, IBM, and BMC Software, overseeing business growth and regional expansions. Recognized for his contributions to business in Scotland, he was appointed as a GlobalScot by Scottish Enterprise, a UK government body. Mr. Sutherland holds a BA in Business Management from the University of Strathclyde and is a dual citizen of the UK and Australia. His extensive international experience and strategic expertise bring valuable insights to our board.

***Dr. Connson Chou Locke, Independent Non-Executive Director Nominee***

Dr. Connson Chou Locke ("**Dr. Locke**") will serve as one of our independent directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Dr. Locke is a distinguished academic and leadership expert with extensive experience in organizational behavior, education, and executive training. She has served as a Professor (Education) in Management at the London School of Economics and Political Science (LSE) since 2020, where she teaches courses on leadership, organizational behavior, and change management at both undergraduate and postgraduate levels. Dr. Locke also serves as the Deputy Head of the Department of Management (Teaching and Learning) at LSE, overseeing strategic and operational aspects of teaching delivery and mentoring junior faculty. In addition to her academic role, Dr. Locke is the Founder and Director of Evidence Based Learning Ltd., providing educational services to global organizations, including the United Nations System Staff College, KPMG, and Harvard Medical School. Prior to her academic career, Dr. Locke held senior roles in professional development, including as Regional Training and Development Manager at the Boston Consulting Group, where she was responsible for training and leadership development across multiple offices in Asia. Dr. Locke earned her Ph.D. and M.Sc. in Business Administration (Organizational Behavior) from the University of California at Berkeley and her B.A. in Sociology from Harvard University, where she graduated cum laude. Her exemplary accomplishments in academia, leadership training, and professional development bring valuable expertise to our board.

**Employment Agreements and Indemnification Agreements**

We intend to enter into employment agreements with each of our executive officers. Under these agreements, each of our executive officers will be employed for a specified time period — typically for one year. We may terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. We may also terminate an executive officer's employment without cause upon thirty days' advance written notice. In such case of termination by us, we will provide severance payments to the executive officer as expressly required by applicable law of the jurisdiction where the executive officer is based. The executive officer may resign at any time with a thirty days' advance written notice.

Each executive officer will agree to hold, at all times during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information, or the confidential or proprietary information disclosed to the executive officer by or obtained by the executive officer from us either directly or indirectly in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential.

In addition, each executive officer will be bound by non-competition and non-solicitation restrictions during the term of his or her employment and typically for one year following the last date of employment. Specifically, each executive officer will agree not to (i) approach our suppliers, clients, customers or contacts or other persons or entities introduced to the executive officer in his or her capacity as a representative of us for the purpose of doing business with such persons or entities that will harm our business relationships with these persons or entities; (ii) assume employment with or provide services to any of our competitors, or engage, whether as principal, partner, licensor or otherwise, any of our competitors, without our express consent; or (iii) seek directly or indirectly, to solicit the services of any of our employees who is employed by us on or after the date of the executive officer's termination, or in the year preceding such termination, without our express consent.

We also intend to enter into agreements with all directors whose service will begin upon the effectiveness of the registration statement of which this prospectus forms a part. Pursuant to the agreements, each director will agree to attend and participate in such number of meetings of the board of directors and of the committees of which he or she may become a member as regularly or specially called, and will agree to serve as a director for a year and be up for re-election each year at our annual shareholder meeting. The directors' services will be compensated by cash under the agreement in an amount determined by the board of directors.

We intend to enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we will agree to indemnify them against certain liabilities and expenses that they incur in connection with claims made by reason of their being a director or officer of our company. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

**Controlled Company**

Immediately after completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, our Controlling Shareholder will hold [●] Class B Ordinary Shares and [●] Class A Ordinary Shares, representing approximately [●]% of our total issued and outstanding Ordinary Shares and approximately [●]% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or [●] Class B Ordinary Shares and [●] Class A Ordinary Shares, representing approximately [●]% of our total issued and outstanding Ordinary Shares and approximately [●]% of the total voting power, assuming that the over-allotment option is exercised in full, and therefore have the ability to determine all matters requiring approval by shareholders. As a result, we will be a "controlled company" within the meaning of the Nasdaq listing rules. 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. If we are deemed a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply with certain corporate governance requirements, including:

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

● the requirement that we have a nominating and corporate governance committee and a compensation committee that are composed entirely of independent directors with a written charter addressing the purposes and responsibilities of the committees;

● 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.

As a "controlled company", we are permitted to elect not to comply with certain corporate governance requirements. We intend to rely on certain of these exemptions under the Nasdaq listing rules, such as that a majority of the members of our board of directors will not be independent directors and our nominating and corporate governance and compensation committees will not consist entirely of independent directors and therefore, you would not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

**Board of Directors** 

Our board of directors will consist of 7 directors, comprising three (3) executive directors, one (1) non-executive director and three (3) independent directors, upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part. A director is not required to hold any shares in our Company to qualify to serve as a director. Subject to making appropriate disclosures to the board of directors in accordance with our post-offering Memorandum and Articles, a director may vote and be counted in the quorum for the meeting relating to any contract, proposed contract, or arrangement in which he or she is interested, in voting in respect of any such matter, such director should take into account his or her director's duties. Our board of directors may exercise all the powers of the company to borrow money, mortgage its business, property and uncalled capital, and issue debentures or other securities whenever money is borrowed or as security for any obligation of the company or of any third party.

**Board Diversity** 

We seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our board of directors, 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 of directors.

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 of directors. We will also achieve gender diversity by having two (2) female directors out of the total of seven (7) directors (including independent directors). Our board of directors is well balanced and diversified in alignment with the business development and strategy of our Company and its subsidiaries.

**Committees of the Board of Directors** 

We plan to establish an audit committee, a compensation committee, and a nominating and corporate governance committee under the board of directors upon the effectiveness of the registration statement of which this prospectus forms a part. We will adopt a charter for each of the three committees upon the establishment of the committees. Each committee's members and functions are described below.

*Audit Committee*

Upon effectiveness of the registration statement of which this prospectus forms a part, our audit committee will consist of Mr. Victor Lee Kam Wing, Mr. Hugh Sutherland, and Dr. Connson Chou Locke and be chaired by Mr. Victor Lee Kam Wing. We have determined that each of these three director nominees satisfies the "independence" requirements of the Nasdaq listing rules and meet the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined that Mr. Victor Lee Kam Wing qualifies as an "audit committee financial expert." The audit committee oversees our accounting and financial reporting processes and the audits of our financial statements. The audit committee is responsible for, among other things:

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

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

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

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

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

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

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

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

● reporting regularly to the board of directors.

*Compensation Committee*

Upon effectiveness of the registration statement of which this prospectus forms a part, our compensation committee will consist of Mr. Victor Lee Kam Wing, Mr. Hugh Sutherland, and Dr. Connson Chou Locke, and be chaired by Dr. Connson Chou Locke. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq listing rules. The compensation committee assists the board of directors 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:

● reviewing and approving, or recommending to the board of directors for its approval, the compensation for our chief executive officer and other executive officers;

● reviewing and recommending to the board of directors for determination with respect to the compensation of our non-employee directors;

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

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

*Nominating and Corporate Governance Committee*

Upon effectiveness of the registration statement of which this prospectus forms a part, our nominating and corporate governance committee will consist of Mr. Johnny Luk, Mr. Victor Lee Kam Wing, Mr. Hugh Sutherland, and Dr. Connson Chou Locke and be chaired by Mr. Johnny Luk. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq listing rules. The nominating and corporate governance committee assists the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board of directors and its committees. The nominating and corporate governance committee is responsible for, among other things:

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

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

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

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

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

**Foreign Private Issuer Exemption**

We are a "foreign private issuer" as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

● Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, or from providing current reports on Form 8-K disclosing significant events within four (4) days of their occurrence, and from the disclosure requirements of Regulation Fair Disclosure.

● Exemption from Section 16 rules regarding sales of Ordinary Shares by insiders, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.

● Exemption from the Nasdaq rules applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board of directors' approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption.

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.

**Duties of Directors**

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

**Terms of Directors and Executive Officers**

Each of our directors does or shall hold office until his or her successor takes office or until his or her earlier death, resignation or removal or the expiration of his or her term as provided in the written agreement with our Company and/or the Articles. All of our executive officers are appointed by and serve at the discretion of our board of directors.

**Qualification**

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

**Compensation of Directors and Executive Officers**

For the years ended September 30, 2024 and 2023, our executive officers received an aggregate of HK$311,000 (approximately US$39,872) and HK$300,000 (approximately US$38,462), respectively, in cash (including salaries), for their service as employees of the Group. For the years ended September 30, 2024 and 2023, our non-employee directors did not receive any compensation for their service as directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors. Our Hong Kong subsidiary is required by law to make contributions equal to certain percentages of each employee's salary for his or her mandatory provident fund.

**Equity Compensation Plan Information**

We have not adopted any equity compensation plans.

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

As of September 30, 2024 and 2023, we had no outstanding equity awards.

**RELATED PARTY TRANSACTIONS** 

**Policies and Procedures for Related Party Transactions**

Our board of directors will create an audit committee in connection with this offering which will be tasked with review and approval of all related party transactions.

Our policy is to enter into transactions with related parties on terms that, on the whole, are no more favorable, or no less favorable, than those available from unaffiliated third parties. Based on our Operating Subsidiaries' experience in the business sector in which it operates and the terms of its transactions with unaffiliated third parties, we believe that all of the transactions described below met this policy standard at the time they occurred. The following is a description of material transactions, or series of related material transactions, to which we were within the last three fiscal years, or will be a party and in which the other parties included or will include our directors, director nominees, executive officers, holders of more than 5% of our voting securities, or any member of the immediate family of any of the foregoing persons.

***List of Related Parties***

Below is the list of related parties and their relationship to or within the Group (noting that references to shareholders, employees and directors of the Company give effect to the appointment of officers and directors nominees as described in "Management", that will be appointed upon the effectiveness of the registration statement of which this prospectus forms a part).

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| | |
|:---|:---|
| **Name** | **Relationship within the Group** |
| Chung Po Luk | Father of Luk Siu Fung Mark and brother of Johnny Ching Po Luk |
| Steven Liao | Son-in-law of Luk Ching Po Johnny |
| Luk Siu Fung Mark | Shareholder and director of the Company |
| Luk Ching Po Johnny | Shareholder and director of the Company |
| Zhanpeng Liao | Family member of Steven Liao |
| Dan Yang | Family member of Steven Liao |
| Mak Po Keung | Family member of Luk Siu Fung Mark |
| Keith Ka Bo Chan | Family member of Luk Ching Po Johnny |
| Midtown 1000076454 | An entity owned by Keith Ka Bo Chan |
| Jmart Ontario Inc. | An entity owned by Steven Liao |
| 15397294 Canada Inc. ("Ajisen Waterloo") | An entity owned by Steven Liao |
| 2070111 Ontario Inc. ("Warden") | An entity owned by Luk Ching Po Johnny |
| 1695325 Ontario Inc. ("Yonge") | An entity owned by Luk Ching Po Johnny |
| 1802497 Ontario Inc. | An entity owned by Luk Ching Po Johnny |
| ES& Cubus Limited | An entity owned by Luk Siu Fung Mark |
| C& 535 Limited | An entity owned by Luk Siu Fung Mark |
| J.H Dinning Limited | An entity owned by Mak Po Keung |
| Hunan Waraku Holding Company Limited | An entity for which Luk Siu Fung Mark is the legal representative. |
| Mr. Suenaga Yuchi | Legal representative of ES Concept (one of the subsidiaries of Waraku) |
| Unico HK Corporation Limited | Mr. Suenaga Yuchi serves as the senior executive of this entity |
| ONEM Systems Inc. | An entity owned by Zhanpeng Liao |
| East West Entertainment Group Ltd | An entity owned by Steven Liao |
| Zhanpeng Liao Holding Company | An entity owned by Zhanpeng Liao |
| Shigemitsu Industry Ltd. | Mr. Shigemitsu San is the director of this entity. Mr. Shigemitsu San is also the non-executive director of the Company |

---

**(a)** **Accounts receivable - related parties, net** 

Accounts receivable - related parties, net consists of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **As of March 31,**<br>**2025** | **2024** | **2023** | **2022** |
|  | (Unaudited) | | | |
| J.H Dinning Limited | $58620 | $347972 | $296915 | $- |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 7123 | 61492 |  |  |
| 1695325 Ontario Inc ("Yonge") | 131090 | 12927 |  | 26410 |
| C& 535 Limited | 347497 |  | 73883 | 91929 |
| 1802497 Ontario Inc. | 106125 |  |  |  |
| ES& Cubus Limited | 2576 | 2579 | 6709 |  |
| 2070111 Ontario Inc ("Warden") | 95909 | 222 | - |  |
| Total accounts receivable - related parties, net | $748940 | $425192 | $377507 | $118339 |

---

**(b)** **Due from related parties** 

Due from related parties consists of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **As of March 31,**<br>**2025** | **2024** | **2023** | **2022** |
|  | (Unaudited) | | | |
| Jmart Ontario Inc. | $212058 | $250516 | $88381 | $- |
| Luk Ching Po Johnny | 254573 | 177642 |  |  |
| James Liao | 150899 |  |  |  |
| Shan Yang | 83803 |  |  |  |
| J.H Dinning Limited | 50662 |  |  |  |
| C& 535 Limited | 144526 | 144723 | 40421 |  |
| ES& Cubus Limited | 127006 | 127180 |  |  |
| Midtown 1000076454 |  | 93678 | 22165 |  |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 19855 | 73532 |  |  |
| Zhanpeng Liao |  | 60829 | 4607 |  |
| Dan Yang | 41738 | 48120 | 3705 | 3647 |
| 2070111 Ontario Inc ("Warden") |  | 8404 |  |  |
| Steven Liao | 12377 | 7716 | 442 |  |
| Hunan Waraku Holding Company Limited | 23784 |  | 1877 |  |
| Zhanpeng Liao Holding Company | - | - | - | 1989 |
| Total due from related parties | $1121281 | $992340 | $161598 | $5636 |

---

The Company has, in the past, advanced cash to related parties for business purpose and recorded advances as due from related parties in the consolidated financial statements. Such advances were non-interest bearing and due upon demand. Subsequent to the balance sheet date, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. In addition, in April 2025, the Company's CA Operating Subsidiaries collected back approximately $89,000 from related parties. In August 2025, the Company's CA Operating Subsidiaries further collected back approximately $427,506 from related parties. As of the date of this prospectus, approximately $788,000, or 70.3% of the March 31, 2025 due from related parties balance has been collected and the remaining balance is expected to be collected by the end of September 2025. The Company does not have the intention to make cash advances to related parties in the future.

**(c)** **Dues to related parties** 

Dues to related parties consists of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **As of March 31,**<br>**2025** | **2024** | **2023** | **2022** |
|  | (Unaudited) | | | |
| Unico HK Corporation Limited | $10926 | $140982 | $62840 | $- |
| Mak Po Keung | 301981 | 128635 | 89378 |  |
| ONEM Systems Inc. | 487 | 518 | 10122 | 29596 |
| Luk Ching Po Johnny |  |  | 228828 | 27083 |
| 2070111 Ontario Inc ("Warden") |  |  | 14395 | 26318 |
| C& 535 Limited |  |  |  | 198396 |
| Keith Ka Bo Chan |  |  |  | 70844 |
| ES& Cubus Limited |  |  | 986 |  |
| East West Entertainment Group Ltd | - |  | - | 1020 |
| Total due to related parties | $313394 | $270135 | $406549 | $353257 |

---

As of March 31, 2025, September 30, 2024, 2023 and 2022, the balance due to related parties mainly consisted of advances from the Company's principal shareholder for working capital purposes during the Company's normal course of business. These advances are non-interest bearing and due on demand.

**(d)** **Revenues from related parties** 

Revenue from related parties consists of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **For the six months ended March 31,**<br>**2025** | **2024** | **2023** | **2022** |
|  | (Unaudited) | | | |
| 15397294 Canada Inc. ("Ajisen Waterloo") | $91889 | $233234 | $74446 | $- |
| 1695325 Ontario Inc. ("Yonge") | 114655 | 230078 | 223339 |  |
| 2070111 Ontario Inc. ("Warden") | 91889 | 187099 | 297785 |  |
| 1802497 Ontario Inc. | 101900 | 172757 | 148892 |  |
| J.H Dinning Limited | 118491 | 146315 |  |  |
| C& 535 Limited |  | 39883 | 324896 |  |
| ES& Cubus Limited |  | 23886 | 19212 |  |
| Hunan Waraku Holding Company Limited |  | 7040 |  |  |
| Mak Po Keung | - | - | 19155 | - |
| Total revenue from related parties | $518824 | $1040293 | $1107725 | $- |

---

Cost of revenue associated with the related party sales amounted to $394,188 for the six months ended March 31, 2025 and amounted to $802,865, $825,267 and $ nil for the years ended September 30, 2024, 2023 and 2022, respectively.

**(e)** **Others fees to related parties** 

Other fees to related parties consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | <br>**Types of fees** | **For the six months ended <br> March 31,**<br>**2025** | **2024** | **2023** | **2022** |
| Unico HK Corporation Limited | Royalty fee | $173969 | $420690 | $367572 | $- |
| Unico HK Corporation Limited | Franchise fee |  | 19200 |  |  |
| Chung Po Luk | Consulting Fee |  | 37851 | 16313 | 21133 |
| Shigemitsu Industry Ltd. | Royalty fee | 37235 | 96627 | 90010 | 4984 |
| Shigemitsu Industry Ltd. | Consulting Fee |  |  |  | 12451 |
| East West Entertainment Group Ltd | Management Fee |  | 30635 | 34123 | 13853 |
| East West Entertainment Group Ltd | Consulting Fee |  |  | 18602 | 62852 |
| Luk Ching Po Johnny | Consulting Fee | 7058 |  |  |  |
| 2070111 Ontario Inc ("Warden") | Royalty fee | 5312 |  |  |  |
| 1695325 Ontario Inc ("Yonge") | Royalty fee | 5312 |  |  |  |
| 1802497 Ontario Inc. | Royalty fee | 5312 | - | - | - |
| Total other fees to related parties |  | $234198 | $605003 | $526620 | $115273 |

---

**(f)** **Loan guarantee provided by related parties** 

The Company related parties provided a guarantee for the Company's long-term bank loans (See Note 9 of our consolidated financial statements included

**(g)** **Finance lease guaranteed by a related party** 

In connection with the Company's finance lease of a vehicle, related party, Mr. Luk Ching Po Johnny signed as the co-lessee on this lease agreement to provide an additional guarantee to safeguard the leased vehicle (see Note 8 of our consolidated financial statements included elsewhere in this prospectus).

**(h) Purchase from related parties**

During the six months ended March 31, 2025 and during the years ended September 30, 2024, 2023 and 2022, the Company's CA Operating Subsidiary, CK Inc. and ARCI, purchased food ingredients and noodle machines from related parties, in the amount of $12,012, $166,042, $134,259 and $77,228, respectively.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the six months ended <br> March 31,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | <br>**Types of transactions** | **2025** | **2024** | **2023** | **2022** |
|  |  | (Unaudited) | | | |
| Shigemitsu Industry Ltd. | Purchase of food ingredients | $11126 | $137967 | $134259 | $77228 |
| Shigemitsu Industry Ltd. | Purchase of noodle machines |  | 28075 |  |  |
| Luk Ching Po Johnny | Other purchase | 886 | - | - | - |
| Total purchase from related parties |  | $12012 | $166042 | $134259 | $77228 |

---

**Employment Agreements and Indemnification Agreements**

See "Management — Employment Agreements and Indemnification Agreements" for more information.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information regarding the beneficial ownership of our Ordinary Shares as of the date of this prospectus, by our officers, directors, and 5% or greater beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Ordinary Shares. The following table assumes that none of our officers, directors or 5% or greater beneficial owners of our Ordinary Shares will purchase shares in this offering. In addition, the following table assumes that the over-allotment option has not been exercised. Holders of our Ordinary Shares are entitled to one (1) vote per share and vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him or her, subject to applicable community property laws.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Ordinary Shares beneficially owned prior to this offering** | **Ordinary Shares beneficially owned prior to this offering** | **Ordinary Shares beneficially owned prior to this offering** | **Ordinary Shares beneficially owned prior to this offering** | **Ordinary Shares beneficially held immediately after this offering (assuming no exercise of over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming no exercise of over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming no exercise of over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming no exercise of over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming exercise of <br> over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming exercise of <br> over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming exercise of <br> over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming exercise of <br> over-allotment option)** |
| <br>**Directors and** | **Number of Ordinary Shares** | **Number of Ordinary Shares** | **Approximate percentage of outstanding Ordinary Shares** | **Approximate percentage of Voting power** | **Number of Ordinary Shares** | **Number of Ordinary Shares** | **Approximate percentage of outstanding Ordinary Shares** | **Approximate percentage of Voting power** | **Number of Ordinary Shares** | **Number of Ordinary Shares** | **Approximate percentage of outstanding Ordinary Shares** | **Approximate percentage of Voting power** |
| **Executive Officers<sup>(1)</sup>:** | **Class A** | **Class B** | | | **Class A** | **Class B** | | | **Class A** | **Class B** | | |
| Mr. Johnny Luk Ching Po | 704900 | 18640 | 67.0% | 73.8% | 11748333 | 310667 | 59.6% | 67.6% | 11748333 | 310667 | 58.6% | 66.7% |
| Mr. Luk Siu Fung Mark | 46000 | 1360 | 4.4% | 5.0% | 766667 | 22667 | 3.9% | 4.6% | 766667 | 22667 | 3.8% | 4.5% |
| Ms. Loraine Luk Yuen Ching |  |  |  |  |  |  |  |  |  |  |  |  |
| Mr. Shigemitsu Katsuaki |  |  |  |  |  |  |  |  |  |  |  |  |
| Mr. Kelton Ngai Ming Hon |  |  |  |  |  |  |  |  |  |  |  |  |
| Mr. Victor Lee Kam Wing |  |  |  |  |  |  |  |  |  |  |  |  |
| Mr. Hugh Sutherland |  |  |  |  |  |  |  |  |  |  |  |  |
| Dr. Connson Chou Locke |  |  |  |  |  |  |  |  |  |  |  |  |
| All directors and executive officers as a group (8 persons) |  |  |  |  |  |  |  |  |  |  |  |  |
| **5% Shareholders:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Integrated Winners International Limited<sup>(2)</sup> | 704900 | 18640 | 67.0% | 73.8% | 11748333 | 310667 | 59.6% | 67.6% | 11748333 | 310667 | 58.6% | 66.7% |

---

(1) Unless
 otherwise indicated, the business address of each of the individuals is c/o Riku Dining
 Group Limited, 130 Dynamic Drive, Units 4-5, Scarborough, ON, M1V 5C8, Canada.

(2) Integrated
 Winners International Limited, a company incorporated in the British Virgin Islands with
 limited liability, owns 67.0% of the issued shares of the Company (59.6% after
 the offering assuming no exercise of over-allotment option). Integrated Winners International
 Limited is 100% owned by Mr. Johnny Luk Ching Po.

As of the date of this prospectus, none of our outstanding Ordinary Shares are held by record holders in the United States.

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

**DESCRIPTION OF SHARE CAPITAL** 

The following description of the material terms of our share capital and this includes a summary of specified provisions of the Memorandum and Articles. References in this section to "we" or "us" refer to Riku.

We are a Cayman Islands exempted company and our affairs are governed by our memorandum and articles of association, as amended from time to time, and the Companies Act (As Revised) of the Cayman Islands, which we refer to as the Companies Act below, and the common law of Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$[●] divided into [●] shares of a par value of US$0.01 each comprised of [●] Class A Ordinary Shares and [●] Class B Ordinary Shares. As of the date of this prospectus, [●] Class A Ordinary Shares and [●] Class B Ordinary Shares are issued and outstanding.

Immediately after the completion of this offering, we will have [●] Class A Ordinary Shares and [●] Class B Ordinary Shares issued and outstanding, assuming that the underwriters do not exercise their over-allotment option. All of our Ordinary Shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our Class A Ordinary Shares to be issued in the offering will be issued as fully paid.

**Our Memorandum and Articles**

Our shareholders have conditionally adopted the Memorandum and Articles on [●], 2025 which will become effective and replace our current Memorandum and Articles in its entirety immediately prior to the completion of this offering. The following are summaries of material provisions of the Memorandum and Articles and of the Companies Act, insofar as they relate to the material terms of our shares.

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

*Ordinary Shares.* Our Ordinary Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

Holders of our Class A Ordinary Shares and Class B Ordinary Shares will have the same rights except for voting and conversion rights. The Class A Ordinary Shares and the Class B Ordinary Shares carry equal rights and rank pari passu with one another, including the rights to dividends and other capital distributions.

*Conversion Rights.* Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at the option of the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Upon any sale, transfer, assignment or disposition of Class B Ordinary Shares or the transfer or assignment of the voting power attached to such number of Class B Ordinary Shares through voting proxy or otherwise by a holder thereof to any person or entity which is neither under common control with the transferor nor a current holder of Class B Ordinary Shares, all Class B Ordinary Shares held by a holder thereof shall be automatically and immediately converted into an equal number of Class A Ordinary Shares.

*The Transfer Agent and Registrar.* The transfer agent and registrar for the Ordinary Shares is Transhare Corporation, at Bayside Center 1, 17755 US Hwy 19 N Suite 140, Clearwater, FL 33764.

*Dividends.* The holders of our Ordinary Shares are entitled to such dividends as the Company in general meeting may declare but no dividend shall exceed the amount recommended by our board of directors. Our Memorandum and Articles provide that dividends may be declared and paid out of profits of our Company, realized or unrealized, or from any reserve set aside from profits which our board of directors determines is no longer needed, or not in the same amount. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized for this purpose in accordance with the Companies Act. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights.* Voting at any meeting of shareholders is by poll save that the chairman of the meeting of shareholders may, in good faith, allow a resolution which relates purely to a procedural or administrative matter to be voted on by a show of hands. Notwithstanding the foregoing, a poll may be demanded by at least one shareholder. At each meeting of shareholders, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one (1) vote for each Class A Ordinary Share and twenty (20) votes for each Class B Ordinary Share held by the relevant shareholder. Save for such matters that require approval by a class of shareholders, holders of Class A Ordinary Shares and holders of Class B Ordinary Shares shall vote together as a single class, on all matters that require shareholders' approval.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding Ordinary Shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our Memorandum and Articles, a reduction of our share capital and the winding up of our Company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

*Capitalization of Profits and Reserves.* Our board of directors may (i) capitalize any part of the amount of our share premium or other reserve accounts or any amount credited to our share premium account in accordance with the Companies Act available for distribution by applying such sum in paying up the difference between the nominal value of and the redemption or repurchase price on the redemption or repurchase of our shares, and any other amount as permitted by the Companies Act. However, we shall not be obliged to make any payment to a shareholder in respect of dividend, repurchase redemption or other distribution if the directors are of the view that such payment may result in the breach or violation of any applicable laws or regulations (including, without limitation, any anti-money laundering laws or regulations) or such refusal is required by the laws and regulations governing us or our service providers.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our Memorandum and Articles provide that we may in each year hold a general meeting as its annual general meeting. The annual general meeting of the Company may be held at such time and place as the chairman of our Company (if there is one) or any two directors or any director and the secretary or our board of directors shall appoint. Shareholders may participate in any general meeting by such telephonic, electronic or other communication facilities that permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting.

Shareholders' general meetings may be convened by the chairman of our Company, any two directors or any director and the secretary of our Company or our board of directors. Advance notice of at least five (5) clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A general meeting shall, notwithstanding that it is called on shorter notice than that specified in our Memorandum and Articles, be deemed to have been properly called if it is so agreed by (i) all the shareholders entitled to attend and vote thereat in the case of an annual general meeting; and (ii) in the case of an extraordinary general meeting, by at least seventy-five percent of the shareholders entitled to attend and vote thereat. A quorum required for any general meeting of shareholders consists of two or more persons present in person and representing in person or by proxy in excess of [●]% of the total voting rights in our Company present throughout the meeting.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, our Memorandum and Articles provide that our board of directors shall, on the written requisition of one or more shareholders holding at the date of the deposit of the requisition shares representing not less than ten percent in par value of the issued and outstanding shares of our company at such general meeting, forthwith proceed to convene an extraordinary general meeting and put the resolutions so requisitioned to vote at such meeting. If our board of directors does not, within twenty-one (21) days from the date of the requisition, duly proceed to convene an extraordinary general meeting, the requisitionists, may themselves convene an extraordinary general meeting; but any meeting so called shall not be held more than ninety days after the expiration of such twenty-one (21) day period.

*Transfer of Ordinary Shares.* Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in the usual or common form or in a form prescribed by Nasdaq or in any other form approved by our board of directors. Notwithstanding the foregoing, Ordinary Shares may also be transferred in accordance with the applicable rules and regulations of Nasdaq.

Our board of directors may, in its absolute discretion, decline to register any transfer of any Ordinary Share as specified in our Memorandum and Articles.

If our directors refuse to register a transfer they shall, within two (2) months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

Each Class B Ordinary Share is convertible into a Class A Ordinary Share at any time by the holder thereof. Our Class B Ordinary Shares will be mandatorily convertible into Class A Ordinary Shares upon a transfer, assignment or disposal thereof under such circumstances as specified in our Memorandum and Articles.

*Liquidation.* On the winding-up of our company, subject to any rights or restrictions for the time being attached to any class of shares, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, holders of our ordinary shares will be entitled to participate in any assets available for distribution in proportion to their shareholdings.

*Calls on Shares and Forfeiture of Shares.* Our board of directors may make calls upon shareholders for any amounts unpaid (whether in respect of nominal value or premium) on their shares in the manner as specified in our Memorandum and Articles. If a call is not paid on or before the day appointed for payment thereof, the shareholder may at the discretion of our board of directors be liable to pay our Company interest on the amount of such call at such rate as our board of directors may determine, from the date when such call was payable up to the actual date of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares.* Subject to the Companies Act, we may issue shares which are to be redeemed or are liable to be redeemed at the option of our Company or the holders of these shares and may make payments in respect of such redemption in accordance with the Companies Act. Our Company is authorized to purchase any shares in our Company (including a redeemable share) by agreement with the holder of such shares and may make payments in respect of such purchase in accordance with the Companies Act. Our board of directors is authorized to determine the manner or any of the terms of any redemption or purchase. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits, share premium or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our Company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration unless, as a result of the surrender, there would no longer be any issued shares of our Company other than shares held as treasury shares.

*Variations of Rights of Shares.* If, at any time, our share capital is divided into different classes of shares, the rights attached to any class (unless otherwise provided by the terms of issue of the shares of that class) may, whether or not our Company is being wound-up, be varied with the consent in writing of the holders of not less than three-fourths of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate general meeting of the holders of the shares of that class at which meeting the necessary quorum shall be two persons at least holding or representing by proxy not less than one-thirds of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class or series issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class or series, be deemed to be varied by the creation or issue of further shares ranking *pari passu* therewith or the reduction of capital paid up on such shares or by the repurchase, redemption or surrender of any shares in accordance with the Companies Act and the Memorandum and Articles. Under our Memorandum and Articles, the provisions in relation to general meetings of the Company shall apply *mutatis mutandis* to any class meeting, except that the quorum shall be two (2) or more members that together hold at least one-third of the issued shares of that class.

*Issuance of Additional Shares.* Our Memorandum and Articles authorizes our board of directors to issue any unissued shares on such terms and conditions as it may determine and any shares or class of shares (including the issue or grant of options, warrants and other rights, renounceable or otherwise in respect of shares) may be issued with such preferred, deferred or other special rights or such restrictions, whether in regard to dividend, voting, return of capital, or otherwise, provided that no share shall be issued at a discount except in accordance with the Companies Act.

*Inspection of Books and Records.* Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, our Memorandum and Articles have provisions that provide our shareholders the right to inspect our register of shareholders without charge or for a nominal charge, and to receive our annual audited financial statements. See "Where You Can Find Additional Information."

*Register of Members.* Under the Companies Act, we must keep a register of members and there should be entered therein:

● the names and addresses of our members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member;

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

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

Under the Companies Act, the register of members of our company is prima facie evidence of the matters set out therein (that is, the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members is deemed as a matter of the Companies Act to have legal title to the shares as set against its name in the register of members. Upon completion of this offering, we will perform the procedure necessary to immediately update the register of members to record and give effect to the issuance of shares by us to the underwriters or the purchasers (or their nominee). Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the shares set against their name. If the name of any person is incorrectly entered in or omitted from our register of members, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a member of our company, the person or member aggrieved (or any member of our company or our company itself) may apply to the Grand Court of the Cayman Islands for an order that the register be rectified, and the Grand Court may either refuse such application or it may, if satisfied of the justice of the case, make an order for the rectification of the register.

*Mergers and Consolidations.* We may by a special resolution merge or consolidate with one or more constituent companies (as defined in the Companies Act), upon such terms as our directors may determine.

*Anti-Takeover Provisions.* Certain provisions in the Memorandum and Articles may be deemed to have an anti-takeover effect and may delay, deter or prevent a tender offer or takeover attempt that a shareholder might consider to be in its best interests, including attempts that might result in a premium being paid over the market price for the Ordinary Shares. These provisions are also designed, in part, to encourage persons seeking to acquire control of us to first negotiate with our board of directors.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Memorandum and Articles for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

**Certain Cayman Islands Company Considerations**

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 30 years in the first instance);

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

● may register as an exempted limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

**Differences in Corporate Law**

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

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

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

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

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

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

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

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

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

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

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

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

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

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

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

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

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

*Indemnification of Directors and Executive Officers and Limitation of Liability.* Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

Our Memorandum and Articles provide that that we shall indemnify, among others, our directors, secretary of our Company and other officers acting in relation to any of the affairs of our Company or any subsidiary thereof against all actions, costs, charges, losses, damages and expenses which they or any of them shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty, or in their respective offices or trusts, provided that such indemnification shall not extend to any matter in respect of any fraud or dishonesty in relation to our Company which may attach to any of the indemnified persons. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we intend to enter into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our Memorandum and Articles.

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

*Directors' Fiduciary Duties.* Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company owes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties: (a) a duty to act in good faith in the best interests of the company, (b) a duty to exercise his powers for the purposes he was conferred, (c) a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and (d) a duty to avoid fettering his discretion in the future. The common law duties owed by a director are those to act with the skill, care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill he has which enables him to meet a higher standard than a director without those skills. . It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent.* Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our Articles provide that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our Articles and may be taken by a unanimous written consent of the shareholders signed by each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

*Shareholder Proposals.* Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. Our Memorandum and Articles provide that extraordinary general meetings shall be convened on the written requisition of one or more of the shareholders entitled to attend and vote at our general meetings who (together) hold not less than 10 percent of all votes attaching to the issued and outstanding shares of our company at such general meeting in accordance with the notice provisions in Articles, specifying the purpose of the meeting and signed by each of the shareholders making the requisition, in which case our board of directors is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to vote at such meeting. If the directors do not convene such meeting for a date not later than twenty-one clear days' after the date of receipt of the written requisition, those shareholders who requested the meeting may convene the general meeting themselves within three months after the end of such period of twenty-one clear days in which case reasonable expenses incurred by them as a result of the directors failing to convene a meeting shall be reimbursed by us. Our Articles provide no other right to put any proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

*Cumulative Voting.* Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our Articles do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors.* Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Articles, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our Memorandum and Articles, a director's office shall be vacated if the director (i) is removed from office pursuant to the laws of the Cayman Islands or our Memorandum and Articles; (ii) dies or becomes bankrupt, or makes any arrangement or composition with his creditors generally; (iii) is or becomes of unsound mind or an order for his detention is made under the Mental Health Act of the Cayman Islands or any analogous law of a jurisdiction outside the Cayman Islands, or dies; (iv) resigns his office by notice to our Company; (v) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; or (vi) is prohibited by law from being a director.

*Transactions with Interested Shareholders.* The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

*Dissolution; Winding up.* Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

*Variation of Rights of Shares.* Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our

Articles, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the consent in writing of the holders of three-fourths of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate general meeting of the holders of the shares of that class at which meeting the necessary quorum shall be two persons.

Under our Memorandum and Articles, only the chairman of our Company or a majority of our board of directors may convene a class meeting of holders of a particular class of shares of our Company.

*Amendment of Governing Documents.* Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our Memorandum and Articles may only be amended with a special resolution of our shareholders.

*Rights of Non-resident or Foreign Shareholders.* There are no limitations imposed by our Memorandum and Articles on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Memorandum and Articles governing the ownership threshold above which shareholder ownership must be disclosed.

**Data Protection Act (As Revised) of the Cayman Islands**

<u>Cayman Islands Data Protection Laws</u>

We have certain duties under the Data Protection Act (as revised) of the Cayman Islands (the "DPA"), based on internationally accepted principles of data privacy.

<u>Privacy Notice</u>

This privacy notice puts our shareholders on notice that through your investment into us you will provide us with certain personal information which constitutes personal data within the meaning of the DPA, or personal data.

<u>Investor Data</u>

We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

<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 transit 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 authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the US, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.

<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 Cayman Islands shall be in accordance with the requirements of the DPA.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

**SHARES ELIGIBLE FOR FUTURE SALE**

Before this offering, there was no established public market for our Ordinary Shares, and while we intend to apply to list our Class A Ordinary Shares on the Nasdaq Capital Market, we cannot assure you that a liquid trading market for the Class A Ordinary Shares will develop or be sustained after this offering. Future sales of substantial amounts of our Ordinary Shares in the public markets after this offering, or the perception that such sales may occur, could adversely affect market prices prevailing from time to time. As described below, only a limited number of our Class A Ordinary Shares currently outstanding will be available for sale immediately after this offering due to contractual and legal restrictions on resale. Nevertheless, after these restrictions lapse, future sales of substantial amounts of our Class A Ordinary Shares, including Class A Ordinary Shares issued upon exercise of outstanding options, in the public market in the United States, or the possibility of such sales, could negatively affect the market price in the United States of our Class A Ordinary Shares and our ability to raise equity capital in the future.

Immediately after the completion of this offering, we will have [●] issued and outstanding Ordinary Shares, including [●] Class A Ordinary Shares and [●] Class B Ordinary Shares. Assuming all the Class A Ordinary Shares are sold by the Selling Shareholders pursuant to the Resale Prospectus, of that amount, [●] Class A Ordinary Shares will be publicly held by investors participating in this offering. Assuming no exercise of the underwriters' over-allotment option. Of that amount, 2,250,000 Class A Ordinary Shares will be publicly held by investors participating in this offering, and [●] Ordinary Shares, including [●] Class A Ordinary Shares and [●] Class B Ordinary Shares, will be held by our existing shareholders, some of whom may be our affiliates as that term is defined in Rule 144 under the Securities Act. As defined in Rule 144, an affiliate of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the issuer.

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

All of the Ordinary Shares, including both Class A and Class B Ordinary Shares, held by existing shareholders are, and any Class A Ordinary Shares issuable upon exercise of options outstanding following the completion of this offering will be, restricted securities, as that term is defined in Rule 144 under the Securities Act. These restricted securities may be sold in the United States only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act. These rules are described below.

**Rule 144**

In general, persons who have beneficially owned restricted Ordinary Shares for at least six (6) months, and any affiliate of the company who owns either restricted or unrestricted securities, are entitled to sell their securities without registration with the SEC under an exemption from registration provided by Rule 144 under the Securities Act.

*Non-Affiliates*

Any person who is not deemed to have been one of our affiliates at the time of, or at any time during the three (3) months preceding, a seller may sell an unlimited number of restricted securities under Rule 144 if:

● the restricted securities have been held for at least six (6) months, including the holding period of any prior owner other than one of our affiliates;

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

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

*Affiliates*

Persons seeking to sell restricted securities who are our affiliates at the time of, or any time during the three (3) months preceding, a sale, would be subject to the restrictions described above. They are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three (3) month period only that number of securities that does not exceed the greater of either of the following:

● 1% of the number of Class A Ordinary Shares then outstanding; or

● the average weekly trading volume of our Class A Ordinary Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Additionally, persons who are our affiliates at the time of, or any time during the three (3) months preceding, a sale may sell unrestricted securities under the requirements of Rule 144 described above, without regard to the six (6) month holding period of Rule 144, which does not apply to sales of unrestricted securities. Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701**

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

**Regulation S**

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

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

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

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

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

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

**Lock-up Agreements**

Our principal shareholders (defined as owners of 5% or more of our Ordinary Shares) have also agreed, subject to limited exceptions, not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares or such other securities for a period of 180 days from the date of this prospectus, without the prior written consent of the Representative. Notwithstanding the foregoing, these restrictions do not apply to the Selling Shareholders with respect to Class A Ordinary Shares sold by them pursuant to the Resale Prospectus. See "Underwriting" for more information.

**MATERIAL TAXATION CONSIDERATIONS**

**Material U.S. Federal Income Tax Considerations for U.S. Holders** 

The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Class A Ordinary Share. This summary applies only to U.S. Holders that hold our Class A Ordinary Share as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. federal tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("**IRS**") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of our Class A Ordinary Share. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

● financial institutions or financial services entities;

● underwriters;

● insurance companies;

● pension plans;

● cooperatives;

● regulated investment companies;

● real estate investment trusts;

● grantor trusts;

● broker-dealers;

● traders that elect to use a mark-to-market method of accounting;

● governments or agencies or instrumentalities thereof;

● certain former U.S. citizens or long-term residents;

● tax-exempt entities (including private foundations);

● persons liable for alternative minimum tax;

● persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

● persons whose functional currency is not the U.S. dollar;

● passive foreign investment companies;

● controlled foreign corporations;

● the Company's officers or directors;

● holders who are not U.S. Holders;

● persons that actually or constructively own 5% or more of the total combined voting power of all classes of our voting stock; or

● partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Class A Ordinary Share through such entities.

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Share that is, for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Class A Ordinary Share, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Class A Ordinary Share and their partners are urged to consult their tax advisors regarding an investment in our Class A Ordinary Share.

**Persons considering an investment in our Class A Ordinary ShareS should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of our Class A Ordinary Share including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.**

**Taxation of Dividends and Other Distributions on Our Class A Ordinary Share**

As discussed under "*Dividend Policy*" above, we do not anticipate that any dividends will be paid in the foreseeable future. Subject to the discussion below under "Passive Foreign Investment Company Rules," any cash distributions paid on our Class A Ordinary Share out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. A non-corporate U.S. Holder will be subject to tax on dividend income from a "qualified foreign corporation" at a lower applicable capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information program, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United States, including Nasdaq. It is unclear whether dividends that we pay on our Class A Ordinary Share will meet the conditions required for the reduced tax rate. You are urged to consult your tax advisor regarding the availability of the lower rate for dividends paid with respect to our Class A Ordinary Share. Dividends received on our Class A Ordinary Share will not be eligible for the dividends-received deduction allowed to corporations.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our Class A Ordinary Share. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, 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 and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

**Taxation of Sale or Other Disposition of Class A Ordinary Share**

Subject to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Class A Ordinary Share in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Class A Ordinary Share. Any capital gain or loss will be long term if the Class A Ordinary Share have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Share, including the availability of the foreign tax credit under their particular circumstances.

***Passive Foreign Investment Company Rules***

A non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we may be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, 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. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Class A Ordinary Share, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Class A Ordinary Share even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Share, 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 that have a penalizing effect, regardless of whether we remain a PFIC, 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 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Share), and (ii) any gain realized on the sale or other disposition of Class A Ordinary Share. Under these rules,

● the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Share;

● the 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 classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

● the 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 for individuals or corporations, as appropriate, for that year; and

● an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Share, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

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 such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Class A Ordinary Share qualify as being regularly traded, and an election is made, 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 Class A Ordinary Share held at the end of the taxable year over the adjusted tax basis of such Class A Ordinary Share and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Class A Ordinary Share over the fair market value of such Class A Ordinary Share held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Share would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Class A Ordinary Share in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns our Class A Ordinary Share during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Class A Ordinary Share.

**Information Reporting and Backup Withholding**

Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds US$50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Class A Ordinary Share and proceeds from the sale, exchange or redemption of our Class A Ordinary Share may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

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

**EACH** **PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR CLASS A ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

**Cayman Islands Taxation** 

The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands and/or related to real estate in the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our Company. There are no exchange control regulations or currency restrictions in effect in the Cayman Islands.

In addition, pursuant to section 6 of the Tax Concessions Act of the Cayman Islands, our Company has obtained an undertaking from the Governor in Cabinet:

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

(2) that
 the aforesaid tax or any tax in the nature of estate duty or inheritance tax shall not be payable on or in respect of the shares,
 debentures or other obligations of the Company or by way of withholding in whole or in part of any relevant payment as defined in
 the Tax Concession Act.

The undertaking for our Company is valid for a period of twenty years from February 24, 2025.

**BVI Taxation** 

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.

**Hong Kong Taxation**

The following summary of certain relevant taxation provisions under the laws of Hong Kong is based on current law and practice and is subject to changes therein. This summary does not purport to address all possible tax consequences relating to purchasing, holding, or selling our Class A Ordinary Shares, and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly, holders or prospective purchasers (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt entities) should consult their own tax advisers regarding the tax consequences of purchasing, holding or selling our Class A Ordinary Shares. Under the current laws of Hong Kong:

● No profit tax is imposed in Hong Kong in respect of capital gains from the sale of the Class A Ordinary Shares.

● Revenues gains from the sale of our Class A Ordinary Shares by persons carrying on a trade, profession or business in Hong Kong where the gains are derived from or arise in Hong Kong from the trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the rate of 16.5% on corporations and at a maximum rate of 15% on individuals and unincorporated businesses.

● Gains arising from the sale of Class A Ordinary Shares, where the purchases and sales of the Class A Ordinary Shares are effected outside of Hong Kong such as, for example, in the Cayman Islands, should not be subject to Hong Kong profits tax.

According to the current tax practice of the Hong Kong Inland Revenue Department, dividends paid on the Class A Ordinary Shares would not be subject to any Hong Kong tax.

No Hong Kong stamp duty is payable on the purchase and sale of the Class A Ordinary Shares.

**Canada Taxation**

The following summary of certain relevant taxation provisions under the laws of Canada is based on current law and practice and is subject to changes therein. This summary does not purport to address all possible tax consequences relating to purchasing, holding, or selling our Class A Ordinary Shares, and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly, holders or prospective purchasers (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt entities) should consult their own tax advisers regarding the tax consequences of purchasing, holding or selling our Class A Ordinary Shares. Under the current laws of Canada:

● No capital gains tax is imposed in Canada in respect of capital gains from the sale of the Class A Ordinary Shares, except if such capital gains resulted from a sale of our Class A Ordinary Shares by a person who is a tax-resident of Canada. In Canada, 50% of the capital gain is taxable, which such taxable portion of the capital gain will be added to such person's income and taxed at such person's marginal tax rate. Such tax rate varies depending on whether such person is a corporation, limited partnership, unlimited liability company or another legal entity, and which jurisdiction such person is located in.

● Gains arising from the sale of Class A Ordinary Shares, where the purchases and sales of the Class A Ordinary Shares are effected outside of Canada or not by a tax resident of Canada, such as, for example, by a person which is not a tax-resident of Canada in the Cayman Islands, should not be subject to Canadian capital gains tax.

● According to the current tax laws of Canada, dividends paid on the Class A Ordinary Shares would not be subject to any Canadian tax, except if such dividends are distributed to a tax-resident of Canada.

***THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE IMPORTANT TO YOU. EACH PROSPECTIVE PURCHASER SHOULD CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES OF AN INVESTMENT IN THE CLASS A ORDINARY SHARES UNDER THE INVESTOR'S OWN CIRCUMSTANCES.***

**ENFORCEMENT OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. Substantially all of our assets are located in Canada and Hong Kong. In addition, all of our directors and executive officers named in this prospectus reside in Canada and Hong Kong and most of their assets are located in Canada and Hong Kong. Specifically, Mr. Mark Luk Siu Fung, our executive director, Mr. Victor Lee Kam Wing, our independent non-executive director, and Mr. Kelton Ngai Ming Hon, our chief financial officer, are the directors or executive officers that reside in Hong Kong. As a result, it may be difficult or impossible for investors to effect service of process within the United States upon us or these persons or, to enforce judgments obtained in U.S. courts against them or us, 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 Class A Ordinary Shares and this Offering—You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong or Canada against us or our directors named in the prospectus based on foreign laws" for more information.

We have appointed Cogency Global Inc. as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

**Cayman Islands**

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

We have been advised by Carey Olsen Hong Kong LLP that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the courts of the Cayman Islands will, at common law, recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

**British Virgin Islands**

Carey Olsen Hong Kong LLP, 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 to impose liabilities 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 against us or our directors or officers predicated upon the federal securities laws of the United States or the securities law of any state in the United States.

We have been advised by Carey Olsen Hong Kong LLP, our BVI counsel that although there is no statutory enforcement in the BVI of judgments obtained in the federal or state courts of the United States, in certain circumstances a judgment obtained in such jurisdiction may be recognized and enforced in the courts of the BVI at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the High Court of the BVI, provided that such judgment is a final and conclusive monetary judgment obtained from such jurisdictions and: (a) is given by a foreign court of competent jurisdiction and such foreign court had proper jurisdiction over the parties subject to such judgment, and the Company either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process; (b) imposes on the judgment given by the foreign court to pay a liquidated sum and was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations; (c) the judgment was not obtained by fraud; (d) recognition or enforcement of the judgment would not be contrary to British Virgin Islands public policy; (e) the proceedings pursuant to which the judgment was obtained were not contrary to natural justice; and (f) that there is no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the BVI.

**Hong Kong**

Mr. Mark Luk Siu Fung, our vice chairman and executive director, as well as Mr. Kelton Ngai Ming Hon, our Chief Financial Officer, and Mr. Victor Lee Kam Wing, our independent non-executive director nominee, reside in Hong Kong.

Hastings & Co., 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.

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. 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.

**Canada**

Metcalfe, Blainey & Burns LLP, our counsel as to Canadian law, has advised us that while there is no formal treaty for the reciprocal enforcement of judgments between Canada and the United States.

A foreign judgement creditor must commence legal proceedings against the Canadian entity in the Ontario Superior Court of Justice ("**Superior Court**") if it seeks to enforce the judgment in Ontario. The legal proceedings can either be commenced by the relatively expedited process of an application to the Superior Court or, if they are likely to be opposed, by way of an action. Such application or action must be commenced within two years of the date of the foreign judgement. Such judgement must meet the following prima facie criteria: (a) the judgment originated from a court of competent jurisdiction; (b) the judgment/order is final and conclusive; and (c) the judgment is adequately precise. Once it is determined that a foreign judgment is prima facie enforceable, a judgment debtor can argue that the judgment cannot be enforced because of (a) public policy; (b) fraud; or (c) a lack of natural justice.

As a result, there is uncertainty as to the enforceability in Canada, in original actions or in actions for enforcement, of judgments of U.S. courts based solely on the federal securities laws of the United States or the securities laws of any state or territory within the United States.

**UNDERWRITING**

In connection with this offering, we will enter into an underwriting agreement with Eddid Securities USA Inc., as the representative of the underwriters, or the Representative, in this offering. The Representative may retain other brokers or dealers to act as sub-agents or selected dealers on their behalf in connection with this offering. The underwriters have agreed to purchase from us, on a firm commitment basis, the number of Class A Ordinary Shares set forth opposite its name below, at the offering price less the underwriting discounts set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
| **Name of Underwriters** | **Number of** <br> **Class A** **Ordinary** <br> **Shares** |
| Eddid Securities USA Inc. | 2250000 |

---

The underwriters are committed to purchase all the Class A Ordinary Shares offered by this prospectus if they purchase any Class A Ordinary Shares. The underwriters are not obligated to purchase the Class A Ordinary Shares covered by the underwriter's over-allotment option described below. The underwriters are offering the Class A Ordinary Shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

**Pricing of this Offering**

Prior to this offering, there has been no public market for our Class A Ordinary Shares. The initial public offering price for our Class A Ordinary Shares will be determined through negotiations between us and the representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the representative believe to be comparable to us, estimate of our business potential and earning prospects, the present state of our development and other factors deemed relevant. The initial public offering price of our Class A Ordinary Shares in this offering does not necessarily bear any direct relationship to the assets, operations, book value or other established criteria of value of our company.

**Over-Allotment Option**

We have granted to the underwriters a forty-five (45)-day option to purchase up to an aggregate of additional Class A Ordinary Shares (equal to 15% of the number of Class A Ordinary Shares sold in the offering), at the offering price per Class A Ordinary Shares less underwriting discounts. The underwriters may exercise this option for forty-five (45) days from the effective date of this registration statement solely to cover sales of Class A Ordinary Shares by the underwriters in excess of the total number of Class A Ordinary Shares set forth in the table above.

**Discounts and Expenses**

The underwriting discounts for the Class A Ordinary Shares and the over-allotment Class A Ordinary Shares are equal to seven percent (7%) of the initial public offering price.

The following table shows the price per share and total initial public offering price, underwriting discounts, and proceeds before expenses to us. The total amounts are shown assuming both no exercise and full exercise of the over-allotment option.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | **Total** | **Total** | **Total** |
|  | | <br>**Per Class A Ordinary**<br> **Share**  | | **No Exercise of**<br> **Over-allotment**<br> **Option** | | **Full Exercise of**<br> **Over-allotment**<br> **Option** |
| Initial public offering price | US$ | [●] | US$ | [●] | US$ | [●] |
| Underwriting discounts to be paid by us | US$ | [●] | US$ | [●] | US$ | [●] |
| Proceeds to us, before expenses | US$ | [●] | US$ | [●] | US$ | [●] |

---

We will also pay to the representative by deduction from the net proceeds of the offering contemplated herein, a non-accountable expense allowance equal to 1.0% of the gross proceeds received by us from the sale of the Class A Ordinary Shares, including any Class A Ordinary Shares issued pursuant to the exercise of the representative's over-allotment option.

We have agreed to reimburse the representative up to a maximum of US$300,000 for out-of-pocket accountable expenses (including the legal fees and other disbursements as disclosed below). As of the date of this prospectus, we have paid US$20,000 to the representative as an advance against out-of-pocket accountable expenses. Any expenses advancement will be returned to us to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and non-accountable expense allowance, will be approximately US$1,881,103.

**Lock-Up Agreements** 

Our principal shareholders (defined as owners of 5% or more of our Class A Ordinary Shares) have agreed, subject to limited exceptions, not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Class A Ordinary Shares or such other securities for a period of six months from the date of this prospectus, without the prior written consent of the representative. Notwithstanding the foregoing, these restrictions do not apply to the Selling Shareholders with respect to Class A Ordinary Shares sold by them pursuant to the Resale Prospectus.

**Right of First Refusal**

We have agreed to grant to the representative, provided that this offering is completed, for a period of 12 month period following the date of our engagement letter with the representative, a right of first refusal to provide investment banking services to the Company on an exclusive basis in all matters for which investment banking services are sought by the Company (such right, the "Right of First Refusal"), which right is exercisable in the representative's sole discretion but is non-assignable. For these purposes, investment banking services shall include, without limitation, (a) acting as lead manager for any underwritten public offering; (b) acting as exclusive placement agent, initial purchaser or financial advisor in connection with any private offering of securities of the Company; and (c) acting as financial advisor in connection with any sale or other transfer by the Company, directly or indirectly, of a majority or controlling portion of its capital stock or assets to another entity, any purchase or other transfer by another entity, directly or indirectly, of a majority or controlling portion of the capital stock or assets of the Company, and any merger or consolidation of our Company with another entity. The Right of First Refusal may be terminated by the Company for "cause" which shall mean a material breach by the Underwriter of the terms of its engagement letter with the Company or a material failure by the underwriters to provide the services as contemplated by such engagement letter.

**No Sales of Similar Securities**

We have agreed not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Class A Ordinary Shares, whether any such transaction is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, without the prior written consent of the representative, for a period of 180 days from the date of this prospectus.

**Foreign Regulatory Restrictions on Purchase of our Class A Ordinary Shares**

We have not taken any action to permit a public offering of our Class A Ordinary Shares outside the United States or to permit the possession or distribution of this prospectus outside the United States. People outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to this offering of our Class A Ordinary Shares and the distribution of this prospectus outside the United States.

**Indemnification**

We have agreed to indemnify the underwriters against liabilities relating to the offering arising under the Securities Act and the Exchange Act and to contribute to payments that the underwriters may be required to make for these liabilities.

**Application for Nasdaq Listing**

We have applied to have our Class A Ordinary Shares approved for listing/quotation on the Nasdaq Capital Market under the symbol "RIKU". We will not consummate and close this offering without a listing approval letter from Nasdaq Capital Market.

**Electronic Offer, Sale and Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriters or selling group members, if any, or by their affiliates, and the underwriters may distribute prospectus electronically. The underwriters may agree to allocate a number of Class A Ordinary Shares to selling group members for sale to their online brokerage account holders. The Class A Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriters, and should not be relied upon by investors.

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

**Passive Market Making**

Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the Class A Ordinary Shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. 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.

**Potential Conflicts of Interest**

The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Selling Restrictions**

Other than in the United States, no action may be taken, and no action has been taken, by us or the underwriters that would permit a public offering of the Class A Ordinary Shares offered by, or the possession, circulation or distribution of, this prospectus in any jurisdiction where action for that purpose is required. The Class A Ordinary Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Class A Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

In addition to the offering of the Class A Ordinary Shares in the United States, the underwriters may, subject to applicable foreign laws, also offer the Class A Ordinary Shares in certain countries.

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the Class A Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A Ordinary Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

● 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.

● Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our Class A Ordinary Shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the over-allotment 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 Class A Ordinary 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.

● 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.

● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore 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 Class A Ordinary Shares or preventing or delaying a decline in the market price of our Class A Ordinary Shares. As a result, the price of our Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Ordinary Shares. These transactions may occur on Nasdaq or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

**Notice to Prospective Investors in Hong Kong**

The contents of this prospectus have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. Please note that (i) Class A Ordinary Shares may not be offered or sold in Hong Kong, by means of this prospectus or any document other than to "professional investors" within the meaning of Part I of Schedule 1 of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) (SFO) and any rules made thereunder, or 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) (CO) or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO, and (ii) no advertisement, invitation or document relating to the Class A Ordinary Shares 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 securities laws of Hong Kong) other than with respect to the Class A Ordinary Shares 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 SFO and any rules made thereunder.

**Notice to Prospective Investors in Mainland China**

This prospectus may not be circulated or distributed in Mainland China and the Class A Ordinary Shares may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of Mainland China except pursuant to applicable laws, rules and regulations of Mainland China.

**Notice to Prospective Investors in the Cayman Islands**

The Class A Ordinary Shares are not being, and may not be offered to the public or to any person in the Cayman Islands for purchase or subscription by us or on our behalf. The Class A Ordinary Shares may be offered to exempted companies incorporated under the Companies Act (As Revised) (each a "Cayman Islands Company"), but only where the offer will be made to, and received by, the relevant Cayman Islands Company entirely outside of the Cayman Islands.

**Notice to Prospective Investors in the British Virgin Islands**

The Class A Ordinary Shares are not being, and may not be offered to the public or to any person in the BVI for purchase or subscription by us or on our behalf. The Class A Ordinary Shares may be offered to exempted companies incorporated under the BVI Act (each a "BVI Company"), but only where the offer will be made to, and received by, the relevant BVI Company entirely outside of the BVI.

**Notice to Prospective Investors in Canada**

This prospectus may not be circulated or distributed in Canada and the Class A Ordinary Shares may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of Canada except pursuant to applicable laws, rules and regulations of Canada.

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding the underwriting discounts and non-accountable expense allowance, which are expected to be incurred in connection with the sale of Class A Ordinary Shares in this offering. With the exception of the registration fee payable to the SEC, the Nasdaq Capital Market listing fee and the filing fee payable to Financial Industry Regulatory Authority, Inc., or FINRA, all amounts are estimates.

---

| | |
|:---|:---|
| SEC registration fee | $3886 |
| The Nasdaq Capital Market listing fee | 70000 |
| FINRA filing fee | 2570 |
| Printing and engraving expenses | 10000 |
| Legal fees and expenses | 883236 |
| Accounting fees and expenses | 441000 |
| Transfer agent and registrar fee and expenses | 3825 |
| Miscellaneous | 466586 |
| **Total** | 1881103 |

---

These expenses will be borne by us. Underwriting discounts will be borne by us in proportion to the numbers of Class A Ordinary Shares sold in the offering.

**LEGAL MATTERS**

We are being represented by Loeb & Loeb LLP with respect to certain legal matters of U.S. federal securities laws. The validity of our Class A Ordinary Shares offered in this offering and certain other matters of Cayman Islands law will be passed upon for us by Carey Olsen Hong Kong LLP, our counsel as to Cayman Islands law. Legal matters as to Hong Kong law will be passed upon for us by Hastings & Co. Legal matters as to BVI law will be passed upon for us by Carey Olsen Hong Kong LLP. Legal matters as to Canada law will be passed upon for us by Metcalfe, Blainey & Burns LLP. Eddid Securities USA Inc. the representative of the underwriters, is being represented by Hunter Taubman Fischer & Li LLC in connection with this offering.

**EXPERTS** 

The consolidated financial statements as of and for the years ended September 30, 2024 and September 30, 2023 included in this prospectus have been so included in reliance on the report of Golden Eagle CPAs LLC, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The registered business address of Golden Eagle CPAs LLC is located at 90 Washington Valley Road, Bedminster, New Jersey 07921.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

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

You may review a copy of the registration statement, including exhibits and any schedule filed therewith, and obtain copies of such materials at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains a website at *http://www.sec.gov* that contains reports, proxy and information statements and other information regarding issuers, like us, that file electronically with the SEC.

Upon completion of this offering, we will be subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. Those reports may be inspected without charge at the locations described above. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

We maintain a website at *www.rikugroup.com.* Information contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus.

**INDEX TO FINANCIAL STATEMENTS**

**RIKU DINING GROUP LIMITED**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Consolidated Financial Statements** |  |
| [Report of Independent Registered Public Accounting Firm](#a_001) (PCAOB ID: 7154) | F-2 |
| [Consolidated Balance Sheets as of September 30, 2024 and 2023](#a_002) | F-3 |
| [Consolidated Statements of Income and Comprehensive Income for the Years Ended September 30, 2024 and 2023](#a_003) | F-4 |
| [Consolidated Statements of Changes in Shareholders' Equity for the Years Ended September 30, 2024 and 2023](#a_004) | F-5 |
| [Consolidated Statements of Cash Flows for the Years Ended September 30, 2024 and 2023](#a_005) | F-6 |
| [Notes to Consolidated Financial Statements](#a_006) | F-7 – F-30 |

---

---

| | |
|:---|:---|
| **Unaudited Condensed Consolidated Financial Statements** |  |
| [Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and September 30, 2024](#fin_001) | F-31 |
| [Unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the Six Months Ended March 31, 2025 and 2024](#fin_002) | F-32 |
| [Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the Six Months Ended March 31, 2025 and 2024](#fin_003) | F-33 |
| [Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2025 and 2024](#fin_004) | F-34 |
| [Notes to Unaudited Condensed Consolidated Financial Statements](#fin_005) | F-35 – F-65 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and stockholders of

<br> Riku Dining Group Limited.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Riku Dining Group Limited. (the "Company") as of September 30, 2024 and 2023, the related consolidated statements of income and comprehensive income, changes in shareholders' equity and cash flows for each of the years in the two-year period ended September 30, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended September 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

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

We have served as the Company's auditor since 2024.

/s/ Golden Eagle CPAs LLC

Bedminster, New Jersey

March 13, 2025, except Notes 2, 10, 13 and 16, as to which the date is May 9, 2025

**RIKU DINING GROUP LIMITED**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| **ASSETS** |  |  |
| **CURRENT ASSETS:** |  |  |
| Cash and cash equivalents | $1543500 | $1989851 |
| Accounts receivable, net | 401604 | 167112 |
| Accounts receivable - related parties, net | 425192 | 377507 |
| Inventories, net | 358466 | 233931 |
| Due from related parties | 992340 | 161598 |
| Short-term investments | 148028 |  |
| Prepaid expenses and other current assets | 376980 | 243588 |
| **TOTAL CURRENT ASSETS** | **4246110** | **3173587** |
| Property and equipment, net | 3578653 | 3626791 |
| Intangible assets, net | 20117 | 32378 |
| Operating lease right-of-use assets, net | 4146428 | 3188789 |
| Finance lease right-of-use assets, net | 66121 | 105979 |
| Other non-current assets | 980560 | 946895 |
| Deferred tax assets, net | 102867 | 98303 |
| **TOTAL ASSETS** | $**13140856** | $**11172722** |
| **CURRENT LIABILITIES:** |  |  |
| Current portion of long-term loans | $261128 | $294064 |
| Accounts payable | 668566 | 654662 |
| Due to related parties | 270135 | 406549 |
| Taxes payable | 762851 | 502207 |
| Operating lease liabilities, current | 1818946 | 1128549 |
| Finance lease liabilities, current | 43546 | 43469 |
| Accrued expenses and other current liabilities | 825559 | 595385 |
| **TOTAL CURRENT LIABILITIES** | **4650731** | **3624885** |
| Operating lease liabilities, non-current | 2520221 | 2227000 |
| Finance lease liabilities, non-current | 26482 | 64981 |
| Long-term loans | 1780639 | 2108259 |
| Deferred tax liabilities | 17466 | 24660 |
| **TOTAL LIABILITIES** | $**8995539** | $**8049785** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |
| Ordinary shares, par value $0.01 per share, 5,000,000 shares authorized; 838,000 shares issued and outstanding as of September 30, 2024 and 2023, respectively\* |  |  |
| Class A ordinary share, par value $0.01 per share, 4,300,000 shares authorized, 170,800 shares issued and outstanding as of September 30, 2024 and 2023, respectively | 1708 | 1708 |
| Class B ordinary share, par value $0.01 per share, 700,000 shares authorized, 667,200 shares issued and outstanding as of September 30, 2024 and 2023, respectively | 6672 | 6672 |
| Additional paid-in capital | 883007 | 1280739 |
| Retained earnings | 3219424 | 1822483 |
| Accumulated other comprehensive income | 34506 | 11335 |
| **TOTAL SHAREHOLDERS' EQUITY** | **4145317** | **3122937** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**13140856** | $**11172722** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

The accompanying notes are an integral part of these consolidated financial statements

**RIKU DINING GROUP LIMITED**

**CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2024** | **2023** |
| **REVENUE** |  |  |
| &nbsp;&nbsp;&nbsp;Revenue - third parties | $17049452 | $16509584 |
| &nbsp;&nbsp;&nbsp;Revenue - related parties | 1040293 | 1107725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 18089745 | 17617309 |
| **COST OF REVENUE** |  |  |
| Cost of revenue - third parties | 13158225 | 12299817 |
| Cost of revenue - related parties | 802865 | 825267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | 13961090 | 13125084 |
| **GROSS PROFIT** | **4128655** | **4492225** |
| **OPERATING EXPENSES** |  |  |
| Selling expenses | 124775 | 81015 |
| General and administrative expenses | 2206561 | 1984720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | **2331336** | **2065735** |
| **INCOME FROM OPERATIONS** | **1797319** | **2426490** |
| **OTHER INCOME (EXPENSE)** |  |  |
| Interest expense, net | (136916) | (139544) |
| Other income, net | 83424 | 94619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses, net | (53492) | (44925) |
| **INCOME BEFORE INCOME TAX PROVISION** | **1743827** | **2381565** |
| **PROVISION FOR INCOME TAXES** | 346886 | 269814 |
| **NET INCOME** | **1396941** | **2111751** |
| **OTHER COMPREHENSIVE INCOME** |  |  |
| Foreign currency translation adjustment | 23171 | 4282 |
| **TOTAL COMPREHENSIVE INCOME** | $**1420112** | $**2116033** |
| **Earnings per ordinary share - basic and diluted** | $**1.67** | $**2.52** |
| **Weighted average shares - basic and diluted \*** | **838000** | **838000** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

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

**RIKU DINING GROUP LIMITED**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

**FOR THE YEARS ENDED SEPTEMBER 30, 2024 and 2023**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares \*** | **Ordinary Shares \*** | **Ordinary Shares \*** | **Ordinary Shares \*** | | | | |
|  | **Class A**<br>**Shares** |<br>**Amount** | **Class B**<br>**Shares** |<br>**Amount** |<br>**Additional**<br>**paid-in**<br>**capital** |<br>**Retained**<br>**Earnings**<br>**(Deficit)** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income** |<br>**Total**<br>**Shareholders'**<br>**Equity** |
| **Balance, September 30, 2022** | **170800** | $**1708** | **667200** | $**6672** | $**1338737** | $**(289268)** | $**7053** | $**1064902** |
| Capital contribution |  |  |  |  | 63 |  |  | 63 |
| Refund of capital contribution |  |  |  |  | (58061) |  |  | (58061) |
| Net income for the year |  |  |  |  |  | 2111751 |  | 2111751 |
| Foreign currency translation adjustment | - | - | - | - | - | - | 4282 | 4282 |
| **Balance, September 30, 2023** | **170800** | $**1708** | **667200** | $**6672** | $**1280739** | $**1822483** | $**11335** | $**3122937** |
| Refund of capital contribution |  |  |  |  | (143356) |  |  | (143356) |
| Dividend distribution |  |  |  |  | (254376) |  |  | (254376) |
| Net income for the year |  |  |  |  |  | 1396941 |  | 1396941 |
| Foreign currency translation adjustment | - | - | - | - | - | - | 23171 | 23171 |
| **Balance, September 30, 2024** | **170800** | $**1708** | **667200** | $**6672** | $**883007** | $**3219424** | $**34506** | $**4145317** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

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

**RIKU DINING GROUP LIMITED**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |
| **Net Income** | $**1396941** | $**2111751** |
| **Adjustments to reconcile net income to net cash provided by operating activities:** |  |  |
| Depreciation and amortization | 824767 | 623236 |
| Amortization of operating lease right-of-use assets | 1556267 | 1153784 |
| Amortization of finance lease right-of-use assets | 39767 | 26067 |
| Loss on disposal of property and equipment | 68633 |  |
| Deferred income tax benefit | (11350) | (37784) |
| **Changes in operating assets and liabilities:** |  |  |
| Accounts receivable | (232560) | (91854) |
| Accounts receivable - related parties | (44986) | (258687) |
| Inventories | (122934) | (92001) |
| Prepaid expenses and other current assets | (131617) | (140181) |
| Other non-current assets | (26615) | (398182) |
| Accounts payable | 10390 | 105409 |
| Taxes payable | 256390 | 148471 |
| Accrued expenses and other current liabilities | 224723 | 25396 |
| Operating lease liabilities | (1531602) | (1119237) |
| **Net cash provided by operating activities** | **2276214** | **2056188** |
| **Cash flows from investing activities:** |  |  |
| Purchase of property and equipment and intangible assets | (816200) | (1057029) |
| Payment made for a short-term investment | (146994) |  |
| Advances made to related parties | (824725) | (156283) |
| **Net cash used in investing activities** | **(1787919)** | **(1213312)** |
| **Cash flows from financing activities:** |  |  |
| Capital contribution |  | 63 |
| Refund of capital contribution | (143356) | (63523) |
| Payment of dividend distribution | (253289) | (574639) |
| Proceeds from long-term loans | 64419 |  |
| Repayments of long-term loans | (432988) | (289587) |
| Advance from (payments made to) related parties | (136949) | 50678 |
| Repayment of obligations under finance leases | (38345) | (23588) |
| **Net cash used in financing activities** | **(940508)** | **(900596)** |
| **Effect of exchange rate fluctuation on cash and cash equivalents** | **5862** | **10186** |
| **Net decrease in cash and cash equivalents** | **(446351)** | **(47534)** |
| **Cash and cash equivalents at beginning of year** | 1989851 | 2037385 |
| **Cash and cash equivalents at end of year** | $**1543500** | $**1989851** |
| **Supplemental cash flow information** |  |  |
| Cash paid for income taxes | $- | $- |
| Cash paid for interest | $- | $- |
| **Supplemental non-cash operating activities** |  |  |
| Right-of-use assets obtained in exchange for finance lease liabilities | $- | $48279 |
| Right-of-use assets obtained in exchange for operating lease liabilities | $2495047 | $1187084 |

---

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

**RIKU DINING GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION**

***<u>Business</u>***

Riku Dining Group Limited ("Riku" or the "Company"), is a dynamic international restaurant operator with a diverse portfolio of Japanese-themed dining concepts, strategically positioned in key markets such as Hong Kong and Canada. Through the Company's operating subsidiaries located in Canada and Hong Kong, the Company delivers authentic Japanese culinary experiences to customers by holding exclusive franchise rights for prestigious Japanese brands.

***<u>Organization</u>***

Riku was incorporated under the laws of the Cayman Islands on February 14, 2025 as an exempted company with limited liability.

The Company has no substantive operations other than holding all of the outstanding share capital of Master Central Holdings Ltd. ("Master Central"), a limited liability company incorporated under the laws of British Virgin Islands ("BVI") on July 2, 2021. Master Central has no substantive operations other than holding all of the outstanding share capital of (1) Rich Plenty Group Limited ("Rich Plenty"), a limited liability company formed under the laws of BVI on October 30, 2024 and Waraku Group Limited ("Waraku"), a limited liability company formed under the laws of Hong Kong on March 15, 2024.

Riku, Master Central, Rich Plenty and Waraku are currently not engaging in any active business operations and merely acting as holding companies.

The Company's business operations were conducted by the following operating subsidiaries in Canada and Hong Kong, including (1) Ajisen Ramen (Canada) Inc.("ARCI"), a company incorporated in Canada on July 18, 2007; (2) 2750039 Ontario Inc. ("CK Inc."), a company incorporated in Ontario on March 26, 2020; (3) 2512118 Ontario Inc ("Kennedy Inc.")., a company incorporated in Ontario on April 5, 2016; (4) 2770933 Ontario Inc. ("Vaughan Inc."), a company incorporated in Ontario on August 10, 2020; (5) 2811387 Ontario Inc. ("Midland Inc."), a company incorporated in Ontario on January 27, 2021 and (6) 1000047451 Ontario Limited ("Church Limited"), a company incorporated in Ontario on December 7, 2021; (7) C & Hospitality Limited ("C& Hospitality"), a limited company incorporated in Hong Kong on June 16, 2021; (8) ES Concept (F&B) Co., Limited ("ES Concept"), a limited company incorporated in Hong Kong on May 26, 2020; (9) ES&TWP Limited ("ES & TWP"), a limited company incorporated in Hong Kong on February 27, 2023; (10) ES & Yoho Limited ("ES & Yoho"), a limited company incorporated in Hong Kong on January 6, 2023; (11) C&NTP Limited ("C & NTP"), a limited company incorporated in Hong Kong on July 12, 2021; and (12) ES & Granville Limited ("ES & Granville"), a limited company incorporated in Hong Kong on June 8, 2022.

ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are collectively referred to as the "CA Operating Subsidiaries". ARCI is primarily engaged in providing management services to the franchisees, CK Inc. is primarily running the central kitchen business and Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited. are primarily engaged in running franchised full-service Japanese dining restaurants in Canada under the brand name of Ajisen Ramen, with a featured menu of a wide range of dishes, including its signature Kyushu-style tonkotsu ramen, famous in-house made gyoza, chicken karaage, and AAA striploin served on a sizzling hot plate. The menu also includes vegan and customizable options to cater to diverse dietary preferences.

C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville are collectively referred to as the "HK Operating Subsidiaries". ES Concept, ES &Yoho and C&NTP are primarily running the franchised full-service Japanese barbecue restaurant under the prestigious brand name of Yakiniku Kakura. ES&TWP and ES& Granville are primarily running the franchised restaurant business under the brand name of Yakiniku 801, specializing in high-quality beef cuts while ensuring affordability. ES&TWP also runs the restaurant business under the brand name of Ufufu Café, a Japanese-inspired cafe that blends Western-influenced Japanese cuisine (yoshoku) with Japanese-style desserts.

***Reorganization***

A reorganization of our legal structure ("Reorganization") was consummated prior to completion of the offering, on [●], 2025. The reorganization involved the incorporation of Riku on February 14, 2025, and thereafter will involve (1) the incorporation of Rich Plenty and Master Central; (2) the transfer of the entire issued share capital of CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Inc. and ARCI to Rich Plenty; (3) the acquisition of the entire issued share capital of Rich Plenty by Master Central, following which Rich Plenty became wholly-owned by Master Central and the CA Operating Subsidiaries became indirectly owned by Master Central; (4) the transfer of the issued share capital of the HK Operating Subsidiaries to Waraku, and (5) the acquisition of the entire issued share capital of Waraku and Rich Plenty by Master Central and Riku, following which, Waraku and Rich Plenty will become wholly-owned by Riku and the HK Operating Subsidiaries will become indirectly wholly-owned by Riku. Consequently, Riku, through its subsidiaries Master Central. Rich Plenty and Waraku, will directly control the CA Operating Subsidiaries and HK Operating Subsidiaries, and become the ultimate holding company of all other entities mentioned above.

The Reorganization was accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

Upon the completion of the Reorganization, the Company has subsidiaries in countries and jurisdictions in BVI, Canada and Hong Kong. Details of the subsidiaries of the Company are set out below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Entity** | **Date of Incorporation** | **Place of Incorporation** | **% of Ownership** | **Principal Activities** |
| Riku Dining Group Limited. ("Riku" or the "Company") | February 14, 2025 | Cayman Islands | Parent | Parent, holding investment |
| Master Central Holdings Ltd. ("Master Central") | July 2, 2021 | British Virgin Islands | 100% owned by Riku | Investment holding |
| Rich Plenty Group Limited ("Rich Plenty") | October 30, 2024 | British Virgin Islands | 100% owned by Mater Central, managing the CA Operating Subsidiaries listed below | Investment holding |
| Waraku Group Limited ("Waraku") | March 15, 2024 | Hong Kong | 100% owned by Master Central, managing the HK Operating Subsidiaries listed below | Investment holding |
| **Canada Operating subsidiaries ("CA Operating Subsidiaries") include the following:** |  |  |  |  |
| Ajisen Ramen (Canada) Inc. ("ARCI") | July 18, 2007 | Canada | 100%, subsidiary of Master Central | Management service to franchisees of sub-franchised Japanese Noodle Restaurant, Ajisen Ramen; operation of central kitchen |
| 2750039 Ontario Inc. ("CK Inc.") | March 26, 2020 | Ontario | 100%, subsidiary of Master Central | Own property on which central kitchen operates |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| 2512118 Ontario Inc. ("Kennedy Inc.") | April 5, 2016 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 2770933 Ontario Inc. ("Vaughan Inc.") | August 10, 2020 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 2811387 Ontario Inc. ("Midland Inc.") | January 27, 2021 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 1000047451 Canada Inc. ("Church Limited") | December 7, 2021 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| **Hong Kong Operating Subsidiaries ("HK Operating Subsidiaries") including the following:** |  |  |  |  |
| C & Hospitality Limited ("C & Hospitality") | June 16, 2021 | Hong Kong | 100%, subsidiary of Waraku | Franchise brands management |
| ES Concept (F&B) Co., Limited ("ES Concept") | May 26, 2020 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| ES & TWP Limited ("ES & TWP") | February 27, 2023 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese restaurant, under brand name of Yakiniku 801 and Ufufu Café |
| ES & Yoho Limited ("ES & Yoho") | January 6, 2023 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| C & NTP Limited ("C & NTP") | July 12, 2021 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| ES & Granville Limited ("ES & Granville") | June 8, 2022 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese restaurant, under brand name of Yakiniku 801 |

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***<u>Basis of Presentation and Principles of Consolidation</u>***

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The accompanying consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All inter-company balances and transactions are eliminated upon consolidation.

***<u>Uses of estimates</u>***

In preparing the consolidated financial statements in conformity U.S. GAAP, the management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the allowance for credit losses, inventory valuation, the realization of advance to vendors, useful lives of property and equipment, the recoverability of long-lived assets, estimates used in lease accounting and realization of deferred tax assets. Actual results could differ from those estimates.

<u>Cash and cash equivalents</u>

Cash includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. Cash equivalent represents small amount of cash deposited with certain commercial online platforms, such as Alipay and WeChat payment, which are highly liquid.

***<u>Accounts receivable, net</u>***

Accounts receivable represents balance due from customers and are recorded net of allowance for credit loss. The Company's primary accounts receivables are restaurant sales made with credit cards.

On October 1, 2023, the Company adopted ASC 326, Credit Losses, which replaced previously issued guidance regarding the impairment of financial instruments with an expected loss methodology that will result in more timely recognition of credit losses. The Company used a modified retrospective approach and did not restate the comparable prior periods.

The allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the receivables and is measured in accordance with ASC 326. Provisions for credit losses are recorded based on management's judgment regarding the Company's ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible. As of September 30, 2024 and 2023, there was no credit loss recorded as management believed that all of the accounts receivable balances fully collectible.

***<u>Inventories, net</u>***

Inventories are stated at the lower of cost and net realizable value using weighted average method. Costs include the cost of food, beverages and supplies used in the restaurant business, labor costs and other overhead costs. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision for diminution in the value of inventories. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. 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. The Company recorded no inventory reserve as of September 30, 2024 and 2023.

***Short-term investments***

Short-term investments primarily consist of investments in prime-linked cashable guaranteed investment certificate ("GIC"), which is a flexible and secure investment option that offers guaranteed rate of return and early cash option to investor, with an annual interest rate linked to changes in Canadian bank's prime interest rate. Such investment can earn interest up to the cash out date and it can be cashed out any time without penalty.

The Company accounts for short-term investments in accordance with ASC 320, *Investments — Debt and Equity Securities* and ASC 321, *Investments- Equity Securities*. The Company determines the appropriate classification of its short-term investments as held-to-maturity, available-for-sale or trading at the time of purchase, and re-evaluate such classification as of each balance sheet date. Unrealized gains and losses are reported as a component of accumulated other comprehensive income in shareholders' equity. The Company uses the specific identification method of determining the cost basis in computing realized gains and losses on the sale of its short-term investment. Realized gains and losses are included in other income.

***<u>Property and equipment</u>***

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment is provided using the straight-line method over their expected useful lives, as follows:

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| | |
|:---|:---|
|  | **Useful life** |
| Building | 39 years |
| Machinery and equipment | 5–10 years |
| Automobiles | 3–5 years |
| Office and electric equipment | 3–5 years |
| Leasehold improvements | Lesser of useful life and lease term |

---

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income and other comprehensive income in other income or expenses.

***<u>Intangible assets, net</u>***

The Company's intangible assets primarily consist of purchased computer software. Intangible assets are carried at cost less accumulated amortization and any recorded impairment. The Company amortizes its intangible assets over useful lives of three years using a straight-line method. Amortization of intangible assets amounted to $12,294 and $11,938, for the years ended September 30, 2024 and 2023, respectively.

***<u>Impairment of long-lived Assets</u>***

Long-lived assets with finite lives, primarily property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset's carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of September 30, 2024 and 2023.

***<u>Leases</u>***

In accordance with ASC 842, the Company recognizes, on the balance sheets, the lease assets and related lease liabilities for the rights and obligations created at lease commencement by operating and finance leases with lease terms of more than 12 months. The lease term commences on the date the lessor makes the underlying asset or assets available, irrespective of when lease payments begin under the contract. When determining the lease term at commencement, the Company considers both termination and renewal option periods available, and only includes the period for which failure to renew the lease imposes a penalty on the Company in such an amount that renewal, or termination options, appear to be reasonably certain.

The Company's lease liability is generally based on the present value of the lease payments, consisting of fixed costs and certain rent escalations, using the incremental borrowing rate applicable to the lease term. The lease asset is generally based on the lease liability, adjusted for amounts related to other lease-related assets and liabilities. The Company's adjustments typically include prepaid rent, landlord contributions as a reduction to the asset and favorable or unfavorable lease purchase price adjustments.

The interest rates used in the Company's lease contracts are not implicit. The Company has derived the incremental borrowing rate using the interest rate the Company would pay on its existing borrowings, adjusted for the effect of designating collateral and the lease terms using market data as well as publicly available data for instruments with similar characteristics. The reasonably certain lease term and incremental borrowing rate for each lease requires judgment by management and can impact the classification and accounting for a lease as operating or finance, as well as the value of the lease asset and lease liability.

Lease asset carrying amounts are assessed for impairment annually or when events or circumstances indicate that the carrying amount may not be recoverable, in accordance with the Company's long-lived asset impairment policy. The Company monitors the events or changes in circumstances that require reassessment of lease classification. When a reassessment results in the re-measurement of a lease liability, a corresponding adjustment is made to the carrying amount of the lease asset. There was no impairment for ROU lease assets as of September 30, 2024 and 2023.

Operating lease expenses are recognized on a straight-line basis over the lease term. Finance lease expenses are recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. Lease expenses are recognized in depreciation and amortization expenses, and interest on each finance lease liability is recorded to interest expenses, as included in the consolidated statements of income and comprehensive income.

***<u>Fair value of financial instruments</u>***

Fair value is considered to be the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

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.

Unless otherwise disclosed, the fair value of the Company's financial instruments, including cash and cash equivalent, accounts receivable, inventories, due from related parties, prepaid expenses and other current assets, short-term investment, current portion of long-term loans, accounts payable, taxes payable and accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of September 30, 2024 and 2023 based upon the short-term nature of the assets and liabilities.

The Company believes that the carrying amount of long-term loans approximates fair value at September 30, 2024 and 2023 based on the terms of the borrowings and current market rates as the rates of the borrowings are reflective of the current market rates.

***<u>Foreign currency translation</u>***

The functional currency for Riku, Master Central and Rich Plenty is the U.S Dollar ("US$"). The Company's CA Operating Subsidiaries, including ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited, use the Canadian dollar ("CAD") as their functional currency. Waraku and the Company's HK Operating Subsidiaries, including C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville, use HK dollar ("HK$") as their functional currency. Riku, Master Central and Waraku currently only serve as the holding companies and did not have active operations as of the date of this report. The Company operates its business through its Canada Operating Subsidiaries and HK Operating Subsidiaries as of September 30, 2024. The Company's consolidated financial statements have been translated into US$. Assets and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2024** | **September 30, 2024** | **September 30, 2023** | **September 30, 2023** |
| Year-end spot rates | US$1=CAD 1.3511 | US$1 =HK$7.7693 | US$1=CAD 1.3535 | US$1 =HK$7.8308 |
| Average rate | US$1=CAD 1.3606 | US$1 =HK$7.8127 | US$1=CAD 1.3486 | US$1 =HK$7.8310 |

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***<u>Revenue recognition</u>***

On October 1, 2022, the Company adopted Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with customers", using the modified retrospective approach.

To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will *not* occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The Company currently generates its revenue from the following main sources:

*Self-operated restaurant revenue*

With our exclusive franchise right of Ajisen Ramen in Canada, we have four directly managed Ajisen Ramen restaurants in Canada. In Hong Kong, we have three directly managed Japanese barbecue restaurants under the brand name of Yakiniku Kakura, two directly managed restaurants under the brand name of Yakiniku 801 and one directly managed restaurant under the brand name of Ufufu Café. Revenues from self-operated restaurants are recognized at point when food and beverage products are delivered to customers and payment is tendered at the time of sale. The Company presents sales, net of discount, promotional allowances and sales taxes. Sales taxes collected from customers are included in other accrued taxes on our consolidated balance sheets until the taxes are remitted to governmental authorities.

The Company accounts for the revenue from sales of food and beverage products in self-operated restaurants on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits.

*Franchise revenue*

*Management service fees*

To better manage the sub-franchised restaurant stores, the Company provides upfront site selection, lease assistance, supply of the necessary franchise equipment, employee training services and other store management skills to the sub-franchisee to ensure that the sub-franchised restaurants conform to the general settings and requirements of the brand name over the contracted sub-franchise period. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants and the Company recognizes such on a monthly basis revenue over the contracted period when the services are rendered on a continuous basis.

*Sales of food ingredients*

Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at the Company's central kitchen before delivery to the sub-franchised restaurants. The Company accounts for the revenue from sales of food ingredient products to sub-franchisees on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. The Company recognizes revenue net of discounts and sales returns when the food ingredient products are delivered and the title is passed to the sub-franchisees.

*Contract Assets and Liabilities*

The Company did not have contract assets and contract liabilities as of September 30, 2024 and 2023.

*Disaggregation of Revenues*

The Company disaggregates its revenue from contracts by product, service types and geographic areas, as the Company believes it best depicts how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors. The Company's disaggregation of revenues for the years ended September 30, 2024 and 2023 are as follows:

*Revenue by service type*

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| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Self-operated-restaurant revenue | $15653963 | $16081232 |
| Franchise fee income | 124097 | 125786 |
| Management fee income | 1172930 | 1064186 |
| Sale of ingredients | 1138755 | 346105 |
| Total revenues | $18089745 | $17617309 |

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*Revenue by geographic areas*

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| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Hong Kong, China | $9394208 | $9366691 |
| Canada | 8695537 | 8250618 |
| Total revenues | $18089745 | $17617309 |

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*Revenue by customer types*

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| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Revenue from third party customers | $17049452 | $16509584 |
| Revenue from related parties | 1040293 | 1107725 |
| Total revenues | $18089745 | $17617309 |

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***<u>Cost of revenue</u>***

Cost of revenue primarily includes food and beverage costs, labor cost, overhead costs and sales taxes.

***<u>Selling, general and administrative expenses</u>***

Selling expenses primarily include salary and welfare benefit expenses paid to the Company's sales personnel, business travel, meals and entertainment expenses, and other sales and marketing activity-related expenses. General and administrative expenses primarily consist of employee salaries, welfare and insurance expenses, professional and consulting expenses, office rent and decoration expenses, depreciation and amortization, bad debt reserve expenses and other miscellaneous administrative expenses. All costs associated with selling and general and administrative function are expensed as incurred.

***<u>Advertising expense</u>***

Advertising expenses primarily relate to the promotion of the Company's brand name and products through outdoor billboards and social media. Advertising expenses are included in selling expenses in the consolidated statements of income and comprehensive income. Advertising expenses amounted to $124,775 and $81,015 for the years ended September 30, 2024 and 2023, respectively.

***<u>Income taxes</u>***

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. 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.

An uncertain tax position is recognized only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended September 30, 2024 and 2023. The Company does not believe that there was any uncertain tax provision on September 30, 2024 and 2023. The Company's subsidiaries in Canada and Hong Kong are subject to the income tax laws of the Canada and Hong Kong, respectively. As of September 30, 2024, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

***<u>Earnings per Share</u>***

The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. As of September 30, 2024 and 2023, there were no dilutive shares.

***<u>Comprehensive income</u>***

Comprehensive income consists of two components, net income and other comprehensive income. The foreign currency translation gain or loss resulting from translation of the financial statements expressed in CAD and HK$ to US$ is reported in other comprehensive income in the consolidated statements of income and comprehensive income.

***<u>Statement of cash flows</u>***

In accordance with ASC 230, "Statement of Cash Flows", cash flows from the Company's operations are formulated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.

***<u>Segment reporting</u>***

In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM or decision-making group, in deciding how to allocate resources and in assessing performance. The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's CODM for making operating decisions and assessing performance as the source for determining the Company's reportable segments. Management, including the CODM, reviews operating results by the revenue of different services. Based on management's assessment, the Company has determined that it has four operating segments as defined by ASC 280 (see Note 15).

***<u>Related parties and transactions</u>***

The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, "Related Party Disclosures" and other relevant ASC standards.

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure.

***<u>Recent accounting pronouncements</u>***

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASC Topic 606, "Revenue from Contracts with Customers". This ASU is expected to improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The new guidance is effective for public companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all other entities, it is effective for fiscal years beginning after December 31, 2023, including interim periods within those fiscal years. The Company does not believe the adoption of this new guidance will have material impact on its consolidated financial statements.

On November 27, 2023, FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires that an entity disclose significant segment expenses impacting profit and loss that are regularly provided to the chief operating decision maker. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in ASU 2023-07 are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not believe the adoption of this new guidance will have material impact on its consolidated financial statements.

On December 14, 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that entities disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The new standard is effective for the Company beginning December 15, 2024, with early adoption permitted effective for fiscal years beginning January 1, 2024. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statements.

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

**NOTE 3 — ACCOUNTS RECEIVABLE, NET**

Accounts receivable consists of the following:

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| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Accounts receivable | $401604 | $167112 |
| Less: allowance for credit loss | - | - |
| Accounts receivable, net | $401604 | $167112 |

---

The Company's accounts receivable primarily includes balance due from customers when the Company's products are sold and delivered to customers. The Company's accounts receivable balance at September 30, 2023 has been fully collected. The September 30, 2024 accounts receivable balance has been fully collected as of the date of this report.

**NOTE 4 — INVENTORY, NET**

Inventory, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2024** | **September 30,**<br> **2023** |
| Food and beverages | $19077 | $18654 |
| Food ingredients | 322942 | 212824 |
| Other kitchen materials | 16447 | 2453 |
| Inventory valuation allowance | - | - |
| Total inventory, net | $358466 | $233931 |

---

**NOTE 5 — PREPAID EXPENSES AND OTHER ASSETS, NET**

Prepaid expenses and other assets, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2024** | **September 30, 2023** |
| Security deposit <sup>(1)</sup> | $970283 | $1006421 |
| Advance to suppliers <sup>(2)</sup> | 198145 | 101313 |
| Loans to third parties | 95056 |  |
| Others | 94056 | 82749 |
| Allowance for credit losses | - | - |
| Subtotal | 1357540 | 1190483 |
| Less: prepaid expenses and other current assets | (376980) | (243588) |
| Other non-current assets | $980560 | $946895 |

---

(1) Deposits
 primarily include security deposits paid to landlords for the Company's restaurant stores as well as security deposits paid
 to the Company's suppliers.

(2) Advances
 to suppliers consist of mainly payments to suppliers for inventory purchases that have not been received.

**NOTE 6 — PROPERTY AND EQUIPMENT, NET**

Property and equipment, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Buildings | $1142580 | $1140554 |
| Leasehold improvement | 2744622 | 2246444 |
| Kitchen machinery and equipment | 992223 | 769742 |
| Automobiles | 107214 | 120347 |
| Office and electric equipment | 749572 | 716451 |
| Subtotal | 5736211 | 4993538 |
| Less: accumulated depreciation | (2157558) | (1366747) |
| Property and equipment, net | $3578653 | $3626791 |

---

Depreciation expenses were $812,473 and $611,298 for the years ended September 30, 2024 and 2023, respectively.

In connection with the Company's long-term bank loan with Royal Bank of Canada, the equipment and leaseholds of Midland Inc., Church Limited. and Vaughan Inc. and the building property of CK Inc. were pledged as collaterals to safeguard the loans (see Note 9).

**NOTE 7 — INTANGIBLE ASSETS, NET**

Intangible assets primarily include software. Amortization expenses were $12,294 and $11,938 for the years ended September 30, 2024 and 2023, respectively.

**NOTE 8 — LEASES**

*Operating Leases*

The Company's CA Operating Subsidiaries and HK Operating Subsidiaries enter into non-cancellable operating lease agreements with the landlords to lease office spaces and restaurant stores. Most of the leases are renewable every three years.

Effective on October 1, 2022, the Company adopted Topic 842. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. ROU assets represent the Company's right to use an underlying asset over the lease term and lease liabilities represent the Company's obligation to make lease payments derived from the lease.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease terms. Rent expense is recognized on a straight-line basis over the lease terms.

Balance sheet information related to operating leases ROU assets and lease liabilities is as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Operating lease right-of-use assets | $7677988 | $5149361 |
| Amortization of operating lease right-of-use assets | (3531560) | (1960572) |
| Total operating lease right-of-use assets, net | $4146428 | $3188789 |
| Operating lease liabilities - current | $1818946 | $1128549 |
| Operating lease liabilities – non-current | 2520221 | 2227000 |
| Total operating lease liabilities | $4339167 | $3355549 |

---

The weighted average remaining lease terms and discount rates for the operating lease as of September 30, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Weighted average remaining lease term (years) | 2.73 | 3.21 |
| Weighted average discount rate | 4.09% | 4.73% |

---

For the years ended September 30, 2024 and 2023, the Company reported total operating lease costs of $1,727,631 and $1,313,428, respectively.

*Finance Lease*

On December 13, 2022, the Company's subsidiary in Canada, ARCI, entered into an auto loan purchase agreement with the car dealer to finance a vehicle purchase, with cash downpayment of CAD 40,736, monthly payment of CAD 3,582 ($2,651) for 36 consecutive installment payments and vehicle mortgage interest of 8.49% per annum. Related party, Mr. Johnny Luk Ching Po signed as the co-lessee on this lease agreement to provide additional guarantee to safeguard the leased vehicle.

On April 19, 2023, the Company's subsidiary in Canada, Vaughan Inc., entered into an auto loan purchase agreement with the car dealer to finance a vehicle purchase, with zero cash downpayment, monthly payment of CAD 1,529 ($1,132) for 48 consecutive installment payments and vehicle mortgage interest of 5.99% per annum.

Management deemed such auto finance purchases under the lease agreements as finance lease. Finance lease expenses are recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term.

The weighted average remaining lease terms and discount rates for the finance lease as of September 30, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Weighted average remaining lease term (years) | 1.83 | 2.75 |
| Weighted average discount rate | 7.31% | 7.47% |

---

Total interest on the financed vehicles amounted to $6,730 and $5,985 for the years ended September 30, 2024 and 2023, respectively.

The following table summarizes the maturity of lease liabilities and future minimum payments of leases as of September 30, 2024:

---

| | | |
|:---|:---|:---|
| **Year ending September 30,** | **Operating<br> Leases** | **Finance<br> Leases** |
| 2025 | $1957315 | $45392 |
| 2026 | 1452566 | 21532 |
| 2027 | 748550 | 7921 |
| 2028 | 320259 |  |
| 2029 | 65395 |  |
| Thereafter | 75461 | - |
| Total lease payments | 4619546 | 74845 |
| Less: imputed interest | (280379) | (4817) |
| Total lease liabilities | $4339167 | $70028 |

---

**NOTE 9 — LONG-TERM LOANS**

*Long-term auto loans*

Long-term auto loans consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Don Valley North Lexus | (1) | $- | $32619 |
| Finch Chevrolet Cadillac Buick GMC Ltd. | (2) | 25786 | 36894 |
| Audi Queensway | (3) | 29210 | - |
| Total long-term auto loans |  | $54996 | $69513 |
| Current portion of long-term auto loans |  | $21300 | $19897 |
| Non-current portion of long-term auto loans |  | $33696 | $49616 |

---

(1) On
 May 25, 2021, the Company's subsidiary in Canada, Midland Inc., entered into a vehicle purchase agreement with Don Valley North
 Lexus. To facilitate the purchase, Midland Inc. also entered into a loan arrangement for principal amount of CAD 71,003 ($52,552).
 The effective interest rate was 2.38% per annum. The outstanding principal and interest shall be paid by 156 installment payments
 of CAD 466.58 each. As of September 30, 2024, the loan was full repaid.

(2) On
 January 10, 2023, the Company's subsidiary in Canada, Midland Inc., entered into a vehicle purchase agreement with Finch Chevrolet
 Cadillac Buick GMC Ltd. To facilitate the purchase, Midland Inc. also entered into a loan arrangement for principal amount of CAD
 60,388 ($44,696). The effective interest rate was 9.42% per annum. The outstanding principal and interest shall be paid by 104 installment
 payments of CAD 641 each. As of September 30, 2024, current portion and non-current portion of long-term auto loan payable to Finch
 Chevrolet Cadillac Buick GMC Ltd. amounted to $11,174 and $14,612, respectively.

(3) On
 August 12, 2024, the Company's subsidiary in Canada, Church Limited, entered into a vehicle purchase agreement with Audi Queensway.
 To facilitate the purchase, Church Limited. also entered into a loan arrangement for principal amount of CAD 41,043 ($30,377). The
 effective interest rate was 11.17% per annum. The outstanding principal and interest shall be paid by 78 installment payments of
 CAD 567 each. As of September 30, 2024, current portion and non-current portion of long-term auto loan payable to Audi Queensway
 amounted to $10,126 and $19,084, respectively.

For the above-mentioned long-term auto loans, the Company recorded a total interest expense of $1,919 and $1,162 for the years ended September 30, 2024 and 2023, respectively.

The future maturities of long-term auto loans as of September 30, 2024 were as follows:

---

| | |
|:---|:---|
| **12 months ending September 30,** | |
| 2025 | $21300 |
| 2026 | 21300 |
| 2027 | 12396 |
| Total long-term auto loans | $54996 |

---

*Long-term bank loans*

Long-term bank loans consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Bank of China (Hong Kong) ("BOAHK") | (1) | $913300 | $1008000 |
| Royal Bank of Canada ("RBC") | (2) | 40484 | 77716 |
| Royal Bank of Canada ("RBC") | (3) | 132121 | 182939 |
| Royal Bank of Canada ("RBC") | (4) |  | 92511 |
| Royal Bank of Canada ("RBC") | (5) |  | 29553 |
| Business Development Bank of Canada ("BDC") | (6) | 900866 | 942091 |
| Total long-term bank loans |  | $1986771 | $2332810 |
| Current portion of long-term bank loans |  | $239828 | $274167 |
| Non-current portion of long-term bank loans |  | $1746943 | $2058643 |

---

(1) On
 April 1, 2022, the Company's subsidiary in Hong Kong, ARCI, entered into a term loan facility agreement with BOAHK to
 borrow HK$9 million (approximately $1.2 million) as working capital, with loan maturity date on April 20, 2032. The loan bears
 variable interests, with interest charged at 2.5% p.a. below the Hong Kong dollars prime rate quoted by the Hong Kong Mortgage Corporation
 Limited from time to time. The effective interest rate ranged between 2.75% to 3.746% per annum. The outstanding principal and interest
 shall be paid by 120 installment payments of HKD 85,870 each. Any payment required to be made which is not made when due shall bear
 default interest of 6% per annum over the Hong Kong dollars prime rate quoted by the Hong Kong Mortgage Corporation Limited from
 time to time. A related party, Mr. Luk Siu Fung Mark, one of the major shareholders of the Company, signed guarantee agreement with
 BOAHK to provide guarantee on this loan, with the guarantee limit not exceeding the loan amount. As of September 30, 2024, current
 portion and non-current portion of long-term loan payable to BOAHK amounted to $108,416 and $804,884, respectively.

(2) On
 May 12, 2021, the Company's subsidiary in Canada, Midland Inc., entered into a term loan facility agreement with RBC to borrow
 CAD 223,000 ($165,051) as working capital, with loan maturity date on May 26, 2025. The loan bears variable interests, with interest
 charged at 3.0% p.a. above the Royal Bank prime rate quoted by the RBC from time to time. The effective interest rate was 10.20%
 per annum. The outstanding principal and interest shall be paid by 48 installment payments of CAD 4,207.55 each with all outstanding
 principal and interests is payable in full at the end of the term. Any payment required to be made which is not made when due shall
 bear the same rate as the interest rate applicable to the principal amount. Two related parties, Mr. Zhanpeng Liao and Mr. Steven
 Liao, each a family member of the Company's shareholder, signed guarantee agreement with RBC to provide guarantee on this
 loan, with the guarantee limit not exceeding CAD 55,750. The equipment and leaseholds of Midland Inc. were pledged as collaterals
 to safeguard the loan. As of September 30, 2024, current portion and non-current portion of long-term loan payable to RBC amounted
 to $37,370 and $3,114, respectively.

(3) On
 April 8, 2022 the Company's subsidiary in Canada, Church Limited, entered into a term loan facility agreement with RBC to borrow
 CAD 345,000 ($255,347) as working capital, with loan maturity date on April 26, 2027. The loan bears variable interests, with interest
 charged at 3.0% p.a. above the Royal Bank prime rate quoted by the RBC from time to time. The effective interest rate was 10.20%
 per annum. The outstanding principal and interest shall be paid by 60 installment payments of CAD 5,758 each with all outstanding
 principal and interests is payable in full at the end of the term. Any payment required to be made which is not made when due shall
 bear the same rate as the interest rate applicable to the principal amount. Three related parties, Mr. Zhanpeng Liao, Mrs.
 Dan Yang and Mr. Steven Liao, each a family member of the Company's shareholder, signed guarantee agreement with RBC to provide
 guarantee on this loan, with the guarantee limit not exceeding CAD 86,375. The equipment and leaseholds of Church Limited were pledged
 as collateral to safeguard the loan. As of September 30, 2024, current portion and non-current portion of long-term loan payable
 to RBC amounted to $51,144 and $80,977, respectively.

(4) On
 November 23, 2020, the Company's subsidiary in Canada, Vaughan Inc., entered into a term loan facility agreement with RBC to
 borrow CAD 278,250 ($205,943) as working capital, with loan maturity date on December 30, 2025. The loan bears variable interests,
 with interest charged at 3.0% p.a. above the Royal Bank prime rate quoted by the RBC from time to time. The effective interest rate
 was 10.20% per annum. The outstanding principal and interest shall be paid by 60 installment payments of CAD 4,638 each with all
 outstanding principal and interests is payable in full at the end of the term. Any payment required to be made which is not made
 when due shall bear the same rate as the interest rate applicable to the principal amount. One related party, Mr. Keith Ka Bo Chan,
 a family member of one of the major shareholders of the Company, signed guarantee agreement with RBC to provide guarantee on this loan, with
 the guarantee limit not exceeding CAD 69,563. The equipment and leaseholds of Vaughan Inc. was pledged as collateral to safeguard
 the loan. As of September 30, 2024, the loan was fully repaid.

(5) The
 CAD 40,000 ($29,553) loan was funded by the Government of Canada, it was one of the Government of Canada's financial relief
 measures to support Canadian businesses that have been adversely affected by COVID-19. The loans help eligible businesses pay for
 operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity. Loan forgiveness
 of 25% will apply if 75% of the maximum loan balance is repaid by December 31, 2023, and no interest applies before January 1, 2024.
 The Company repaid 75% of the loan and 25% of loan was forgiven by the bank.

(6) On
 March 23, 2020, the Company's subsidiary in Canada, CK Inc., entered into a term loan facility agreement with BDC to borrow
 CAD 1,450,000 (approximately $1.1 million) to finance the purchase of 2 condominium units as central kitchen and warehouse, with
 loan maturity date on September 15, 2045. The loan bears variable interests, with interest charged at 0.75% p.a. below the floating
 base rate quoted by the BDC from time to time. The effective interest rate was 8.20% per annum. The outstanding principal and interest
 shall be paid by 300 installment payments, the first payment is CAD 5,830 and the remaining 299 payments is CAD 4,830 each. Any payment
 required to be made which is not made when due shall bear the same rate as the interest rate applicable to the principal amount.
 One of the Company's subsidiaries, Kennedy Inc., and another three related party companies provide guarantee on this loan,
 with the guarantee limit not exceeding the loan amount outstanding, and one of the major shareholders of the Company, Mr. Luk
 Ching Po Johnny, also signed guarantee agreements with BDC to provide guarantee on this loan, with the guarantee limit not exceeding
 30% of the loan amount outstanding. In addition, the building property of CK Inc. was pledged as collateral to safeguard the loan.
 As of September 30, 2024, current portion and non-current portion of long-term loan payable to BDC amounted to $42,898 and $857,968,
 respectively.

For the above-mentioned long-term bank loans, the Company recorded a total interest expense of $141,631 and $144,300 for the years ended September 30, 2024 and 2023, respectively.

The future maturities and repayment of long-term bank loans as of September 30, 2024 were as follows:

---

| | |
|:---|:---|
| **12 months ending September 30,** | Amount |
| 2025 | $239828 |
| 2026 | 229786 |
| 2027 | 205362 |
| 2028 | 175528 |
| 2029 | 175528 |
| Thereafter | 960739 |
| Total long-term bank loans | $1986771 |

---

**NOTE 10 — RELATED PARTY TRANSACTIONS**

***(a). Nature of relationships with related parties***

---

| | |
|:---|:---|
| **Name** | **Relationship within the Group** |
| Chung Po Luk | Father of Luk Siu Fung Mark and brother of Johnny Ching Po Luk |
| Steven Liao | Son-in-law of Luk Ching Po Johnny |
| Luk Siu Fung Mark | Shareholder and director of the Company |
| Luk Ching Po Johnny | Shareholder and director of the Company |
| Zhanpeng Liao | Family member of Steven Liao |
| Dan Yang | Family member of Steven Liao |
| Mak Po Keung | Family member of Luk Siu Fung Mark |
| Keith Ka Bo Chan | Shareholder of Vaughan Inc. |
| Midtown 1000076454 | An entity owned by Keith Ka Bo Chan |
| Jmart Ontario Inc | An entity owned by Steven Liao |
| 15397294 Canada Inc. ("Ajisen Waterloo") | An entity owned by Steven Liao |
| 2070111 Ontario Inc ("Warden") | An entity owned by Luk Ching Po Johnny |
| 1695325 Ontario Inc ("Yonge") | An entity owned by Luk Ching Po Johnny |
| 1802497 Ontario Inc. | An entity owned by Luk Ching Po Johnny |
| ES& Cubus Limited | An entity owned by Luk Siu Fung Mark |
| C& 535 Limited | An entity owned by Luk Siu Fung Mark |
| J.H Dinning Limited | An entity owned by Mak Po Keung |
| Hunan Waraku Holding Company Limited | An entity for which Luk Siu Fung Mark is the legal representative. |
| Mr. Suenaga Yuchi | Legal representative of ES Concept (one of the subsidiaries of Waraku) |
| Unico HK Corporation Limited | Mr. Suenaga Yuchi |
| ONEM Systems Inc. | An entity owned by Zhanpeng Liao |
| East West Entertainment Group Ltd | An entity owned by Steven Liao |
| Zhanpeng Liao Holding Company | An entity owned by Zhanpeng Liao |
| Shigemitsu Industry Ltd. | Mr. Shigemitsu San is the director of this entity. Mr. Shigemitsu San is also the non-executive director of the Company |

---

**(b)** **Accounts receivable - related parties, net** 

Accounts receivable - related parties, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| J.H Dinning Limited | $347972 | $296915 |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 61492 |  |
| 1695325 Ontario Inc ("Yonge") | 12927 |  |
| C& 535 Limited |  | 73883 |
| ES& Cubus Limited. | 2579 | 6709 |
| 2070111 Ontario Inc ("Warden") | 222 | - |
| Total accounts receivable - related parties, net | $425192 | $377507 |

---

**(c)** **Due from related parties** 

Due from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Jmart Ontario Inc | $250516 | $88381 |
| Luk Ching Po Johnny | 177642 |  |
| C& 535 Limited | 144723 | 40421 |
| ES& Cubus Limited | 127180 |  |
| Midtown 1000076454 | 93678 | 22165 |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 73532 |  |
| Zhanpeng Liao | 60829 | 4607 |
| Dan Yang | 48120 | 3705 |
| 2070111 Ontario Inc ("Warden") | 8404 |  |
| Steven Liao | 7716 | 442 |
| Hunan Waraku Holding Company Limited | - | 1877 |
| Total due from related parties | $992340 | $161598 |

---

The Company has, in the past, advanced cash to related parties for business purposes and recorded such advances as due from related parties in the consolidated financial statements. Such advances were non-interest bearing and due upon demand. Subsequent to the balance sheet date, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. In addition, in April 2025, the Company's CA Operating Subsidiaries collected back approximately $89,000 from related parties. In August 2025, the Company's CA Operating Subsidiaries further collected back approximately $427,506 from related parties. As of the date of this prospectus, approximately $788,000, or 79.4% of the September 30, 2024 due from related parties balance has been collected and the remaining balance is expected to be collected by September 2025. The Company does not have the intention to make cash advances to related parties in the future.

**(d)** **Dues to related parties** 

Dues to related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Unico HK Corporation Limited | $140982 | $62840 |
| Mak Po Keung | 128635 |  |
| ONEM Systems Inc | 518 | 10122 |
| Luk Ching Po Johnny |  | 228828 |
| Mak Po Keung |  | 89378 |
| 2070111 Ontario Inc ("Warden") |  | 14395 |
| ES& Cubus Limited | - | 986 |
| Total due to related parties | $270135 | $406549 |

---

As of September 30, 2024 and 2023, the balance due to related parties mainly consisted of advances from the Company's principal shareholders for working capital purposes during the Company's normal course of business. These advances are non-interest bearing and due on demand.

**(e)** **Revenues from related parties** 

Revenue from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> September 30,** | **For the years ended <br> September 30,** |
|  | **2024** | **2023** |
| 15397294 Canada Inc. ("Ajisen Waterloo") | $233234 | $74446 |
| 1695325 Ontario Inc ("Yonge") | 230078 | 223339 |
| 2070111 Ontario Inc ("Warden") | 187099 | 297785 |
| 1802497 Ontario Inc. | 172757 | 148892 |
| J.H Dinning Limited | 146315 |  |
| C& 535 Limited | 39883 | 324896 |
| ES& Cubus Limited | 23886 | 19212 |
| Hunan Waraku Holding Company Limited | 7040 |  |
| Mak Po Keung | - | 19155 |
| Total revenue from related parties | $1040293 | $1107725 |

---

Cost of revenue associated with the related party sales amounted to $802,865 and $825,267 for the years ended September 30, 2024 and 2023.

**(f)** **Others fees to related parties** 

Other fees to related parties consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Types of fees** | **For the years ended <br> September 30,** | **For the years ended <br> September 30,** |
|  |  | **2024** | **2023** |
| Unico HK Corporation Limited | Royalties fee | $420690 | $367572 |
| Unico HK Corporation Limited | Franchise fee | 19200 |  |
| Shigemitsu Industry Ltd. | Royalty fee | $96627 | $90010 |
| Chung Po Luk | Consulting Fee | 37851 | 16313 |
| East West Entertainment Group Ltd | Management service fee | 30635 | $34123 |
| East West Entertainment Group Ltd | Consulting Fee | - | $18602 |
| Total other fees to related parties |  | $605003 | $526620 |

---

**(g)** **Loan guarantee provided by related parties** 

The Company related parties provided a guarantee for the Company's long-term bank loans (See Note 9).

**(h)** **Finance lease guaranteed by a related party** 

In connection with the Company's finance lease of a vehicle, related party, Mr. Luk Ching Po Johnny signed as the co-lessee on this lease agreement to provide an additional guarantee to safeguard the leased vehicle (see Note 8).

**(i) Purchase from a related party**

During the years ended September 30, 2024 and 2023, the Company's CA Operating Subsidiary, CK Inc. and ARCI, purchased food ingredients and noodle machines from a related party, Shigemitsu Industry Ltd., in the amount of $166,042 and $134,259, respectively.

**NOTE 11— TAXES**

**(a)** **Corporate Income Taxes ("CIT")** 

<u>Cayman Islands</u>

Under the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders.

<u>British Virgin Islands</u>

Master Central is incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, Master Central is not subject to tax on income or capital gains. In addition, upon payments of dividends by Master Central, no British Virgin Islands withholding tax is imposed.

<u>Canada</u>

ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are incorporated under the provincial laws of Ontario or the federal laws of Canada and are subject to federal and provincial corporate income tax in Canada. The combined federal and provincial corporate income tax rates are as follows: General Corporations: The federal rate is 15%, and the Ontario provincial rate is 11.5%, resulting in a combined rate of 26.5%.

<u>Hong Kong</u>

Waraku, C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville are incorporated in Hong Kong and are subject to profit taxes in Hong Kong. The applicable tax rate is 8.25% on assessable profits arising in or derived from Hong Kong up to HKD2,000,000 and 16.5% on any part of assessable profits over HKD2,000,000.

The components of the income tax provision are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Current tax provision |  |  |
| Cayman Islands | $- | $- |
| British Virgin Islands |  |  |
| Canada | 301997 | 143659 |
| Hong Kong | 56239 | 163939 |
|  | $358236 | $307598 |
| Deferred tax benefit |  |  |
| Cayman | $- | $- |
| British Virgin Islands |  |  |
| Canada | (2593) | (3811) |
| Hong Kong | (8757) | (33973) |
|  | $(11350) | $(37784) |
| Income tax provision | $346886 | $269814 |

---

The following table reconciles the Canada statutory rates to the Company's effective tax rate for the years ended September 30, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Canada Statutory income tax rate | 26.5% | 26.5% |
| Effect of preferential tax rate | (9.6)% | (7.8)% |
| Non-deductible expenses | 4.8% | 0.9% |
| Non-Canada entity not subject Canada income tax | (0.7)% | (5.8)% |
| Change in valuation allowance | (1.5)% | (2.6)% |
| Others | 0.4% | 0.1% |
| Effective tax rate | 19.9% | 11.3% |

---

The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of September 30, 2024, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

<u>Deferred tax assets, net</u>

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2024** | **September 30,**<br> **2023** |
| Operating lease liabilities | $796126 | $664727 |
| Depreciation and amortization | 69145 | 80460 |
| Net operating loss carried forward | 15702 | 10438 |
| Total deferred tax assets | 880973 | 755625 |
| Valuation allowance | - | - |
| Deferred tax assets, net of valuation allowance | $880973 | $755625 |
| Net off deferred tax liabilities | (778106) | (657322) |
| Deferred tax assets, net | $102867 | $98303 |

---

The Company periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Management considers new evidence, both positive and negative, that could affect the Company's future realization of deferred tax assets including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes and other relevant factors. As of September 30, 2024 and 2023, the Company's net deferred tax assets were $102,867 and $98,303, respectively, primarily derived from operating lease liabilities, depreciation and amortization and net operating loss carryforward of its operating entities, offset by the deferred tax liabilities.

<u>Deferred tax liabilities</u>

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2024** | **September 30,**<br> **2023** |
| Right-of-use assets | $760587 | $634146 |
| Depreciation and amortization | 34985 | 47836 |
| Deferred tax liabilities | $795572 | $681982 |
| Net off deferred tax assets | (778106) | (657322) |
| Deferred tax liabilities, net | $17466 | $24660 |

---

**(b)** **Taxes payable** 

Taxes payable consist of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2024** | **September 30,**<br> **2023** |
| Income tax payable | $561566 | $395268 |
| GST/HTS tax payable | 201285 | 106939 |
| Total taxes payable | $762851 | $502207 |

---

<u>Uncertain tax positions</u>

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of September 30, 2024 and 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest or penalties tax for the years ended September 30, 2024 and 2023. The Company does not anticipate any significant increases or decreases in unrecognized tax benefits in the next twelve months from September 30, 2024. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of September 30, 2024 and 2023, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

**NOTE 12 — CONCENTRATIONS**

For the years ended September 30, 2024 and 2023, no single customer accounted for more than 10% of the Company's total revenue.

As of September 30, 2024, one customer accounted for 78.0% of the total accounts receivable balance. As of September 30, 2023, three customers accounted for 55.2%, 23.9% and 12.2% of the total accounts receivable balance, respectively.

For the year ended September 30, 2024, two suppliers accounted for approximately 13.1% and 10.2% of the total purchases, respectively. For the year ended September 30, 2023, two suppliers accounted for approximately 13.9% and 10.8% of the total purchases, respectively.

**NOTE 13 — SHAREHOLDERS' EQUITY**

***Ordinary Shares***

Riku was incorporated under the laws of the Cayman Islands on February 14, 2025. The share capital of Riku is $50,000 divided into (i) 4,300,000 Class A ordinary shares and (ii) 700,000 Class B ordinary shares, with par value of $0.01 per share. The total number of shares of ordinary shares issued and outstanding is 838,000 shares, which consists of 170,800 shares of Class A ordinary shares and 667,200 shares of Class B ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. In respect of matters requiring the votes of stockholders, each share of Class A ordinary shares is entitled to one vote, and each share of Class B ordinary shares is entitled to twenty votes. Class B ordinary share is convertible into Class A ordinary share at any time after issuance at the option of the holder on a one-to-one basis. The shares of Class A ordinary shares are not convertible into shares of any other class. The numbers of authorized and outstanding Ordinary Shares were retroactively applied as if the transaction occurred at the beginning of the period presented (see Note 1).

***Dividends***

During fiscal year 2024, the Company's CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payment of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance.

Subsequently, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, to offset against the due from related parties balance associated with two entities controlled by Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP (see Note 10 and Note 16).

Except for the dividend payment mentioned above, the Company currently intends to retain any future earnings to finance the operation and expansion of its business, and the Company does not expect to declare or pay any dividends in the foreseeable future.

***Refund of capital contribution***

During the years ended September 30, 2024 and 2023, the Company's CA Operating Subsidiaries, Midland Inc. and Church Limited, refunded an aggregate of $143,356 and $58,061 capital contributions to some of their original shareholders. The capital contribution refund was due to certain original shareholders of ARCI, Vaughan Inc. and Midland Inc. to withdraw from ARCI, Vaughan Inc. and Midland Inc. through capital reduction.

**NOTE 14 — CONTINGENCIES**

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. For the years ended September 30, 2024 and 2023, the Company did not have any material legal claims or litigation that, individually or in aggregate, could have a material adverse impact on the Company's consolidated financial position, results of operations and cash flows.

**NOTE 15 — SEGMENT REPORTING**

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company's chief operating decision maker in order to allocate resources and assess performance of the segment.

The Company's restaurant business operations in Canada and Hong Kong have similar economic characteristics with respect to restaurant inventories, vendors, marketing and promotions, customers and methods of distribution. The Company's chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company, determined that the Company has four reporting segments.

The following table presents the segment information for the years ended September 30, 2024 and 2023, respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30, 2024** | **For the Years Ended September 30, 2024** | **For the Years Ended September 30, 2024** | **For the Years Ended September 30, 2024** | **For the Years Ended September 30, 2024** |
|  | **Self-operated - restaurant revenue** | **Franchise fee income** | **Management fee income** | **Sale of ingredients** | **Total** |
| Revenue | $15653963 | $124097 | $1172930 | $1138755 | $18089745 |
| Cost of revenue | $12081231 | $95774 | $905230 | $878855 | $13961090 |
| Gross margin | $3572732 | $28323 | $267700 | $259900 | $4128655 |
| Operating expenses | $2017422 | $15993 | $151163 | $146758 | $2331336 |
| Provision for income tax | $300177 | $2380 | $22492 | $21837 | $346886 |
| Net income | $1208843 | $9583 | $90577 | $87938 | $1396941 |
| Depreciation and amortization | $713713 | $5658 | $53477 | $51919 | $824767 |
| Capital expenditures | $706299 | $5599 | $52922 | $51380 | $816200 |
| Total assets | $11371441 | $90147 | $852047 | $827221 | $13140856 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30, 2023** | **For the Years Ended September 30, 2023** | **For the Years Ended September 30, 2023** | **For the Years Ended September 30, 2023** | **For the Years Ended September 30, 2023** |
|  | **Self-operated - restaurant revenue** | **Franchise fee income** | **Management fee income** | **Sale of ingredients** | **Total** |
| Revenue | $16081232 | $125786 | $1064186 | $346105 | $17617309 |
| Cost of revenue | $11980690 | $93712 | $792830 | $257852 | $13125084 |
| Gross margin | $4100542 | $32074 | $271356 | $88253 | $4492225 |
| Operating expenses | $1885621 | $14749 | $124782 | $40583 | $2065735 |
| Provision for income tax | $246289 | $1926 | $16298 | $5301 | $269814 |
| Net income | $1927624 | $15078 | $127562 | $41487 | $2111751 |
| Depreciation and amortization | $568895 | $4450 | $37647 | $12244 | $623236 |
| Capital expenditures | $964865 | $7547 | $63851 | $20766 | $1057029 |
| Total assets | $10198558 | $79772 | $674896 | $219496 | $11172722 |

---

**NOTE 16 — SUBSEQUENT EVENTS**

On January 27, 2025, The Company's CA Operating Subsidiaries developed and opened one new sub-franchised restaurant store in Canada.

On February 21, 2025, the Company's HK Operating Subsidiaries developed and opened one new sub-franchised restaurant store in Hong Kong.

On May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced by $271,903. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP (see Note 10).

The Company has performed an evaluation of subsequent events through March 13, 2025, which was the date of the consolidated financial statements were issued, and determined that no other events that would have required adjustment or disclosure in the consolidated financial statements.

**RIKU DINING GROUP LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **September 30,** |
|  | **2025** | **2024** |
|  | (Unaudited) | |
| **ASSETS** |  |  |
| **CURRENT ASSETS:** |  |  |
| Cash and cash equivalents | $954352 | $1543500 |
| Accounts receivable, net | 182133 | 401604 |
| Accounts receivable - related parties, net | 748940 | 425192 |
| Inventories, net | 328112 | 358466 |
| Due from related parties | 1121281 | 992340 |
| Short-term investments |  | 148028 |
| Deferred initial public offering costs | 150259 |  |
| Prepaid expenses and other current assets | 277763 | 376980 |
| **TOTAL CURRENT ASSETS** | **3762840** | **4246110** |
| Property and equipment, net | 3198323 | 3578653 |
| Intangible assets, net | 13345 | 20117 |
| Operating lease right-of-use assets, net | 3202591 | 4146428 |
| Finance lease right-of-use assets, net | 43315 | 66121 |
| Other non-current assets | 978542 | 980560 |
| Deferred tax assets, net | 115227 | 102867 |
| **TOTAL ASSETS** | $**11314183** | $**13140856** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **CURRENT LIABILITIES:** |  |  |
| Current portion of long-term loans | $229860 | $261128 |
| Accounts payable | 174776 | 668566 |
| Due to related parties | 313394 | 270135 |
| Taxes payable | 335472 | 762851 |
| Operating lease liabilities, current | 1636912 | 1818946 |
| Finance lease liabilities, current | 34001 | 43546 |
| Accrued expenses and other current liabilities | 1044879 | 825559 |
| **TOTAL CURRENT LIABILITIES** | **3769294** | **4650731** |
| Operating lease liabilities, non-current | 1737362 | 2520221 |
| Finance lease liabilities, non-current | 12576 | 26482 |
| Long-term loans | 1594666 | 1780639 |
| Deferred tax liabilities, net | 15508 | 17466 |
| **TOTAL LIABILITIES** | $**7129406** | $**8995539** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |
| Ordinary shares, par value $0.01 per share, 5,000,000 shares authorized; 838,000 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively\*, including: |  |  |
| Class A ordinary share, par value $0.01 per share, 4,300,000 shares authorized, 170,800 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively\* | $1708 | 1708 |
| Class B ordinary share, par value $0.01 per share, 700,000 shares authorized, 667,200 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively\* | 6672 | 6672 |
| Additional paid-in capital | 883007 | 883007 |
| Retained earnings | 3420365 | 3219424 |
| Accumulated other comprehensive income (loss) | (126975) | 34506 |
| **TOTAL SHAREHOLDERS' EQUITY** | **4184777** | **4145317** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**11314183** | $**13140856** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

**RIKU DINING GROUP LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
|  | **2025** | **2024** |
| **REVENUE** |  |  |
| Revenue - third parties | $8624811 | $8335490 |
| Revenue - related parties | 518824 | 156707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 9143635 | 8492197 |
| **COST OF REVENUE** |  |  |
| Cost of revenue - third parties | 6552888 | 6105162 |
| Cost of revenue - related parties | 394188 | 114777 |
| &nbsp;&nbsp;&nbsp;Total cost of revenue | 6947076 | 6219939 |
| **GROSS PROFIT** | 2196559 | 2272258 |
| **OPERATING EXPENSES** |  |  |
| Selling expenses | 110161 | 52472 |
| General and administrative expenses | 1770047 | 1482136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1880208 | 1534608 |
| **INCOME FROM OPERATIONS** | **316351** | **737650** |
| **OTHER INCOME (EXPENSE)** |  |  |
| Interest expense, net | (46785) | (67229) |
| Other income, net | 77728 | 56167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expenses), net | 30943 | (11062) |
| **INCOME BEFORE INCOME TAX PROVISION** | **347294** | **726588** |
| **PROVISION FOR INCOME TAXES** | 146353 | 166378 |
| **NET INCOME** | **200941** | **560210** |
| **OTHER COMPREHENSIVE INCOME (LOSS)** |  |  |
| Foreign currency translation adjustment | (161481) | (1507) |
| **TOTAL COMPREHENSIVE INCOME** | $**39460** | $**558703** |
| **Earnings per ordinary share - basic and diluted** | $0.24 | $0.67 |
| **Weighted average shares - basic and diluted\*** | **838000** | **838000** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

**RIKU DINING GROUP LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

**FOR THE SIX MONTHS ENDED MARCH 31, 2025 AND 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares\*** | **Ordinary Shares\*** | **Ordinary Shares\*** | **Ordinary Shares\*** | | | | |
|  | **Class A<br> Shares** | **Amount** | **Class B<br> Shares** | **Amount** | **Additional**<br>**paid-in capital** |<br>**Retained Earnings** | **Accumulated Other**<br>**Comprehensive Income (Loss)** | **Total**<br>**Shareholders'<br> Equity** |
| **Balance, September 30, 2023** | **170800** | $**1708** | **667200** | $**6672** | $**1280739** | $**1822483** | $**11335** | $**3122937** |
| Refund of capital contribution |  |  |  |  | (98965) |  |  | (98965) |
| Dividend distribution |  |  |  |  | (129184) |  |  | (129184) |
| Net income for the period |  |  |  |  |  | 560210 |  | 560210 |
| Foreign currency translation adjustment | - | - | - | - | - | - | (1507) | (1507) |
| **Balance, March 31, 2024** | **170800** | $**1708** | **667200** | $**6672** | $**1052590** | $**2382693** | $**9828** | $**3453491** |
| **Balance, September 30, 2024** | **170800** | $**1708** | **667200** | $**6672** | $**883007** | $**3219424** | $**34506** | $**4145317** |
| Net income for the period |  |  |  |  |  | 200941 |  | 200941 |
| Foreign currency translation adjustment | - | - | - | - | - | - | (161481) | (161481) |
| **Balance, March 31, 2025** | **170800** | $**1708** | **667200** | $**6672** | $**883007** | $**3420365** | $**(126975)** | $**4184777** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

**RIKU DINING GROUP LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| **Net Income** | $**200941** | $**560210** |
| **Adjustments to reconcile net income to net cash provided by (used in) operating activities:** |  |  |
| Depreciation and amortization | 464987 | 374826 |
| Amortization of operating lease right-of-use assets | 905301 | 690062 |
| Amortization of finance lease right-of-use assets | 19094 | 19967 |
| Loss on disposal of property and equipment |  | 22092 |
| Deferred income tax provision (benefit) | (16893) | 6396 |
| **Changes in operating assets and liabilities:** |  |  |
| Accounts receivable | 198351 | 25021 |
| Accounts receivable - related parties | (329985) | (71542) |
| Inventories | 12221 | 23284 |
| Prepaid expenses and other current assets | 90876 | 113839 |
| Other non-current assets | (5259) | (1526) |
| Accounts payable | (492044) | (385580) |
| Taxes payable | (403866) | 141729 |
| Accrued expenses and other current liabilities | 225579 | (47265) |
| Operating lease liabilities | (924534) | (682270) |
| **Net cash provided by (used in) operating activities** | **(55231)** | **789243** |
| **Cash flows from investing activities:** |  |  |
| Purchase of property and equipment and intangible assets | (178538) | (79391) |
| Redemption of short-term investment | 141163 |  |
| Advances made to related parties | (174293) | (547504) |
| **Net cash used in investing activities** | **(211668)** | **(626895)** |
| **Cash flows from financing activities:** |  |  |
| Refund of capital contribution |  | (98965) |
| Payment of dividend distribution |  | (129184) |
| Repayments of long-term loans | (149293) | (205928) |
| Advance from (payments made to) related parties | 43673 | (164431) |
| Payments made for deferred offering costs | (150313) |  |
| Repayment of obligations under finance leases | (19509) | (18881) |
| **Net cash used in financing activities** | **(275442)** | **(617389)** |
| **Effect of exchange rate fluctuation on cash and cash equivalents** | **(46807)** | **(1838)** |
| **Net decrease in cash and cash equivalents** | **(589148)** | **(456879)** |
| **Cash and cash equivalents at beginning of period** | **1543500** | **1989851** |
| **Cash and cash equivalents at end of period** | $**954352** | $**1532972** |
| **Supplemental cash flow information** |  |  |
| Cash paid for income taxes | $- | $- |
| Cash paid for interest | $- | $- |
| **Supplemental non-cash operating activities** |  |  |
| Right of use assets obtained in exchange for operating lease liabilities | $- | $958621 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

**RIKU DINING GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION**

***<u>Business</u>***

Riku Dining Group Limited ("Riku" or the "Company"), is a dynamic international restaurant operator with a diverse portfolio of Japanese-themed dining concepts, strategically positioned in key markets such as Hong Kong and Canada. Through the Company's operating subsidiaries located in Canada and Hong Kong, the Company delivers authentic Japanese culinary experiences to customers by holding exclusive franchise rights for prestigious Japanese brands.

***<u>Organization</u>***

Riku was incorporated under the laws of the Cayman Islands on February 14, 2025 as an exempted company with limited liability.

The Company has no substantive operations other than holding all of the outstanding share capital of Master Central Holdings Ltd. ("Master Central"), a limited liability company incorporated under the laws of British Virgin Islands ("BVI") on July 2, 2021. Master Central has no substantive operations other than holding all of the outstanding share capital of (1) Rich Plenty Group Limited ("Rich Plenty"), a limited liability company formed under the laws of BVI on October 30, 2024 and Waraku Group Limited ("Waraku"), a limited liability company formed under the laws of Hong Kong on March 15, 2024.

Riku, Master Central, Rich Plenty and Waraku are currently not engaging in any active business operations and merely acting as holding companies.

The Company's business operations were conducted by the following operating subsidiaries in Canada and Hong Kong, including (1) Ajisen Ramen (Canada) Inc.("ARCI"), a company incorporated in Canada on July 18, 2007; (2) 2750039 Ontario Inc. ("CK Inc."), a company incorporated in Ontario on March 26, 2020; (3) 2512118 Ontario Inc ("Kennedy Inc.")., a company incorporated in Ontario on April 5, 2016; (4) 2770933 Ontario Inc. ("Vaughan Inc."), a company incorporated in Ontario on August 10, 2020; (5) 2811387 Ontario Inc. ("Midland Inc."), a company incorporated in Ontario on January 27, 2021 and (6) 1000047451 Ontario Limited ("Church Limited"), a company incorporated in Ontario on December 7, 2021; (7) C & Hospitality Limited ("C& Hospitality"), a limited company incorporated in Hong Kong on June 16, 2021; (8) ES Concept (F&B) Co., Limited ("ES Concept"), a limited company incorporated in Hong Kong on May 26, 2020; (9) ES&TWP Limited ("ES & TWP"), a limited company incorporated in Hong Kong on February 27, 2023; (10) ES & Yoho Limited ("ES & Yoho"), a limited company incorporated in Hong Kong on January 6, 2023; (11) C&NTP Limited ("C & NTP"), a limited company incorporated in Hong Kong on July 12, 2021; and (12) ES & Granville Limited ("ES & Granville"), a limited company incorporated in Hong Kong on June 8, 2022.

ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are collectively referred to as the "CA Operating Subsidiaries". ARCI is primarily engaged in providing management services to the franchisees, CK Inc. is primarily running the central kitchen business and Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited. are primarily engaged in running franchised full-service Japanese dining restaurants in Canada under the brand name of Ajisen Ramen, with a featured menu of a wide range of dishes, including its signature Kyushu-style tonkotsu ramen, famous in-house made gyoza, chicken karaage, and AAA striploin served on a sizzling hot plate. The menu also includes vegan and customizable options to cater to diverse dietary preferences.

C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville are collectively referred to as the "HK Operating Subsidiaries". C& Hospitality is primarily engaged in the management of franchise brands. ES Concept, ES &Yoho and C&NTP are primarily running the franchised full-service Japanese barbecue restaurant under the prestigious brand name of Yakiniku Kakura. ES&TWP and ES& Granville are primarily running the franchised restaurant business under the brand name of Yakiniku 801, specializing in high-quality beef cuts while ensuring affordability. ES&TWP also runs the restaurant business under the brand name of Ufufu Café, a Japanese-inspired cafe that blends Western-influenced Japanese cuisine (yoshoku) with Japanese-style desserts.

***Reorganization***

A reorganization of our legal structure ("Reorganization") was consummated prior to completion of the offering, on [●], 2025. The reorganization involved the incorporation of Riku on February 14, 2025, and thereafter will involve (1) the incorporation of Rich Plenty and Master Central; (2) the transfer of the entire issued share capital of CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Inc. and ARCI to Rich Plenty; (3) the acquisition of the entire issued share capital of Rich Plenty by Master Central, following which Rich Plenty became wholly-owned by Master Central and the CA Operating Subsidiaries became indirectly owned by Master Central; (4) the transfer of the issued share capital of the HK Operating Subsidiaries to Waraku, and (5) the acquisition of the entire issued share capital of Waraku and Rich Plenty by Master Central and Riku, following which, Waraku and Rich Plenty will become wholly-owned by Riku and the HK Operating Subsidiaries will become indirectly wholly-owned by Riku. Consequently, Riku, through its subsidiaries Master Central. Rich Plenty and Waraku, will directly control the CA Operating Subsidiaries and HK Operating Subsidiaries, and become the ultimate holding company of all other entities mentioned above.

The Reorganization was accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying unaudited condensed consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

Upon the completion of the Reorganization, the Company has subsidiaries in countries and jurisdictions in BVI, Canada and Hong Kong. Details of the corporate legal structure of the Company are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Entity** | **Date of Incorporation** | **Place of Incorporation** | **% of Ownership** | **Principal Activities** |
| Riku Dining Group Limited. ("Riku" or the "Company") | February 14, 2025 | Cayman Islands | Parent | Parent, holding investment |
| Master Central Holdings Ltd. ("Master Central") | July 2, 2021 | British Virgin Islands | 100% owned by Riku | Investment holding |
| Rich Plenty Group Limited ("Rich Plenty") | October 30, 2024 | British Virgin Islands | 100% owned by Mater Central, managing the CA Operating Subsidiaries listed below | Investment holding |
| Waraku Group Limited ("Waraku") | March 15, 2024 | Hong Kong | 100% owned by Master Central, managing the HK Operating Subsidiaries listed below | Investment holding |
| **Canada Operating subsidiaries ("CA Operating Subsidiaries") include the following:** |  |  |  |  |
| Ajisen Ramen (Canada) Inc. ("ARCI") | July 18, 2007 | Canada | 100%, subsidiary of Master Central | Management service to franchisees of sub-franchised Japanese Noodle Restaurant, Ajisen Ramen; operation of central kitchen<br>|
| 2750039 Ontario Inc. ("CK Inc.") | March 26, 2020 | Ontario | 100%, subsidiary of Master Central | Own property on which central kitchen operates |
| 2512118 Ontario Inc. ("Kennedy Inc.") | April 5, 2016 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 2770933 Ontario Inc. ("Vaughan Inc.") | August 10, 2020 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 2811387 Ontario Inc. ("Midland Inc.") | January 27, 2021 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 1000047451 Canada Inc. ("Church Limited") | December 7, 2021 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| **Hong Kong Operating Subsidiaries ("HK Operating Subsidiaries") including the following:** |  |  |  |  |
| C & Hospitality Limited ("C & Hospitality") | June 16, 2021 | Hong Kong | 100%, subsidiary of Waraku | Franchise brands management |
| ES Concept (F&B) Co., Limited ("ES Concept") | May 26, 2020 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| ES & TWP Limited ("ES & TWP") | February 27, 2023 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese restaurant, under brand name of Yakiniku 801 and Ufufu Café |
| ES & Yoho Limited ("ES & Yoho") | January 6, 2023 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| C & NTP Limited ("C & NTP") | July 12, 2021 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| ES & Granville Limited ("ES & Granville") | June 8, 2022 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese restaurant, under brand name of Yakiniku 801 |

---

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***<u>Basis of Presentation and Principles of Consolidation</u>***

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included in the Company's unaudited condensed consolidated financial statement. The unaudited condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and the notes thereto for the year ended September 30, 2024 included in the other place of the Company's Registration Statement on Form F-1. The accompanying unaudited condensed consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All inter-company balances and transactions are eliminated upon consolidation. Operating results for the interim period ended March 31, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2025.

***<u>Uses of estimates</u>***

In preparing the unaudited condensed consolidated financial statements in conformity U.S. GAAP, the management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the unaudited condensed consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the allowance for credit losses, inventory valuation, useful lives of property and equipment, the recoverability of long-lived assets, estimates used in lease accounting and realization of deferred tax assets. Actual results could differ from those estimates.

***<u>Cash and cash equivalents</u>***

Cash includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. Cash equivalent represents small amount of cash deposited with certain commercial online platforms, such as Alipay and WeChat payment, which are highly liquid.

***<u>Accounts receivable, net</u>***

Accounts receivable represents balance due from customers and are recorded net of allowance for credit loss. The Company's primary accounts receivables are restaurant sales made with credit cards.

On October 1, 2023, the Company adopted ASC 326, Credit Losses, which replaced previously issued guidance regarding the impairment of financial instruments with an expected loss methodology that will result in more timely recognition of credit losses. The Company used a modified retrospective approach and did not restate the comparable prior periods.

The allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the receivables and is measured in accordance with ASC 326. Provisions for credit losses are recorded based on management's judgment regarding the Company's ability to collect as well as the age of the receivables. Accounts receivables are written off when they are deemed uncollectible. As of March 31, 2025 and September 30, 2024, there was no credit loss recorded as management believed that all of the accounts receivable balances fully collectible.

***<u>Inventories, net</u>***

Inventories are stated at the lower of cost and net realizable value using weighted average method. Costs include the cost of food, beverages and supplies used in the restaurant business, labor costs and other overhead costs. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision for diminution in the value of inventories. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. 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. The Company recorded no inventory reserve as of March 31, 2025 and September 30, 2024.

***Short-term investments***

Short-term investments primarily consist of investments in prime-linked cashable guaranteed investment certificate ("GIC"), which is a flexible and secure investment option that offers guaranteed rate of return and early cash option to investor, with an annual interest rate linked to changes in Canadian bank's prime interest rate. Such investment can earn interest up to the cash out date and it can be cashed out at any time without penalty.

The Company accounts for short-term investments in accordance with ASC 320, *Investments — Debt and Equity Securities* and ASC 321, *Investments- Equity Securities*. The Company determines the appropriate classification of its short-term investments as held-to-maturity, available-for-sale or trading at the time of purchase, and re-evaluate such classification as of each balance sheet date. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss) in shareholders' equity. The Company uses the specific identification method of determining the cost basis in computing realized gains and losses on the sale of its short-term investment. Realized gains and losses are included in unaudited condensed consolidated statements of income and comprehensive income (loss) in other income.

***<u>Property and equipment</u>***

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is provided using the straight-line method over their expected useful lives, as follows:

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| | |
|:---|:---|
|  | **Useful life** |
| Building | 39 years |
| Machinery and equipment | 5–10 years |
| Automobiles | 3–5 years |
| Office and electric equipment | 3–5 years |
| Leasehold improvements | Lesser of useful life and lease term |

---

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the unaudited condensed consolidated statements of income and comprehensive income (loss) in other income or expenses.

***<u>Intangible assets, net</u>***

The Company's intangible assets primarily consist of purchased computer software. Intangible assets are carried at cost less accumulated amortization and any recorded impairment. The Company amortizes its intangible assets over useful lives of three years using a straight-line method. Amortization of intangible assets amounted to $5,981 and $6,165, for the six months ended March 31, 2025 and 2024, respectively.

***<u>Impairment of long-lived Assets</u>***

Long-lived assets with finite lives, primarily property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset's carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of March 31, 2025 and September 30, 2024.

***Deferred initial public offering ("IPO") costs***

The Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering." Deferred offering costs consist of underwriting, legal, and other expenses incurred through the balance sheet date that are directly related to the intended IPO. Deferred offering costs will be charged to shareholders' equity upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. Deferred initial public offering costs amounted to $150,259 and Nil as of March 31, 2025 and September 30, 2024, respectively.

***<u>Leases</u>***

In accordance with ASC 842, the Company recognizes, on the balance sheets, the lease assets and related lease liabilities for the rights and obligations created at lease commencement by operating and finance leases with lease terms of more than 12 months. The lease term commences on the date the lessor makes the underlying asset or assets available, irrespective of when lease payments begin under the contract. When determining the lease term at commencement, the Company considers both termination and renewal option periods available, and only includes the period for which failure to renew the lease imposes a penalty on the Company in such an amount that renewal, or termination options, appear to be reasonably certain.

The Company's lease liability is generally based on the present value of the lease payments, consisting of fixed costs and certain rent escalations, using the incremental borrowing rate applicable to the lease term. The lease asset is generally based on the lease liability, adjusted for amounts related to other lease-related assets and liabilities. The Company's adjustments typically include prepaid rent, landlord contributions as a reduction to the asset and favorable or unfavorable lease purchase price adjustments.

The interest rates used in the Company's lease contracts are not implicit. The Company has derived the incremental borrowing rate using the interest rate the Company would pay on its existing borrowings, adjusted for the effect of designating collateral and the lease terms using market data as well as publicly available data for instruments with similar characteristics. The reasonably certain lease term and incremental borrowing rate for each lease requires judgment by management and can impact the classification and accounting for a lease as operating or finance, as well as the value of the lease asset and lease liability.

Lease asset carrying amounts are assessed for impairment annually or when events or circumstances indicate that the carrying amount may not be recoverable, in accordance with the Company's long-lived asset impairment policy. The Company monitors the events or changes in circumstances that require reassessment of lease classification. When a reassessment results in the re-measurement of a lease liability, a corresponding adjustment is made to the carrying amount of the lease asset. There was no impairment for ROU lease assets as of March 31, 2025 and September 30, 2024.

Operating lease expenses are recognized on a straight-line basis over the lease term. Finance lease expenses are recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. Lease expenses are recognized in depreciation and amortization expenses, and interest on each finance lease liability is recorded to interest expenses, as included in the unaudited condensed consolidated statements of income and comprehensive income (loss).

***<u>Fair value of financial instruments</u>***

Fair value is considered to be the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

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.

Unless otherwise disclosed, the fair value of the Company's financial instruments, including cash and cash equivalent, accounts receivable, inventories, due from related parties, prepaid expenses and other current assets, short-term investment, current portion of long-term loans, accounts payable, taxes payable and accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of March 31, 2025 and September 30, 2024 based upon the short-term nature of the assets and liabilities.

The Company believes that the carrying amount of long-term loans approximates fair value at March 31, 2025 and September 30, 2024 based on the terms of the borrowings and current market rates as the rates of the borrowings are reflective of the current market rates.

***<u>Foreign currency translation</u>***

The functional currency for Riku, Master Central and Rich Plenty is the U.S Dollar ("US$"). The Company's CA Operating Subsidiaries, including ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited, use the Canadian dollar ("CAD") as their functional currency. Waraku and the Company's HK Operating Subsidiaries, including C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville, use HK dollar ("HK$") as their functional currency. Riku, Master Central and Waraku currently only serve as the holding companies and did not have active operations as of the date of this report. The Company operates its business through its Canada Operating Subsidiaries and HK Operating Subsidiaries as of March 31, 2025. The Company's unaudited condensed consolidated financial statements have been translated into US$. Assets and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.

The following table outlines the currency exchange rates that were used in creating the unaudited condensed consolidated financial statements in this report:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> March 31, 2025** | **For the Six Months Ended<br> March 31, 2025** | **For the Six Months Ended<br> March 31, 2024** | **For the Six Months Ended<br> March 31, 2024** | **September 30, 2024** | **September 30, 2024** |
|  | **Period-end <br> spot rate** | **Average<br> rate** | **Period-end<br> spot rate** | **Average<br> rate** | **Year-end <br> spot rate** | **Average<br> rate** |
| US$ against HK$ | US$1=HK$7.7799 | US$1=HK$7.7771 | US$1=HK$7.8259 | US$1=HK$7.8172 | US$1 =HK$7.7693 | US$1 =HK$7.8127 |
| US$ against CAD | US$1=CAD 1.4379 | US1$=CAD 1.4168 | US1$=CAD 1.3540 | US$1=CAD 1.3549 | US$1=CAD 1.3511 | US$1=CAD 1.3606 |

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***<u>Revenue recognition</u>***

On October 1, 2022, the Company adopted Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with customers", using the modified retrospective approach.

To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will *not* occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The Company currently generates its revenue from the following main sources: As of the date of this prospectus, we directly operate four (4) and sub-franchise nine (9), making a total of thirteen (13) Ajisen Ramen restaurants in Canada, alongside three (3) Yakiniku Kakura restaurants, one (1) Yakiniku 801 restaurant and one (1) Ufufu Cafe restaurant in Hong Kong

*Self-operated restaurant revenue*

With our exclusive franchise right of Ajisen Ramen in Canada, we have four directly managed Ajisen Ramen restaurants in Canada. In Hong Kong, we have three directly managed Japanese barbecue restaurants under the brand name of Yakiniku Kakura, two directly managed restaurants under the brand name of Yakiniku 801 and one directly managed restaurant under the brand name of Ufufu Café. Revenues from self-operated restaurants are recognized at point when food and beverage products are delivered to customers and payment is tendered at the time of sale. The Company presents sales, net of discount, promotional allowances and sales taxes. Sales taxes collected from customers are included in other accrued taxes on our consolidated balance sheets until the taxes are remitted to governmental authorities.

The Company accounts for the revenue from sales of food and beverage products in self-operated restaurants on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits.

*Franchise revenue*

*Management service fees*

To better manage the sub-franchised restaurant stores, the Company provides upfront site selection, lease assistance, supply of the necessary franchise equipment, employee training services and other store management skills to the sub-franchisee to ensure that the sub-franchised restaurants conform to the general settings and requirements of the brand name over the contracted sub-franchise period. Management service fees are charged to the sub- franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants and the Company recognizes such on a monthly basis revenue over the contracted period when the services are rendered on a continuous basis.

*Sales of food ingredients*

Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at the Company's central kitchen before delivery to the sub-franchised restaurants. The Company accounts for the revenue from sales of food ingredient products to sub-franchisees on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. The Company recognizes revenue net of discounts and sales returns when the food ingredient products are delivered and the title is passed to the sub-franchisees.

*Contract Assets and Liabilities*

The Company did not have contract assets and contract liabilities as of March 31, 2025 and September 30, 2024.

*Disaggregation of Revenues*

The Company disaggregates its revenue from contracts by product, service types and geographic areas, as the Company believes it best depicts how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors. The Company's disaggregation of revenues for the six months ended March 31, 2025 and 2024 are as follows:

*Revenue by service type*

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Self-operated-restaurant revenue | $7896546 | $7668894 |
| Franchise fee income | 90961 | 48770 |
| Management fee income | 348025 | 466118 |
| Sale of ingredients | 808103 | 308415 |
| Total revenues | $9143635 | $8492197 |

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*Revenue by geographic areas*

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Hong Kong, China | $4748251 | $4321780 |
| Canada | 4395384 | 4170417 |
| Total revenues | $9143635 | $8492197 |

---

*Revenue by customer types*

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Revenue from third party customers | $8624811 | $8335490 |
| Revenue from related parties | 518824 | 156707 |
| Total revenues | $9143635 | $8492197 |

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***<u>Cost of revenue</u>***

Cost of revenue primarily includes food and beverage costs, labor cost, overhead costs and sales taxes.

***<u>Selling, general and administrative expenses</u>***

Selling expenses primarily include salary and welfare benefit expenses paid to the Company's sales personnel, business travel, meals and entertainment expenses, and other sales and marketing activity-related expenses. General and administrative expenses primarily consist of employee salaries, welfare and insurance expenses, professional and consulting expenses, office rent and decoration expenses, depreciation and amortization, bad debt reserve expenses and other miscellaneous administrative expenses. All costs associated with selling and general and administrative function are expensed as incurred.

***<u>Advertising expense</u>***

Advertising expenses primarily relate to the promotion of the Company's brand name and products through outdoor billboards and social media. Advertising expenses are included in selling expenses in the unaudited condensed consolidated statements of income and comprehensive income (loss). Advertising expenses amounted to $110,161 and $52,472 for the six months ended March 31, 2025 and 2024, respectively.

***<u>Income taxes</u>***

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the unaudited condensed consolidated financial statements. 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.

An uncertain tax position is recognized only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the six months ended March 31, 2025 and 2024. The Company does not believe that there was any uncertain tax provision on March 31, 2025 and September 30, 2024. The Company's subsidiaries in Canada and Hong Kong are subject to the income tax laws of the Canada and Hong Kong, respectively. As of March 31, 2025, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

***<u>Earnings per Share</u>***

The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the six months ended March 31, 2025 and 2024, there were no dilutive shares.

***<u>Comprehensive income (loss)</u>***

Comprehensive income (loss) consists of two components, net income and other comprehensive income (loss). The foreign currency translation gain or loss resulting from translation of the financial statements expressed in CAD and HK$ to US$ is reported in other comprehensive income (loss) in the unaudited condensed consolidated statements of income and comprehensive income (loss).

***<u>Statement of cash flows</u>***

In accordance with ASC 230, "Statement of Cash Flows", cash flows from the Company's operations are formulated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.

***<u>Segment reporting</u>***

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. The adoption of the ASU did not have a material effect on the Company's unaudited condensed consolidated financial statements.

The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's CODM. The Company's CODM has been identified as the Chief Executive Officer ("CEO"), who makes operating decisions and assesses performance as the source for determining the Company's reportable segments. Management, including the CODM, reviews operating results by the revenue of different services. Based on management's assessment, the Company has determined that it has four operating segments as defined by ASC 280 (see Note 15).

***<u>Related parties and transactions</u>***

The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, "Related Party Disclosures" and other relevant ASC standards.

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure.

***<u>Recent accounting pronouncements</u>***

On December 14, 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that entities disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The new standard is effective for the Company beginning December 15, 2024, with early adoption permitted effective for fiscal years beginning January 1, 2024. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity's definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statements.

In March 2025, the FASB issued ASU 2025-02—*Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122.* The amendments in this Update are effective immediately and on a fully retrospective basis to annual periods beginning after December 15, 2024. The Company is currently evaluating the effect of adoption of this standard to its consolidated financial statements and disclosures.

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 unaudited condensed consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its unaudited condensed consolidated financial condition, results of operations, cash flows or disclosures.

**NOTE 3 — ACCOUNTS RECEIVABLE, NET**

Accounts receivable consists of the following:

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| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Accounts receivable | $182133 | $401604 |
| Less: allowance for credit loss | - | - |
| Accounts receivable, net | $182133 | $401604 |

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The Company's accounts receivable primarily includes balance due from customers when the Company's products are sold and delivered to customers. The Company's accounts receivable balance at September 30, 2024 has been fully collected. Approximately 41% of the March 31, 2025 balance bas subsequently been collected, and the remaining balance is expected to be collected by the end of September 2025.

**NOTE 4 — INVENTORY, NET**

Inventory, net, consists of the following:

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| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
|  | (Unaudited) | |
| Food and beverages | $73561 | $19077 |
| Food ingredients | 237037 | 322942 |
| Other kitchen materials | 17514 | 16447 |
| Inventory valuation allowance | - | - |
| Total inventory, net | $328112 | $358466 |

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**NOTE 5 — PREPAID EXPENSES AND OTHER ASSETS, NET**

Prepaid expenses and other assets, net, consists of the following:

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| | | |
|:---|:---|:---|
|  | **March 31,** <br> **2025** | **September 30, 2024** |
|  | (Unaudited) | |
| Security deposit <sup>(1)</sup> | $979725 | $970283 |
| Advance to suppliers <sup>(2)</sup> | 84879 | 198145 |
| Loans to third parties |  | 95056 |
| Others | 191701 | 94056 |
| Allowance for credit losses | - | - |
| Subtotal | 1256305 | 1357540 |
| Less: prepaid expenses and other current assets | (277763) | (376980) |
| Other non-current assets | $978542 | $980560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Deposits primarily include security deposits paid to landlords for
 the Company's restaurant stores as well as security deposits paid to the Company's suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Advances to suppliers consist of mainly payments to suppliers for
 inventory purchases that have not been received.

**NOTE 6 — PROPERTY AND EQUIPMENT, NET**

Property and equipment, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Buildings | $1073607 | $1142580 |
| Leasehold improvement | 2864898 | 2744622 |
| Kitchen machinery and equipment | 979535 | 992223 |
| Automobiles | 100742 | 107214 |
| Office and electric equipment | 732033 | 749572 |
| Subtotal | 5750815 | 5736211 |
| Less: accumulated depreciation | (2552492) | (2157558) |
| Property and equipment, net | $3198323 | $3578653 |

---

Depreciation expenses were $459,006 and $368,661 for the six months ended March 31, 2025 and 2024, respectively.

In connection with the Company's long-term bank loan with Royal Bank of Canada, the equipment and leaseholds of Midland Inc., Church Limited. and Vaughan Inc. and the building property of CK Inc. were pledged as collaterals to safeguard the loans (see Note 9).

**NOTE 7 — INTANGIBLE ASSETS, NET**

Intangible assets primarily include software. Amortization expenses were $5,981 and $6,165 for the six months ended March 31, 2025 and 2024, respectively.

**NOTE 8 — LEASES**

*Operating Leases*

The Company's CA Operating Subsidiaries and HK Operating Subsidiaries enter into non-cancellable operating lease agreements with the landlords to lease office spaces and restaurant stores. Most of the leases are renewable every three years.

At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. ROU assets represent the Company's right to use an underlying asset over the lease term and lease liabilities represent the Company's obligation to make lease payments derived from the lease.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease terms. Rent expense is recognized on a straight-line basis over the lease terms.

Balance sheet information related to operating leases ROU assets and lease liabilities is as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Operating lease right-of-use assets | $4635686 | $7677988 |
| Amortization of operating lease right-of-use assets | (1451095) | (3531560) |
| Total operating lease right-of-use assets, net | $3202591 | $4146428 |
| Operating lease liabilities - current | $1636912 | $1818946 |
| Operating lease liabilities – non-current | 1737362 | 2520221 |
| Total operating lease liabilities | $3374274 | $4339167 |

---

The weighted average remaining lease terms and discount rates for the operating lease as of March 31, 2025 and September 30, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Weighted average remaining lease term (years) | 2.35 | 2.73 |
| Weighted average discount rate | 4.20% | 4.09% |

---

For the six months ended March 31, 2025 and 2024, the Company reported total operating lease costs of $988,779 and $775,038, respectively.

*Finance Lease*

On December 13, 2022, the Company's subsidiary in Canada, ARCI, entered into an auto loan purchase agreement with the car dealer to finance a vehicle purchase, with cash downpayment of CAD 40,736, monthly payment of CAD 3,582 ($2,491) for 36 consecutive installment payments and vehicle mortgage interest of 8.49% per annum. Related party, Mr. Johnny Luk Ching Po signed as the co-lessee on this lease agreement to provide additional guarantee to safeguard the leased vehicle.

On April 19, 2023, the Company's subsidiary in Canada, Vaughan Inc., entered into an auto loan purchase agreement with the car dealer to finance a vehicle purchase, with zero cash downpayment, monthly payment of CAD 1,529 ($1,063) for 48 consecutive installment payments and vehicle mortgage interest of 5.99% per annum.

Management deemed such auto finance purchases under the lease agreements as finance lease. Finance lease expenses are recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term.

The weighted average remaining lease terms and discount rates for the finance lease as of March 31, 2025 and September 30, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Weighted average remaining lease term (years) | 1.43 | 1.83 |
| Weighted average discount rate | 7.13% | 7.31% |

---

Total interest on the financed vehicles amounted to $2,135 and $3,752 for the six months ended March 31, 2025 and 2024, respectively.

The following is a schedule, by years, of maturity of lease liabilities and future minimum payments of leases as of March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Operating<br> Leases** | **Finance<br> Leases** |
|  | (Unaudited) | (Unaudited) |
| Remainder of fiscal year 2025 | $1008101 | $35179 |
| 2026 | 1435982 | 12758 |
| 2027 | 710613 | 1063 |
| 2028 | 317353 |  |
| 2029 | 62742 |  |
| Thereafter | 39707 | - |
| Total lease payments | 3574500 | 49000 |
| Less: imputed interest | (200226) | (2423) |
| Total lease liabilities | $3374274 | $46577 |

---

**NOTE 9 — LONG-TERM LOANS**

Long -term loans include long-term auto loans and long-term bank loans as the followings:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  |  | (Unaudited) | |
| Long-term auto loans | a. | $18979 | $54996 |
| Long-term bank loans | b. | 1805547 | 1986771 |
| **Subtotal** |  | $1824526 | $2041767 |
| Current portion of long-term loans |  | $229860 | $261128 |
| Non-current portion of long-term loans |  | $1594666 | $1780639 |

---

***a.***  ***Long-term auto loans*** 

Long-term auto loans consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  |  | (Unaudited) | |
| Finch Chevrolet Cadillac Buick GMC Ltd. | (1) | $18979 | $25786 |
| Audi Queensway | (2) | - | 29210 |
| Total long-term auto loans |  | $18979 | $54996 |
| Current portion of long-term auto loans |  | $10499 | $21300 |
| Non-current portion of long-term auto loans |  | $8480 | $33696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) On January 10, 2023, the Company's subsidiary in Canada, Midland
 Inc., entered into a vehicle purchase agreement with Finch Chevrolet Cadillac Buick GMC Ltd. To facilitate the purchase, Midland
 Inc. also entered into a loan arrangement for principal amount of CAD 60,388 ($41,997). The effective interest rate was 9.42% per
 annum. The outstanding principal and interest shall be paid by 104 installment payments of CAD 641 each. As of March 31, 2025, current
 portion and non-current portion of long-term auto loan payable to Finch Chevrolet Cadillac Buick GMC Ltd. amounted to $10,499 and
 $8,480, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) On August 12, 2024, the Company's subsidiary in Canada, Church
 Limited, entered into a vehicle purchase agreement with Audi Queensway. To facilitate the purchase, Church Limited. also entered
 into a loan arrangement for principal amount of CAD 41,043 ($28,544). The effective interest rate was 11.17% per annum. The outstanding
 principal and interest shall be paid by 78 installment payments of CAD 567 each. As of March 31, 2025, the loan was fully repaid.

For the above-mentioned long-term auto loans, the Company recorded a total interest expense of $699 and $755 for the six months ended March 31, 2025 and 2024, respectively.

The future maturities of long-term auto loans as of March 31, 2025 were as follows:

---

| | |
|:---|:---|
| **12 months ending March 31,** | Amount |
| 2026 | $10499 |
| 2027 | 8480 |
| Total long-term auto loans | $18979 |

---

***b.***  ***Long-term bank loans*** 

Long-term bank loans consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  |  | (Unaudited) | |
| Bank of China (Hong Kong) ("BOAHK") | (1) | $858084 | $913300 |
| Royal Bank of Canada ("RBC") | (2) | 20483 | 40484 |
| Royal Bank of Canada ("RBC") | (3) | 100117 | 132121 |
| Business Development Bank of Canada ("BDC") | (4) | 826863 | 900866 |
| Total long-term bank loans |  | $1805547 | $1986771 |
| Current portion of long-term bank loans |  | $219361 | $239828 |
| Non-current portion of long-term bank loans |  | $1586186 | $1746943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) On April 1, 2022, the Company's subsidiary in Hong Kong, ARCI,
 entered into a term loan facility agreement with BOAHK to borrow HK$9 million (approximately $1.2 million) as working capital, with
 loan maturity date on April 20, 2032. The loan bears variable interests, with interest charged at 2.5% p.a. below the Hong Kong dollars
 prime rate quoted by the Hong Kong Mortgage Corporation Limited from time to time. The effective interest rate ranged between 2.75%
 to 3.746% per annum. The outstanding principal and interest shall be paid by 120 installment payments of HKD 85,870 each. Any payment
 required to be made which is not made when due shall bear default interest of 6% per annum over the Hong Kong dollars prime rate
 quoted by the Hong Kong Mortgage Corporation Limited from time to time. A related party, Mr. Luk Siu Fung Mark, one of the major
 shareholders of the Company, signed guarantee agreement with BOAHK to provide guarantee on this loan, with the guarantee limit not
 exceeding the loan amount. As of March 31, 2025, current portion and non-current portion of long-term loan payable to BOAHK amounted
 to $109,980 and $748,104, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) On May 12, 2021, the Company's subsidiary in Canada, Midland
 Inc., entered into a term loan facility agreement with RBC to borrow CAD 223,000 ($155,087) as working capital, with loan maturity
 date on May 26, 2025. The loan bears variable interests, with interest charged at 3.0% p.a. above the Royal Bank prime rate quoted
 by the RBC from time to time. The effective interest rate was 10.20% per annum. The outstanding principal and interest shall be paid
 by 48 installment payments of CAD 4,207.55 each with all outstanding principal and interests is payable in full at the end of the
 term. Any payment required to be made which is not made when due shall bear the same rate as the interest rate applicable to the
 principal amount. Two related parties, Mr. Zhanpeng Liao and Mr. Steven Liao, each a family
 member of the Company's shareholder, signed guarantee agreement with RBC to provide guarantee on this loan, with the guarantee
 limit not exceeding CAD 55,750. The equipment and leaseholds of Midland Inc. were pledged as collaterals to safeguard the loan. As
 of March 31, 2025, current portion of long-term loan payable to RBC amounted to $20,483.

&nbsp;&nbsp;&nbsp;&nbsp;(3) On April 8, 2022 the Company's subsidiary in Canada, Church
 Limited, entered into a term loan facility agreement with RBC to borrow CAD 345,000 ($239,933) as working capital, with loan
 maturity date on April 26, 2027. The loan bears variable interests, with interest charged at 3.0% p.a. above the Royal Bank prime
 rate quoted by the RBC from time to time. The effective interest rate was 10.20% per annum. The outstanding principal and interest
 shall be paid by 60 installment payments of CAD 5,758 each with all outstanding principal and interests is payable in full at the
 end of the term. Any payment required to be made which is not made when due shall bear the same rate as the interest rate applicable
 to the principal amount. Three related parties, Mr. Zhanpeng Liao, Mrs. Dan Yang and Mr. Steven Liao, each a family member of the
 Company's shareholder, signed guarantee agreement with RBC to provide guarantee on this loan, with the guarantee limit not
 exceeding CAD 86,375. The equipment and leaseholds of Church Limited were pledged as collateral to safeguard the loan. As of March
 31, 2025, current portion and non-current portion of long-term loan payable to RBC amounted to $48,056 and $52,061,
 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(4) On March 23, 2020, the Company's subsidiary in Canada, CK
 Inc., entered into a term loan facility agreement with BDC to borrow CAD 1,450,000 (approximately $1.0 million) to finance the purchase
 of 2 condominium units as central kitchen and warehouse, with loan maturity date on September 15, 2045. The loan bears variable interests,
 with interest charged at 0.75% p.a. below the floating base rate quoted by the BDC from time to time. The effective interest rate
 was 8.20% per annum. The outstanding principal and interest shall be paid by 300 installment payments, the first payment is CAD 5,830
 and the remaining 299 payments is CAD 4,830 each. Any payment required to be made which is not made when due shall bear the same
 rate as the interest rate applicable to the principal amount. One of the Company's subsidiaries, Kennedy Inc., and another
 three related party companies provide guarantee on this loan, with the guarantee limit not exceeding the loan amount outstanding,
 and one of the major shareholders of the Company, Mr. Luk Ching Po Johnny, also signed guarantee agreements with BDC to
 provide guarantee on this loan, with the guarantee limit not exceeding 30% of the loan amount outstanding. In addition, the building
 property of CK Inc. was pledged as collateral to safeguard the loan. As of March 31, 2025, current portion and non-current portion
 of long-term loan payable to BDC amounted to $40,842 and $786,021, respectively.

For the above-mentioned long-term bank loans, the Company recorded a total interest expense of $54,774 and $69,208 for the six months ended March 31, 2025 and 2024, respectively.

The future maturities and repayment of long-term bank loans as of March 31, 2025 were as follows:

---

| | |
|:---|:---|
| **12 months ending March 31,** | Amount |
| 2026 | $219361 |
| 2027 | 202364 |
| 2028 | 161865 |
| 2029 | 161615 |
| 2030 | 165444 |
| Thereafter | 894898 |
| Total long-term bank loans | $1805547 |

---

**NOTE 10 — RELATED PARTY TRANSACTIONS**

***(a). Nature of relationships with related parties***

---

| | |
|:---|:---|
| **Name** | **Relationship within the Group** |
| Chung Po Luk | Father of Luk Siu Fung Mark and brother of Johnny Ching Po Luk |
| Steven Liao | Son-in-law of Luk Ching Po Johnny |
| Luk Siu Fung Mark | Shareholder and director of the Company |
| Luk Ching Po Johnny | Shareholder and director of the Company |
| Zhanpeng Liao | Family member of Steven Liao |
| Dan Yang | Family member of Steven Liao |
| Mak Po Keung | Family member of Luk Siu Fung Mark |
| Keith Ka Bo Chan | Shareholder of Vaughan Inc. |
| Midtown 1000076454 | An entity owned by Keith Ka Bo Chan |
| Jmart Ontario Inc | An entity owned by Steven Liao |
| 15397294 Canada Inc. ("Ajisen Waterloo") | An entity owned by Steven Liao |
| 2070111 Ontario Inc ("Warden") | An entity owned by Luk Ching Po Johnny |
| 1695325 Ontario Inc ("Yonge") | An entity owned by Luk Ching Po Johnny |
| 1802497 Ontario Inc. | An entity owned by Luk Ching Po Johnny |
| ES& Cubus Limited | An entity owned by Luk Siu Fung Mark |
| C& 535 Limited | An entity owned by Luk Siu Fung Mark |
| J.H Dinning Limited | An entity owned by Mak Po Keung |
| Hunan Waraku Holding Company Limited | An entity for which Luk Siu Fung Mark is the legal representative. |
| Mr. Suenaga Yuchi | Legal representative of ES Concept (one of the subsidiaries of Waraku) |
| Unico HK Corporation Limited | Mr. Suenaga Yuchi |
| ONEM Systems Inc. | An entity owned by Zhanpeng Liao |
| East West Entertainment Group Ltd | An entity owned by Steven Liao |
| Zhanpeng Liao Holding Company | An entity owned by Zhanpeng Liao |
| Shigemitsu Industry Ltd. | Mr. Shigemitsu San is the director of this entity. Mr. Shigemitsu San is also the non-executive director of the Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Accounts receivable - related parties, net** 

Accounts receivable - related parties, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| C& 535 Limited | $347497 | $- |
| 1695325 Ontario Inc ("Yonge") | 131090 | 12927 |
| 1802497 Ontario Inc. | 106125 |  |
| 2070111 Ontario Inc ("Warden") | 95909 | 222 |
| J.H Dinning Limited | 58620 | 347972 |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 7123 | 61492 |
| ES& Cubus Limited | 2576 | 2579 |
| Total accounts receivable - related parties, net | $748940 | $425192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Due from related parties** 

Due from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Luk Ching Po Johnny | $254573 | $177642 |
| Jmart Ontario Inc | 212058 | 250516 |
| James Liao | 150899 |  |
| C& 535 Limited | 144526 | 144723 |
| ES& Cubus Limited | 127006 | 127180 |
| Shan Yang | 83803 |  |
| J.H Dinning Limited | 50662 |  |
| Dan Yang | 41738 | 48120 |
| Hunan Waraku Holding Company Limited | 23784 |  |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 19855 | 73532 |
| Steven Liao | 12377 | 7716 |
| Midtown 1000076454 |  | 93678 |
| Zhanpeng Liao |  | 60829 |
| 2070111 Ontario Inc ("Warden") | - | 8404 |
| Total due from related parties | $1121281 | $992340 |

---

The Company has, in the past, advanced cash to related parties for business purposes and recorded such advances as due from related parties in the unaudited condensed consolidated financial statements. Such advances were non-interest bearing and due upon demand. Subsequent to the balance sheet date, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. In addition, in April 2025, the Company's CA Operating Subsidiaries collected back approximately $89,000 from related parties. In August 2025, the Company's CA Operating Subsidiaries further collected back approximately $427,506 from related parties. As of the date of this prospectus, approximately $788,000, or 70.3% of the March 31, 2025 due from related parties balance has been collected and the remaining balance is expected to be collected by September 2025. The Company does not have the intention to make cash advances to related parties in the future.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Dues to related parties** 

Dues to related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Mak Po Keung | $301981 | $128635 |
| Unico HK Corporation Limited | 10926 | 140982 |
| ONEM Systems Inc | 487 | 518 |
| Total due to related parties | $313394 | $270135 |

---

As of March 31, 2025 and September 30, 2024, the balance due to related parties mainly consisted of advances from the Company's principal shareholders for working capital purposes during the Company's normal course of business. These advances are non-interest bearing and due on demand.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Revenues from related parties** 

Revenue from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months ended <br> March 31,** | **For the Six Months ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| J.H Dinning Limited | $118491 | $- |
| 1695325 Ontario Inc ("Yonge") | 114655 | 36551 |
| 1802497 Ontario Inc. | 101900 | 31021 |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 91889 |  |
| 2070111 Ontario Inc ("Warden") | 91889 | 30590 |
| C& 535 Limited |  | 39861 |
| ES& Cubus Limited | - | 18684 |
| Total revenue from related parties | $518824 | $156707 |

---

Cost of revenue associated with the related party sales amounted to $394,188 and $114,777 for the six months ended March 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Others fees to related parties** 

Other fees to related parties consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Types of fees** | **For the Six Months ended <br> March 31,** | **For the Six Months ended <br> March 31,** |
|  |  | **2025** | **2024** |
|  |  | (Unaudited) | (Unaudited) |
| Unico HK Corporation Limited | Royalty fee | $173969 | $168931 |
| Shigemistsu Industry Ltd. | Royalty fee | 37235 | 58098 |
| Chung Po Luk | Consulting Fee | 7058 | 38010 |
| 2070111 Ontario Inc ("Warden") | Royalty fee | 5312 | 6203 |
| 1695325 Ontario Inc ("Yonge") | Royalty fee | 5312 | 6203 |
| 1802497 Ontario Inc. | Royalty fee | 5312 | 6203 |
| Total other fees to related parties |  | $234198 | $283648 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Loan guarantee provided by related parties** 

The Company related parties provided a guarantee for the Company's long-term bank loans (See Note 9).

&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **Finance lease guaranteed by a related party** 

In connection with the Company's finance lease of a vehicle, related party, Mr. Luk Ching Po Johnny signed as the co-lessee on this lease agreement to provide an additional guarantee to safeguard the leased vehicle (see Note 8).

&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Purchase from related parties** 

Purchase from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months ended <br> March 31,** | **For the Six Months ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Shigemitsu Industry Ltd. | $11126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Luk Ching Po Johnny | 886 | - |
| Total purchase from related parties | $12012 | $- |

---

**NOTE 11— TAXES**

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Corporate Income Taxes ("CIT")** 

<u>Cayman Islands</u>

Under the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders.

<u>British Virgin Islands</u>

Master Central is incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, Master Central is not subject to tax on income or capital gains. In addition, upon payments of dividends by Master Central, no British Virgin Islands withholding tax is imposed.

<u>Canada</u>

ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are incorporated under the provincial laws of Ontario or the federal laws of Canada and are subject to federal and provincial corporate income tax in Canada. The combined federal and provincial corporate income tax rates are as follows: General Corporations: The federal rate is 15%, and the Ontario provincial rate is 11.5%, resulting in a combined rate of 26.5%.

<u>Hong Kong</u>

Waraku, C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville are incorporated in Hong Kong and are subject to profit taxes in Hong Kong. The applicable tax rate is 8.25% on assessable profits arising in or derived from Hong Kong up to HKD2,000,000 and 16.5% on any part of assessable profits over HKD2,000,000.

The components of the income tax provision are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Current tax provision |  |  |
| Cayman Islands | $- | $- |
| British Virgin Islands |  |  |
| Canada | 136567 | 97768 |
| Hong Kong | 26679 | 62215 |
|  | $163246 | $159983 |
| Deferred tax benefit |  |  |
| Cayman | $- | $- |
| British Virgin Islands |  |  |
| Canada | 3243 | (2979) |
| Hong Kong | (20136) | 9374 |
|  | $(16893) | $6395 |
| Income tax provision | $146353 | $166378 |

---

The following table reconciles the Canada statutory rates to the Company's effective tax rate for the six months ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Canada Statutory income tax rate | 26.5% | 26.5% |
| Effect of preferential tax rate | (17.4)% | (10.5)% |
| Non-deductible expenses | 20.1% | 6.0% |
| Non-Canada entity not subject Canada income tax | 10.8% | (2.9)% |
| Change in valuation allowance | (3.5)% | 2.5% |
| Others | 5.6% | 1.3% |
| Effective tax rate | 42.1% | 22.9% |

---

The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of March 31, 2025, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

<u>Deferred tax assets, net</u>

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
|  | (Unaudited) | |
| Operating lease liabilities | $479013 | $796126 |
| Depreciation and amortization | 197857 | 69145 |
| Net operating loss carried forward | 38732 | 15702 |
| Total deferred tax assets | 715602 | 880973 |
| Valuation allowance | - | - |
| Deferred tax assets, net of valuation allowance | $715602 | $880973 |
| Net off deferred tax liabilities | (600375) | (778106) |
| Deferred tax assets, net | $115227 | $102867 |

---

The Company periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Management considers new evidence, both positive and negative, that could affect the Company's future realization of deferred tax assets including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes and other relevant factors. As of March 31, 2025 and September 30, 2024, the Company's net deferred tax assets were $115,227 and $102,867, respectively, primarily derived from operating lease liabilities, depreciation and amortization and net operating loss carryforward of its operating entities, offset by the deferred tax liabilities.

<u>Deferred tax liabilities</u>

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
|  | (Unaudited) | |
| Right-of-use assets | $454625 | $760587 |
| Depreciation and amortization | 161258 | 34985 |
| Deferred tax liabilities | $615883 | $795572 |
| Net off deferred tax assets | (600375) | (778106) |
| Deferred tax liabilities, net | $15508 | $17466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Taxes payable** 

Taxes payable consist of the following:

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| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
|  | (Unaudited) | |
| Income tax payable | $350512 | $561566 |
| GST/HTS tax payable (recoverable) | (15040) | 201285 |
| Total taxes payable | $335472 | $762851 |

---

<u>Uncertain tax positions</u>

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of March 31, 2025 and September 30, 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest or penalties tax for the six months ended March 31, 2025 and 2024. The Company does not anticipate any significant increases or decreases in unrecognized tax benefits in the next twelve months from March 31, 2025. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of March 31, 2025 and September 30, 2024, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

**NOTE 12 — CONCENTRATIONS**

For the six months ended March 31, 2025 and 2024, no single customer accounted for more than 10% of the Company's total revenue.

As of March 31, 2025, three customers accounted for approximately 48.3%, 12.0% and 11.8% of the total accounts receivable balance, respectively. As of September 30, 2024, one customer accounted for 78.0% of the total accounts receivable balance.

For the six months ended March 31, 2025, two suppliers accounted for approximately 16.2% and 14.3% of the total purchases, respectively. For the six months ended March 31, 2024, two suppliers accounted for approximately 13.3% and 10.2% of the total purchases, respectively.

**NOTE 13 — SHAREHOLDERS' EQUITY**

***Ordinary Shares***

Riku was incorporated under the laws of the Cayman Islands on February 14, 2025. The share capital of Riku is $50,000 divided into (i) 4,300,000 Class A ordinary shares and (ii) 700,000 Class B ordinary shares, with par value of $0.01 per share. The total number of shares of ordinary shares issued and outstanding is 838,000 shares, which consists of 170,800 shares of Class A ordinary shares and 667,200 shares of Class B ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. In respect of matters requiring the votes of stockholders, each share of Class A ordinary shares is entitled to one vote, and each share of Class B ordinary shares is entitled to twenty votes. Class B ordinary share is convertible into Class A ordinary share at any time after issuance at the option of the holder on a one-to-one basis. The shares of Class A ordinary shares are not convertible into shares of any other class. The numbers of authorized and outstanding Ordinary Shares were retroactively applied as if the transaction occurred at the beginning of the period presented (see Note 1).

*Dividends*

During six months ended March 31, 2024, the Company's CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payment of an aggregate amount of $129,184 to its shareholders out of the additional paid-in capital balance. There was no dividend payment during the six months ended March 31, 2025.

Subsequently, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, to offset against the due from related parties balance associated with two entities controlled by Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP (see Note 10 and Note 16).

Except for the dividend payment mentioned above, the Company currently intends to retain any future earnings to finance the operation and expansion of its business, and the Company does not expect to declare or pay any dividends in the foreseeable future.

*Refund of capital contribution*

During the six months ended March 31, 2024, the Company's CA Operating Subsidiaries, Midland Inc. and Church Limited, refunded an aggregate of $98,965 capital contributions to some of their original shareholders. The capital contribution refund was due to certain original shareholders of ARCI, Vaughan Inc. and Midland Inc. to withdraw from ARCI, Vaughan Inc. and Midland Inc. through capital reduction. There was no refund of capital contribution during the six months ended March 31, 2025.

**NOTE 14 — CONTINGENCIES**

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. For the six months ended March 31, 2025 and 2024, the Company did not have any material legal claims or litigation that, individually or in aggregate, could have a material adverse impact on the Company's consolidated financial position, results of operations and cash flows.

**NOTE 15 — SEGMENT REPORTING**

The Company notes the general objectives of segment reporting outlined in ASC 280, which are intended to assist financial statement users in better understanding an entity's performance, its prospects for future net cash flows, and to make more informed judgments about the entity as a whole.

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company's chief operating decision maker in order to allocate resources and assess performance of the segment.

ASC 280 states "a public entity shall report the revenues from external customers for each product and service or each group of similar products and services unless it is impracticable to do so." The Company evaluated its portfolio of products to determine whether certain products exhibit similar characteristics, such that they should be grouped together in the Company's disclosure. The Company's restaurant business operations in Canada and Hong Kong have similar economic characteristics with respect to restaurant inventories, vendors, marketing and promotions, customers and methods of distribution. The Company's chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. The CODMs confer regularly to review trends in operating metrics, revisit, assess, and adjust significant strategic and operational matters, and make resource adjustments as needed. These discussions include exploring opportunities for product development, responding immediately and effectively to operational adjustments, aligning ongoing business activities with corporate-level objectives, improving customer satisfaction, and enhancing corporate culture, among other management concerns. The primary measure of segment revenue and profitability for the Company's operating segment is considered to be consolidated revenue and net income. Through the evaluation, the CODM determined that the Company has four reporting segments.

The following table presents the segment information for the six months ended March 31, 2025 and 2024, respectively:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Six Months Ended March 31, 2025 (Unaudited)** |
|  | **Self-operated-restaurant revenue** | **Franchise fee income** | **Management fee income** | **Sale of ingredients** | **Total** |
| Revenue | $7896546 | $90961 | $348025 | $808103 | $9143635 |
| Cost of revenue | $5999572 | $69110 | $264420 | $613974 | $6947076 |
| Gross margin | $1896974 | $21851 | $83605 | $194129 | $2196559 |
| Operating expenses | $1623770 | $18704 | $71564 | $166170 | $1880208 |
| Provision for income tax | $126393 | $1456 | $5570 | $12934 | $146353 |
| Net income | $173535 | $1999 | $7648 | $17759 | $200941 |
| Depreciation and amortization | $401568 | $4626 | $17698 | $41095 | $464987 |
| Capital expenditures | $154187 | $1776 | $6796 | $15779 | $178538 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended March 31, 2024 (Unaudited)** | **For the Six Months Ended March 31, 2024 (Unaudited)** | **For the Six Months Ended March 31, 2024 (Unaudited)** | **For the Six Months Ended March 31, 2024 (Unaudited)** | **For the Six Months Ended March 31, 2024 (Unaudited)** |
|  | **Self-operated-restaurant revenue** | **Franchise fee income** | **Management fee income** | **Sale of ingredients** | **Total** |
| Revenue | $7668894 | $48770 | $466118 | $308415 | $8492197 |
| Cost of revenue | $5616927 | $35721 | $341399 | $225892 | $6219939 |
| Gross margin | $2051967 | $13049 | $124719 | $82523 | $2272258 |
| Operating expenses | $1385831 | $8813 | $84231 | $55733 | $1534608 |
| Provision for income tax | $150249 | $955 | $9132 | $6042 | $166378 |
| Net income | $505899 | $3217 | $30749 | $20345 | $560210 |
| Depreciation and amortization | $338487 | $2153 | $20573 | $13613 | $374826 |
| Capital expenditures | $71694 | $456 | $4358 | $2883 | $79391 |

---

Total assets as of March 31, 2025 and September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
|  | (Unaudited) | |
| Self-operated-restaurant revenue | $9771056 | $11371441 |
| Franchise fee income | 112554 | 90147 |
| Management fee income | 430640 | 852047 |
| Sale of ingredients | 999933 | 827221 |
| Total assets | $11314183 | $13140856 |

---

**NOTE 16 — SUBSEQUENT EVENTS**

On May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced by $271,903. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP(see Note 10).

These unaudited condensed consolidated financial statements were approved by management on September 12, 2025, and the Company has evaluated subsequent events through this date. The Company did not identify any subsequent events except disclosed above that would have required adjustment or disclosure in the financial statements.

**RIKU DINING GROUP LIMITED**

**2,250,000** **Class A Ordinary Shares**

**PROSPECTUS**

**Eddid Securities USA Inc.**

**, 2025**

**Until and including , 2025 (twenty-five (25) days after the date of this prospectus), all dealers that buy, sell or trade our Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

**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.**

**The information in this Resale Prospectus is not complete and may be changed. The Selling Shareholders may not sell these securities until the registration statement filed with the U.S. 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 the offer or sale is not permitted.**

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED October 7, 2025** |

---

**Riku Dining Group Limited**

**1,643,334** **Class A Ordinary Shares to be sold by the Selling Shareholders**

This Resale Prospectus relates to the resale of 1,643,334 Class A ordinary shares, par value US$0.01 per share ("Class A Ordinary Shares") of Riku Dining Group Limited ("Riku") by San River International Sdn. Bhd. and DFK Limited (the "Selling Shareholders"), the existing shareholders of Riku (such shares referred to as the "resale shares"). We will not receive any of the proceeds from the sale of Class A Ordinary Shares by the Selling Shareholders named in this prospectus.

Our securities are presently not trading on any market or securities exchange. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "RIKU".

Since there is currently no public market established for our securities, the Selling Shareholders will sell the resale shares at a price to be determined subsequent to the initial public offering pursuant to the registration statement of which this resale prospectus is a part (this "Resale Prospectus," this "resale prospectus" or "this prospectus"). No sales of the Class A Ordinary Shares covered by this Resale Prospectus shall occur until after the closing of our initial public offering (the "IPO", and the prospectus relating to the IPO, the "initial public offering prospectus"). There is no assurance that our listing application for our IPO will be approved by the Nasdaq Capital Market, and if our listing application is not approved by the Nasdaq Capital Market, the IPO will be terminated, and the registration of the resale shares under this Resale Prospectus will also be terminated. Once, and if, our Class A Ordinary Shares are listed on the Nasdaq Capital Market and there is an established market for these resale shares, the Selling Shareholders may sell the resale shares from time to time at the market price prevailing on the Nasdaq Capital Market at the time of offer and sale, or at prices related to such prevailing market prices or in negotiated transactions or a combination of such methods of sale directly or through brokers.

We are an "emerging growth company" under applicable U.S. federal securities laws and are eligible for reduced public company reporting requirements. We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share. Due to the disparate voting powers associated with our two classes of ordinary shares, our Controlling Shareholder will beneficially own approximately 67.6% of the aggregate voting power of our Company immediately following the completion of the IPO, assuming that the underwriters do not exercise their over-allotment option. See "Risk Factors — Risks Related to our Class A Ordinary Shares — Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial."

We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of our initial public offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to this Resale Prospectus, our Controlling Shareholder, will own 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, being 59.6% of our total issued and outstanding Ordinary Shares and representing approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, and may have the ability to determine matters requiring approval by shareholders. As a result, our Controlling Shareholder will have the ability to control the outcome of certain matters submitted to shareholders for approval through its controlling ownership of the Company, such as the election of directors, amendments to our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions. See "Risk Factors — Risks Related to our Class A Ordinary Shares — Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders" for further information. See "Risk Factors — Risks Related to our Corporate Structure — We are a "controlled company" within the meaning of the Nasdaq listing rules, and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders."

Riku is a holding company incorporated in the Cayman Islands. As a holding company with no material operations, Riku conducts its operations in Canada through its operating subsidiaries in Canada, including Ajisen Ramen (Canada) Inc., 2750039 Ontario Inc., 2512118 Ontario Inc., 2770933 Ontario Inc., 2811387 Ontario Inc. and 1000047451 Ontario Limited (collectively the "CA Operating Subsidiaries") and in Hong Kong through its operating subsidiaries in Hong Kong, including C& NTP Limited, C& Hospitality Limited, ES Concept (F&B) Co., Limited, ES& TWP Limited, ES& Yoho Limited and ES& Granville Limited (collectively the "HK Operating Subsidiaries"). Investors are cautioned that they are buying shares of a Cayman Islands holding company with operations conducted in Hong Kong and Canada through its Operating Subsidiaries. Riku is not a Chinese or Hong Kong operating company but is a holding company incorporated in the Cayman Islands. This is an offering of the Class A Ordinary Shares of Riku, the holding company incorporated in the Cayman Islands, instead of shares of its HK Operating Subsidiaries and/or its CA Operating Subsidiaries. You may never directly hold any equity interest in its HK Operating Subsidiaries and/or its CA Operating Subsidiaries. This structure involves unique risks to investors, and the PRC regulatory authorities could disallow this structure, which would likely result in a material change in Riku's operations and/or a material change in the value of the securities Riku is registering for sale, including that such event could cause the value of such securities to significantly decline or become worthless, and further:

● could result in a material change in our operations and/or the value of our Class A Ordinary Shares;

● could significantly limit or completely hinder our ability to continue our operations;

● could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and

● may cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

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 its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain 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 any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our HK Operating Subsidiaries' daily business operations, their ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. These actions could result in a material change in our operations and/or to the value of our Class A Ordinary Shares and could significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors. See "*Risk Factors — Risks Related to Doing Business in Hong Kong —Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of the HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale" for further information.*

Recent statements by the PRC government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or 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 markets 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 December 24, 2021, the China Securities Regulatory Commission (the "CSRC") released the Draft Administrative Provisions and the Draft Filing Measures, both of which had a comment period that expired on January 23, 2022. The Draft Administrative Provisions and Draft Filing Measures regulate the administrative system, record-filing management, and other related rules in respect of the direct or indirect overseas issuance of listed and traded securities by "domestic enterprises". The Draft Administrative Provisions specify that the CSRC has regulatory authority over the "overseas securities offering and listing by domestic enterprises", and requires "domestic enterprises" to complete filing procedures with the CSRC if they wish to list overseas. On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; any failure to comply with such filling procedures may result in administrative penalties, such as an order to rectify, warnings, and fines. On April 2, 2022, the CSRC published the Draft Archives Rules, for public comment. These rules state that in the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests.

Under the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, 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 application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing, yet need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing, shall arrange for the filing within a reasonable time period and shall complete the filing procedure before such companies' overseas issuance and listing.

As of the date of this prospectus, given that the Group has no operations in China, the Company believes it is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our potential operations in China, as well as 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 as well as the trading price of our Class A Ordinary Shares.

We may be required to restructure our operations to comply with such regulations or potentially cease operations in the Hong Kong entirely. 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 Class A Ordinary Shares. 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 action taken by the PRC government could significantly limit or completely hinder our operations in the Hong Kong and 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.

Furthermore, on July 10, 2021, the Cyberspace Administration of China (the "CAC") issued a revised draft of the Measures for Cybersecurity Review for public comment, which required that, among others, in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated 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, 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&A 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. It remains unclear whether a Hong Kong company which collects personal information from PRC individuals shall be subject to the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our business, our operations or this offering as we do not believe that our HK Operating Subsidiaries would be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that would be required to file for cybersecurity review before listing in the U.S. This conclusion is based on the following factual circumstances: (i) our HK Operating Subsidiaries operate restaurants solely within Hong Kong, engaging exclusively in routine commercial activities unrelated to critical information infrastructure; (ii) their processing of personal information such as customer reservations, payments, and related restaurant operations, involves significantly fewer than one million users; (iii) their operations are confined to Hong Kong, and they do not process personal data of individuals within mainland China or conduct cross-border data transfers from mainland China; and (iv) as of the date of this prospectus, we have not received any notification, inquiry, warning, or request from the CAC or any other PRC regulatory authorities indicating that we are or may be classified as an "operator of critical information infrastructure" or a "data processor," nor have we received requests to submit to a cybersecurity review. Accordingly, we believe that our HK Operating Subsidiaries are not subject to the Revised Review Measures. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Revised Review Measures are adopted into law in the future and any of our HK Operating Subsidiaries is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, our operation and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review.

We have been advised by Hastings & Co., our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, as of the date of this prospectus, the Company and its HK Operating Subsidiaries, are not required to obtain any permissions or approvals from Hong Kong authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors. No such permissions or approvals have been applied for by the Company and/or its subsidiaries or denied by any relevant authorities. Part of our operations are conducted in Hong Kong, which is a part of the PRC. As of the date of this prospectus, our HK Operating Subsidiaries received all requisite permissions or approvals from the Hong Kong authorities to operate their businesses in Hong Kong, including but not limited to their business registration certificates. However, we have been advised by Hastings & Co. that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Based on management's internal assessment that the Company and its subsidiaries currently have no material operations in the PRC, the Company's management believes that as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC. We also believe that our HK Operating Subsidiaries are not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

As of the date of this prospectus, Hong Kong does not have similar regulations as of the PRC to extend oversight and control over offerings that are conducted overseas. Hong Kong does not have similar regulation as of the Trial Measures and the Guidance Rules and Notice, and Measures for Cybersecurity Review of the PRC. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC or if applicable laws, regulations or interpretations change and we are required to obtain such permissions or approvals, (ii) we inadvertently conclude that relevant permissions or approvals were not required or (iii) we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

Under the PRC Enterprise Income Tax Law ("EIT Law") and its implementing rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a PRC resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation ("SAT") issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.

As all of our board members and management are residents of Hong Kong and Canada, and substantially all of our assets and the primary location of the day-to-day operational management are located in Hong Kong and Canada, we are not a "de facto management body" as defined in the Circular 82. Therefore, we are not subject to EIT Law.

As of the date of this prospectus, our subsidiaries and business operations are not subject to the specific laws and regulations adopted by the PRC. Accordingly, we do not believe it is necessary to obtain a legal opinion from PRC counsel, as there are no applicable PRC regulations that would impact our operations.

We also may face risks relating to the lack of Public Company Accounting Oversight Board (the "PCAOB") inspection on our auditor, which may cause our securities to be delisted from a U.S. stock exchange or prohibited from being traded over-the-counter in the future under the Holding Foreign Companies Accountable Act (the "HFCAA" or the "HFCA Act"), if the U.S. Securities and Exchange Commission (the "SEC") determines that we have filed an annual report containing an audit report issued by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate completely for three consecutive years beginning in 2021. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act and on December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to Accelerating Holding Foreign Companies Accountable Act and amended the Holding Foreign Companies Accountable 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, thus reducing the time before our Class A Ordinary Shares may be prohibited from trading or delisted. The delisting or the cessation of trading of our Class A Ordinary Shares, or the threat of their being delisted or prohibited from being traded, may materially and adversely affect the value of your investment.

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 having substantial operations in emerging markets including China. The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets. On May 18, 2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in "Restrictive Market", (ii) adopt a new requirement relating to the qualification of management or board of directors for Restrictive Market companies, and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company's auditors.

On December 16, 2021, the PCAOB issued a 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 PRC; and (2) Hong Kong, a Special Administrative Region of the PRC, because of positions taken by PRC authorities in those jurisdictions, which determinations were vacated on December 15, 2022. Our current auditor, Golden Eagle CPAs LLC, is not headquartered in mainland China or Hong Kong and was not identified by the PCAOB in its report on December 16, 2021 as a firm subject to the PCAOB's determinations, which determinations were vacated on December 15, 2022.

On August 26, 2022, the PCAOB signed a Statement of Protocol, or SOP, Agreement with the CSRC and China's Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigation, establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections in the second half of 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed. If the PCAOB in the future again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the companies audited by those auditors would be subject to a trading prohibition on U.S. markets pursuant to the HFCAA.

If the PCAOB in the future again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the lack of access to the PCAOB inspection in China would prevent the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, investors could be deprived of the benefits of such PCAOB inspections, if the PCAOB again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong. The inability of the PCAOB to conduct inspections of auditors in China would make it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures, which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements. Although our auditor was not identified by the PCAOB in its report as a firm subject to the PCAOB's determinations, which determinations were vacated on December 15, 2022, should the PCAOB be unable to fully conduct inspection of our auditor's work papers in China, this could adversely affect us and our securities for the reasons noted above.

Our auditor, Golden Eagle CPAs LLC, the independent registered public accounting firm that issues the audit report included elsewhere in this Resale Prospectus, as a firm headquartered in New Jersey and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections on a regular basis. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations. However, the recent developments in connection with the implementation of the HFCA Act as described above, including the recent joint statement by the SEC and the PCAOB, the proposed rule changes by Nasdaq, and actions by the PCAOB, would add uncertainties to this offering and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. See "Prospectus Summary—Holding Foreign Companies Accountable Act" and "Risk Factors — Risks Relating to our Class A Ordinary Shares and this Offering *—* Although the audit report included in this prospectus is prepared by a U.S. auditor who are subject to the PCAOB inspection on a regular basis, there is no guarantee that future audit reports will be prepared by an auditor 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 HFCAA if the SEC subsequently determines our audit work is performed by an auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA 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, thus reducing the time before the securities may be prohibited from trading or delisted."

As of the date of this prospectus, no dividends or distributions have been made to date to investors in the Company. See "Risk Factors — Risks Related to Our Corporate Structure— We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash "

Unless otherwise stated, references to the "Company", "Group", "we", "us", and "our" in the prospectus are to Riku, the Cayman Islands entity that will issue the Class A Ordinary Shares being offered in this Resale Prospectus. References to "Operating Subsidiaries" refer to our CA Operating Subsidiaries and HK Operating Subsidiaries.

**Investing in our Class A Ordinary Shares is highly speculative and involves a high degree of risk. Before buying any shares, you should carefully read the discussion of material risks of investing in our Class A Ordinary Shares in "Risk Factors" beginning on page 15 of this Resale Prospectus.**

**We are both an "emerging growth company" and a "foreign private issuer" as defined under the federal securities laws and, as such, will be subject to reduced public company reporting requirements. See "Prospectus Summary — Implications of Being an Emerging Growth Company" and "Prospectus Summary — Implications of Being a Foreign Private Issuer" for additional information.**

**Neither the U.S. Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this Resale Prospectus. Any representation to the contrary is a criminal offense.**

The date of this Resale Prospectus is [●], 2025.

**CONVENTIONS THAT APPLY TO THIS RESALE PROSPECTUS**

Unless otherwise indicated or the context otherwise requires, all references in this Resale Prospectus to:

● "Articles" or "Articles of Association" are to the articles of association of our Company (as may be amended, restated or replaced from time to time) conditionally adopted on [●], 2025 which shall become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares;

● "ARCI" are to Ajisen Ramen (Canada) Inc., a company incorporated in Canada which is a direct wholly-owned subsidiary of Rich Plenty, and an indirect wholly-owned subsidiary of Riku;

● "Basic Law" are to the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China;

● "Board" are to the board of directors of Riku;

● "BVI" are to the British Virgin Islands;

● "BVI Act" are to the BVI Business Companies Act, as amended, supplemented or otherwise modified from time to time;

● "C& Hospitality" are to C& Hospitality Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "C& NTP" are to C& NTP Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "CAD" or "CA$" are to Canadian Dollar(s), the lawful currency of Canada;

● "CA Operating Subsidiaries" or "CA Operating Subsidiary" are to Ajisen Ramen (Canada) Inc., 2750039 Ontario Inc., 2512118 Ontario Inc., 2770933 Ontario Inc., 2811387 Ontario Inc., and 1000047451 Ontario Limited, individually or collectively;

● "China" or the "PRC" refers to the People's Republic of China, including Hong Kong and Macau. For reference to specific laws and regulations adopted by the PRC, the definition of "China" or the "PRC" refers to the People's Republic of China, excluding Hong Kong and Macau;

● "CK Inc." are to 2750039 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Church Ltd" are to 1000047451 Ontario Limited, a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Class A Ordinary Shares" are to the Class A ordinary shares with a par value of US$0.01 each of Riku;

● "Class B Ordinary Shares" are to the Class B ordinary shares with a par value of US$0.01 each of Riku;

● "Company", "we", "us", "our" and "Riku" are to Riku Dining Group Limited, an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act on February 14, 2025, that will issue the Class A Ordinary Shares being offered;

● "Companies Act" are to the Companies Act (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time;

● "Controlling Shareholder" is to Integrated Winners International Limited, who immediately after the completion of the initial public offering (assuming that the underwriters do not exercise their over-allotment option), and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to this Resale Prospectus, will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power;

● "Corporate Reorganization" refers to the reorganization of the legal structure of entities under common control as described in "Corporate History and Structure."

● "COVID-19" are to the Coronavirus Disease 2019;

● "ES Concept" are to ES Concept (F&B) Co., Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& Granville" are to ES& Granville Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& TWP" are to ES& TWP Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& Yoho" are to ES& Yoho Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "Exchange Act" are to the U.S. Securities Exchange Act of 1934, as amended;

● "Founders" are to Mr. Johnny Luk Ching Po ("Mr. Johnny Luk") and Mr. Mark Luk Siu Fung ("Mr. Mark Luk");

● "Group" are to Riku and its Subsidiaries, unless otherwise specified;

● "HKD" or "HK$" are to Hong Kong dollar(s), the lawful currency of Hong Kong;

● "Hong Kong" or "HKSAR" are to the Hong Kong Special Administrative Region of the PRC;

● "HK Operating Subsidiaries" or "HK Operating Subsidiary" are to C& NTP Limited, C& Hospitality Limited, ES Concept (F&B) Co., Limited, ES& TWP Limited, ES& Yoho Limited and ES& Granville Limited, individually or collectively;

● "IPO" are to the initial public offering of securities as covered under the initial public offering prospectus;

● "Kennedy Inc." are to 2512118 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Macau" are to the Macau Special Administrative Region of the PRC;

● "Mainland China" are to the mainland of the People's Republic of China, excluding for the purpose of this prospectus only, the special administrative regions of Hong Kong and Macau, and Taiwan;

● "Master Central" are to Master Central Holdings Limited, a company limited by shares incorporated under the laws of the BVI, which is the direct subsidiary of Riku;

● "Memorandum" or "Memorandum of Association" are to the memorandum of association of our Company (as may be amended, restated or replaced from time to time) conditionally adopted on [●], 2025 which shall become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares;

● "Midland Inc." are to 2811387 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Operating Subsidiaries" are to both our CA Operating Subsidiaries and HK Operating Subsidiaries ;

● "Ordinary Shares" or "Shares" refers to the Class A Ordinary Shares and the Class B Ordinary Shares;

● "Our parent company" are to Riku;

● "PRC authorities", "PRC government" are to the government or regulatory authorities of Mainland China for the purpose of this prospectus only;

● "Rich Plenty" are to Rich Plenty Group Limited, a company incorporated under the laws of the British Virgin Islands which serves as the holding company of the CA Operating Subsidiaries, and is a directly wholly-owned subsidiary of Master Central and an indirectly wholly-owned subsidiary of Riku;

● "Resale Offering" are to the resale of 1,643,334 Ordinary Shares by the Selling Shareholders named in this Resale Prospectus;

● "SEC" or "Securities and Exchange Commission" are to the United States Securities and Exchange Commission;

● "Securities Act" are to the U.S. Securities Act of 1933, as amended;

● "Selling Shareholders" are to San River International Sdn. Bhd. and DFK Limited, the shareholders of the Company selling their Class A Ordinary Shares pursuant to this Resale Prospectus;

● "Subsidiary" or "Subsidiaries" or "Our Subsidiary" or "Our Subsidiaries" are to any one or more of our HK Operating Subsidiaries, CA Operating Subsidiaries, Master Central, or Waraku or Rich Plenty, collectively or individually;

● "US" or "U.S." are to the United States of America;

● "U.S. GAAP" refers to generally accepted accounting principles in the United States;

● "U.S. dollars" or "US$" or "USD" or "dollars" are to United States dollar(s), the lawful currency of the United States;

● "Vaughan Inc." are to 2770933 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku; and

● "Waraku" are to Waraku Group Limited, a company incorporated in Hong Kong with limited liability on March 15, 2024 which serves as the intermediate holding company of the HK Operating Subsidiaries, and is a directly wholly-owned subsidiary of Master Central and an indirectly wholly-owned subsidiary of Riku .

Riku is an exempted company with limited liability, registered and incorporated in the Cayman Islands, that operates in Hong Kong and Canada through the Operating Subsidiaries. The reporting currency of the HK Operating Subsidiaries is HKD and the reporting currency of the CA Operating Subsidiaries is CAD.

Riku's fiscal year ends on September 30. References to a particular "fiscal year" are to our fiscal year ended September 30 of that calendar year. References to a particular "year" are also to our fiscal year ended September 30 of that calendar year unless the text indicates otherwise.

**INDUSTRY AND MARKET DATA**

This prospectus includes statistics, other data and descriptive information relating to markets, market sizes, and other industry data pertaining to our business that we have obtained from industry publications and surveys, government publications, surveys and studies conducted by third parties, and other information available to us, including an industry report (the "Frost & Sullivan Report") commissioned by us and prepared by Frost & Sullivan, an independent research firm, as well estimates by our management based on such data. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed. We have not independently verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Market data and statistics are inherently predictive and speculative and are not necessarily reflective of actual market conditions. Such statistics are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. The market data and estimates used in this prospectus involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. In addition, the value of comparisons of statistics for different markets is limited by many factors, including that (i) the markets are defined differently, (ii) the underlying information was gathered by different methods, and (iii) different assumptions were applied in compiling the data. Accordingly, the market statistics included in this prospectus should be viewed with caution. Additionally, forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus.

While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

**TRADEMARKS, SERVICE MARKS, AND TRADE NAMES**

Solely for convenience, the trademarks, service marks, and trade names referred to in this prospectus are without the <sup>®</sup> and <sup>TM</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This prospectus contains additional trademarks, service marks, and trade names of others, which are the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

**RESALE PROSPECTUS SUMMARY**

**PROSPECTUS SUMMARY**

*The following summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in our Class A Ordinary Shares. You should read the entire prospectus carefully, including "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the related notes thereto, in each case included in this prospectus. Unless the context otherwise requires, all references in this prospectus to "we", "us", "our", "our company", and "Riku" refer to Riku, "our Group" refers to Riku and its Subsidiaries. You should carefully consider, among other things, the matters discussed in the section of this prospectus titled "Business" before making an investment decision.*

**Overview**

We are a dynamic and growing international restaurant operator with a diverse portfolio of Japanese-themed dining concepts across Canada and Hong Kong. Through our Operating Subsidiaries, we deliver authentic Japanese culinary experiences by holding exclusive franchise rights for distinguished Japanese restaurant brands in Hong Kong and Canada.

As of the date of this prospectus, we directly operate four (4) Ajisen Ramen restaurants and sub-franchise nine (9), making a total of thirteen (13) Ajisen Ramen restaurants in Canada, alongside three (3) Yakiniku Kakura restaurants, one (1) Yakiniku 801 restaurant and one (1) Ufufu Cafe restaurant in Hong Kong. Our strategic goal is to continue expanding our footprint through new restaurant openings in key markets, leveraging our established brand recognition and operational expertise to meet the growing demand for premium Japanese dining experiences across Asia and North America.

**Our Competitive Strengths**

We believe that the following strengths differentiate us and serve as a platform for the future growth of our business across our territories:

● **Diverse portfolio of Japanese-themed dining concepts**: We offer a diverse range of Japanese-themed dining concepts, from premium yakiniku to family-friendly Western-Japanese cafés and full-service ramen restaurants, catering to a wide array of customer preferences across Asia and North America;

● **Exclusive franchise rights for renowned Japanese brands**: We hold exclusive franchise rights for prestigious Japanese brands in Hong Kong and Canada, enabling us to bring authentic dining experiences to international markets with long-term, trust-based partnerships;

● **Commitment to quality and consistency**: Our unwavering focus on sourcing premium ingredients and maintaining strict quality controls ensures a consistently high standard of food and service across all our locations, fostering customer loyalty.

● **Proven leadership and operational expertise**: Our experienced leadership team, with deep industry knowledge in both Canada and Hong Kong, drives operational excellence and sustainable growth through strategic management and strong supplier relationships;

**Our Strategies**

We aim to further strengthen our market position and continue to be a competitive international restaurant operator by pursing the following key strategies:

● **Expansion of restaurant footprint in key markets**: We intend to expand our global presence by opening new restaurants and utilizing strategic sub-franchising in high-demand regions, including the U.S., Canada, and Singapore, to capture a larger share of the international dining market;

● **Innovation in menu and customer experience**: We intend to enhance customer loyalty and brand differentiation by diversifying our menus with seasonal and plant-based options, while improving the dining experience through technology integration and personalized services;

● **Operational efficiency and scalability**: We intend to optimize our operations by refining workflows, controlling costs, and integrating technology, which should provide for scalability and profitability across all locations as we expand.

**Corporate History and Structure**

Riku was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on February 14, 2025. Riku was incorporated with nominal assets and liabilities for the purpose of becoming the ultimate holding company for the Subsidiaries and consummating the Corporate Reorganization described herein. See "Corporate History and Structure."

The chart below illustrates our corporate structure upon consummation of the Corporate Reorganization and identifies our subsidiaries as of the date of this prospectus and upon completion of our initial public offering (assuming the underwriters do not exercise their over-allotment option) and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to this Resale Prospectus:

Prior to the completion of our initial public offering:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Waraku became the direct holding company of the HK Operating
 Subsidiaries through a share-for-share exchange;

(ii) Rich Plenty became the direct holding company of the CA Operating
 Subsidiaries through a share-for-share exchange;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Waraku and Rich Plenty became wholly-owned subsidiaries
 of Master Central, the intermediary holding company incorporated in the BVI;

(iv) The Company acquired Master Central through a share-for-share
 exchange, making the HK Operating Subsidiaries and CA Operating Subsidiaries indirect wholly-owned subsidiaries of the Company;

(v) The Company redesignated its share capital into Class A and
 Class B ordinary shares under which each Class A Ordinary Share will carries one (1) vote per share, and each Class B Ordinary
 Share carries twenty (20) votes per share.

We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of our initial public offering (assuming that the underwriters do not exercise their over-allotment option) and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to this Resale Prospectus, our Controlling Shareholder, will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, and will have the ability to determine all matters requiring approval by shareholders.

Investors are purchasing securities of our holding company, Riku, instead of securities of our Operating Subsidiaries, through which our operations are conducted.

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

Our management monitors the cash position of our subsidiaries regularly and prepares budgets on a monthly basis to ensure it has the necessary funds to fulfil its 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 our board of directors.

Riku is a holding company with no operations of its own. It conducts its operations in Hong Kong and Canada through its Operating Subsidiaries. Riku may rely on dividends or payments to be paid by its Operating Subsidiaries to fund its cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and U.S. investors, to service any debt we may incur and to pay our operating expenses. Cash will be transferred through our organization in the following manner: (i) funds will be transferred to our HK Operating Subsidiaries, from Riku as needed through Waraku 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 HK Operating Subsidiaries to Riku through Waraku; (iii) funds will be transferred to our CA Operating Subsidiaries, from Riku as needed through Master Central in the form of capital contributions or shareholder loans, as the case may be; and (iv) dividends or other distributions may be paid by our CA Operating Subsidiaries to Riku through Master Central.

For Riku to transfer cash to its Subsidiaries, Riku is permitted under Companies Act and the Memorandum and Articles to provide funding to its subsidiaries incorporated in the BVI, Hong Kong and Canada through loans or capital contributions. Riku's subsidiary incorporated under the laws of the BVI, Master Central, is permitted under the laws of the BVI and its memorandum and articles of association (as amended from time to time) to provide funding to our CA Operating Subsidiaries. Riku's subsidiary incorporated under the laws of Hong Kong, Waraku, is permitted under the laws of Hong Kong and its articles of association (as amended from time to time) to provide funding to our HK Operating Subsidiaries.

As of the date of this prospectus, no transfers were made from the Company to its Operating Subsidiaries and our Operating Subsidiaries have not encountered difficulties or limitations with respect to their ability to transfer cash between each other. As of the date of this prospectus, neither the holding company nor our Operating Subsidiaries maintains cash management policies or procedures dictating the amount of such funding or how funds are transferred.

There are no statutory prohibitions in the Cayman Islands on the granting of financial assistance by a company to another person for the purchase of, or subscription for, its own, its holding company's or a subsidiary's shares. Therefore, a company may provide financial assistance provided the directors of the company, when proposing to grant such financial assistance, discharge their duties of care and act in good faith, for a proper purpose and in the interests of the company. Such assistance should be on an arm's-length basis. Subject to the satisfaction of the solvency test provisions under the Companies Act, the holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our Memorandum and Articles provide that dividends may be declared and paid out of profits of our Company, realized or unrealized, or from any reserve set aside from profits which our board of directors determines is no longer needed. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized for this purpose in accordance with the Companies Act. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium account if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. The Cayman Islands does not impose any tax on payments of dividends to shareholders.

Under the BVI Business Companies Act 2004 (as amended) and subject to its memorandum and articles of association, a BVI company may authorize and declare a dividend to shareholders at such time and of such an amount as the board of directors thinks fit to the extent that they are satisfied that immediately following 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 (Chapter 622 of the Laws of Hong Kong), 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. As at the date of this prospectus, 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 Riku and its HK Operating Subsidiaries, across borders and to U.S. investors, nor are there any restrictions and limitations to distribute earnings from our business and subsidiaries, to Riku 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 to dividends paid by us. The PRC laws and regulations do not currently have any material impact on transfers of cash from Riku to our HK Operating Subsidiaries or our HK Operating Subsidiaries to Riku, our shareholders and U.S. investors. However, the Chinese government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our HK Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could 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. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless.

According to Section 43(1) of the Canada Business Corporations Act ("**CBCA**"), which is applicable to ARCI, and Section 38 of the Business Corporations Act (Ontario) ("**OBCA**"), which is applicable to the CA Operating Subsidiaries (except ARCI), our CA Operating Subsidiaries may pay dividends by issuing fully paid shares of the corporation or in money or property. However our CA Operating Subsidiaries may not declare or pay a dividend if, as provided under Section 42 of the CBCA or Section38 of the OBCA, there are reasonable grounds for believing that the corporation is, or would after payment be, unable to pay its liabilities as they become due, or the realizable value of the corporation's assets would thereby be less than the aggregate of its liabilities and stated capital of all classes. As of the date of this prospectus, no transfers were made from the Company to its CA Operating Subsidiaries. During fiscal year 2024, the CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus. Except for the dividend payments mentioned above, the Company, and its CA Operating Subsidiaries and HK Operating Subsidiaries, currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future. As of the date of this prospectus, our CA Operating Subsidiaries do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. Further, as of the date of this prospectus, no dividends or distributions have been made to date to investors in the Company. See "Risk Factors — Risks Related to Our Corporate Structure—We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash."

Canada does not impose any foreign exchange control restrictions which would restrict or prohibit the repatriation of funds by a Canadian corporation out of Canada, including to pay dividends to its foreign shareholder(s), except for transactions that will violate the *Criminal Code* and the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act*.

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 Riku and to settle amounts owed under any applicable agreements as of the date of this prospectus.

Since incorporation, Riku has not declared or paid any dividends or distributions. There will not be any transfer of assets among Riku and its Subsidiaries.

We do not expect to pay dividends on our 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 the businesses of our Operating Subsidiaries. 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 and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. See "*Risk Factors — Risks related to our Corporate Structure — We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash*".

**Summary of Risk Factors**

Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects that you should consider before making a decision to invest in our Class A Ordinary Shares. These risks are discussed in greater detail in "Risk Factors" These risks include, but are not limited to, the following:

**Risks Related to Our Industry and Our Business**

● The restaurant industry is highly competitive, and we may face challenges in maintaining our competitive edge.

● Fluctuations in consumer spending and broader economic factors may impact our business.

● Changes in consumer preferences or other factors could reduce demand for our products.

● Our ability to operate franchised restaurants, and sub-franchise restaurants in Hong Kong and Canada depends on key franchise agreements, the expiration or termination of which could harm our business.

● Our success relies on the international reputation of the brands we operate, and adverse developments in their global operations or reputation could negatively affect our business and financial performance.

● Our Operating Subsidiaries require various licenses, approvals and permits to operate our business. Any failure in obtaining or renewing any of the licenses, approvals and permits for our operations could materially adversely affect our business, results of operations and financial condition.

● Disruptions to or issues with our supply chain could negatively impact our business operations and profitability.

● We currently rely on our central kitchen to supply certain food ingredients used in our restaurant outlets in Canada. Any disruption of operations in our central kitchen could adversely affect our reputation and results of operations.

● Leasing a broad portfolio of real estate exposes us to potential losses and liabilities.

● Newly developed restaurants may not meet our expectations, and we cannot guarantee that our expansion plans will be successful.

● The economic viability of our restaurant locations may change, and we may face challenges in securing new locations at favorable terms.

● We have limited control over the operations of our sub-franchisees, and their actions could negatively affect our brand and business.

● Our financial condition and results of operations in Canada depend, to a certain extent, on the financial condition of our sub-franchises and their ability to fulfill their obligations under their sub-franchise agreements.

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

● Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of our HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale. A portion of our operations is located in Hong Kong, and regulatory developments in the PRC could impact our business environment. Changes in Chinese government policies, regulations, and enforcement practices may occur with little notice and could materially affect our operations and/or the value of our Class A Ordinary Shares.

● Recently in 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our HK Operating Subsidiaries and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of our Class A Ordinary Shares.

● We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, the Trial Measures and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.

● If the Chinese government chooses to extend oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

● 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.

● The enforcement of laws rules and regulations in the PRC can change quickly with little advance notice. Additionally, the PRC laws and regulations and the enforcement of such that apply or are to be applied to Hong Kong can change quickly with little or no advance notice. As a result, the Hong Kong legal system embodies uncertainties that could limit the availability of legal protections, which could result in a material change in our HK Operating Subsidiaries' operations and/or the value of the securities we are offering.

● 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 HK Operating Subsidiaries, which forms part of our business.

● There are political risks associated with conducting business in Hong Kong.

● The Hong Kong legal system embodies uncertainties which could limit the legal protections available to our HK Operating Subsidiaries.

● Because our business is conducted in Hong Kong dollars and the price of our Class A Ordinary Shares is quoted in United States dollars, changes in currency conversion rates may affect the value of your investments.

**Risks Related to Doing Business in Canada**

● Our operations are subject to various laws and regulations in Canada.

● Changes in Canadian laws, regulations, or government policies may negatively impact our business.

● Economic conditions in Canada may adversely affect consumer spending and our business.

● Social, political, and regulatory developments in Canada may have a material adverse impact on our business.

**Risks Related to Our Corporate Structure**

● We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash

● You may experience difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited.

● You may have more difficulties protecting your interests than you would as a shareholder of a U.S. corporation.

● Cayman Islands economic substance requirements may have an effect on our business and operations.

● Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of other shareholders.

● We may have conflicts of interest with our Controlling Shareholder, because of our Controlling Shareholder's controlling ownership interest in our Company, we may not be able to resolve such conflicts on terms favorable to us.

● We are a "controlled company" within the meaning of the Nasdaq listing rules, and intend to follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.

**Risks Related to our Class A Ordinary Shares and this Offering**

● The audit report included in this prospectus is prepared by U.S. auditor Golden Eagle CPAs LLC ("GEC"), is headquartered in New Jersey, and is subjected to the PCAOB inspection on a regular basis. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations. However, there is no guarantee that future audit reports will be prepared by auditor inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our Class A Ordinary Shares may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA 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, thus, reducing the time before the securities may be prohibited from trading or delisted.

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

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

● There has been no public market for our Class A Ordinary Shares prior to this offering, and you may not be able to resell our Class A Ordinary Shares at or above the price you pay for them, or at all.

● The market price of our Class A Ordinary Shares may be highly volatile, and you could lose all or part of your investment.

● Volatility in the price of our Class A Ordinary Shares may subject us to securities litigation.

● If we fail to meet applicable listing requirements, Nasdaq may not approve our listing application, or may delist our Class A Ordinary Shares from trading, in which case the liquidity and market price of our Class A Ordinary Shares could decline.

● Our Class A Ordinary Shares are expected to initially trade under US$5.00 per share and thus would be known as "penny stock." Trading in penny stocks has certain restrictions and these restrictions could negatively affect the price and liquidity of our Class A Ordinary Shares.

● The IPO price and sale price for resales of Class A Ordinary Shares sold under the Resale Prospectus could differ.

● The future sales of Ordinary Shares by existing shareholders, including the sales pursuant to the Resale Prospectus, may adversely affect the market price of our Class A Ordinary Shares.

● Our pre-IPO shareholders, including our Controlling Shareholder, will be able to sell their shares after completion of this offering subject to restrictions under Rule 144.

**Recent Development in the PRC**

We do not have any operations in mainland China and currently do not have or intend to have any operating subsidiary established in mainland China or any contractual arrangement to establish a variable interest entity ("VIE") structure with any entity in mainland China, but because part of our operations are conducted in Hong Kong through our HK Operating Subsidiaries, and Hong Kong is a Special Administrative Region of China, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares.

In the event that the PRC regulatory authorities disallow our business structure, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and 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. See "*Risk Factors — Risks Related to Doing Business in Hong Kong — "If the Chinese government chooses to extend oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless*." for further details.

We may be subject to unique risks due to uncertainty of the interpretation and the application of the PRC laws and regulations. We are also subject to the risks of uncertainty about any future actions of the Chinese government or authorities in Hong Kong in this regard. Should the Chinese government choose to exercise significant oversight and discretion over the conduct of our business, they may intervene in or influence our operations. Such governmental actions:

● could result in a material change in our operations and/or the value of our Class A Ordinary Shares;

● could significantly limit or completely hinder our ability to continue our operations;

● could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and

● may cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

Part of our operations are conducted through our HK Operating Subsidiaries in Hong Kong, which is a part of the PRC. 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 its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain 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 any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our HK Operating Subsidiaries' daily business operations, their ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. These actions could result in a material change in our operations and/or to the value of our Class A Ordinary Shares and could significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors. See "*Risk Factors — Risks Related to Doing Business in Hong Kong —Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of the HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale."* for further information*.*

Recent statements by the PRC government have indicated an intent to exert more exert oversight and control over offerings that are conducted overseas and/or 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 markets 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 December 24, 2021, the China Securities Regulatory Commission (the "CSRC") released the Draft Administrative Provisions and the Draft Filing Measures, both of which had a comment period that expired on January 23, 2022. The Draft Administrative Provisions and Draft Filing Measures regulate the administrative system, record-filing management, and other related rules in respect of the direct or indirect overseas issuance of listed and traded securities by "domestic enterprises". The Draft Administrative Provisions specify that the CSRC has regulatory authority over the "overseas securities offering and listing by domestic enterprises", and requires "domestic enterprises" to complete filing procedures with the CSRC if they wish to list overseas. On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; any failure to comply with such filling procedures may result in administrative penalties, such as an order to rectify, warnings, and fines. On April 2, 2022, the CSRC published the Draft Archives Rules, for public comment. These rules state that in the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests.

Under the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, 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 application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing, yet need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing, shall arrange for the filing within a reasonable time period and shall complete the filing procedure before such companies' overseas issuance and listing.

As of the date of this prospectus, given that the Group has no operations in China, the Company believes it is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our potential operations in China, as well as 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 as well as the trading price of our Class A Ordinary Shares.

We may be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. 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 Class A Ordinary Shares. 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 action taken by the PRC government could significantly limit or completely hinder our operations in the PRC and 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.

Furthermore, on July 10, 2021, the Cyberspace Administration of China (the "CAC") issued a revised draft of the Measures for Cybersecurity Review for public comment, which required that, among others, in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated 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, 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&A 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. It remains unclear whether a Hong Kong company which collects personal information from PRC individuals shall be subject to the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our business, our operations or this offering as we do not believe that our HK Operating Subsidiaries would be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that would be required to file for cybersecurity review before listing in the U.S. This conclusion is based on the following factual circumstances: (i) our HK Operating Subsidiaries operate restaurants solely within Hong Kong, engaging exclusively in routine commercial activities unrelated to critical information infrastructure; (ii) their processing of personal information such as customer reservations, payments, and related restaurant operations, involves significantly fewer than one million users; (iii) their operations are confined to Hong Kong, and they do not process personal data of individuals within mainland China or conduct cross-border data transfers from mainland China; and (iv) as of the date of this prospectus, we have not received any notification, inquiry, warning, or request from the CAC or any other PRC regulatory authorities indicating that we are or may be classified as an "operator of critical information infrastructure" or a "data processor," nor have we received requests to submit to a cybersecurity review. Accordingly, we believe that our HK Operating Subsidiaries are not subject to the Revised Review Measures. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Revised Review Measures are adopted into law in the future and any of our HK Operating Subsidiaries is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, our operation and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review.

We have been advised by Hastings & Co., our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, as of the date of this prospectus, the Company and its HK Operating Subsidiaries, are not required to obtain any permissions or approvals from Hong Kong authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors. No such permissions or approvals have been applied for by the Company and/or its subsidiaries or denied by any relevant authorities. Part of our operations are conducted in Hong Kong, which is a part of the PRC. As of the date of this prospectus, our HK Operating Subsidiaries received all requisite permissions or approvals from the Hong Kong authorities to operate their businesses in Hong Kong, including but not limited to their business registration certificates. However, we have been advised by Hastings & Co. that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Based on management's internal assessment that the Company and its subsidiaries currently have no material operations in the PRC, the Company's management believes that as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC. We also believe that our HK Operating Subsidiaries are not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

As of the date of this prospectus, Hong Kong does not have similar regulations as of the PRC to extend oversight and control over offerings that are conducted overseas. Hong Kong does not have similar regulation as of the Trial Measures and the Guidance Rules and Notice, and Measures for Cybersecurity Review of the PRC. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC or if applicable laws, regulations or interpretations change and we are required to obtain such permissions or approvals, (ii) we inadvertently conclude that relevant permissions or approvals were not required or (iii) we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

Under the PRC Enterprise Income Tax Law ("EIT Law") and its implementing rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a PRC resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation ("SAT") issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.

As all of our board members and management are residents of Hong Kong and Canada, and substantially all of our assets and the primary location of the day-to-day operational management are located in Hong Kong and Canada, we are not a "de facto management body" as defined in the Circular 82. Therefore, we are not subject to EIT Law.

To the date of this prospectus, our subsidiaries and business operations are not subject to the specific laws and regulations adopted by the PRC. Accordingly, we do not believe it is necessary to obtain a legal opinion from PRC counsel, as there are no applicable PRC regulations that would impact our operations.

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

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

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

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

● are not required to obtain an attestation and report from our auditor 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 Class A Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

**Implications Of Being a Foreign Private Issuer**

We are 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 of the Exchange Act that are 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 Fair Disclosure 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 non-compliance 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.

We will be required to file an annual report on Form 20-F within four months of the end of each financial year. As a foreign private issuer, we are not generally required to provide quarterly financial information to the shareholders. However, once listed on Nasdaq, we will be required to file an interim balance sheet and income statement as of the end of our second quarter. These interim financial statements are not required to reconcile to US GAAP, but they must be provided no later than 6 months following the end of our second quarter. 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 than that required to be filed with the SEC by U.S. domestic issuers. A foreign private issuer that follows a home country practice in lieu of one or more of the listing rules is required to disclose in its annual reports filed with the SEC each requirement that it does not follow and describe the home country practice followed by the issuer in lieu of such requirements. 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. Although we are permitted to follow certain corporate governance rules that conform to Cayman requirements in lieu of many of the Nasdaq corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers.

**Holding Foreign Companies Accountable Act**

The Holding Foreign Companies Accountable Act (the "HFCAA" or the "HFCA Act"), was enacted on December 18, 2020. The HFCAA states if the SEC determines that we have 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 our shares from being traded on a national securities exchange or in the over-the-countertrading 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 HFCAA. 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 HFCAA, including the listing and trading prohibition requirements described above. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "**AHFCAA**"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB 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 HFCAA. 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. On December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (i) Mainland China, and (ii) Hong Kong.

On August 26, 2022, the PCAOB announced and signed a Statement of Protocol (the "**SOP**") with the China Securities Regulatory Commission and the Ministry of Finance of the PRC. The Protocol provides the PCAOB with: (1) sole discretion to select the firms, audit engagements and potential violations it inspects and investigates, without any involvement of Chinese authorities; (2) procedures for PCAOB inspectors and investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed; (3) direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates.

On December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16, 2021 Determination Report; and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. The December 15, 2022 Determination Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from continuing to inspect or investigate completely. 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 an authority in the PRC, the PCAOB will act expeditiously to consider whether it should issue a new determination.

Our auditor, Golden Eagle CPAs LLC, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as a firm headquartered in New Jersey and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections on a regular basis. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations.

However, in the event it is later determined that the PCAOB is unable to inspect or investigate completely the auditor because of a position taken by an authority in a foreign jurisdiction, such as the PRC authorities, then such lack of inspection could cause trading in the Company's securities to be prohibited under the HFCAA, and ultimately result in a determination by a securities exchange to delist the Company's securities. Furthermore, as more stringent criteria have been imposed by the SEC and the PCAOB, recently, which would add uncertainties to this offering, and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. See "Risk Factors — Risks Relating to our Class A Ordinary Shares and this Offering — Although the audit report included in this prospectus is prepared by a U.S. auditor who are subject to the PCAOB inspection on a regular basis, there is no guarantee that future audit reports will be prepared by an auditor 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 HFCAA if the SEC subsequently determines our audit work is performed by an auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA 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, thus reducing the time before the securities may be prohibited from trading or delisted."

**Implications Of Being a Controlled Company**

Public companies that qualify as a "controlled company" with securities listed on the Nasdaq, 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 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 exchange's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

Upon completion of our initial public offering (assuming the underwriters do not exercise their over-allotment option to purchase additional Class A Ordinary Shares) and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to this Resale Prospectus, the outstanding shares of Riku will consist of [●] Class A Ordinary Shares and [●] Class B Ordinary Shares, or [●] Class A Ordinary Shares and [●] Class B Ordinary Shares, assuming the over-allotment option is exercised in full. Immediately after completion of our initial public offering (assuming that the underwriters do not exercise their over-allotment option), our Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, or [●] Class B Ordinary Shares and [●] Class A Ordinary Shares, representing approximately [●]% of our total issued and outstanding Ordinary Shares and approximately [●]% 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 5615(c) because our Controlling Shareholder will hold more than 50% of the voting power for the election of directors, and our Controlling Shareholder will have the ability to determine all matters requiring approval by shareholders. As a "controlled company", we are permitted to elect not to comply with certain corporate governance requirements, and we intend to elect to rely on these exemptions from certain corporate governance requirements under the Nasdaq Listing rules, such as that a majority of the members of our board of directors will not be independent directors and our nominating and corporate governance and compensation committees will not consist entirely of independent directors.

**Corporate Information**

Our principal executive office is located at 130 Dynamic Drive, Units 4-5, Scarborough, ON, M1V 5C8, Canada. The telephone number of our principal executive office (416) 901-8860. Our registered agent in the Cayman Islands is CO Services Cayman Limited. Our registered office and our registered agent's office in the Cayman Islands are both located at the office of CO Services Cayman Limited, P.O. Box 10008, Willow House, Cricket Square, Grand Cayman KY1-1001, Cayman Islands. Our agent for service of process in the United States is Cogency Global located at 122 East 42nd Street, 18th Floor, New York, NY 10168. We maintain a website at www.rikugroup.com. We do not incorporate the information on our website into this prospectus and you should not consider any information on, or that can be accessed through, our website as part of this prospectus.

**THE RESALE OFFERING**

Below is a summary of the terms of the offering:-

---

| | |
|:---|:---|
| Issuer: | Riku Dining Group Limited |
| Shares being offered by the Selling Shareholders: | 1,643,334 Class A Ordinary Shares |
| Ordinary Shares being offered by us: | 0 Class A Ordinary Shares |
| Offer Price: | The Selling Shareholders may sell the resale shares from time to time at the market price prevailing on the Nasdaq Capital Market at the time of offer and sale, or at prices related to such prevailing market prices or in negotiated transactions or a combination of such methods of sale directly or through brokers.  |
| Use of proceeds: | We will not receive any of the proceeds from the sale of the Class A Ordinary Shares by the Selling Shareholders named in this Resale Prospectus. |

---

*Unless otherwise indicated, all information contained in this Resale Prospectus assumes no exercise of the underwriters' over-allotment option and is based on [●] Ordinary Shares outstanding as of the date of this Resale Prospectus.*

**USE OF PROCEEDS**

We will not receive any of the proceeds from the sale of the Class A Ordinary Shares by the Selling Shareholders.

**SELLING SHAREHOLDERS**

The management of San River International Sdn. Bhd. provided operational expertise and strategic insight during the early years of our group with their industry connections and knowledge of market trends for our business establishment.

The management of DFK Limited is experienced in providing technological solutions for restaurant operations, which benefited our group in the establishment and improvements of our IT system.

The following table sets forth the names of the Selling Shareholders, the number of Ordinary Shares owned by such Selling Shareholders immediately prior to the date of this Resale Prospectus and the number of Class A Ordinary Shares to be offered by the Selling Shareholders pursuant to this Resale Prospectus. The table also provides information regarding the beneficial ownership of our Ordinary Shares by the Selling Shareholders as adjusted to reflect the assumed sale of all of the Class A Ordinary Shares offered under this Resale Prospectus.

Percentages of beneficial ownership before the Resale Offering are based on 18,000,000 Ordinary Shares outstanding as at the date of this Resale Prospectus. Beneficial ownership is based on information furnished by the Selling Shareholders. Unless otherwise indicated and subject to community property laws where applicable, the Selling Shareholders named in the following table has, to our knowledge, sole voting and investment power with respect to the Ordinary Shares beneficially owned by him, her or it.

The Selling Shareholders are not a broker dealer or an affiliate of a broker dealer. The Selling Shareholders have no agreement or understanding to distribute any of the Class A Ordinary Shares being registered. The Selling Shareholders may offer for sale from time to time any or all of the Class A Ordinary Shares, subject to the agreements described in the "Selling Shareholders Plan of Distribution." The table below assumes that the Selling Shareholders will sell all of the Class A Ordinary Shares offered for sale hereby:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Ordinary Shares Beneficially Owned Prior to Offering** | **Ordinary Shares Beneficially Owned Prior to Offering** | **Percentage Ownership**<br> **Prior to** | **Percentage Voting Power Prior to** | **Number of Class A Ordinary Shares** | **Number of Ordinary Shares Owned After Offering** | **Number of Ordinary Shares Owned After Offering** | **Percentage Ownership After** | **Percentage Voting Power After** |
| <br>**Name of Selling Shareholder** | **Class A** | **Class B** | **Offering** | **Offering** | **to be Sold** | **Class A** | **Class B** | **Offering<sup>(1)</sup>** | **Offering<sup>(1)</sup>** |
| San River International Sdn. Bhd. <sup>(2)</sup> | 821667 |  | 4.6% | 3.4% | 821667 |  |  | -% | -% |
| DFK Limited <sup>(3)</sup> | 821667 |  | 4.6% | 3.4% | 821667 |  |  | -% | -% |

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(1) Beneficial
 ownership is determined in accordance with the rules and regulations of the SEC. In computing
 the number of Ordinary Shares beneficially owned by a person and the percentage ownership
 of that person, securities that are currently convertible or exercisable into Ordinary Shares,
 or convertible or exercisable into our Ordinary Shares within 60 days of the date hereof
 are deemed outstanding. Such Ordinary Shares, however, are not deemed outstanding
 for the purposes of computing the percentage ownership of any other person. Except as indicated
 in the footnotes to the above table, the Selling Shareholders named in the table has sole
 voting and investment power with respect to the Ordinary Shares set forth opposite
 such shareholder's name.

(2) San
 River International Sdn. Bhd. is beneficially owned by Lu Yuhao, and Lu Yuhao is deemed to beneficially
 hold all Ordinary Shares held by San River International Sdn. Bhd. The address of San River International Sdn Bhd. is A-07-3A, Ekocheras, No. 693, Batu5, Julian
 Cheras, 56000 Kuala Lumpur W.P., Kuala Lumpur Malaysia.

(3) DFK
 Limited is beneficially owned by Su Hong Tao, and Su Hong Tao is deemed to beneficially hold all Ordinary
 Shares held by DFK Limited. The address of DFK Limited is Room 15, A15/F Goodwill Industrial Building, 36-44 Pak Tin
 Par Street, Tsuen Wan, New Territories, Hong Kong.

**SELLING SHAREHOLDERS PLAN OF DISTRIBUTION**

The Selling Shareholders and any of their pledgees, donees, assignees and successors-in-interest may, from time to time, sell any or all of their Class A Ordinary Shares being offered under this Resale Prospectus on any stock exchange, market or trading facility on which our Class A 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 Class A 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 Class A 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 Resale 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 Class A Ordinary 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 Class A Ordinary Shares may also be sold under Rule 144 under the Securities Act of 1933, as amended, if available for a Selling Shareholders, rather than under this Resale Prospectus. The Selling Shareholders have the sole and absolute discretion not to accept any purchase offer or make any sale of Class A Ordinary Shares if they deem the purchase price to be unsatisfactory at any particular time.

The Selling Shareholders may pledge their Class A Ordinary Shares to its broker 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 Class A Ordinary 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 Class A Ordinary Shares offered under this Resale 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 Resale 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 Class A Ordinary Shares offered under this Resale 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 Class A Ordinary Shares purchased by them may be deemed to be underwriting discount under the Securities Act. Any broker-dealers or agents that are deemed to be underwriters may not sell Shares offered under this Resale 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 Resale Prospectus or, if required, in a replacement resale prospectus included in a post-effective amendment to the registration statement of which this Resale Prospectus is a part.

The Selling Shareholders and any other persons participating in the sale or distribution of the Class A Ordinary Shares offered under this Resale 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 Class A Ordinary 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 Class A Ordinary Shares.

Rule 2710 requires members firms to satisfy the filing requirements of Rule 2710 in connection with the resale, on behalf of the Selling Shareholders, of the securities on a principal or agency basis. NASD Notice to Members 88-101 states that in the event a Selling Shareholder intends to sell any of the Class A Ordinary Shares registered for resale in this Resale Prospectus through a member of FINRA participating in a distribution of our securities, such member is responsible for insuring that a timely filing, if required, is first made with the Corporate Finance Department of FINRA and disclosing to FINRA the following:

● it intends to take possession of the registered securities or to facilitate the transfer of such certificates;

● the complete details of how the Selling Shareholders' Shares are and will be held, including location of the particular accounts;

● whether the member firm or any direct or indirect affiliates thereof have entered into, will facilitate or otherwise participate in any type of payment transaction with the Selling Shareholders, including details regarding any such transactions; and

● in the event any of the securities offered by the Selling Shareholders are sold, transferred, assigned or hypothecated by any Selling Shareholders in a transaction that directly or indirectly involves a member firm of FINRA or any affiliates thereof, that prior to or at the time of said transaction the member firm will timely file all relevant documents with respect to such transaction(s) with the Corporate Finance Department of FINRA for review.

No FINRA member firm may receive compensation in excess of that allowable under FINRA rules, including Rule 2710, in connection with the resale of the securities by the Selling Shareholders.

If any of the Ordinary Shares offered for sale pursuant to this Resale Prospectus are transferred other than pursuant to a sale under this Resale Prospectus, then subsequent holders could not use this Resale 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 Class A Ordinary Shares offered under this Resale Prospectus.

We have agreed to pay all fees and expenses we incur incident to the registration of the Class A Ordinary Shares being offered under this Resale Prospectus. However, each Selling Shareholders and purchaser is responsible for paying any discount, and similar selling expenses they incur.

We and the Selling Shareholders have agreed to indemnify one another against certain losses, damages and liabilities arising in connection with this Resale Prospectus, including liabilities under the Securities Act.

**LEGAL MATTERS**

We are being represented by Loeb & Loeb LLP with respect to certain legal matters as to United States federal securities and New York State law. The validity of the Ordinary Shares offered in this offering and other certain legal matters as to Cayman Islands law will be passed upon for us by Carey Olsen Hong Kong LLP.

**RIKU DINING GROUP LIMITED**

**1,643,334** **Class A Ordinary Shares**

**_________________________**

**RESALE PROSPECTUS**

**_________________________**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2025**

**You should rely only on the information contained in this Resale Prospectus. No dealer, salesperson or other person is authorized to give information that is not contained in this Resale Prospectus. This Resale Prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this Resale Prospectus is correct only as of the date of this prospectus, regardless of the time of the delivery of this prospectus or the sale of these securities.**

Until , 2025, all dealers that effect transactions in these securities, 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 underwriter with respect to their unsold subscriptions.

**The date of this Resale Prospectus is , 2025**

**PART I<br> INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Indemnification of Directors and Officers.**

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against fraud or willful default or the consequences of committing a crime. Our Memorandum and Articles provides for indemnification of our officers and directors to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud, or willful default.

Pursuant to indemnification agreements, the form of which is filed as Exhibit 10.2 to this registration statement, we will indemnify our directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.

The Underwriting Agreement, the form of which will 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.

We intend to obtain directors' and officer's liability insurance coverage that will cover certain liabilities of directors and officers of our company arising out of claims based on acts or omissions in their capacities as directors or officers.

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

We are a newly formed corporation, incorporated on February 14, 2025 under the laws of the Cayman Islands as an exempted company with limited liability. At incorporation, the Company issued one Ordinary Share to Mr. Mark Luk as the sole shareholder, at par value of $0.01 per share, in connection with the Company's formation.

Prior to the effectiveness of this registration statement, the Registrant consummated a Corporate Reorganization, whereby the Company acquired 100% of the issued shares of Master Central Holdings Limited, a company incorporated under the laws of the British Virgin Islands ("Master Central"), from its existing shareholders, in exchange for newly issued shares of the Company, for no additional consideration. See "Corporate History and Structure—Corporate Reorganization." As a result of this contribution, the shareholders of Master Central will become the shareholders of the Registrant and Master Central will become a wholly owned subsidiary of the Registrant.

These transactions did not or will not, as applicable, involve any underwriters, underwriting discounts or commissions, or any public offering, and we believe that these transactions were or are, as applicable, exempt from the registration requirements of the Securities Act by virtue of Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and/or Regulation S promulgated thereunder regarding offshore offers and sales.

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

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

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

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

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

**Item 9. Undertakings.**

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

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

(c) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described
in Item 6 hereof, or otherwise, the registrant has been advised that in the opinion of the U.S. 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.

(d) The undersigned registrant hereby undertakes that:

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

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

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 1.1\* | [Form of Underwriting Agreement](ex1-1.htm) |
| 2.1+ | [Share Purchase Agreement between the Registrant and Master Central Holdings Limited dated September 10, 2025](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex2-1.htm) |
| 3.1+ | [Memorandum and Articles of Association, as in effect prior to the Corporate Reorganization](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex3-1.htm) |
| 3.2\* | [Amended and Restated Memorandum and Articles of Association as currently in effect](ex3-2.htm) |
| 3.3\* | [Form of Amended and Restated Memorandum and Articles of Association to be in effect immediately prior to the closing of this Offering](ex3-3.htm) |
| 4.1\* | [Specimen certificate evidencing Ordinary Shares](ex4-1.htm) |
| 5.1\*\* | Opinion of Carey Olsen Hong Kong LLP regarding the validity of securities being registered |
| 8.1\*\* | Opinion of Carey Olsen Hong Kong LLP regarding certain Cayman Island tax matters (included in Exhibit 5.1) |
| 10.1\* | [Form of Lockup Agreement (included in Exhibit 1.1)](ex1-1.htm) |
| 10.2+ | [Form of Employment Agreement, by and between executive officers and the Registrant](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex10-2.htm) |
| 10.3+ | [Form of Indemnification Agreement with the Registrant's directors and officers](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex10-3.htm) |
| 10.4\*\* | Franchise Agreement entered by Ajisen Ramen (Canada) Inc. with Shigemitsu Industry Co. Ltd and Ajisen Overseas Franchising Company Limited dated November 5, 2019 |
| 10.5\*\* | Franchise Deed dated entered by C& Hospitality Limited with Unico HK Corporation Limited, and Luk, Siu Fung Mark dated September 1, 2022 |
| 10.6\*\* | Franchise Agreement entered by C& Hospitality Limited with Unico Co., Ltd, Unico HK Corporation Limited, and Luk, Siu Fung Mark dated July 21, 2021 |
| 10.7\*\* | Franchise Deed entered by C& Hospitality Limited with Unico Co., Ltd, Unico HK Corporation Limited, and Luk, Siu Fung Mark dated July 1, 2023 |
| 10.8\*\* | Tenancy Agreement entered by C& NTP Limited with Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited regarding Shop No. 701 on Level 7 of the Commercial Units of New Town Plaza, Sha Tin Town Lot No. 143 dated April 6, 2022 |
| 10.9\*\* | Tenancy Agreement entered by ES& TWP Limited with Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited regarding Shop Nos. 321-323 on Level 3 of Tsuen Wan Plaza, Tsuen Wan Town Lot No. 326 dated March 27, 2023 |
| 10.10\*\* | Tenancy Agreement entered by ES& Granville Limited with Lai and Son Company Limited regarding Ground Floor, No. 14 Granville Road, Kowloon, Hong Kong dated June 21, 2022 |
| 10.11\*\* | Tenancy Agreement entered by ES Concept (F&B) Co., Limited with Palliser Investments Limited regarding Shops G1 and G3 on the Ground Floor of the Commercial Podium of Site 11 of Whampoa Garden dated June 30, 2023 |
| 10.12\*\* | Tenancy Agreement entered by ES& Yoho Limited with Success Keep Limited regarding Shop No. B155 on Level 1 of the Commercial Accommodation of the development at 1 Long Lok Road, Yuen Long, New Territories, Hong Kong erected on Yuen Long Town Lot No. 510 |
| 21.1\* | [List of Subsidiaries](ex21-1.htm) |
| 23.1\* | [Consent of Golden Eagle CPAs LLC, an independent registered public accounting firm](ex23-1.htm) |
| 23.2\*\* | Consent of Carey Olsen Hong Kong LLP (included in Exhibit 5.1) |
| 23.3\* | [Consent of Frost & Sullivan](ex23-3.htm) |
| 24.1+ | [Power of Attorney (included on signature page)](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/formf-1.htm#POA_001) |
| 99.1+ | [Code of Business Conduct and Ethics](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-1.htm) |
| 99.2+ | [Opinion of Hastings & Co. regarding certain Hong Kong legal matters](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-2.htm) |
| 99.3\*\* | Opinion of Metcalfe, Blainey & Burns LLP regarding certain Canadian legal matters |
| 99.4+ | [Consent of Johnny Luk Ching Po to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-4.htm) |
| 99.5+ | [Consent of Loraine Luk Yuen Ching to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-5.htm) |
| 99.6+ | [Consent of Shigemitsu Katsuaki to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-6.htm) |
| 99.7+ | [Consent of Victor Lee Kam Wing to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-7.htm) |
| 99.8+ | [Consent of Hugh Sutherland to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-8.htm) |
| 99.9+ | [Consent of Connson Chou Locke to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-9.htm) |
| 99.10+ | [Form of Audit Committee Charter](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-10.htm) |
| 99.11+ | [Form of Nominating and Corporate Governance Committee Charter](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-11.htm) |
| 99.12+ | [Form of Compensation Committee Charter](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-12.htm) |
| 99.13+ | [Consent of Hastings & Co. (included in Exhibit 99.2)](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-2.htm) |
| 99.14\*\* | Consent of Metcalfe, Blainey & Burns LLP (included in Exhibit 99.3) |
| 107+ | [Filing Fee Table](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex107.htm) |

---

\* Filed herewith.

\*\* To be filed by amendment

+ Previously filed.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong on October 8, 2025.

---

| | |
|:---|:---|
| **Riku DINING GROUP LIMITED** | **Riku DINING GROUP LIMITED** |
| By: | */s/ Mr. Luk Siu Fung Mark* |
| Name: | Mr. Luk Siu Fung Mark |
| Title: | Vice Chairman and Executive Director<br>|

---

---

| | |
|:---|:---|
| By: | */s/ Kelton Ngai Ming Hon* |
| Name: | Kelton Ngai Ming Hon |
| Title: | Chief Financial Officer |

---

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

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/Luk Siu Fung Mark* | Executive Director and Vice Chairman of the Board of Directors (Principal Executive Officer) | October 8, 2025 |
| Name: Luk Siu Fung Mark |  |  |
| */s/ Kelton Ngai Ming Hon* | Chief Financial Officer (Principal Accounting and Financial Officer) | October 8, 2025 |
| Name: Kelton Ngai Ming Hon |  |  |

---

**SIGNATURE OF AUTHORIZED UNITED STATES REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, as amended, the undersigned, the duly authorized representative in the United States of Riku Dining Group Limited. has signed this registration statement or amendment thereto in New York, New York, on October 8, 2025.

---

| | |
|:---|:---|
| **Authorized U.S. Representative**<br> **COGENCY GLOBAL, INC.** | **Authorized U.S. Representative**<br> **COGENCY GLOBAL, INC.** |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President on behalf of Cogency Global, Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**RIKU DINING GROUP LIMITED**

**FORM OF UNDERWRITING AGREEMENT**

[●], 2025

**Eddid Securities USA Inc.**

40 Wall Street, Suite 1606

New York, NY 10005

*As the Representative of several Underwriters named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, Riku Dining Group Limited, a Cayman Islands holding company (the "**Company**"), hereby confirms its agreement (this "**Agreement**") with Eddid Securities USA Inc. (the "**Representative**" of several underwriters as disclosed in <u>Schedule A</u> attached hereto and the term Representative as used herein shall have the same meaning as underwriter, collectively the "**Underwriters**" and each an "**Underwriter**") to issue and sell to the Underwriters an aggregate of [●] Class A ordinary shares (the "**Firm Shares**"), par value $0.01 per share, of the Company (the "**Class A Ordinary Shares**"). The Company also agrees to issue and sell to the Underwriters not more than an additional [●] shares of its Class A Ordinary Shares, par value $0.01 per share (the "**Option Shares**"), representing fifteen percent (15%) of the total Firm Shares, if and to the extent that the Representative shall have determined to exercise, on behalf of the Underwriters, the right to purchase such shares of Option Shares granted to the Underwriters in Section 1 hereof. The Firm Shares and the Option Shares are hereinafter collectively referred to as the "**Securities**." The offering and sale of the Securities contemplated by this Agreement is referred to herein as the "**Offering**."

1. <u>Purchase and Sale of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchase of Firm Shares</u>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters an aggregate of [●] Firm Shares at a purchase price (net of underwriting discounts) of $[●] per share (the "**Purchase Price**"). The Underwriters agree to purchase from the Company the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery of and Payment for Firm Shares</u>. Delivery of and payment for the Firm Shares shall be made at 10:00 A.M., Eastern time, on the second (2<sup>nd</sup>) Business Day (as defined below) following the effective date of the Registration Statement (as defined below) (the "**Effective Date**") or at such time as shall be agreed upon by the Representative and the Company, at the offices of Hunter Taubman Fischer & Li LLC (the "**Representative**'**s Counsel**") or at such other place as shall be agreed upon by the Representative and the Company. As used herein, the term "Business Day" shall mean any day other than a Saturday, Sunday or any day on which any of the major U.S. stock exchanges are not open for business. The hour and date of delivery of and payment for the Firm Shares is called the "**Closing Date**." The closing of the payment of the purchase price for, and delivery of certificates representing, the Firm Shares is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon delivery to the Representative of certificates (in form and substance reasonably satisfactory to the Representative) representing the Firm Shares (or if uncertificated through the full fast transfer facilities of the Depository Trust Company (the "**DTC**")) for the account of the Underwriters. The Firm Shares shall be registered in such names and in such denominations as the Representative may request in writing at least two full (2) Business Days prior to the Closing Date. If certificated, the Company will permit the Representative to examine and package the Firm Shares for delivery at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Representative for all the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company hereby agrees to issue and sell to the Representative the Option Shares, and the Representative shall have the option to purchase in whole or in part, the Option Shares from the Company (the "**Over-Allotment Option**"), in each case, at a price per share equal to the Purchase Price. The Company and the Representative agree that the Representative may only exercise the Over-Allotment Option for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. The Representative may exercise the Over-Allotment Option at any time in whole, or from time to time in part, on or before the forty-fifth (45th) day following the Effective Date of the Registration Statement, by giving written notice to the Company (the "**Over-Allotment Exercise Notice**"). Each exercise date of the Over-Allotment Exercise Notice must be at least one (1) Business Day after the written notice is given and may not be earlier than the Closing Date nor later than ten (10) Business Days after the date of such written notice. The Representative may cancel any exercise of the Over-Allotment Option at any time prior to the applicable Additional Closing Date, as the case may be, by giving written notice of such cancellation to the Company. The Over-Allotment Exercise Notice shall set forth: (i) the aggregate number of Option Shares as to which the Over-Allotment Option is being exercised; (ii) the Over-Allotment Option Purchase Price; (iii) the names and denominations in which the Option Shares are to be registered; and (iii) the applicable Additional Closing Date (as defined below). Payment for the Option Shares (the "**Option Shares Payment**") shall be made, against delivery of the Option Shares to be purchased, by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative at least two (2) Business Days in advance of such payment at the office of Representative's counsel, or at such other place on the same or such other date and time, as shall be designated in writing by the Representative (an "**Additional Closing Date**"). Delivery of the Firm Shares shall be made through the facilities of the DTC, unless the Representative shall otherwise instruct.

2. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below) and as of the Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Pursuant to the Act</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;(A) The Company has filed with the U.S. Securities and Exchange Commission (the "**Commission**") a registration statement and an amendment or amendments thereto, on Form F-1 (File No. 333- [ ]), including any related prospectus or prospectuses, for the registration of the Securities under the U.S. Securities Act of 1933, as amended (the "**Act**"), which registration statement and amendment or amendments have been prepared by the Company and conform, in all material respects, with the requirements of the Act and the rules and regulations of the Commission under the Act (the "**Regulations**"). Except as the context may otherwise require, such registration statement on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Regulations), is referred to herein as the "**Registration Statement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The final prospectus in the form first furnished to the Underwriters for use in the Offering, is hereinafter called the "**Prospectus**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Registration Statement has been declared effective by the Commission on or prior to the date hereof. "**Applicable Time**" means [ ] p.m. Eastern Time, on [ ], 2025, or such other time as agreed to by the Company and the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Registration under the Exchange Act</u>. The Class A Ordinary Shares are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "**Exchange Act**"), and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Securities under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration except as described in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Listing on Nasdaq</u>. The Class A Ordinary Shares will be approved for listing on the Nasdaq Capital Market ("**Nasdaq**") by the Closing Date, subject to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, terminating the listing of the Securities on Nasdaq nor has the Company received any notification that Nasdaq is contemplating revoking or withdrawing approval for listing of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Stop Orders, etc</u>. Neither the Commission nor, to the best of the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of any preliminary prospectus ("**Preliminary Prospectus**"), the Prospectus or the Registration Statement or has instituted or, to the best of the Company's knowledge, threatened to institute any proceedings with respect to such an order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>10b-5 Representation</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;(A) The Registration Statement and the Prospectus and any post-effective amendments thereto will in all material respects comply with the requirements of the Act and the 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;(B) The Registration Statement, when it became effective, and any amendment or supplement thereto, did not contain and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Prospectus when filed with the Commission does not contain and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The representation and warranty made in this <u>Section 2(c)(i)(2)</u> does not apply to statements made or statements omitted in reliance upon and in conformity with written information with respect to the Underwriters furnished to the Company by the Underwriters expressly for use in the Registration Statement or Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any of the Underwriters consists solely of the disclosure contained in the "Underwriting" section of the Prospectus (collectively, the "**Underwriters**' **Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The General Disclosure Package, when taken together as a whole with the Registration Statement and Prospectus (collectively, the "**Disclosure Materials**"), to the knowledge of the Company, do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Materials based upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company, except as disclosed in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Material Adverse Change</u>. Since the end of the period covered by the latest audited financial statements included in the Registration Statement and the Prospectus, and except as otherwise specifically stated therein: (A) to the knowledge of the Company, there have been no events that have occurred that would have a material adverse effect on the assets, business, conditions, financial position, results of operations or business prospects of the Company (a "**Material Adverse Effect**"); and (B) there have been no material transactions entered into by the Company not in the ordinary course of business, other than as contemplated pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Recent Securities Transactions, etc</u>. Since the end of the period covered by the latest audited financial statements or interim financial statements included in the Registration Statement and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement and the Prospectus, the Company has not, other than with respect to options to purchase Class A Ordinary Shares at an exercise price equal to the then fair market price of the Class A Ordinary Shares, as determined by the Company's board of directors, granted to employees, consultants or service providers: (A) issued any securities or incurred any material liability or obligation, direct or contingent, for borrowed money other than in the ordinary course of business; or (B) declared or paid any dividend or made any other distribution on or in respect to its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Independent Accountants</u>. To the best of the Company's knowledge, Golden Eagle CPAs LLC, whose report is filed with the Commission as part of the Registration Statement, is an independent registered public accountant as required by the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement and Prospectus fairly present the financial position and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with United States generally accepted accounting principles ("**GAAP**"), consistently applied throughout the periods involved except as disclosed therein; and the supporting schedules included in the Registration Statement present fairly the information required to be stated therein. The Registration Statement discloses all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration Statement and the Prospectus, (i) neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (ii) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its share capital (c) there has not been any change in the share capital of the Company or any of its subsidiaries or any grants under any share compensation plan and, (iii) there has not been any material adverse change in the Company's long-term or short-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Authorized Capital; Options, etc</u>. The Company had, at the date or dates indicated in the Registration Statement and the Prospectus, the duly authorized, issued and outstanding capitalization as set forth in the Registration Statement and the Prospectus. Based on the assumptions stated in the Registration Statement and the Prospectus, the Company will have on the Closing Date the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, this Agreement, the Registration Statement and the Prospectus, on the Effective Date and on the Closing Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued share capital of the Company or any security convertible into share capital of the Company, or any contracts or commitments to issue or sell shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Valid Issuance of Securities, etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Sold Pursuant to this Agreement</u>. The Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the foregoing Securities has been duly and validly taken. The Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Issuance of Securities</u>. Upon issuance of Securities, and subject to full payment thereof by the Representative in accordance with the terms thereof, such Securities will be duly and validly issued, and the persons in whose names the Securities are registered will be entitled to the rights specified in the Securities, and upon the sale and delivery of these Securities, and payment therefor, pursuant to this Agreement, the purchasers will acquire good, marketable and valid title to such Securities, free and clear of all pledges, liens, security interests, charges, claims or encumbrances of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Act or to include any such securities in a registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Validity and Binding Effect of This Agreement</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered, will constitute, the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except in each case: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Conflicts.</u> The execution, delivery, and performance by the Company of this Agreement, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreement or instrument to which the Company is a party; (ii) result in any violation of the provisions of the Company's amended and restated memorandum and articles of association or bylaws (as the same may be amended from time to time, the "**Charter**"); or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or business constituted as of the date hereof; except, in the case of clauses (i) and (iiI) of this paragraph (k), for those breaches, violations or conflicts which (individually or in the aggregate) would not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Defaults; Violations</u>. No default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other material agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries, taken as a whole, and that are not otherwise disclosed in the Disclosure Materials. The Company is not in violation of any term or provision of its Charter, or in violation in any respect of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses, except for such defaults that would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect to the Company and its subsidiaries, taken as a whole, and that are not otherwise disclosed in the Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conduct of Business</u>. Except as described in the Prospectus, the Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits (collectively, "Authorizations") of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Disclosure Materials except, in each case, where the failure to have such Authorizations (individually or in the aggregate) would not have or reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and all consents, authorizations, approvals and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery of the Securities and the consummation by the Company of the transactions and agreements contemplated by this Agreement and as contemplated by the Prospectus, except with respect to applicable federal and state securities or blue sky laws, the rules of The Nasdaq Stock Market, LLC and the rules and regulations of the Financial Industry Regulatory Authority, Inc. ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers named in the section "Management" in the Prospectus immediately prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreement in the form attached hereto as <u>Annex IV</u> provided to the Underwriter is true and correct in all material respects and the Company has not become aware of any information which would cause the information disclosed in the questionnaires completed by each Insider to become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Litigation; Governmental Proceedings</u>. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the Company's knowledge, threatened against, or involving the Company or, to the Company's knowledge, any executive officer or director that has not been disclosed in the Registration Statement and the Prospectus or in connection with the Company's listing application for the listing of the Securities on Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Good Standing</u>. The Company has been duly incorporated, is validly existing and is in good standing under the laws of the Cayman Islands as of the date hereof, and is duly qualified to do business and is in good standing in each jurisdiction in which the conduct of business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Finder's Fees</u>. Except as described in the Registration Statement and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination fee by the Company or any Insider with respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the best of the Company's knowledge, any of its shareholders that may affect the Representative's compensation, as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payments Within Twelve (12) Months</u>. Except as described in the Registration Statement and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (A) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (B) to any FINRA member; or (C) to any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve months prior to the Effective Date, other than the prior payment of any accountable or non-accountable expenses, if any, to the Representative, as provided hereunder in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>FINRA Affiliation</u>. To the best of the Company's knowledge, and except as may have been previously disclosed in writing to the Representative, no Insider or any beneficial owner of 10% or more of the Company's outstanding Class A Ordinary Shares has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Foreign Corrupt Practices Act</u>. Neither the Company nor any of the Insiders or employees of the Company or any other person authorized to act on behalf of the Company has, directly or indirectly, knowingly given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to the Representative or to Representative's Counsel shall be deemed a representation and warranty by the Company to the Representative as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Lock-Up Period</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Insider and each beneficial owner of the Company holding more than five percent (5%) of the outstanding Class A Ordinary Shares as of the date hereof (or securities convertible into Class A Ordinary Shares) or Class B Ordinary Shares as set forth in <u>Schedule B</u> hereto (the "**Lock-Up Parties**") have agreed, pursuant to executed Lock-Up Agreements in the form attached hereto as Annex IV that, for a period ending six (6) months from the Effective Date or any longer period required by FINRA (the "**Lock-Up Period**"), such persons and their affiliated parties shall not offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of, directly or indirectly, any Securities or shares of the Company, including Class A Ordinary Shares, Class B Ordinary Shares, or any securities convertible into or exercisable or exchangeable for such Securities or shares, without the express written consent of the Representative, with certain exceptions. The Representative may consent to an early release from the applicable Lock-Up Period if, in its opinion, the market for the Securities would not be adversely impacted by sales and in cases of financial emergency of an Insider or other shareholder. The restrictions contained in this <u>Section 2(t)(i)</u> shall not apply to the Class A Ordinary Shares to be sold under the resale prospectus included in the Registration Statement for the resale of the Class A Ordinary Shares by certain selling shareholders identified therein (the "**Resale Prospectus**"), which shall be filed with the Registration Statement and Prospectus and any post-effective amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company, on behalf of itself and any successor entity, has agreed that, without the prior written consent of the Underwriter, it will not, for a period ending six (6) months from the Effective Date (the "**Company Lock-Up Period**"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; (2) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company, other than post-effective amendments to its Resale Prospectus, without the prior written consent of the Underwriter, or (3) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the share capital of the Company, whether any such transaction described in clause (1), (2) or (3) above is to be settled by delivery of shares of the Company or such other securities, in cash or otherwise. The restrictions contained in this <u>Section 2(t)(ii)</u> shall not apply to the Securities to be sold hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Subsidiaries</u>. Exhibit 21.1 of the Registration Statement lists all the Company's subsidiaries and sets forth the ownership of all of the subsidiaries. The subsidiaries are duly organized and in good standing under the laws of its place of organization or incorporation, and each such subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect. The Company's ownership and control of each subsidiary and each subsidiary's ownership and control of other subsidiaries, is as described in the Disclosure Materials. The Company does not own or control, directly or indirectly, any corporation, association or entity other than the subsidiaries described in the Disclosure Materials. Each of the Company and its subsidiaries has full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Materials and the Prospectus, and is duly qualified to do business under the laws of each jurisdiction which requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Related Party Transactions</u>. Except as disclosed in the Registration Statement and the Prospectus, there are no business relationships or related party transactions involving the Company or any other person required to be described in the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Board of Directors</u>. The Board of Directors of the Company is comprised of the persons set forth under the heading of the Prospectus captioned "Management." The qualifications of the persons serving as board members and the overall composition of the board comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of Nasdaq. At least one member of the Board of Directors of the Company qualifies as an "audit committee financial expert" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of Nasdaq. In addition, at least a majority of the persons serving on the Board of Directors qualify as "independent" as defined under the rules of the Commission and Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Sarbanes-Oxley Compliance</u>. Except as described in the Disclosure Materials, the Company has taken all necessary actions to ensure that, on the Effective Date, will be in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 applicable to it and has implemented or will implement such programs and taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all the material provisions of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and sale of the Securities and the application of the net proceeds thereof as described in the Registration Statement and the Prospectus, will not be, an "investment company" as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>No Material Labor Disputes</u>. No material labor dispute with the employees of the Company or any of its subsidiaries exists or, to the best of the Company's knowledge, is imminent, which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Intellectual Property</u>. Except as described in the Registration Statement and the Prospectus, the Company and each of its subsidiaries owns or possesses or has valid rights to use all material patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property**") necessary for the conduct of the business of the Company and its subsidiaries as currently carried on and as described in the Registration Statement and the Prospectus, except for such Intellectual Property, the failure of which to own or possess, as the case may be, would not reasonably be expected to result in a Material Adverse Effect. To the best of the Company's knowledge, no action or use by the Company or any of its subsidiaries will involve or give rise to any infringement of, or material license or similar fees for, any Intellectual Property of others, that would reasonably be expected to have a Material Adverse Effect on the Company and the subsidiaries, taken as a whole, except as disclosed in the Registration Statement. Neither the Company nor any of its subsidiaries has received any notice alleging any such infringement or fee, except such infringement or fee that would not reasonably be expected to have a Material Adverse Effect on the Company or the subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, (i) each of the Company and its subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof and (ii) each of the Company and its subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all material taxes imposed on or assessed against the Company or such subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters and to the knowledge of the Company, (A) no material issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its subsidiaries, and (B) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its subsidiaries. The term "**taxes**" mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements, and other documents required to be filed with relevant taxing authorities in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in Disclosure Materials, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in Cayman Islands, British Virgin Islands, Canada, and Hong Kong to Cayman Islands, British Virgin Islands, Canadian, and Hong Kong taxing authorities in connection with (A) the issuance, sale and delivery of the Securities to or for the account of the purchasers, and (B) the purchase from the Company and the sale and delivery of the Securities to purchasers thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Data</u>. The statistical, industry-related and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived. The Company has obtained the written consent to the use of such data from such sources to the extent necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Company's Board of Directors has validly appointed an audit committee whose composition satisfies the requirements of the rules and regulations of Nasdaq and the Board of Directors and/or audit committee has adopted a charter that satisfies the requirements of the rules and regulations of Nasdaq. Except as described in the Registration Statement, the financial statements, and the Prospectus, neither the Board of Directors nor the audit committee has been informed, nor is any director of the Company aware, of any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Neither the Company nor the subsidiaries has, prior to the date hereof, made any offer or sale of any securities which are required to be "integrated" pursuant to the Act or the Regulations with the offer and sale of the Underwriters pursuant to the Registration Statement. Except as disclosed in the Registration Statement, neither the Company nor the subsidiaries has sold or issued any ordinary shares or any securities convertible into, exercisable or exchangeable for ordinary shares, or other equity securities, or any rights to acquire any ordinary shares or other equity securities of the Company, during the six-month period preceding the date of the Prospectus, including but not limited to any sales pursuant to Rule 144A or Regulation D or S under the Act, other than ordinary shares issued pursuant to employee benefit plans, qualified stock option plans or the employee compensation plans or pursuant to outstanding options, rights or warrants as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Money Laundering</u>. The operations of the Company and the subsidiaries are and have been conducted at all times in all material respects in compliance with applicable financial recordkeeping and reporting requirements of money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, or any of its subsidiaries with respect to the Money Laundering Laws is, to the best of the Company's knowledge, pending or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Office of Foreign Assets Control</u>. None of the Company, the subsidiaries, and, to the best of the Company's knowledge, any director, officer, or employee of the Company and the subsidiaries has conducted or entered into a contract to conduct any transaction with the governments or any of subdivision thereof, residents of, or any entity based or resident in the countries that are currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**"); none of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by OFAC (including but not limited to the designation as a "specially designated national or blocked person" thereunder), the United Nations Security Council, or the European Union or is located, organized or resident in a country or territory that is the subject of OFAC-administered sanctions, including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria; and the Company will not knowingly directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>No Immunity</u>. None of the Company, its subsidiaries, or any of its or their properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of the Cayman Islands, Hong Kong, New York or United States federal law; and, to the extent that the Company, its subsidiaries, or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement under New York law as provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Free Transferability of Dividends or Distributions</u>. Except as disclosed in the Disclosure Materials, all dividends and other distributions declared and payable on the Class A Ordinary Shares may under current Cayman Islands, British Virgin Islands, Canadian, and Hong Kong laws and regulations be paid to the holders of Securities in United States dollars and may be converted into foreign currency that may be transferred out of the Cayman Islands, British Virgin Islands, Canada, and Hong Kong in accordance with, and all such payments made to holders thereof or therein who are non-residents of the Cayman Islands, British Virgin Islands, Canada, and Hong Kong will not be subject to income, withholding or other taxes under, the laws and regulations of the Cayman Islands, British Virgin Islands, Canada, and Hong Kong, or any political subdivision or taxing authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in the Cayman Islands, British Virgin Islands, Canada, and Hong Kong or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in the Cayman Islands, British Virgin Islands, Canada, and Hong Kong, or any political subdivision or taxing authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Not a PFIC</u>. Except as disclosed in the Disclosure Materials, the Company does not expect that it will be treated as a Passive Foreign Investment Company ("**PFIC**") within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its current taxable year. The Company has no plan or intention to operate in such a manner that would reasonably be expected to result in the Company becoming a PFIC in future taxable years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Dividends and Distributions</u>. Except as disclosed in the Disclosure Materials, no subsidiaries of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary's capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary's property or assets to the Company or any other subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Securities Offering and Listing Rules</u>. The Company represents and warrants to the Underwriters that the Offering or the listing of the Company's securities on Nasdaq is not subject to the requirements of the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies (the "**Trial Measures**") and related regulations, rules or guidelines, including but not limited to the Provisions on Strengthening the Confidentiality and Archive Management Work Relating to the Overseas Securities Offering and Listing (the "**Confidentiality Provisions**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Foreign Private Issuer Status</u>. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Choice of Law</u>. Except as disclosed in the Disclosure Materials, the choice of law provision set forth in this Agreement constitutes a legal and valid choice of law under the laws of the Cayman Islands, British Virgin Islands, Hong Kong, and Canada (except for such laws (A) which a competent court considers to be procedural in nature, (B) which are revenue or penal laws or (C) the application of which would be inconsistent with public policy) and will be honored by courts in the Cayman Islands, British Virgin Islands, Hong Kong, and Canada, subject to compliance with relevant civil procedural requirements (that do not involve a re-examination of the merits of the claim) in the Cayman Islands, British Virgin Islands, Hong Kong, and Canada. The Company has the power to submit, and pursuant <u>to Section 14</u> of this Agreement, has legally, validly, effectively submitted, to the personal jurisdiction of each of the New York Courts, and the Company has the power to designate, appoint and authorize, and pursuant to <u>Section 14</u> of this Agreement, has legally, validly, effectively and irrevocably designated, appointed an authorized agent for service of process in any action arising out of or relating to this Agreement, or the Securities in any New York Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company as provided in <u>Section 14</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Recognition of Judgments</u>. Except as described under the section "Enforceability of Civil Liabilities" in the Time of Sale Prospectus and the Prospectus, the courts of the Cayman Islands, British Virgin Islands, Hong Kong, and Canada would recognize as a valid judgment any final monetary judgment obtained against the Company in the courts of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>MD&A</u>. The section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" in the Preliminary Prospectus and in the Disclosure Materials accurately and fully describes in all material respects (i) accounting policies that the Company believes are the most important in the portrayal of the Company's financial condition and results of operations and that require management's most difficult, subjective or complex judgments ("**Critical Accounting Policies**"); (ii) judgments and uncertainties affecting the application of the Critical Accounting Policies; and (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; and the Company's management have reviewed and agreed with the selection, application and disclosure of the Critical Accounting Policies as described in the Disclosure Materials have consulted with its independent accountants with regard to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Scheme or Arrangement with Shareholders</u>. Neither the Company nor any of its affiliate is a party to any scheme or arrangement through which shareholders or potential shareholders are being loaned, given or otherwise having money made available for the purchase of shares whether before, in or after the Offering. Neither the Company nor any of its affiliate is aware of any such scheme or arrangement, regardless of whether it is a party to a formal agreement.

3. <u>Offering</u>. Upon authorization of the release of the Securities by the Underwriters, the Underwriters propose to offer the Securities for sale to the public upon the terms and conditions set forth in the Prospectus.

4. <u>Covenants of the Company</u>. The Company acknowledges, covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the filing of the Prospectus is otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule 430A has been used) pursuant to Rule 424(b) within the prescribed time period and will provide evidence reasonably satisfactory to the Underwriters of such timely filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period beginning on the date hereof and ending on the later of the Closing Date or such date as, in the reasonable opinion of Representative's Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice referred to in Rule 173(a) under the Act is no longer required to be provided) in connection with sales by an underwriter or dealer (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Disclosure Materials, the Company shall furnish to the Underwriters and Representative's Counsel for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably object within 36 hours of delivery thereof to Representative's Counsel. The term "**General Disclosure Package**" means, collectively, the Issuer Free Writing Prospectus (es) (as defined below) issued at or prior to the date hereof, the most recent preliminary prospectus related to the Offering, and the information included on Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the date of this Agreement, the Company shall promptly advise the Underwriters in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission; (ii) the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any prospectus, the General Disclosure Package or the Prospectus; (iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of any prospectus, the General Disclosure Package, the Prospectus or any issuer free writing prospectus as defined in Rule 433 of the Regulations (the "**Issuer Free Writing Prospectus**"), or the initiation of any proceedings to remove, suspend or terminate from listing the Class A Ordinary Shares from any securities exchange upon which the Class A Ordinary Shares are listed for trading, or of the threatening of initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its reasonable efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Act, as now and hereafter amended, and by the Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof, the General Disclosure Package, the Registration Statement and the Prospectus. If during such period any event or development occurs as a result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Underwriters or Representative's Counsel to amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) to comply with the Act, the Company will promptly notify the Underwriters and will promptly amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If at any time following the issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which such Issuer Free Writing Prospectus would conflict with the information contained in the Registration Statement or the Prospectus or would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances there existing, not misleading, the Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will deliver to the Underwriters and Representative's Counsel a copy of the Registration Statement, as initially filed, and all amendments thereto, including all consents and exhibits filed therewith, and will maintain in the Company's files manually signed copies of such documents for at least five (5) years after the date of filing thereof. The Company will promptly deliver to each of the Underwriters such number of copies of any Preliminary Prospectus, the Prospectus, the Registration Statement, and all amendments of and supplements to such documents, if any, and all documents which are exhibits to the Registration Statement and any Preliminary Prospectus or Prospectus or any amendment thereof or supplement thereto, as the Underwriters may reasonably request. Prior to 10:00 A.M., Eastern Time, on the Business Day next succeeding the date of this Agreement, and from time to time thereafter, the Company will furnish to the Underwriters copies of the Prospectus in such quantities as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company consents to the use and delivery of the Preliminary Prospectus by the Underwriters in accordance with Rule 430 and Section 5(b) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Company elects to rely on Rule 462(b) under the Act, the Company shall both file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by the earlier of: (i) 10:00 P.M., Eastern time, on the date of this Agreement, and (ii) the time that confirmations are given or sent, as specified by Rule 462(b)(2), and pay the applicable fees in accordance with Rule 111 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will use its best efforts, in cooperation with the Underwriters, at or prior to the time of effectiveness of the Registration Statement, to qualify the Securities for offering and sale under the securities laws relating to the offering or sale of the Securities of such jurisdictions as the Underwriters may designate and to maintain such qualifications in effect for so long as required for the distribution thereof; except that in no event shall the Company be obligated in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process or to subject itself to taxation if it is otherwise not so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the Electronic Data Gathering, Analysis and Retrieval ("EDGAR") system) to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company's current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Act and Rule 158 of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Except with respect to (i) securities of the Company which may be issued in connection with an acquisition of another entity (or the assets thereof), (ii) the issuance of securities of the Company intended to provide the Company with proceeds to acquire another entity (or the assets thereof), or (iii) the issuance of securities under the Company's share option plans with exercise or conversion prices at fair market value (as defined in such plans) in effect from time to time, during the three (3) months following the Closing Date, the Company or any successor to the Company shall not undertake any public or private offerings of any equity securities of the Company (including equity-linked securities) without the prior written consent of the Underwriters, which shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Starting from the Effective Date, without the prior written consent of the Underwriters, Lock-Up Parties shall not sell or otherwise dispose of any securities of the Company, whether publicly or in a private placement, during their respective lock-up period in the lock-up agreements that are in effect. The Company will deliver to the Underwriters the agreements of the Lock-Up Parties to the foregoing effect on the date of this Agreement, which agreements shall be substantially in the form attached hereto as <u>Annex IV.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will not issue press releases or engage in any other publicity without the Underwriters' prior written consent, for a period ending at 5:00 P.M., Eastern time, on the first Business Day following the forty-fifth (45th) day following the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business, or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will apply the net proceeds from the sale of the Securities as set forth under the caption "Use of Proceeds" in the Prospectus. Without the prior written consent of the Underwriters, except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, no proceeds of the Offering will be used to pay outstanding loans from officers, directors or shareholders or to pay any accrued salaries or bonuses to any employees or former employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company will use its best efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to the Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will not take, and will cause its subsidiaries not to take, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company shall cause to be prepared and delivered to the Underwriters, at its expense, within two (2) Business Days from the date of this Agreement, an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As used herein, the term "Electronic Prospectus" means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, reasonably satisfactory to the Underwriters, that may be transmitted electronically by the Underwriters to offerees and purchasers of the Securities for at least the period during which a Prospectus relating to the Securities is required to be delivered under the Act or the Exchange Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, reasonably satisfactory to the Underwriters, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for online time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Right of First Refusal. The Company and the Representative agree that, for a period of twelve (12) months from the Closing Date, the Representative shall have an irrevocable right of first refusal (the "**Right of First Refusal**") to provide investment banking services to the Company on terms that are the same or more favorable to the Company comparing to terms offered to the Company by other underwriters/placement agents. For purpose of this section 4(q), the investment banking services shall include, without limitation, (i) acting as lead manager for any underwritten public offering; and (ii) acting as exclusive placement agent or initial purchaser in connection with any private offering of the Company's securities (collectively, "**Future Services**"), provided, however, that such right shall be subject to FINRA Rule 5110(g), including that the Right of First Refusal may be terminated by the Company for "cause". In the event that the Company notifies the Representative of its intention to pursue an activity that would enable the Representative to exercise its Right of First Refusal to provide Future Services, the Representative shall notify the Company of its election to provide such Future Services within fifteen (15) Business Days following receipt of notice in writing by the Company. Any decision by the Representative to act in any such capacity shall be contained in separate agreements, which agreements would contain, among other matters, provisions for customary fees for transactions of similar size and nature, as may be mutually agreed upon, and indemnification of the Representative and shall be subject to general market conditions, provided the terms for such financing or transaction are the same or more favorable to the Company comparing to terms offered to the Company by other underwriters/placement agents. If such proposal is modified in any material respect, the Representative shall have the Right of First Refusal with respect to such revised proposal in accordance with the terms of this Section 4(q). If the Representative declines to exercise the Rights of First Refusal, the Company shall have the right to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person or persons than the terms presented to and declined by the Representative. In compliance with FINRA Rule 5110(g)(6)(A), in no circumstances the Right of First Refusal shall have a duration of more than three (3) years from the commencement of sales of the public offering or the termination date of the engagement between the Company and the Representative.

5. <u>Representations and Warranties of the Underwriters</u>.

The Underwriters represent and agree that, unless it obtains the prior written consent of the Company, they have not made and will not make any offer relating to the Securities that would constitute a "free writing prospectus," as defined in Rule 405 under the Act, required to be filed with the Commission; *provided* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses. Any such free writing prospectus consented to by the Underwriters is herein referred to as a "Permitted Free Writing Prospectus." The Underwriters represent that they have treated or agree that they will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and have complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

6. <u>Consideration; Payment of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services to be provided for hereunder, the Company shall pay to the Representative, the Underwriters, or their respective designees their pro rata portion (based on the Securities purchased) of the following compensation with respect to the Securities which they are offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a gross underwriting discount equal to seven percent (7%) of the aggregate Purchase Price of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a non-accountable expense allowance of one percent (1.0%) of the gross proceeds of the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an accountable expense allowance of up to $300,000, for all of its reasonable, out-of-pocket accountable expenses, including, but not limited to, travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow and background check on the Company's principals in connection with the performance of its services hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Representative reserves the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Representative's aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whether or not the transactions contemplated by this Agreement, the Registration Statement and the Prospectus are consummated or this Agreement is terminated, the Company hereby agrees to pay all costs and expenses incident to the Offering, which is not included in the maximum accountable expense allowance, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all expenses in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all fees and expenses in connection with filings with FINRA's Public Offering System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Securities under the Act and the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all reasonable expenses in connection with the qualifications of the Securities for offering and sale under state or foreign securities or blue sky laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all fees and expenses in connection with listing the Securities on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all reasonable travel expenses of the Company's officers, directors and employees and any other expense of the Company incurred in connection with attending or hosting meetings with prospective purchasers of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all the road show expenses incurred by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any stock transfer taxes or other taxes incurred in connection with this Agreement or the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the costs associated with book building, prospectus tracking and compliance software and the cost of preparing certificates representing the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the cost and charges of any transfer agent or registrar for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood, however, that except as provided in this <u>Section 6</u>, and <u>Sections 8</u>, <u>9</u> and <u>11(d)</u> hereof, the Underwriters will pay all of their own costs and expenses. Notwithstanding anything to the contrary in this <u>Section 6</u>, in the event that this Agreement is terminated pursuant to <u>Section 11(b)</u> hereof, or subsequent to a Material Adverse Change, the Company will pay, less any advances previously paid, representing an advance to be applied towards the accountable expenses allowance (the "**Advances**"), all documented out-of-pocket expenses of the Representative (including but not limited to fees and disbursements of Representative's Counsel and reasonable and accountable travel) incurred in connection herewith which shall be limited to expenses which are actually incurred as allowed under FINRA Rule 5110 and in any event, the aggregate amount of such expenses to be reimbursed by the Company shall not exceed $300,000, including the Advances. To the extent that the Representative's out-of-pocket expenses are less than the Advances, the Representative will return to the Company that portion of the Advances not offset by actual expenses.

7. <u>Conditions of the Representative's Obligations</u>. The obligations of the Representative to purchase and pay for the Securities as provided herein shall be subject to: (i) the accuracy of the representations and warranties of the Company herein contained, as of the date hereof and as of the Closing Date and each Additional Closing Date, (ii) the absence from any certificates, opinions, written statements or letters furnished to the Underwriters or to Representative's Counsel pursuant to this <u>Section 7</u> of any misstatement or omission, (iii) the performance by the Company of its obligations hereunder, and (iv) each of the following additional conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement shall have become effective and all necessary regulatory and listing approvals shall have been received not later than 5:30 P.M., Eastern time, on the date of this Agreement, or at such later time and date as shall have been consented to in writing by the Representative. If the Company shall have elected to rely upon Rule 430A under the Act, the Prospectus shall have been filed with the Commission in a timely fashion in accordance with the terms thereof and a form of the Prospectus containing information relating to the description of the Securities and the method of distribution and similar matters shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time period; and, at or prior to the Closing Date or each Additional Closing Date and the actual time of the Closing, no stop order suspending the effectiveness of the Registration Statement or any part thereof, or any amendment thereof, nor suspending or preventing the use of the General Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; all requests of the Commission for additional information (to be included in the Registration Statement, the General Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus or otherwise) shall have been complied with to the Representative's satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Representative shall not have reasonably determined, and advised the Company, that the Registration Statement, the General Disclosure Package or the Prospectus, or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus, contains an untrue statement of fact which, in the Representative' reasonable opinion, is material, or omits to state a fact which, in the Representative's reasonable opinion, is material and is required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Representative shall have received, in form reasonably satisfactory to the Representative and Representative's counsel, dated as of the Closing Date and each Additional Closing Date, and addressed to the Representative of (i) favorable legal opinions from Hastings & Co., Hong Kong counsel to the Company, (ii) favorable legal opinions and negative assurance letter from Loeb & Loeb LLP, U.S. legal counsel for the Company, (iii) favorable legal opinions from Metcalfe, Blainey & Burns LLP, Canadian legal counsel to the Company, and (iv) favorable legal opinions from Carey Olsen Hong Kong LLP, the British Virgin Islands and Cayman Islands counsel to the Company. A copy of such opinions shall have been provided to the Representative with consent from such counsel. The Representative shall rely on the opinions of Carey Olsen Hong Kong LLP, filed as Exhibit 5.1 to the Registration Statement, as to the due incorporation, validity of the Securities and due authorization, execution and delivery of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Representative shall have received certificates of each of the Chief Executive Officer and Chief Financial Officer of the Company (the "**Officers**' **Certificate**"), substantially in the form attached hereto as <u>Annex I</u> and dated as of the Closing Date and each Additional Closing Date, to the effect that: (i) the conditions set forth in subsection (a) of this <u>Section 7</u> have been satisfied, (ii) as of the date hereof and as of the Closing Date and each Additional Closing Date, the representations and warranties of the Company set forth in <u>Section 2</u> hereof are accurate, (iii) as of the Closing Date and each Additional Closing Date, all agreements, conditions and obligations of the Company to be performed or complied with hereunder on or prior thereto have been duly performed or complied with, (iv) the Company has not sustained any material loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding, (v) no stop order suspending the effectiveness of the Registration Statement or any amendment thereof has been issued and no proceedings therefor have been initiated or threatened by the Commission, (vi) there are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement and the Prospectus pursuant to the Regulations which are not so included, (vii) subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been any Material Adverse Change or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business, and (viii) any other conditions deemed necessary for the closing of the Offering by the Representative's Counsel have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At each of the Closing Date and each Additional Closing Date, the Representative shall have received a certificate of the Company signed by the Secretary of the Company (the "**Secretary**'**s Certificate**"), substantially in the form attached hereto as <u>Annex II</u> and dated the Closing Date and each Additional Closing Date, certifying: (i) that each of the Charter is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's Board of Directors relating to the Offering are in full force and effect and have not been modified; (iii) the good standing of the Company; (iv) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the date of this Agreement, on the Closing Date and each Additional Closing Date, the Representative shall have received a "comfort" letter from Golden Eagle CPAs LLC (the "**Auditor Comfort Letter**") as of each such date, addressed to the Representative and in form and substance reasonably satisfactory to the Representative and Representative's Counsel, confirming that it is an independent certified public accountants with respect to the Company within the meaning of the Act and all applicable Regulations, and stating, as of such date (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Prospectus, as of a date not more than two (2) Business Days prior to such date), the conclusions and findings of such firm with respect to the financial information and other matters relating to the Registration Statement covered by such letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the date of this Agreement, on the Closing Date and each Additional Closing Date, the Company shall have furnished to the Representative, a certificate on behalf of the Company, dated the respective dates of delivery thereof and addressed to the Representative, of its Chief Financial Officer with respect to certain financial date contained in the Registration Statement and Prospectus (the "**CFO Certificate**"), providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative, substantially in the form attached hereto as <u>Annex III</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date (or each Additional Closing Date) or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment thereof) and the Prospectus (exclusive of any supplement thereto), there shall not have been any change in the share capital or long-term debt of the Company or any change or development involving a change, whether or not arising from transactions in the ordinary course of business, in the business, condition (financial or otherwise), results of operations, shareholders' equity, properties or prospects of the Company, taken as a whole, including but not limited to the occurrence of any fire, flood, storm, explosion, accident, act of war or terrorism or other calamity, the effect of which, in any such case described above, is, in the reasonable judgment of the Representative, so material and adverse as to make it impracticable or inadvisable to proceed with the sale of Securities or Offering as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Representative shall have received a lock-up agreement from each Lock-Up Party, duly executed by the applicable Lock-Up Party, in each case substantially in the form attached as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Securities are registered under the Exchange Act and, as of the Closing Date and each Additional Closing Date, the Securities shall be listed and admitted and authorized for trading on the Nasdaq Capital Market and reasonably satisfactory evidence of such action shall have been provided to the Representative. The Company shall have taken no action designed to terminate, or likely to have the effect of terminating, the registration of the Securities under the Exchange Act or delisting or suspending the Securities from trading on the Nasdaq Capital Market, nor will the Company have received any information suggesting that the Commission or the Nasdaq Capital Market is contemplating terminating such registration or listing. The Firm Shares shall be DTC eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date and each Additional Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business or operations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company shall have furnished the Representative and Representative's Counsel with such other certificates, opinions or documents as they may have reasonably requested.

8. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless (to the fullest extent permitted by applicable law) the Underwriters and each Person, if any, who controls the Underwriters within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon: (i) an untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any amendment or supplement to any of them or (B) any Issuer Free Writing Prospectus or any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities ("**Marketing Materials**"), including any road show or investor presentations made to investors by the Company (whether in person or electronically), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigations or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof); or (ii) in whole or in part upon any inaccuracy in the representations and warranties of the Company contained herein; or (iii) in whole or in part upon any failure of the Company to perform its obligations hereunder; *provided, however*, that the Company shall not be liable in any such case to the extent that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any such amendment or supplement to any of them, or any Issuer Free Writing Prospectus or any Marketing Materials in reliance upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters agree to indemnify and hold harmless the Company, each of the directors of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Underwriters), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, any amendment or supplement to any of them or any Marketing Materials, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof), in each case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this <u>Section 8</u> to the extent that it is not materially prejudiced as a result thereof). In case any such claim or action is brought against any indemnified party, and it so notifies an indemnifying party thereof, the indemnifying party will be entitled to participate at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless: (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action; (ii) the indemnifying parties have not employed counsel to have charge of the defense of such action within a reasonable time after notice of the claim or the commencement of the action; (iii) the indemnifying party does not diligently defend the action after assumption of the defense; or (iv) such indemnified party or parties shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party, or any of them, in conducting the defense of any such action or there may be legal defenses available to it or them which are different from or additional to those available to any of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties and shall be paid as incurred. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) of the indemnified party or parties unless such separate representations are required under applicable ethics rules that govern the representations of the indemnified party or parties by such legal counsel. In the case of any separate firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by the Underwriters. In the case of more than one separate firm (in addition to any local counsel) for the Company, and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this <u>Section 8</u> or <u>Section 9</u> hereof (whether or not the indemnified party is an actual or potential party thereto), unless (v) such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such claim, investigation, action or proceeding and (B) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party, and (vi) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment.

9. <u>Contribution</u>. In order to provide for contribution in circumstances in which the indemnification provided for in Section 8 is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder, the Company and the Underwriters shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision (including any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted, but after deducting in the case of losses, claims, damages, liabilities and expenses suffered by the Company, any contribution received by the Company from Persons, other than the Underwriters, who may also be liable for contribution, including Persons who control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company), as incurred, to which the Company and one or more of the Underwriters may be subject, in such proportions as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the Offering and sale of the Securities or, if such allocation is not permitted by applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Company and the Underwriters in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Underwriters shall be deemed to be in the same proportion as (i) the total proceeds from the Offering (net of underwriting discount and commission but before deducting expenses) received by the Company bears to (ii) the underwriting discount and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company and the Underwriters shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 9. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 9 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this Section 9: (iii) no Underwriter shall be required to contribute any amount in excess of the underwriting discounts applicable to the Securities underwritten by it and distributed to the public and (iv) no Person guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act) shall be entitled to contribution from any Person who was not guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act). For purposes of this Section 9, each Person, if any, who controls an Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Underwriter, and each Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to clauses (iii) and (iv) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this <u>Section 9</u> or otherwise. As used herein, a "Person" refers to an individual or entity.

10. <u>Survival of Representations and Agreements</u>. All representations, warranties, covenants and agreements of the Company and the Underwriters contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, including, without limitation, the agreements contained in <u>Sections 6</u>, <u>14</u> and <u>15</u>, the indemnity agreements contained in <u>Section 8</u> and the contribution agreements contained in <u>Section 9</u>, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriters or any controlling Person thereof or by or on behalf of the Company, any of its officers or directors or any controlling Person thereof, and shall survive delivery of and payment for the Securities to and by the Underwriters. The representations and warranties contained in <u>Section 2</u> and the covenants and agreements contained in <u>Sections 4</u>, <u>6, 8</u>, <u>9</u>, <u>14</u> and <u>15</u> shall survive any termination of this Agreement, including termination pursuant to <u>Sections 11</u>. For the avoidance of doubt, in the event of termination the Underwriters will receive only out-of-pocket accountable expenses actually incurred subject to the limit in <u>Section 11(d)</u> below, in compliance with FINRA Rules5110(g)(5)(A), 5110(g)(5)(B)(i) and 5110(g)(5)(B)(ii).

11. <u>Effective Date of Agreement; Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the later of: (i) receipt by the Underwriters and the Company of notification of the effectiveness of the Registration Statement or (ii) the execution of this Agreement. Notwithstanding any termination of this Agreement, the provisions of this <u>Section 12</u> and of <u>Sections 1</u>, <u>4</u>, <u>6</u>, <u>8</u>, <u>9</u>, <u>14</u> and <u>15</u> shall remain in full force and effect at all times after the execution hereof to the extent they are in compliance with FINRA Rule 5110(g)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Representative shall have the right to terminate this Agreement at any time prior to the consummation of the Closing if: (i) any domestic or international event or act or occurrence has materially disrupted, or in the reasonable opinion of the Representative will in the immediate future materially disrupt, the market for the Company's securities or securities in general; or (ii) trading on the New York Stock Exchange or the Nasdaq Stock Market has been suspended or made subject to material limitations, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices for securities have been required, on the NYSE Euronext or the Nasdaq Stock Market or by order of the Commission, FINRA or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance services has occurred; or (iv) (A) there has occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States or (B) there has been any other calamity or crisis or any change in political, financial or economic conditions, if the effect of any such event in (A) or (B), in the reasonable judgment of the Representative, is so material and adverse that such event makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Firm Shares on the terms and in the manner contemplated by the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice of termination pursuant to this <u>Section 11</u> shall be in writing and delivered in accordance with <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, on the Closing Date or any Additional Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase the Class A Ordinary Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of the Class A Ordinary Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth (10%) of the aggregate number of the Class A Ordinary Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in Schedule A bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representative may specify, to purchase the Class A Ordinary Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that, in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 11(d) by an amount in excess of one-ninth (1/9) of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Firm Shares to be purchased on such date, and arrangements reasonably satisfactory to the Representative and the Company for the purchase of such Firm Shares are not made within thirty six (36) hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case, either the Representative or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Pricing Disclosure Package, in the Final Prospectus or in any other documents or arrangements may be effected. If, on an Additional Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Option Shares and the aggregate number of Option Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Option Shares to be purchased on such Additional Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Option Shares to be sold on such Additional Closing Date or (ii) purchase not less than the number of Option Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If this Agreement shall be terminated pursuant to any of the provisions hereof (other than pursuant to <u>Section 11(b)</u> hereof), or if the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof, the Company will, subject to demand by the Underwriters, reimburse the Underwriters for only those documented out-of-pocket expenses (including the reasonable fees and expenses of their counsel), actually incurred by the Representative in connection herewith as allowed under FINRA Rule 5110 less any amounts previously paid by the Company); *provided, however,* that all such expenses, including the costs and expenses set forth in <u>Section 6(c)</u> which were actually paid, shall not exceed accountable expenses actually incurred in the aggregate, including any advances.

12. <u>Notices</u>. All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent to the Representative, shall be mailed, delivered, or emailed, to:

Eddid Securities USA Inc.

40 Wall Street, Suite 1606

New York, NY 10005

Attn: Tom Li, Managing Director

Email: tli@eddidusa.com

with a copy to Representative's Counsel at:

Hunter Taubman Fischer & Li LLC

950 Third Avenue, 19th Floor

New York, NY 10022

Attn: Joan Wu, Esq.

Email: jwu@htflawyers.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent to the Company, shall be mailed, delivered, or emailed, to:

Riku Dining Group Limited

130 Dynamic Drive, Units 4-5 Scarborough

ON, M1V 5C8, Canada

Attention: Johnny Luk Ching Po

Email:

with a copy to the Company's Counsel at:

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attention: Janeane Ferrari, Esq.

Email: jferrari@loeb.com

13. <u>Parties; Limitation of Relationship</u>. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriters, the Company and the controlling Persons, directors, officers, employees and agents referred to in <u>Sections 8</u> and <u>9</u> hereof, and their respective successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and such Persons and their respective successors and assigns, and not for the benefit of any other Person. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of Securities from the Underwriter.

14. <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. Each of the parties hereto hereby submits to the exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York (each, a "New York Court") in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the parties hereto irrevocably waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in the New York Courts, and irrevocably waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The Company irrevocably appoints Cogency Global Inc. as its authorized agent (the "**Authorized Agent**") in the Borough of Manhattan in The City of New York upon which process may be served in any such suit or proceeding, and agrees that service of process in any manner permitted by applicable law upon such agent shall be deemed in every respect effective service of process in any manner permitted by applicable law upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of five years from the date of this Agreement.

15. <u>Entire Agreement</u>. This Agreement, together with the schedules and annexes attached hereto and as the same may be amended from time to time in accordance with the terms hereof, contains the entire agreement among the parties hereto relating to the subject matter hereof and there are no other or further agreements outstanding not specifically mentioned herein. This Agreement supersedes any prior agreements or understandings among or between the parties hereto.

16. <u>Severability</u>. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement and this Agreement shall be valid and enforceable to the fullest extent permitted by law.

17. <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

18. <u>Waiver, etc</u>. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver may be sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. The parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal suit, action or proceeding arising out of or relating to this Agreement, the Registration Statement, the General Disclosure Package, the Prospectus, the offering of the Class A Ordinary Shares or the transactions contemplated hereby

19. <u>No Fiduciary Relationship</u>. The Company hereby acknowledges that the Underwriters are acting solely as Underwriters in connection with the offering of the Company's Securities. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the offering of the Company's Securities, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that the Underwriters have not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

20. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or other electronic transmission shall constitute valid and sufficient delivery thereof.

21. <u>Headings</u>. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

22. <u>Time is of the Essence</u>. Time shall be of the essence of this Agreement.

*[Signature Page Follows]*

If the foregoing correctly sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Riku Dining Group Limited** | **Riku Dining Group Limited** |
| By: |  |
| Name: | Johnny Luk Ching Po |
| Title: | Chief Executive Officer and Chairman and Chief Executive Director Nominee |

---

Accepted by the Representative

as of the date first written above

Acting on behalf of itself and as Representative of the Underwriters named in <u>Schedule A</u> hereto

---

| | |
|:---|:---|
| **Eddid Securities USA Inc**. | **Eddid Securities USA Inc**. |
| By: |  |
| Name: | Tom Li |
| Title: | Managing Director |

---

[Signature Page to Underwriting Agreement]

**SCHEDULE A**

---

| | | | |
|:---|:---|:---|:---|
| Underwriters | Closing<br> Securities | Closing<br> Securities if<br> the Maximum<br> Over-Allotment<br> Option is<br> Exercised | Closing<br> Purchase<br> Price |
| Eddid Securities USA Inc. | [ ] | [ ] |  |
| **Total** | **[ ]** | **[ ]** |  |

---

**SCHEDULE B**

Lock-Up Parties

---

| | |
|:---|:---|
| **Locked-up Parties** | **Ordinary Shares**<br> **Beneficially Owned** |

---

<u>Annex I</u>

**RIKU DINING GROUP LIMITED**

**OFFICERS' CERTIFICATE**

[●], 2025

The undersigned, Johnny Luk Ching Po, Chief Executive Officer and Chairman and Chief Executive Director Nominee, and Kelton Ngai Ming Hon, Chief Financial Officer, of Riku Dining Group Limited, a Cayman Islands holding company (the "**Company"**), pursuant to Section 7(d) of the Underwriting Agreement, dated as of [ ], 2025 by and between the Company and Eddid Securities USA Inc. as representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), do hereby certify, each in his or her capacity as an officer of the Company, and not individually and without personal liability, on behalf of the Company, as follows:

1. Such
 officer has carefully examined the Registration Statement, the General Disclosure Package, any Permitted Free Writing Prospectus
 and the Prospectus and, in his or her opinion, the Registration Statement and each amendment thereto, as of [ ] p.m.
 ET, [ ], 2025 (the "**Applicable Time**") and as of the Closing Date did not include any untrue statement
 of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein
 not misleading, and the General Disclosure Package, as of the Applicable Time and as of the Closing Date, any Permitted Free Writing
 Prospectus as of its date and as of the Closing Date, the Prospectus and each amendment or supplement thereto, as of the respective
 date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material
 fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading.

2. Subsequent
 to the respective dates as of which information is given in the Registration Statement, the General Disclosure Package, or the Prospectus,
 there has not been any Material Adverse Changes or any development involving a prospective Material Adverse Change, whether or not
 arising from transactions in the ordinary course of business.

3. To
 the best of his or her knowledge after reasonable investigation, as of the Closing Date, the representations and warranties of the
 Company in the Underwriting Agreement are true and correct in all material respects (except for those representations and warranties
 qualified as to materiality, which shall be true and correct in all respects and except for those representations and warranties
 which refer to facts existing at a specific date, which shall be true and correct as of such date) and the Company has complied with
 all agreements and satisfied all conditions on its part to be performed or satisfied under the Underwriting Agreement at or prior
 to the Closing Date.

4. To
 the best of his or her knowledge after reasonable investigation, as of the Closing Date, the Company has not sustained any material
 loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental
 proceeding.

5. There
 are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement and the Prospectus
 pursuant to the Regulations which are not so included.

6. No
 stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof
 or the qualification of the Securities for offering or sale, nor suspending or preventing the use of the Preliminary Prospectus or
 the Prospectus, has been issued, and no proceeding for that purpose has been instituted or, to the best of his knowledge, is contemplated
 by the Commission or any state or regulatory body.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement. This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, I have, on behalf of the Company, signed this certificate as of the date first written above.

 <br> Name: Johnny Luk Ching Po <br> Title: Chief Executive Officer and Chairman and Chief Executive Director Nominee

 <br> Name: Kelton Ngai Ming Hon <br> Title: Chief Financial Officer

[Signature Page of Officers' Certificate]

<u>Annex II</u>

**RIKU DINING GROUP LIMITED**

**SECRETARY'S CERTIFICATE**

[ ], 2025

The undersigned, [ ], hereby certifies that he/she is the duly elected, qualified, and acting Secretary of Riku Dining Group Limited, a Cayman Islands holding company (the "**Company**"), and that as such he/she is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 7(e) of the Underwriting Agreement, dated as of [ ], 2025, by **Eddid Securities USA Inc.** as representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), the undersigned further certifies in his/her capacity as Secretary of the Company and without personal liability, on behalf of the Company, the items set forth below. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

1. Attached
 hereto as <u>Exhibit A</u> are true and complete copies of the resolutions adopted by the Board of Directors of the Company (the
 "**Board**") either at a meeting or meetings properly held or by the unanimous written consent of each member of the
 Company's Board and any committee of or designated by the Company's Board relating to the public offering contemplated
 by the Underwriting Agreement; all of such resolutions were duly adopted, have not been amended, modified or rescinded and remain
 in full force and effect; and such resolutions are the only resolutions adopted by the Board or by any committee of or designated
 by the Board relating to the public offering contemplated by the Underwriting Agreement.

2. Attached
 hereto as <u>Exhibit B</u> is a true, correct, and complete copy of the Certificate of Incorporation of the Company, together with
 any and all amendments thereto. No action has been taken to further amend, modify, or repeal such charter documents, which remain
 in full force and effect in the attached form as of the date hereof. No action has been taken by the Company, its shareholders, directors
 or officers in contemplation of the filing of any such amendment or other document or in contemplation of the liquidation or dissolution
 of the Company prior to the consummation of the transactions contemplated by the Underwriting Agreement.

3. Attached
 hereto as <u>Exhibit C</u> is a true, correct, and complete copy of the memorandum and articles of association of the Company and
 any and all amendments thereto. No action has been taken to further amend, modify, or repeal such memorandum and articles of association,
 which remain in full force and effect in the attached form as of the date hereof.

4. Attached
 hereto as <u>Exhibit D</u> is a true and complete copy of a Certificate of Good Standing, dated [ ] ,
 2025 , by the Registrar of Companies in the Cayman Islands, relating to the Company.

5. Each
 person listed below has been duly elected or appointed to the positions indicated opposite its name and is duly authorized to sign
 the Underwriting Agreement and each of the documents in connection therewith on behalf of the Company, and the signature appearing
 opposite such person's name below is its genuine signature.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Signature** |
| Johnny Luk Ching Po | Chief Executive Officer and Chairman and Chief Executive Director Nominee | |
| Kelton Ngai Ming Hon | Chief Financial Officer | |

---

This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

 <br> Name: [ ] <br> Title: Secretary

[Signature Page of Secretary' Certificate]

<u>Annex III</u>

**RIKU DINING GROUP LIMITED**

**CHIEF FINANCIAL OFFICER'S CERTIFICATE**

[ ], 2025

The undersigned, Kelton Ngai Ming Hon, hereby certifies that he is the duly elected, qualified, and acting Chief Financial Officer, of Riku Dining Group Limited, a Cayman Islands holding company (the "**Company**"), and that as such he is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 7(g) of the Underwriting Agreement, dated as of [ ], 2025 by Eddid Securities USA Inc. as representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), the undersigned further certifies, solely in the capacity as an officer of the Company for and on behalf of the Company as set forth below.

1. I
 am the Chief Financial Officer of the Company and have been duly appointed to such position as of the date hereof.

2. I
 am providing this certificate in connection with the offering of the securities described in the Registration Statement and the Prospectus.

3. I
 am familiar with the accounting, operations, records systems and internal controls of the Company and have participated in the preparation
 of the Registration Statement and the Prospectus.

4. The
 Company financial statements present fairly, in all material respects, the financial condition of the Company and its subsidiaries
 and their results of operations for the periods presented in the Registration Statement and the Prospectus.

5. I
 have reviewed the disclosure in the Registration Statement and the Prospectus, the financial and operating information and data identified
 and circled by Representative's Counsel in the Registration Statement and the Prospectus dated [ ], 2025
 attached hereto as <u>Exhibit A</u>, and to the best of my knowledge such information is correct, complete and accurate in all material
 respects.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

---

| | |
|:---|:---|
| **Riku Dining Group Limited** | **Riku Dining Group Limited** |
| By: |  |
| Name: | Kelton Ngai Ming Hon |
| Title: | Chief Financial Officer |

---

[Signature Page of CFO's Certificate]

<u>Annex IV</u>

**FORM OF LOCK-UP AGREEMENT**

[ ], 2025

**Eddid Securities USA Inc.**

40 Wall Street, Suite 1606

New York, NY 10005

Ladies and Gentlemen:

The undersigned understands Eddid Securities USA Inc. (the "**Underwriter**") propose to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Riku Dining Group Limited, a Cayman Islands holding company (the "**Company**"), providing for the initial public offering in the United States (the "**Initial Public Offering**") of a certain number of Class A Ordinary Shares, par value $0.01 per share (the "**Securities**"). For purposes of this letter agreement, "Shares" shall mean shares of the Company's Class A Ordinary Shares.

To induce the Underwriter to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Underwriter, the undersigned will not, during the period commencing on the date hereof and ending six (6) months, for our directors, officers, and holders owning 5% or more of our outstanding Shares, from the Effective Date of the Registration Statement on Form F-1 (File No. 333- [ ]) (the "**Lock-Up Period**"), (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for or represent the right to receive Shares, whether now owned or hereafter acquired by the undersigned (collectively, the "**Lock-Up Securities**"); (2) enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) above or this clause (2) is to be settled by delivery of Shares or such other securities, in cash or otherwise; (3) make any written demand for or exercise any right with respect to the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares; or (4) publicly disclose the intention to do any of the foregoing.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Underwriter in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Initial Public Offering; (b) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of the undersigned and/or one or more family members (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution or other not-for-profit organization; (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any such corporation, partnership, limited liability company or other business entity, or any shareholder, partner or member of, or owner of similar equity interests in, the same, as the case may be; (e) a sale or surrender to the Company of any options or Shares of the Company underlying options in order to pay the exercise price or taxes associated with the exercise of options; (f) transfers or distributions pursuant to any *bona fide* third-party tender offer, merger, acquisition, consolidation or other similar transaction made to all holders of the Company's Shares involving a Change of Control of the Company, provided that in the event that such tender offer, merger, acquisition, consolidation or other such transaction is not completed, the Lock-Up Securities held by the undersigned shall remain subject to the provisions of this lock-up agreement; or (g) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement; <u>provided</u> that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Underwriter a lock-up agreement substantially in the form of this lock-up agreement for the remaining Lock-Up Period, and (iii) no filing under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended shall be required or shall be voluntarily made; <u>provided further</u> that (iv) any filing under Section 13 of the Exchange Act that is required to be made during the Lock-Up Period as a result of such transfer shall include a statement that such transfer has occurred by operation of law (collectively, "**Permitted Transfers**"). For purposes of this paragraph, the term "Change of Control" shall mean any transaction or series of related transactions pursuant to which any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner" (as such term is defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Shares of the Company on a fully diluted basis. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement (for the avoidance of doubt, excluding any transaction or other action in connection with a Permitted Transfer) during the period from the date hereof to and including the 15 days following the expiration of the initial Lock-Up Period, the undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period has expired.

The undersigned agrees that (i) the foregoing restrictions shall be equally applicable to any Securities that the undersigned may purchase, whether through direct purchase or indirectly through the exercise of control, in the Initial Public Offering, (ii) at least three (3) Business Days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Underwriter will notify the Company of the impending release or waiver. Any release or waiver granted by the Underwriter hereunder to any such officer or director shall only be effective two (2) Business Days after the publication date of a press release by the Company for such release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (b) the transferee has agreed in writing to be bound by a lock-up agreement substantially in the form of this lock-up agreement.

The undersigned agrees that except as set forth in this Lock-Up Agreement, there are no and will not have any other agreement or arrangement, either verbal or in writing, with any other individuals or entities, including but not limited to shareholders, friends and family, and other third parties, to circumvent or has an effect of circumventing the obligations set forth in this Lock-Up Agreement.

No provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable for or convertible into Shares, as applicable; <u>provided</u> that the undersigned does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless in connection with a Permitted Transfer or in a transfer otherwise permitted pursuant to the terms of this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called "10b5-1" plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

The undersigned understands that the Company and the Underwriter are relying upon this lock-up agreement in proceeding toward consummation of the Initial Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal Underwriters, successors and assigns.

The undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Initial Public Offering actually occurs depends on a number of factors, including market conditions. The Initial Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriter.

This lock-up agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof. Delivery of a signed copy of this lock-up agreement by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the original hereof.

[**SIGNATURE PAGE TO FOLLOW**]

---

| |
|:---|
| Very truly yours, |
| By: |
| Name: |
| Address: |

---

[Signature Page of Lock-up Agreement]

## Exhibit 3.2

**Exhibit 3.2**

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

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 10 September 2025)**

![](ex3-2_001.jpg)

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

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 10 September 2025)**

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 name of the Company is Riku Dining Group Limited.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 registered office of the Company shall be at the offices of CO Services Cayman Limited, P.O.
 Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands, or at such
 other place as the Directors may from time to time decide.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 share capital of the Company is US$50,000 divided into 5,000,000 Ordinary Shares comprising
 (i) 4,300,000 Class A Ordinary Shares of a par value of US$0.01 each, and (ii) 700,000 Class
 B Ordinary Shares of a par value of US$0.01 each. Subject to the Companies Act and the Articles,
 the Company shall have the power to redeem or purchase any of its Shares and to increase
 or reduce its authorised share capital and to sub-divide or consolidate the said Shares or
 any of them and to issue all or any part of its capital whether original, redeemed, increased
 or reduced with or without preference, priority, special privilege or other rights or subject
 to any postponement of rights or to any conditions or restrictions whatsoever and so that
 unless the conditions of issue shall otherwise expressly provide every issue of Shares whether
 stated to be ordinary, preference or otherwise shall be subject to the powers on the part
 of the Company hereinbefore provided.

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

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

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

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 10 September 2025)**

**CONTENTS**

1. PRELIMINARY 3

2. COMMENCEMENT
 OF BUSINESS 7

3. REGISTERED
 OFFICE AND OTHER OFFICES 7

4. SERVICE
 PROVIDERS 7

5. ISSUE
 OF SHARES 8

6. REGISTER
 OF MEMBERS 11

7. CLOSING
 REGISTER OF MEMBERS AND FIXING RECORD DATE 11

8. SHARE
 CERTIFICATES 12

9. CALLS
 ON SHARES 12

10. FORFEITURE
 OF SHARES 14

11. TRANSFER
 OF SHARES 16

12. TRANSMISSION
 OF SHARES 16

13. REDEMPTION,
 PURCHASE AND SURRENDER OF SHARES 18

14. FINANCIAL
 ASSISTANCE 18

15. CLASS
 RIGHTS AND CLASS MEETINGS 18

16. NO
 RECOGNITION OF TRUSTS OR THIRD PARTY INTERESTS 19

17. LIEN
 ON SHARES 19

18. ALTERATION
 OF SHARE CAPITAL 20

19. GENERAL
 MEETINGS 21

20. NOTICE
 OF GENERAL MEETINGS 22

21. PROCEEDINGS
 AT GENERAL MEETINGS 24

22. VOTES
 OF MEMBERS 26

23. REPRESENTATION
 OF MEMBERS AT GENERAL MEETINGS 28

24. APPOINTMENT,
 RETIREMENT AND REMOVAL OF DIRECTORS 30

25. ALTERNATE
 DIRECTORS 34

26. POWERS
 OF DIRECTORS 35

27. PROCEEDINGS
 OF DIRECTORS 36

28. DELEGATION
 OF DIRECTORS' POWERS 39

29. DIRECTORS'
 RENUMERATION, EXPENSES AND BENEFITS 41

30. SEAL 42

31. DIVIDENDS,
 DISTRIBUTIONS AND RESERVES 42

32. PAYMENTS 43

33. CAPITALISATION
 OF RESERVES AND PROFITS 44

34. BOOKS
 OF ACCOUNT 45

35. AUDITOR 46

36. NOTICES 46

37. WINDING
 UP 47

38. INDEMNITY
 AND INSURANCE 48

39. REQUIRED
 DISCLOSURE 49

40. FINANCIAL
 YEAR 49

41. TRANSFER
 BY WAY OF CONTINUATION 49

42. TRANSFER
 BY WAY OF CONTINUATION 50

43. TAX
 TRANSPARENCY REPORTING 50

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

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 10 September 2025)**

**1.** **PRELIMINARY** 

**1.1** **Table A not to apply** 

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

**1.2** **Definitions** 

---

| | |
|:---|:---|
| "**Articles**" | means these articles of association of the Company, as amended or substituted from time to time; |
| "**Auditor**" | means the person (if any) for the time being performing the duties of auditor of the Company; |
| "**Beneficial Ownership**" | means, with respect to a security, sole or shared voting power (which includes the power to vote, or to direct the voting of, such security) and/or investment power (which includes the power to acquire (or an obligation to acquire) or dispose, or to direct the acquisition or disposal of, such security) and/or a long economic exposure, whether absolute or conditional, to changes in the price of such security, in each case, whether direct or indirect, and whether through any contract, arrangement, understanding, relationship, or otherwise and "**beneficial owner**" shall mean a person entitled to such Interest; |
| "**Class**" or "**Classes**" | means any class or classes of Shares as may from time to time be issued by the Company; |

---

---

| | |
|:---|:---|
| "**Class A Ordinary Share**" | means an Ordinary Share of a par value of US$0.01 in the capital of the Company, designated as a Class A Ordinary Share and having the rights provided for in these Articles; |
| "**Class B Ordinary Share**" | means an Ordinary Share of a par value of US$0.01 in the capital of the Company, designated as a Class B Ordinary Share and having the rights provided for in these Articles; |
| "**clear days**" | in relation to the period of a notice means that period excluding the day when the notice is served or deemed to be served and the day for which it is given or on which it is to take effect; |
| "**Companies Act**" | means the Companies Act (as revised) of the Cayman Islands, as amended or revised from time to time; |
| "**Company**" | means the above-named company; |
| "**Directors**" | means the directors for the time being of the Company or as the case may be, the Directors assembled as a board or as a committee thereof; |
| "**Dividend**" | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles; |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act; |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (as revised) of the Cayman Islands, as amended or revised from time to time; |
| "**Interest**" | in securities or in a person means any form of Beneficial Ownership (including, for the avoidance of doubt, any derivative, contractual or economic right or contract for difference) of securities of such person; |
| "**Member**" | means any person from time to time entered in the Register of Members as a holder of one or more Shares; |
| "**Memorandum**" | means the memorandum of association of the Company, as amended or substituted from time to time; |
| "**Ordinary Resolution**" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means a resolution:<br>(a) passed by a simple majority of such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Member is entitled by the Articles; or<br>(b) approved in writing by all of the Members entitled to vote at a general meeting of the Company, passed in accordance with these Articles; |

---

---

| | |
|:---|:---|
| "**Ordinary Share**" | means a Class A Ordinary Share or a Class B Ordinary Share; |
| "**Register of Members**" | means the register of members of the Company maintained in accordance with the Companies Act and includes (except where otherwise stated) any duplicate or branch register; |
| "**Registered Office**" | means the registered office for the time being of the Company in the Cayman Islands; |
| "**Seal**" | means the common seal of the Company (if any) and includes every duplicate seal; |
| "**Secretary**" | means any person or persons appointed by the Directors to perform any of the duties of the secretary of the Company; |
| "**Share**" | means a share in the capital of the Company and includes a fraction of a Share. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require; |
| "**Special Resolution**" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means a special resolution passed in accordance with the Companies Act, being a resolution:<br>(a) passed by a majority of not less than two-thirds of such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a Special Resolution has been duly given and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Member is entitled; or<br>(b) approved in writing by all of the Members entitled to vote at a general meeting of the Company, passed in accordance with these Articles; |
| "**Treasury Shares**" | means Shares held in treasury pursuant to the Companies Act and these Articles. |
| "**US$**" | means the lawful currency of the United States of America. |

---

**1.3** **Interpretation** 

Unless the contrary intention appears, in these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) singular
 words include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 word of any gender includes the corresponding words of any other gender;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 reference to "shall" shall be construed as imperative and a reference to "may"
 shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in
 relation to determinations to be made by the Directors and all powers, authorities and discretions
 exercisable by the Directors under these Articles, the Directors may make those determinations
 and exercise those powers, authorities and discretions in their sole and absolute discretion,
 either generally or in a particular case, subject to any qualifications or limitations expressed
 in these Articles or imposed by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 reference to the powers of the Directors shall include, when the context admits, the service
 providers or any other person to whom the Directors may, from time to time, delegate their
 powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 term "and/or" is used in these Articles to mean both "and" as well
 as "or". The use of "and/or" in certain contexts in no respects qualifies
 or modifies the use of the terms "and" or "or" in others. "Or"
 shall not be interpreted to be exclusive, and "and" shall not be interpreted
 to require the conjunctive, in each case unless the context requires otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 phrase introduced by the terms "including", "includes", "in
 particular" or any similar expression shall be construed as illustrative and shall
 not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) headings
 are inserted for reference only and shall not affect construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a
 reference to a law includes regulations and instruments made under that law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a
 reference to a law or a provision of law includes amendments, re-enactments, consolidations
 or replacements of that law or the provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "fully
 paid" and "paid up" means paid up as to the par value and any premium payable
 in respect of the issue or re-designation of any Shares and includes credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) where
 an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution
 is also effective for that purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) sections
 8 and 19(3) of the Electronic Transactions Act are hereby excluded.

**2.** **COMMENCEMENT OF BUSINESS** 

**2.1** The
 business of the Company may be commenced as soon after incorporation as the Directors shall
 see fit.

**2.2** The
 Directors may pay, out of the capital or any other monies of the Company, all expenses incurred
 in connection with the formation and operation of the Company, including the expenses of
 registration and any expenses relating to the offer of, subscription for, or issuance of
 Shares.

**2.3** Expenses
 may be amortised over such period as the Directors may determine.

**3.** **REGISTERED OFFICE AND OTHER OFFICES** 

**3.1** Subject
 to the provisions of the Companies Act, the Company may by resolution of the Directors change
 the location of its Registered Office.

**3.2** The
 Directors, in addition to the Registered Office, may in their discretion establish and maintain
 such other offices, places of business and agencies whether within or outside of the Cayman
 Islands.

**4.** **SERVICE PROVIDERS** 

The Directors may appoint any person to act as a service provider to the Company and may delegate to any such service provider any of the functions, duties, powers and discretions available to them as Directors, upon such terms and conditions (including as to the remuneration payable by the Company) and with such powers of sub-delegation, but subject to such restrictions, as they think fit.

**5.** **ISSUE OF SHARES** 

**5.1** **Power of Directors to issue Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 issue of Shares is under the control of the Directors who may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) offer,
 issue, allot or otherwise dispose of them to such persons, in such manner, on such terms
 and having such rights and being subject to such restrictions, as they may from time to time
 determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) grant
 options over such Shares and issue warrants, convertible securities or similar instruments
 with respect thereto, subject to the Companies Act, the Memorandum, these Articles, any resolution
 that may be passed by the Company in general meeting and any rights attached to any Shares
 or Class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may authorise the division of Shares into any number of Classes and the different
 Classes shall be authorised, established and designated (or re-designated as the case may
 be) and the variations in the relative rights (including, without limitation, voting, dividend,
 return of capital and redemption rights), restrictions, preferences, privileges and payment
 obligations as between the different Classes (if any) shall be fixed and determined by the
 Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Directors may refuse to accept any application for Shares, and may accept any application
 in whole or in part, for any reason or for no reason.

**5.2** **Class A Ordinary Shares and Class B Ordinary Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Holders
 of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as
 one class on all resolutions submitted to a vote by the Members. Each Class A Ordinary Share
 shall entitle the holder thereof to one (1) vote on all matters subject to a vote at general
 meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof
 to twenty (20) votes on all matters subject to a vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at
 the option of the holder thereof. The right to convert shall be exercisable by the holder
 of the Class B Ordinary Share delivering a written notice to the Company that such holder
 elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares.
 In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to these Articles
 shall be effected by means of the re-designation of each relevant Class B Ordinary Share
 as a Class A Ordinary Share. Such conversion shall become effective forthwith upon entries
 being made in the Register of Members to record the re-designation of the relevant Class
 B Ordinary Shares as Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 any sale, transfer, assignment or disposition of any Class B Ordinary Share by a Member to
 any person who is not an affiliate of such Member, or upon a change of ultimate beneficial
 ownership of any Class B Ordinary Share to any erson who is not an affiliate of the registered
 shareholder of such Share, such Class B Ordinary Share shall be automatically and immediately
 converted into one (1) Class A Ordinary Share. For the avoidance of doubt, (i) a sale, transfer,
 assignment or disposition shall be effective upon the Company's registration of such
 sale, trasnfer, assignment or disposition in its Register of Members; (ii) the creation of
 any pledge, charge, encumbrance or other third party right of whatever description on any
 Class B Ordinary Shares to secure a holder's contractual or legal obligations shall
 not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge,
 charge, encumbrance or other third party right is enforced and results in the third party
 holding legal title to the relevant Class B Ordinary Shares, in which case all the related
 Class B Ordinary Shares shall be automatically converted into the same number of Class A
 Ordinary Shares; and (iii) any sale, transfer or other disposal of Class B Ordinary Shares
 by a holder thereof to any holders of Class B Ordinary Shares or their affiliates shall not
 result in a conversion of Class B Ordinary Shares to Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Save
 and except for voting rights and conversion rights as set out in Articles 5.2(a) to (d) (inclusive),
 the Class A Ordinary Shares and the Class B Ordinary Shares shall rank *pari passu* with one another and shall have the same rights, preferences, privileges and restrictions.

**5.3** **Payment of commission or brokerage** 

Subject to the provisions of the Companies Act, the Company may pay a commission or brokerage in connection with the subscription for or issue of any Shares. The Company may pay the commission or brokerage in cash or by issuing fully or partly paid Shares or by a combination of both.

**5.4** **No Shares to bearer** 

The Company shall not issue Shares to bearer.

**5.5** **Fractional Shares** 

The Directors may issue fractions of a Share of any Class, and, if so issued, a fraction of a Share (calculated to such decimal points as the Directors may determine) shall be subject to and carry the corresponding fraction of liabilities (whether with respect to any unpaid amount thereon, contribution, calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without limitation, voting and participation rights) and other attributes of a whole Share of the same Class.

**5.6** **Treasury Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares
 that the Company purchases, redeems or acquires by way of surrender in accordance with the
 Companies Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 relevant provisions of the Memorandum and Articles and the Companies Act are otherwise complied
 with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to members on a winding
 up) may be made to the Company in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company shall be entered in the Register of Members as the holder of the Treasury Shares.
 However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company shall not be treated as a Member for any purpose and shall not exercise any right
 in respect of the Treasury Shares, and any purported exercise of such a right shall be void;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 Treasury Share shall not be voted, directly or indirectly, at any general meeting of the
 Company and shall not be counted in determining the total number of issued Shares at any
 given time, whether for the purposes of these Articles or the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing
 in paragraph (c) above prevents an allotment of Shares as fully paid up bonus Shares in respect
 of a Treasury Share and Shares allotted as fully paid up bonus Shares in respect of a Treasury
 Share shall be treated as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Treasury
 Shares may be disposed of by the Company in accordance with the Companies Act and otherwise
 on such terms and conditions as the Directors determine.

**6.** **REGISTER OF MEMBERS** 

**6.1** The
 Company shall maintain or cause to be maintained a Register of Members.

**6.2** Upon
 request, the Direcors shall confirm to any Member the entry of the name of such Member in
 the Register of Members and the number and the Class of Shares held by such Member. No Member
 (not being a Director) shall have any right to inspect the Register of Members execpt as
 conferred by the Companies Act or as authorised by the Directors.

**7.** **CLOSING REGISTER OF MEMBERS AND FIXING RECORD DATE** 

**7.1** **Power of Directors to close the Register of Members** 

For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or any adjournment of a meeting, or Members entitled to receive payment of any dividend or distribution, or in order to make a determination of Members for any other proper purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed thirty (30) days.

**7.2** **Power of Directors to fix a record date** 

In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrear a date as the record date for any such determination of Members entitled to notice of or to vote at a meeting of the Members, and for the purpose of determining the Members entitled to receive payment of any dividend or distribution, or in order to make a determination of Members for any other purpose.

**7.3** **Circumstances where Register of Members is not closed and no fixed record date** 

If the Register of Members is not closed and no record date is fixed for the determination of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a dividend or distribution, the date on which notice of the meeting is sent or the date on which the resolution of the Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment of that meeting.

**8.** **SHARE CERTIFICATES** 

**8.1** **Issue of share certificates** 

A Member shall only be entitled to a share certificate if the Directors resolve that share certificates shall be issued.

**8.2** **Form of share certificates** 

Share certificates, if any, shall be in such form as the Directors may determine and shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise share certificates to be issued with the authorised signature(s) affixed by mechanical process. All share certificates shall be consecutively numbered or otherwise identified and shall specify the number and Class of Shares to which they relate and the amount paid up thereon or the fact that they are fully paid, as the case may be. All share certificates surrendered to the Company for transfer shall be cancelled and subject to these Articles no new certificate shall be issued until the former certificate evidencing a like number of relevant Shares shall have been surrendered and cancelled. Where only some of the Shares evidenced by a share certificate are transferred, the old certificate shall be surrendered and cancelled and a new certificate for the balance of the Shares shall be issued in lieu without charge.

**8.3** **Certificates for jointly-held Shares** 

If the Company issues a share certificate in respect of Shares held jointly by more than one person, delivery of a single share certificate to one joint holder shall be a sufficient delivery to all of them.

**9.** **CALLS ON SHARES** 

**9.1** **Calls, how made** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms on which Shares are allotted, the Directors may make calls on the Members (and
 any persons entitled by transmission) in respect of any amounts unpaid on their Shares (whether
 in respect of nominal value or premium or otherwise) and not payable on a date fixed by or
 in accordance with the allotment terms. Each such Member or other person shall pay to the
 Company the amount called, subject to receiving at least fourteen (14) clear days'
 notice specifying when and where the payment is to be made, as required by such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 call may be made payable by instalments. A call shall be deemed to have been made when the
 resolution of the Directors authorising it is passed. A call may, before the Company's
 receipt of any amount due under it, be revoked or postponed in whole or in part as the Directors
 may decide. A person upon whom a call is made will remain liable for calls made on him notwithstanding
 the subsequent transfer of the Shares in respect of which the call was made.

**9.2** **Liability of joint holders** 

The joint holders of a Share shall be jointly and severally liable to pay all calls in respect of it.

**9.3** **lnterest** 

lf the whole of the sum payable in respect of any call is not paid by the day it becomes due and payable, the person from whom it is due shall pay all costs, charges and expenses that the Company may have incurred by reason of such non-payment, together with interest on the unpaid amount from the day it became due and payable until it is paid at the rate fixed by the terms of the allotment of the Share or in the notice of the call or, if no rate is fixed, at such rate, not exceeding eight percent (8%) per annum (compounded on a six monthly basis), as the Directors shall determine. The Directors may waive payment of such costs, charges, expenses or interest in whole or in part.

**9.4** **Differentiation** 

Subject to the allotment terms, the Directors may make arrangements on or before the issue of Shares to differentiate between the holders of Shares in the amounts and times of payment of calls on their Shares.

**9.5** **Payment in advance of calls** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may receive from any Member (or any person entitled by transmission) all or any
 part of the amount uncalled and unpaid on the Shares held by him (or to which he is entitled).
 The liability of each such Member or other person on the Shares to which such payment relates
 shall be reduced by such amount. The Company may pay interest on such amount from the time
 of receipt until the time when such amount would, but for such advance, have become due and
 payable at such rate not exceeding eight percent (8%) per annum (compounded on a six monthly
 basis) as the Directors may decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 sum paid up on a Share in advance of a call shall entitle the holder to any portion of a
 dividend subsequently declared or paid in respect of any period prior to the date on which
 such sum would, but for such payment, become due and payable.

**9.6** **Restrictions if calls unpaid** 

Unless the Directors decide otherwise, no Member shall be entitled to receive any dividend or to be present or vote at any meeting or to exercise any right or privilege as a Member until he has paid all calls due and payable on every Share held by him, whether alone or jointly with any other person, together with interest and expenses (if any) to the Company.

**9.7** **Sums due on allotment treated as calls** 

Any sum payable in respect of a Share on allotment or at any fixed date, whether in respect of the nominal value of the Share or by way of premium or otherwise or as an instalment of a call, shall be deemed to be a call. lf such sum is not paid, these Articles shall apply as if it had become due and payable by virtue of a call.

**10.** **FORFEITURE OF SHARES** 

**10.1** **Forfeiture after notice of unpaid call** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) lf
 a call or an instalment of a call remains unpaid after it has become due and payable, the
 Directors may give to the person from whom it is due not less than fourteen (14) clear days'
 notice requiring payment of the amount unpaid together with any interest which may have accrued
 and any costs, charges and expenses that the Company may have incurred by reason of such
 non-payment. The notice shall state the place where payment is to be made and that if the
 notice is not complied with the Shares in respect of which the call was made will be liable
 to be forfeited. lf the notice is not complied with, any Shares in respect of which it was
 given may, before the payment required by the notice has been made, be forfeited by a resolution
 of the Directors. The forfeiture will include all dividends and other amounts payable in
 respect of the forfeited Shares which have not been paid before the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may accept the surrender of a Share which is liable to be forfeited in accordance
 with these Articles. All provisions in these Articles which apply to the forfeiture of a
 Share also apply to the surrender of a Share.

**10.2** **Notice after forfeiture** 

When a Share has been forfeited, the Company shall give notice of the forfeiture to the person who was before forfeiture the holder of the Share or the person entitled by transmission to the Share. An entry that such notice has been given and of the fact and date of forfeiture shall be made in the Register of Members. Notwithstanding the above, no forfeiture will be invalidated by any omission to give such notice or make such entry.

**10.3** **Consequences of forfeiture** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Share shall, on its forfeiture, become the property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 interest in and all claims and demands against the Company in respect of a Share and all
 other rights and liabilities incidental to the Share as between its holder and the Company
 shall, on its forfeiture, be extinguished and terminate except as otherwise stated in these
 Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 holder of a Share (or the person entitled to it by transmission) which is forfeited shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 its forfeiture cease to be a Member (or a person entitled) in respect of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) remain
 liable to pay to the Company all monies payable in respect of the Share at the time of forfeiture,
 with interest from such time of forfeiture until the time of payment, in the same manner
 in all respects as if the Share had not been forfeited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) remain
 liable to satisfy all (if any) claims and demands which the Company might have enforced in
 respect of the Share at the time of forfeiture without any deduction or allowance for the
 value of the Share at the time of forfeiture or for any consideration received on its disposal.

**10.4** **Disposal of forfeited Share** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such
 manner as the Directors may decide either to the person who was before the forfeiture the
 holder or to any other person. At any time before the disposal, the forfeiture may be cancelled
 on such terms as the Directors may decide. Where for the purpose of its disposal a forfeited
 Share is to be transferred to any transferee, the Directors may authorise a person to execute
 an instrument of transfer of Shares in the name and on behalf of their holder to the purchaser
 or as the purchaser may direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 purchaser will not be bound to see to the application of the purchase monies in respect of
 any such sale. The title of the transferee to the Shares will not be affected by any irregularity
 in or invalidity of the proceedings connected with the sale or transfer. Any instrument or
 exercise referred to at paragraph (a) of this Article shall be effective as if it had been
 executed or exercised by the holder of, or the person entitled by transmission to, the Shares
 to which it relates.

**10.5** **Proof of forfeiture** 

A statutory declaration by a Director or any other officer that a Share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it against all persons claiming to be entitled to the Share. The declaration shall (subject to the execution of any necessary instrument of transfer) constitute good title to the Share. The person to whom the Share is disposed of shall not be bound to see to the application of the consideration (if any) given for it on such disposal. His title to the Share will not be affected by any irregularity in, or invalidity of, the proceedings connected with the forfeiture or disposal.

**11.** **TRANSFER OF SHARES** 

**11.1** **Written instrument of transfer** 

Subject to these Articles, a Share is transferable by means of a written instrument of transfer in any usual or common form for use in the Cayman Islands or any other form approved by the Directors and which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has
 been executed by or on behalf of the transferor; and

(b) is
 accompanied by such documentation that the Directors may request.

**11.2** **Refusal to register transfers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Directors may resolve to refuse to register any transfer of Shares and are not obliged to
 give any reason for that refusal, provided that the Directors may (with or without conditions)
 irrevocably waive or modify this right in connection with the listing of Shares on a stock
 exchange or where the free transferability of Shares is otherwise desirable.

(d) If
 the Directors refuse to register a transfer of Shares they must, within two months of such
 refusal (i) give notice of the refusal to the registered holder of the Shares and the proposed
 transferee named on the transfer and (ii) at their election, either destroy any instrument
 of transfer provided to them in respect of such proposed transfer, or return such instrument
 to the person who provided it to them. Failure to provide such notice or to destroy or return
 such instrument does not invalidate the decision of the Directors to refuse to register that
 transfer.

**11.3** **Effect of registration** 

The transferor shall be deemed to remain the holder of the Share transferred until the name of the transferee is entered in the Register of Members in respect of that Share.

**12.** **TRANSMISSION OF SHARES** 

**12.1** **Transmission of Shares** 

If a Member dies, becomes bankrupt, commences liquidation or is dissolved, the only person that the Company will recognise as having any title to, or interest in, that Member's Share (other than the Member) are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the deceased Member was a joint holder, the survivor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the deceased Member was a sole or the only surviving holder, the personal representative
 of that Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 trustee in bankruptcy or other person succeeding to the Member's interest by operation
 of law,

but nothing in these Articles releases the estate of a deceased Member, or any other successor by operation of law, from any liability in respect of any Share held by that Member solely or jointly.

**12.2** **Election by persons entitled on transmission** 

Any person becoming entitled to a Share as a result of the death, bankruptcy, liquidation or dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced as may from time to time be required by the Directors, elect either to become registered as the holder of the Share or nominate another person to be registered as the holder of that Share.

**12.3** **Manner of election** 

A person who makes an election under the preceding Article shall give written notice to the Company to that effect, but the Directors shall, in either case, have the same right to refuse registration as they would have had in the case of a transfer of the Share by that Member before his death, bankruptcy, liquidation or dissolution, as the case may be.

**12.4** **Rights of persons entitled by transmission** 

A person becoming entitled to a Share by reason of the death, bankruptcy, liquidation or dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends and other rights to which he would be entitled if he were the registered holder of the Share. However, the person shall not, before being registered as a Member in respect of the Share, be entitled in respect of it to attend or vote at any meeting of the Company and the Directors may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him registered as the holder (and the Directors shall, in either case, have the same right to refuse registration as they would have had in the case of a transfer of the Share by that Member before his death, bankruptcy, liquidation or dissolution, as the case may be). If the notice is not complied with within ninety (90) days the Directors may withhold payment of all Dividends, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with.

**12.5** **No surviving Member or Director** 

Notwithstanding the foregoing, where there is no Director in office and the only persons interested in the issued Shares are entitled on transmission, such persons shall be treated as if already registered as the holders of such Shares, but solely for the purpose of passing an Ordinary Resolution appointing one or more Directors.

**13.** **REDEMPTION, PURCHASE AND SURRENDER OF SHARES** 

**13.1** **Surrender of Shares** 

Shares may be surrendered in accordance with the relevant provisions of the Companies Act.

**13.2** **Shares not redeemable** 

Shares are not redeemable.

**13.3** **Power of the Company to purchase its Shares** 

Subject to the provisions of the Companies Act and to any rights conferred on the holders of any class of Shares, the Company shall have the power to purchase all or any of its Shares on such terms as the Directors may agree with the holders of such Shares. The Company may make a payment in respect of the purchase of its own Shares in any manner permitted by the Companies Act, including out of capital. Purchase proceeds may be paid in cash and/or in-kind.

**13.4** **Holding Shares in treasury** 

The Directors may hold and dispose of any repurchased, redeemed or surrendered Shares in treasury in accordance with the relevant provisions of the Companies Act.

**14.** **FINANCIAL ASSISTANCE** 

The Company may give financial assistance directly or indirectly for the purpose of, or in connection with, the acquisition made or to be made by any person of any Shares or of shares in any Member.

**15.** **CLASS RIGHTS AND CLASS MEETINGS** 

**15.1** **Variation of class rights** 

Subject to the Companies Act, if at any time the share capital of the Company is divided into different Classes of Shares, all or any of the rights attached to any Class of Shares may be varied in such manner as those rights may provide or, if no such provision is made, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 the consent in writing of holders of not less than three-fourths of the issued Shares of
 that Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the sanction of a resolution passed at a separate meeting of the holders of the Shares of
 that Class by a majority of votes cast of the holders of the Shares of that Class present
 and voting at such meeting with a quorum of 2 persons at least holding (whether in person
 or by proxy) not less than one-thirds of the holders of the Shares of that Class.

**15.2** **Treatment of classes of Shares by Directors** 

The Directors may treat two or more or all of the Classes of Shares as forming one class of Shares if the Directors consider that such Classes of Shares would be affected by the proposed variation in the same way.

**15.3** **Effect of Share issue on class rights** 

The rights attached to any Class of Shares are not taken to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 creation or issue of further Shares ranking equally with them unless expressly provided by
 the terms of the issue of the Shares of that Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 reduction of capital paid up on such Shares or by the repurchase, redemption or surrender
 of any Shares in accordance with the Companies Act and these Articles.

**15.4** **Class meetings** 

The provisions of these Articles relating to general meetings of the Company shall apply mutatis mutandis to any Class meeting, except that the quorum shall be two or more Members that together hold at least one-third of the issued Shares of that Class.

**16.** **NO RECOGNITION OF TRUSTS OR THIRD PARTY INTERESTS** 

Except as otherwise expressly provided by these Articles or as required by law or as ordered by a court of competent jurisdiction, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 not required to recognise a person as holding any Share on any trust, even if the Company
 has notice of the trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 not required to recognise, and is not bound by, any interest in or claim to any Share, except
 for the registered holder's absolute legal ownership of the Share, even if the Company
 has notice of that interest or claim.

**17.** **LIEN ON SHARES** 

**17.1** **Lien on Shares generally** 

The Company shall have a first and paramount lien on all Shares registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or amounts payable to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the Directors may at any time determine any Share to be wholly or in part exempt from the provisions of this Article. The Company's lien on a Share is released if a transfer of that Share is registered.

**17.2** **Enforcement of lien by sale** 

The Company may sell, on such terms and in such manner as the Directors think fit, any Share on which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within fourteen (14) clear days after notice has been given by the Company to the holder of the Share (or to any other person entitled by transmission to the Shares) demanding payment of that amount and giving notice of intention to sell the Share if such payment is not made.

**17.3** **Completion of sale under lien** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 give effect to a sale of Shares under a lien the Directors may authorise any person to execute
 an instrument of transfer in respect of the Shares to be sold to, or in accordance with the
 directions of, the relevant purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 purchaser or his nominee shall be registered as the holder of the Shares comprised in any
 such transfer, and he shall not be bound to see to the application of any consideration provided
 for the Shares, nor will the purchaser's title to the Shares be affected by any irregularity
 or invalidity in connection with the sale or the exercise of the Company's power of
 sale under these Articles.

**17.4** **Application of proceeds of sale** 

The net proceeds of a sale made under a lien after payment of costs, shall be applied in payment of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person who was entitled to the Shares immediately prior to the sale.

**18.** **ALTERATION OF SHARE CAPITAL** 

**18.1** **The Company may by Ordinary Resolution:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase
 its share capital by such sum, to be divided into Shares of such Classes and amounts as the
 resolution shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consolidate,
 or consolidate and divide all or any of its share capital into Shares of a larger amount
 than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subdivide
 its Shares, or any of them, into Shares of a smaller amount than is fixed by the Memorandum;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cancel
 any Shares which, at the date of the passing of the resolution, have not been taken, or agreed
 to be taken, by any person and diminish the amount of its share capital by the amount of
 the Shares so cancelled.

**18.2** All
 new Shares created in accordance with the provisions of this Article shall be subject to
 the same provisions of these Articles with reference to liens, transfer, transmission and
 otherwise as the Shares in the original share capital.

**18.3** Subject
 to the provisions of the Companies Act and the provisions of these Articles as regards the
 matters to be dealt with by Ordinary Resolution, the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name;

(b) alter
 or add to these Articles;

(c) alter
 or add to the Memorandum with respect to any objects, powers or other matters specified therein;

(d) reduce
 its share capital and any capital redemption reserve;

(e) commence
 a voluntary winding up; and

(f) merge
 or consolidate with any one or more constituent companies (as defined in the Companies Act).

**19.** **GENERAL MEETINGS** 

**19.1** **Annual general meetings and general meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may hold an annual general meeting in each calendar year, which shall be convened
 by the Directors, in accordance with these Articles, but so that the maximum period between
 such annual general meetings shall not exceed fifteen (15) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

**19.2** **Convening of general meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may convene a general meeting of the Company whenever the Directors think fit,
 and must do so if required to do so pursuant to a valid Members' requisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 at any time there are no Directors then any one Member shall be entitled to convene a general
 meeting of the Company in the same manner as if such Member were the Directors.

(c) The
 Directors may, in their absolute discretion (save for general meetings convened at the requisition
 of one or more Members), postpone or cancel a general meeting before the date on which it
 is to be held, with or without reason.

**19.3** **Members' requisition** 

A Members' requisition is a requisition of Members of the Company holding at the date of deposit of the requisition at the Registered Office not less than ten percent (10%) in par value of the issued Shares which as at that date carry the right to vote at general meetings of the Company.

**19.4** **Requirements of Members' requisition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 requisition must state the objects of the general meeting and must be signed by the requisitionists
 and deposited at the Registered Office, and may consist of several documents in like form
 each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Directors do not within twenty-one (21) days from the date of the deposit of the requisition
 duly proceed to convene a general meeting to be held within a further twenty-one (21) days,
 the requisitionists, or any of them representing a majority of the total voting rights of
 all of them, may themselves convene a general meeting of the Company, but any meeting so
 convened shall not be held after the expiration of three months after the expiration of such
 twenty-one (21) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 general meeting convened in accordance with this Article by requisitionists shall be convened
 (insofar as is possible) in the same manner as that in which general meetings are to be convened
 by Directors and the Directors shall, upon demand, provide the names and addresses of each
 Member to the requisitionists for the purpose of convening such meeting.

**20.** **NOTICE OF GENERAL MEETINGS** 

**20.1** **Length and form of notice and persons to whom notice must be given** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 least five (5) clear days' notice shall be given of any annual general meeting or general
 meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the Companies Act and notwithstanding that it is convened by shorter notice than that
 specified in paragraph (a) of this Article, a general meeting shall be deemed to have been
 duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of an annual general meeting, by all shareholders entitled to attend and vote at
 the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of an extraordinary general meeting, by at least seventy-five percent (75%) of all
 the Members entitled to attend and vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 notice of meeting shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether
 the meeting is an annual general meeting or a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 place, the day and the time of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 general nature of the business to be transacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if
 the meeting is convened to consider a Special Resolution, the intention to propose the resolution
 as such; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 reasonable prominence, that a Member entitled to attend and vote is entitled to appoint one
 or more proxies to attend and, on a poll, vote instead of him and that a proxy need not also
 be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 notice of meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall
 be given to the Members (other than a Member who, under these Articles or any restrictions
 imposed on any Shares, is not entitled to receive notice from the Company), to each Director
 and alternate Director, to the Auditor and to such other persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) may
 specify a time by which a person must be entered on the Register of Members in order for
 such person to have the right to attend or vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Directors may determine that the Members entitled to receive notice of a meeting are those
 persons entered on the Register of Members at the close of business on a day determined by
 the Directors.

**20.2** **Omission or non-receipt of notice or instrument of proxy** 

The accidental omission to send or give notice of meeting or, in cases where it is intended that it be sent out or given with the notice, an instrument of proxy or other document to, or the non-receipt of any such item by, any person entitled to receive such notice shall not invalidate the proceedings at that meeting.

**21.** **PROCEEDINGS AT GENERAL MEETINGS** 

**21.1** **Requirement and number for a quorum** 

No item of business may be transacted at a general meeting unless a quorum is present. A quorum is two Members present in person or by proxy or by a duly authorised representative and entitled to vote unless the Company has only one Member in which case that Member alone constitutes a quorum.

**21.2** **General meetings by telephone or other communications device** 

A general meeting may be held by means of any telephone, electronic or other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by resolution of the Members present, the meeting shall be deemed to be held at the place where the chairman is physically present.

**21.3** **Adjournment if quorum not present** 

If within fifteen (15) minutes after the time appointed for a general meeting a quorum is not present (or if during such a meeting a quorum ceases to be present), the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 convened upon the requisition of Members, shall be dissolved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 any other case, stands adjourned to the same day in the next week at the same time and place
 or to such other day, time and place as the Directors may determine, and if at the adjourned
 meeting a quorum is not present within fifteen (15) minutes from the time appointed for the
 meeting the Members present shall be a quorum.

**21.4** **Appointment of chairman of general meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Directors have elected one of their number as chairman of their meetings that person
 shall preside as chairman at every general meeting of the Company. If there is no such chairman,
 or if the elected chairman is not present within fifteen (15) minutes after the time appointed
 for the holding of the meeting, or is unable or unwilling to act, the Directors present shall
 elect one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 no Director is willing to act as chairman or if no Director is present within fifteen (15)
 minutes after the time appointed for holding the meeting, the Members present shall choose
 one of their number to be chairman of the meeting.

**21.5** **Orderly conduct** 

The chairman shall take such action or give directions for such action to be taken as he thinks fit to promote the orderly conduct of the business of the meeting. The chairman's decision on points of order, matters of procedure or arising incidentally from the business of the meeting shall be final as shall be his determination as to whether any point or matter is of such a nature.

**21.6** **Entitlement to attend and speak** 

Each Director shall be entitled to attend and speak at any general meeting of the Company. The chairman may invite any person to attend and speak at any general meeting of the Company where he considers that this will assist in the deliberations of the meeting.

**21.7** **Adjournment of general meeting** 

The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a general meeting is adjourned for thirty (30) days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice.

**21.8** **Voting on a show of hands** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 any general meeting a resolution put to the vote of the meeting must be decided on a show
 of hands unless a poll is demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 a poll is so demanded, a declaration by the chairman that a resolution has, on a show of
 hands, been carried, or carried unanimously, or by a particular majority, or lost, and an
 entry to that effect in the Company's book containing the minutes of proceedings of
 the Company, is conclusive evidence of the fact. Neither the chairman nor the minutes need
 state, and it is not necessary to prove, the number or proportion of the votes recorded in
 favour of or against the resolution.

**21.9** **When a poll may be demanded** 

A poll may only be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before
 the show of hands on that resolution is taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) before
 the result of the show of hands on that resolution is declared; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately
 after the result of the show of hands on that resolution is declared.

**21.10** **Demand for poll** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 poll may be demanded by the chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 demand for a poll does not prevent the continuance of the meeting for the transaction of
 any business other than the question on which the poll has been demanded.

**21.11** **Voting on a poll** 

If a poll is properly demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 must be taken in the manner and at the date and time directed by the chairman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 the election of a chairman or on a question of adjournment, it must be taken immediately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 result of the poll is a resolution of the meeting at which the poll was demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 demand may be withdrawn.

**21.12** **No casting vote for chairman** 

If there is an equality of votes either on a show of hands or on a poll, the chairman is not entitled to a second or casting vote in addition to any other vote he may have or be entitled to exercise.

**22.** **VOTES OF MEMBERS** 

**22.1** **Written resolutions of Members** 

A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on behalf of all Members for the time being entitled to receive notice of and to attend and vote at general meetings of the Company shall be as valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held. A resolution in writing is adopted when all Members entitled to do so have signed it.

**22.2** **Registered Members to vote** 

No person shall be entitled to vote at any general meeting unless he is registered as a Member in the Register of Members on the record date for such meeting.

**22.3** **Voting rights** 

Subject to these Articles and to any rights or restrictions for the time being attached to any Class or Classes of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 a show of hands, each Member present in person and each other person present as a proxy or
 duly authorised representative of a Member has one vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 a poll, each Member present in person or by proxy (or, if a corporation or other non-natural
 person, by its duly authorised representative or proxy) shall have one (1) vote for each
 Class A Ordinary Share and twenty (20) votes for each Class B Ordinary Share of which he
 is the holder.

**22.4** **Voting rights of joint holders** 

If a Share is held jointly and more than one of the joint holders votes in respect of that Share, only the vote of the joint holder whose name appears first in the Register of Members in respect of that Share counts.

**22.5** **Voting rights of Members incapable of managing their affairs** 

A Member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction in matters concerning mental disorder, may vote whether on a show of hands or on a poll by his receiver, curator bonis, or other person on such Member's behalf appointed by that court, and any such receiver, curator bonis or other person may vote by proxy.

**22.6** **Voting restriction on an outstanding call** 

Unless the Directors decide otherwise, no Member shall be entitled to be present or vote at any general meeting either personally or by proxy until he has paid all calls due and payable on every Share held by him whether alone or jointly with any other person together with interest and expenses (if any) to the Company.

**22.7** **Objection to error in voting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 objection to the right of a person to attend or vote at a general meeting or adjourned general
 meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may
 not be raised except at that meeting or adjourned meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) must
 be referred to the chairman of the meeting whose decision is final.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 any objection is raised to the right of a person to vote and the chairman disallows the objection
 then the vote cast by that person is valid for all purposes.

**23.** **REPRESENTATION OF MEMBERS AT GENERAL MEETINGS** 

**23.1** **How Members may attend and vote** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to these Articles, each Member entitled to vote at a general meeting may attend and vote
 at the general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 person, or where a Member is a company or non-natural person, by a duly authorised representative;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 one or more proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 proxy or a duly authorised representative may, but not need be, a Member of the Company.

**23.2** **Appointment of proxies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 instrument appointing a proxy shall be in writing and be executed by or on behalf of the
 Member appointing the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 corporation may execute an instrument appointing a proxy either under its common seal (or
 in any other manner permitted by law and having the same effect as if executed under seal)
 or under the hand of a duly authorised officer, attorney or other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 Member may appoint more than one proxy to attend on the same occasion, but only one proxy
 may be appointed in respect of any one Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 appointment of a proxy shall not preclude a Member from attending and voting at the meeting
 or any adjournment of it.

**23.3** **Form of instrument of proxy** 

The instrument appointing a proxy may be in any usual or common form (or in any other form approved by the Directors) and may be expressed to be for a particular general meeting (or any adjournment of a general meeting) or generally until revoked.

**23.4** **Authority under instrument of proxy** 

The instrument appointing a proxy shall be deemed (unless the contrary is stated in it) to confer authority to demand or join in demanding a poll and to vote, on a poll, on a resolution as a motion or an amendment of a resolution put to, or other business which may properly come before, the meeting or meetings for which it is given or any adjournment of any such meeting, as the proxy thinks fit.

**23.5** **Receipt of proxy appointment** 

The instrument appointing a proxy and any authority under which it is executed shall be deposited at the Registered Office or at such other place as is specified in the notice convening the meeting (or in any instrument of proxy sent out by the Company) prior to the time set out in such notice or instrument (or if no such time is specified, no later than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting). Notwithstanding the foregoing, the chairman may, in any event, at his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

**23.6** **Validity of votes cast by proxy** 

Votes given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the instrument of proxy or of the authority under which the instrument of proxy was executed, or the transfer of the Share in respect of which the proxy is appointed unless notice in writing of such death, insanity, revocation or transfer was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which the proxy voted.

**23.7** **Corporate representatives** 

A corporation which is a Member may, by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Company or at any separate meeting of the holders of any Class of Shares. Any person so authorised shall be entitled to exercise the same powers on behalf of the corporation (in respect of that part of the corporation's holdings to which the authority relates) as the corporation could exercise if it were an individual Member. The corporation shall for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present at it. All references in these Articles to attendance and voting in person shall be construed accordingly. A Director, the Secretary or some other person authorised for the purpose by a Director may require the representative to produce a certified copy of the resolution so authorising him or such other evidence of his authority reasonably satisfactory to such person before permitting him to exercise his powers.

**23.8** **Termination of proxy or corporate authority** 

A vote given or poll demanded by proxy or by the duly authorised representative of a corporation shall be valid notwithstanding the previous termination of the authority of the person voting or demanding a poll, unless notice of the termination was received by the Company at the Registered Office, or at such other place at which the instrument of proxy was duly deposited, or, where the appointment of proxy was contained in an electronic communication, at the address at which such appointment was duly received, at least one hour before the commencement of the meeting or adjourned meeting at which the vote is given or the poll demanded or (in the case of a poll not taken on the same day as the meeting or adjourned meeting) at least one hour before the time appointed for taking the poll.

**23.9** **Amendment to resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 an amendment shall be proposed to any resolution but shall in good faith be ruled out of
 order by the chairman of the meeting, any error in such ruling shall not invalidate the proceedings
 on the substantive resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ln
 the case of a resolution duly proposed as a Special Resolution, no amendment to it (other
 than an amendment to correct a patent error) may be considered or voted on and in the case
 of a resolution duly proposed as an Ordinary Resolution no amendment to it (other than an
 amendment to correct a patent error) may be considered or voted on unless either at least
 forty-eight (48) hours prior to the time appointed for holding the meeting or adjourned meeting
 at which such Ordinary Resolution is to be proposed notice in writing of the terms of the
 amendment and intention to move it has been lodged at the Registered Office or the chairman
 of the meeting in his absolute discretion decides that it may be considered or voted on.

**23.10** **Shares that may not be voted** 

Shares that are beneficially owned by the Company shall not be voted, directly or indirectly, at any general meeting or Class meeting (as applicable) and shall not be counted in determining the total number of outstanding Shares at any given time.

**24.** **APPOINTMENT, RETIREMENT AND REMOVAL OF DIRECTORS** 

**24.1** **Number of Directors** 

The Company may from time to time by Ordinary Resolution establish or vary a maximum and/or minimum number of Directors. Unless otherwise determined by the Company by Ordinary Resolution the number of Directors (other than alternate Directors) shall be not less than two and there shall be no maximum number of Directors.

**24.2** **No shareholding qualification** 

The Company may by Ordinary Resolution fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

**24.3** **Appointment of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may by Ordinary Resolution appoint a person who is willing to act to be a Director
 either to fill a vacancy or as an addition to the existing Directors, subject to the total
 number of Directors not exceeding any maximum number fixed by or in accordance with these
 Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 prejudice to the Company's power to appoint a person to be a Director pursuant to these
 Articles, the Directors shall have power at any time to appoint any person who is willing
 to act as a Director, either to fill a vacancy or as an addition to the existing Directors,
 subject to the total number of Directors not exceeding any maximum number fixed by or in
 accordance with these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Director so appointed shall, if still a Director, retire at the next annual general meeting
 after his appointment and be eligible to stand for election as a Director at such meeting.
 Such person shall not be taken into account in determining the number or identity of Directors
 who are to retire by rotation at such meeting.

**24.4** **Appointment of executive Directors** 

The Directors may appoint one or more of its members to an executive office or other position of employment with the Company for such term and on any other conditions the Directors think fit. The Directors may revoke, terminate or vary the terms of any such appointment, without prejudice to a claim for damages for breach of contract between the Director and the Company.

**24.5** **Rotational retirement at annual general meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Director is subject to retirement by rotation in accordance with these Articles, subject
 to Article **‎** 24.3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 each annual general meeting one-third of the Directors who are subject to retirement by rotation
 or, if their number is not three nor a multiple of three, the number nearest to but not exceeding
 one-third, shall retire from office. lf there are fewer than three Directors who are subject
 to retirement by rotation, one of them shall retire from office at the annual general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject
 to these Articles, the Directors to retire by rotation at each annual general meeting shall
 be, so far as necessary to obtain the number required, first, any Director who wishes to
 retire and not offer himself for re-election and secondly, those Directors who have been
 longest in office since their last appointment or re-appointment. As between two or more
 Directors who have been in office an equal length of time, the Director to retire shall,
 in default of agreement between them, be determined by lot. The Directors to retire on each
 occasion (both as to number and identity) shall be determined by the composition of the Directors
 at the start of business seven (7) days before the date of the notice convening the annual
 general meeting notwithstanding any change in the number or identity of the Directors after
 that time but before the close of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) lf
 the Directors so decide, one or more other Directors selected by the Directors may also retire
 at an annual general meeting as if any such other Director was also retiring by rotation
 at that meeting in accordance with these Articles.

**24.6** **Position of retiring Director** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Director who retires at an annual general meeting (whether by rotation or otherwise) may,
 if willing to act, be re-appointed. lf he is not re-appointed or deemed to have been reappointed,
 he shall retain office until the meeting appoints someone in his place or, if it does not
 do so, until the end of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 any general meeting at which a Director retires by rotation the Company may fill the vacancy
 and, if it does not do so, the retiring Director shall, if willing, be deemed to have been
 re-appointed unless it is expressly resolved not to fill the vacancy or a resolution for
 the re-appointment of the Director is put to the meeting and lost.

**24.7** **No age limit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 person shall be disqualified from being appointed or re-appointed as a Director and no Director
 shall be requested to vacate that office by reason of his attaining the age of seventy or
 any other age.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It
 shall not be necessary to give special notice of any resolution appointing, re-appointing
 or approving the appointment of a Director by reason of his age.

**24.8** **Removal of Directors by Ordinary Resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by
 Ordinary Resolution remove any Director before the expiration of his period of office, but
 without prejudice to any claim for damages which he may have for breach of any contract of
 service between him and the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 Ordinary Resolution appoint another person who is willing to act to be a Director in his
 place (subject to these Articles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 person so appointed shall be treated, for the purposes of determining the time at which he
 or any other Director is to retire, as if he had become a Director on the day on which the
 person in whose place he is appointed was last appointed or re-appointed a Director.

**24.9** **Other circumstances in which a Director ceases to hold office** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without
 prejudice to the provisions in these Articles for retirement (by rotation or otherwise) a
 Director ceases to hold office as a Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) he
 resigns as Director by notice in writing delivered to the Directors or to the Registered
 Office or tendered at a meeting of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) he
 is not present personally or by proxy or represented by an alternate Director at meetings
 of the Directors for a continuous period of 6 months without special leave of absence from
 the Directors, and the Directors pass a resolution that he has by reason of such absence
 vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) he
 only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) he
 dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) he
 is removed from office pursuant to these Articles or the Companies Act or becomes prohibited
 by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an
 order is made by any court of competent jurisdiction on the ground (however formulated) of
 mental disorder for his detention or for the appointment of a guardian or receiver or other
 person to exercise powers with respect to his property or affairs or he is admitted to hospital
 in pursuance of an application for admission for treatment under any legislation relating
 to mental health and the Directors resolve that his office be vacated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) he
 is removed from office by notice in writing addressed to him at his address as shown in the
 Company's register of directors and signed by not less than two Directors (without
 prejudice to any claim for damages which he may have for breach of contract against the Company);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in
 the case of a Director who holds executive office, his appointment to such office is terminated
 or expires and the Directors resolve that his office be vacated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 written resolution of the Directors declaring a Director to have vacated office pursuant
 to this Article shall be conclusive as to the fact and grounds of vacation stated in the
 resolution.

**25.** **ALTERNATE DIRECTORS** 

**25.1** **Appointment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Director (other than an alternate Director) may appoint any other Director or any person
 approved for that purpose by the Directors and willing to act, to be his alternate by notice
 in writing delivered to the Directors or to the Registered Office, or in any other manner
 approved by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 appointment of an alternate Director who is not already a Director shall require the approval
 of either a majority of the Directors or the Directors by way of a Directors' resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An
 alternate Director need not hold a Share qualification and shall not be counted in reckoning
 any maximum or minimum number of Directors allowed by these Articles.

**25.2** **Responsibility** 

Every person acting as an alternate Director shall be an officer of the Company, shall alone be responsible to the Company for his own acts and defaults and shall not be deemed to be the agent of the Director appointing him.

**25.3** **Participation at Directors' meetings** 

An alternate Director shall (subject to his giving to the Company an address at which notices may be served on him) be entitled to receive notice of all meetings of the Directors and all committees of the Directors of which his appointor is a member and, in the absence from such meetings of his appointor, to attend and vote at such meetings and to exercise all the powers, rights, duties and authorities of his appointor (other than the power to appoint an alternate Director). A Director acting as alternate Director shall have a separate vote at Directors' meetings for each Director for whom he acts as alternate Director, but he shall count as only one for the purpose of determining whether a quorum is present.

**25.4** **Interests** 

An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements with the Company and to be repaid expenses and to be indemnified in the same way and to the same extent as a Director. However, he shall not be entitled to receive from the Company any fees for his services as alternate, except only such part (if any) of the fee payable to his appointor as such appointor may by notice in writing to the Company direct. Subject to this Article, the Company shall pay to an alternate Director such expenses as might properly have been paid to him if he had been a Director.

**25.5**  **Termination of appointment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 alternate Director shall cease to be an alternate Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 his appointor revokes his appointment by notice delivered to the Directors or to the Registered
 Office or in any other manner approved by the Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 his appointor ceases for any reason to be a Director, provided that if any Director retires
 but is re-appointed or deemed to be re-appointed at the same meeting, any valid appointment
 of the alternate Director which was in force immediately before his retirement shall remain
 in force; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 any event happens in relation to him which, if he were a Director, would cause his office
 as Director to be vacated.

**26.** **POWERS OF DIRECTORS** 

**26.1** **General powers to manage the Company's business** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of the Companies Act, the Memorandum and these Articles and to any directions
 given by Special Resolution, the business of the Company shall be managed by the Directors,
 who may exercise all the powers of the Company. No alteration of the Memorandum or Articles
 and no such direction shall invalidate any prior act of the Directors which would have been
 valid if that alteration had not been made or that direction had not been given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 powers given by this Article shall not be limited by any special power given to the Directors
 by these Articles and a duly convened meeting of Directors at which a quorum is present may
 exercise all powers exercisable by the Directors.

**26.2** **Signing of cheques** 

All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall determine.

**26.3** **Retirement payments and other benefits** 

The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

**26.4** **Borrowing powers of Directors** 

The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge all or any part of its undertaking and property and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of any third party.

**27.** **PROCEEDINGS OF DIRECTORS** 

**27.1** **Directors' meetings** 

Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think fit.

**27.2** **Voting** 

Questions arising at any Directors' meeting shall be decided by a simple majority of votes. In the case of an equality of votes, the chairman shall have a second or casting vote. A Director who is also an alternate Director shall be entitled in the absence of his appointor to a separate vote on behalf of his appointor in addition to his own vote.

**27.3** **Notice of a Directors' meeting** 

A Director or an alternate Director may, or any other officer of the Company at the request of a Director or alternate Director shall, call a meeting of the Directors by not less than twenty-four (24) hours' notice. Notice of a meeting of the Directors must specify the time and place of the meeting and the general nature of the business to be considered, and shall be deemed to be given to a Director if it is given to him personally or by word of mouth or sent in writing to his last known address given to the Company by him for such purpose or given by electronic communications to an address for the time being notified to the Company by the Director. A Director may waive the requirement that notice of any Directors' meeting be given to him, either at, before or after the meeting.

**27.4** **Failure to give notice** 

A Director or alternate Director who attends any Directors' meeting waives any objection that he or she may have to any failure to give notice of that meeting. The accidental failure to give notice of a Directors' meeting to, or the non-receipt of notice by, any person entitled to receive notice of that meeting does not invalidate the proceedings at that meeting or any resolution passed at that meeting.

**27.5** **Quorum** 

No business shall be transacted at any meeting of the Directors unless a quorum is present. The quorum may be fixed by the Directors, and unless so fixed shall be two (2) if there are two or more Directors, and shall be one if there is only one Director. A person who holds office only as an alternate Director shall, if his appointor is not present, be counted in the quorum.

**27.6** **Power to act notwithstanding vacancies** 

The continuing Directors or sole continuing Director may act notwithstanding any vacancies in their number, but if the number of Directors is less than the number fixed as the quorum, the continuing Directors or Director may act only for the purpose of filling vacancies in that number, or for calling a general meeting of the Company.

**27.7** **Chairman to preside** 

The Directors may elect a chairman of their board and determine the period for which he is to hold office, but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for the meeting, the Directors present may appoint one of their number to be chairman of the meeting.

**27.8** **Validity of acts of Directors in spite of a formal defect** 

All acts done by a meeting of the Directors or of a committee of Directors (including any person acting as an alternate Director) shall, notwithstanding that it be afterwards discovered that there was a defect in the appointment of any Director or alternate Director, or that they or any of them were disqualified from holding office (or had vacated office) or were not entitled to vote, be as valid as if every such person had been duly appointed and qualified to be a Director or alternate Director as the case may be and had been entitled to vote.

**27.9** **Directors' meetings by telephone or other communication device** 

A meeting of the Directors (or committee of Directors) may be held by means of any telephone, electronic or such other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by the Directors the meeting shall be deemed to be held at the place where the chairman is physically present.

**27.10** **Written resolutions of Directors** 

A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of a committee of Directors (an alternate Director being entitled to sign such a resolution on behalf of his appointor) shall be as valid and effective as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened and held. A resolution in writing is adopted when all the Directors (whether personally, by an alternate Director or by a proxy) have signed it.

**27.11** **Appointment of a proxy** 

A Director but not an alternate Director may be represented at any meeting of the Directors by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed to be that of the appointing Director. The authority of any such proxy shall be deemed unlimited unless expressly limited in the written instrument appointing him.

**27.12** **Presumption of assent** 

A Director (or alternate Director) present at a meeting of Directors is taken to have cast a vote in favour of a resolution of the Directors unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the chairman or secretary of the meeting before the adjournment of the meeting or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of a resolution of the Directors.

**27.13** **Directors' interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of the Companies Act and provided that he has declared to the Directors
 the nature and extent of any personal interest of his in a matter, transaction or arrangement,
 a Director or alternate Director notwithstanding his office may:

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes of this Article, a general notice given to the Directors that a Director is
 to be regarded as having an interest of the nature and extent specified in the notice in
 any matter, transaction or arrangement for which a specified person or class of persons is
 interested shall be deemed to be a disclosure that the Director has an interest in any such
 matter, transaction or arrangement of the nature and extent so specified.

**27.14** **Minutes of meetings to be kept** 

The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at general and Class meetings of the Company and meetings of the Directors or committees of the Directors, including the names of the Directors or alternate Directors present at each meeting.

**28.** **DELEGATION OF DIRECTORS' POWERS** 

**28.1** **Power of Directors to delegate** 

The Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delegate
 any of their powers, authorities and discretions to any person or committee consisting of
 one or more Directors and (if the Directors think fit) to one or more other persons in each
 case to such extent, by such means (including by power of attorney) and on such terms and
 conditions as the Directors think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorise
 any person or committee to whom powers, authorities and discretions are delegated under this
 Article by the Directors to further delegate some or all of those powers, authorities and
 discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) delegate
 their powers, authorities and discretions under this Article either collaterally with or
 to the exclusion of their own powers, authorities and discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at
 any time revoke any delegation made under this Article by the Directors in whole or in part
 or vary its terms and conditions.

**28.2** **Delegation to Committees** 

A committee to which any powers, authorities and discretions have been delegated under the preceding Article must exercise those powers, authorities and discretions in accordance with the terms of delegation and any other regulations that may be imposed by the Directors on that committee. The proceedings of a committee of the Directors must be conducted in accordance with any regulations imposed by the Directors, and, subject to any such regulations, to the provisions of these Articles dealing with proceedings of Directors insofar as they are capable of applying.

**28.3** **Delegation to executive Directors** 

The Directors may delegate to a Director holding executive office any of its powers, authorities and discretions for such time and on such terms and conditions as it shall think fit. The Directors may grant to a Director the power to sub-delegate, and may retain or exclude the right of the Directors to exercise the delegated powers, authorities or discretions collaterally with the Director. The Directors may at any time revoke the delegation or alter its terms and conditions.

**28.4** **Delegation to local boards** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may delegate to any local or divisional board, manager or agent any of its powers
 and authorities (with power to sub-delegate) and may authorise the members of any local or
 divisional board or any of them to fill any vacancies and to act notwithstanding vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 appointment or delegation under this Article may be made on such terms and subject to such
 conditions as the Directors think fit and the Directors may remove any person so appointed,
 and may revoke or vary any delegation.

**28.5** **Appointing an attorney, agent or authorised signatory of the Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may by power of attorney or otherwise appoint any person to be the attorney, agent
 or authorised signatory of the Company for such purpose and with such powers, authorities
 and discretions (not exceeding those vested in or exercisable by the Directors under these
 Articles) and for such period and subject to such conditions as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 such power of attorney or other appointment may contain such provisions for the protection
 and convenience of persons dealing with any such attorney, agent or authorised signatory
 as the Directors think fit and may also authorise any such attorney, agent or authorised
 signatory to delegate all or any of the powers, authorities and discretions vested in such
 person.

**28.6** **Officers** 

The Directors may appoint such officers (including a Secretary) as they consider necessary on such terms, at such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors think fit. Unless otherwise specified in the terms of his appointment, an officer may be removed from that office by resolution of the Directors or by Ordinary Resolution.

**29.** **DIRECTORS' RENUMERATION, EXPENSES AND BENEFITS** 

**29.1** **Fees** 

The Company shall pay to the Directors (but not alternate Directors) for their services as Directors such aggregate amount of fees as the Directors may decide. The aggregate fees shall be divided among the Directors in such proportions as the Directors may decide or, if no decision is made, equally. A fee payable to a Director pursuant to this Article shall be distinct from any salary, remuneration or other amount payable to him pursuant to other provisions of these Articles and accrues from day to day.

**29.2** **Expenses** 

A Director may also be paid all travelling, hotel and other expenses properly incurred by him in connection with his attendance at meetings of the Directors or of committees of the Directors or general meetings or separate meetings of the holders of any Class of Shares or otherwise in connection with the discharge of his duties as a Director, including (without limitation) any professional fees incurred by him (with the approval of the Directors or in accordance with any procedures stipulated by the Directors) in taking independent professional advice in connection with the discharge of such duties.

**29.3** **Remuneration of executive Directors** 

The salary or remuneration of a Director appointed to hold employment or executive office in accordance with the Articles may be a fixed sum of money, or wholly or in part governed by business done or profits made, or as otherwise decided by the Directors (including, for the avoidance of doubt, by the Directors acting through a duly authorised Directors' committee), and may be in addition to or instead of a fee payable to him for his services as Director pursuant to these Articles.

**29.4** **Special remuneration** 

A Director who, at the request of the Directors, goes or resides abroad, makes a special journey or performs a special service on behalf of or for the Company (including, without limitation, services as a chairman of the board of Directors, services as a member of any committee of the Directors and services which the Directors consider to be outside the scope of the ordinary duties of a Director) may be paid such reasonable additional remuneration (whether by way of salary, bonus, commission, percentage of profits or otherwise) and expenses as the Directors (including, for the avoidance of doubt, the Directors acting through a duly authorised Directors' committee) may decide.

**30.** **SEAL** 

**30.1** **Directors to determine use of Seal** 

The Company may, if the Directors so determine, have a Seal. The Seal shall only be used with the authority of the Directors or a committee of the Directors established for such purpose. Every document to which the Seal is affixed shall be signed by at least one person who shall be either a Director or some officer or other person appointed by the Directors for that purpose unless the Directors decide that, either general or in a particular case, that a signature may be dispensed with or affixed by mechanical means.

**30.2** **Duplicate Seal** 

The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face of the name of every place where it is to be used.

**31.** **DIVIDENDS, DISTRIBUTIONS AND RESERVES** 

**31.1** **Payment of Dividends** 

Subject to the Companies Act and these Articles, the Directors may declare and/or pay Dividends and distributions on Shares in issue and authorise payment of the Dividends or distributions out of the funds of the Company lawfully available therefor. No Dividend or distribution shall be paid except out of the realised or unrealised profits of the Company, or out of the share premium account, or as otherwise permitted by the Companies Act. Unless the Directors resolve that a Dividend shall be a final dividend, any Dividend shall be deemed an interim Dividend and consequently may be cancelled by the Directors at any time before the date of payment of such Dividend.

**31.2** **Calculation of Dividends** 

Except as otherwise provided by these Articles or the rights attached to any Shares or the terms of any Shares, all Dividends shall be declared and/or paid according to the par value of the Shares that a Member holds. If any class of Share is issued on terms providing that it shall rank for Dividend as from a particular date, that class of Share shall rank for Dividend accordingly.

**31.3** **Deduction from Dividends** 

The Directors may deduct from any Dividend or distribution payable to any Member all sums of money (if any) then payable by that Member to the Company.

**31.4** **Dividend satisfied by distribution of specific assets** 

The Directors may resolve or declare that any Dividend or distribution be paid wholly or partly by the distribution of specific assets and in particular of shares, debentures, or securities of any other company or in any one or more of such ways and where any difficulty arises in regard to such distribution, the Directors may settle the same as they think expedient and in particular may issue fractional Shares and fix the value for distribution of such specific assets or any part thereof and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order to adjust the rights of all Members and may vest any such specific assets in trustees as may seem expedient to the Directors.

**32.** **PAYMENTS** 

**32.1** Where
 the Company is required to make any payment to any Member or former Member (each, a " payee ")
 for any reason whatsoever (including payment of any Dividend, redemption proceeds or other
 distribution):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 may be made in such manner as the Directors may deem appropriate and no payee shall be entitled
 to require payment by cheque or in any other particular manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 payment shall be at the risk and expense of the payee and the Company shall not be liable
 for any delay in, or loss arising from, any such payment for any reason whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 made by any electronic payment method, the due making of a payment instruction and consequent
 deduction from the bank account (or other financial institution account) of the Company shall
 be a good discharge by the Company of its payment obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where
 paid by a cheque sent through the post, it shall be sent (at the risk of the person entitled
 to the money represented thereby) to the registered address of, and made payable to, the
 order of the payee or to such other address and/or person as the payee may in writing direct,
 and the Company shall not be responsible for any loss in transmission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Company shall be entitled to recover any overpayment of monies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Company may set-off and apply any sums due by the payee (or by any one or more of joint payees)
 on any account whatsoever (whether or not presently payable) in reducing the amount of such
 payment by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no
 unpaid amount shall bear interest against the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) where the payment is unclaimed after 6 months
 from the date it first became payable (or any cheque in respect thereof remaining uncashed or unpresented after 6 months from the date
 of posting or in the case of a Dividend from the proposed date of payment thereof), it shall, if the Directors so resolve, be forfeited
 for the benefit of, and shall cease to remain owing by, the Company and shall thereafter belong to the Company absolutely; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of any joint payees (including any current or former joint Members), payment may
 be made by the Company to any one or more of the joint payees, any payment instruction or
 direction from any one joint payee to the Company shall bind all joint payees (and in the
 case of conflicting instructions or directions the Company may act on any of them) and any
 notice in respect of any payment given by the Company to any one of the joint payees shall
 be deemed to be given to all of them.

**32.2** Subject
 to the foregoing, all unclaimed amounts (including Dividends) may be invested or otherwise
 made use of by the Directors, in their absolute discretion, for the benefit of the Company
 until claimed.

**32.3** Notwithstanding
 any other provision of these Articles, the Company shall not be obliged to make any payment
 to a Member in respect of a Dividend, repurchase, redemption or other distribution if the
 Directors suspect that such payment may result in the breach or violation of any applicable
 laws or regulations (including, without limitation, any anti-money laundering laws or regulations)
 or such refusal is required by the laws and regulations governing the Company and/or its
 service providers.

**33.** **CAPITALISATION OF RESERVES AND PROFITS** 

**33.1** Subject
 to the Companies Act and to any rights and restrictions for the time being attached to any
 class of Shares, the Directors may resolve to capitalise all or any part of any amount standing
 to the credit of any of the Company's reserve accounts (including share premium account
 and capital redemption reserve fund) or the profit and loss account or otherwise available
 for distribution to Members and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) apply
 all or part of any amount so capitalised for the benefit of Members in the proportions to
 which those Members would have been entitled in a distribution of that sum by way of Dividend
 in paying up any amounts unpaid on Shares held by Members or in paying up in full unissued
 Shares to be issued to Members as fully paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) apply
 all or part of any amount so capitalised in paying up Shares for the benefit of any person
 in satisfaction of any obligation of the Company to issue paid up Shares to such person.

In such event the Directors shall take any action required to give effect to such capitalisation, and may make such provisions as they think fit in the event that Shares become distributable in fractions (including providing for fractional entitlements to accrue to the Company rather than to the Members concerned).

**33.2** The
 Directors may authorise any person to enter into an agreement with the Company on behalf
 of all of the Members interested providing for such capitalisation and matters incidental
 to the capitalisation and any such agreement shall be effective and binding on all the Members
 concerned.

**34.** **BOOKS OF ACCOUNT** 

**34.1** **Books of account to be kept** 

The Directors shall cause proper books of account to be kept with respect to all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities of the Company. Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the affairs of the Company and to explain its transactions.

**34.2** **Inspection by Members** 

The Directors shall from time to time determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them will be open to the inspection of Members (not being Directors). No Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by the Companies Act by order of the court or authorised by the Directors or by Ordinary Resolution.

**34.3** **Accounts required by law** 

The Directors shall cause to be prepared and to be laid before the Company at each annual general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law.

**34.4** **Retention of records** 

All books of account maintained by the Company shall be retained for a period of at least five years, or such longer period required by any applicable law or regulation from time to time.

**35.** **AUDITOR** 

**35.1** **Appointment of Auditor** 

The Directors may appoint an Auditor who shall hold office until removed from office by a resolution of the Directors, and may fix the Auditor's remuneration.

**35.2** **Rights of Auditor** 

The Auditor shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may be necessary for the performance of the duties of the Auditor.

**35.3** **Reporting requirements of Auditor** 

Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their tenure of office at the next general meeting following their appointment, and at any other time during their term of office, upon request of the Directors or any general meeting of the Company.

**36.** **NOTICES** 

**36.1** **Form and method of giving notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Notices
 shall be in writing and may be given by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Member to the Company by delivering such notice at the Registered Office. Notices may be
 delivered in person, by post, email or facsimile but shall only be validly served on the
 Company if such notice is actually received by the Registered Office on behalf of the Company;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company to any Member either personally or by sending it by post, email or facsimile to his
 address as shown in the Register of Members, and where such a notice 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;(A) 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) following the day on
 which the notice was posted;

&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) sent
 by facsimile, service of the notice shall be deemed to be effected by transmitting the facsimile
 to the number provided by the intended recipient and shall be deemed to have been received
 on the same day that it was sent; 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;(C) 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 the receipt of the e-mail to be acknowledged
 by the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any
 notice, if posted from one country to another, is to be sent by airmail.

**36.2** **Persons entitled to Shares by transmission** 

A notice may be given by the Company to any person the Company has been advised is entitled to any Share in consequence of the death, bankruptcy, liquidation or dissolution 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, bankruptcy, liquidation or dissolution had not occurred.

**37.** **WINDING UP** 

**37.1** **Method of winding up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Company shall be wound up, and the assets available for distribution amongst the Members
 shall be insufficient to repay the whole of the share capital, such assets shall be distributed
 so that, as nearly as may be, the losses shall be borne by the Members in proportion to the
 par value of the Shares held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 in a winding up the assets available for distribution amongst the Members shall be more than
 sufficient to repay the whole of the share capital at the commencement of the winding up,
 the surplus shall be distributed amongst the Members in proportion to the par value of the
 Shares held by them at the commencement of the winding up subject to a deduction from those
 Shares in respect of which there are monies due, of all monies payable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Article is without prejudice to the rights of the holders of Shares issued upon special terms
 and conditions.

**37.2** **Distribution of assets in a winding up** 

Subject to any rights or restrictions for the time being attached to any Class of Shares, on a winding up of the Company the liquidator may, with the sanction of a Special Resolution of the Company and any other sanction required by the Companies Act, distribute among the Members the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) decide
 how the assets are to be distributed as between the Members or different Classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) value
 the assets to be distributed in such manner as the liquidator thinks fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 the whole or any part of any assets in such trustees and on such trusts for the benefit of
 the Members entitled to the distribution of those assets as the liquidator sees fit, but
 so that no Member shall be obliged to accept any assets in respect of which there is any
 liability.

**38.** **INDEMNITY AND INSURANCE** 

**38.1** **Indemnity and limitation of liability of Directors and officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the maximum extent permitted by law, every current and former Director and officer of the
 Company (excluding an Auditor) (each an "Indemnified Person"), shall be entitled
 to be indemnified out of the assets of the Company against any liability, action, proceeding,
 claim, demand, costs, damages or expenses, including legal expenses (each a "Liability"),
 which such Indemnified Person may incur in that capacity unless such Liability arose as a
 result of the actual fraud or wilful default of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 Indemnified Person shall be liable to the Company for any loss or damage resulting (directly
 or indirectly) from such Indemnified Person carrying out his or her duties unless that liability
 arises through the actual fraud or wilful default of such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the purpose of these Articles, no Indemnified Person shall be deemed to have committed "actual
 fraud" or "wilful default" until a court of competent jurisdiction has
 made a final, non-appealable finding to that effect.

**38.2** **Advance of legal fees** 

The Company shall advance to each Indemnified Person reasonable legal fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any such advance of expenses, the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it is determined that the Indemnified Person was not entitled to indemnification under these Articles.

**38.3** **Indemnification to form part of contract** 

The indemnification and exculpation provisions of these Articles are deemed to form part of the employment contract or terms of appointment entered into by each Indemnified Person with the Company and accordingly are enforceable by such persons against the Company.

**38.4** **Insurance** 

The Directors may purchase and maintain insurance for or for the benefit of any Indemnified Person including (without prejudice to the generality of the foregoing) insurance against any Liability incurred by such persons in respect of any act or omission in the actual or purported execution or discharge of their duties or the exercise or purported exercise of their powers or otherwise in relation to or in connection with their duties, powers or offices in relation to the Company.

**39.** **REQUIRED DISCLOSURE** 

If required to do so under the laws of any jurisdiction to which the Company (or any of its service providers) is subject, or in compliance with the rule of any stock exchange upon which any Shares are listed, or to ensure the compliance by any person with any anti-money laundering legislation in any relevant jurisdiction, any Director, officer or service provider (acting on behalf of the Company) shall be entitled to release or disclose any information in its possession regarding the affairs of the Company or a Member, including, without limitation, any information contained in the Register of Members or subscription documentation of the Company relating to any Member.

**40.** **FINANCIAL YEAR** 

Unless the Directors resolve otherwise, the financial year of the Company shall end on 30 September in each year and shall begin on 1 October in each financial year.

**41.** **TRANSFER BY WAY OF CONTINUATION** 

The Company shall, with the approval of a Special Resolution, have the power to register by way of continuation to a jurisdiction outside of the Cayman Islands in accordance with the Companies Act.

**42.** **TRANSFER BY WAY OF CONTINUATION** 

The Company shall, with the approval of a Special Resolution, have the power to register by way of continuation to a jurisdiction outside of the Cayman Islands in accordance with the Companies Act.

**43.** **TAX TRANSPARENCY REPORTING** 

**43.1** Each
 Member shall provide the Company on a timely basis with any documents, tax certifications,
 financial and other information (collectively "**Tax Reporting Information**") as the Company may request
 in connection with the Company's compliance with any legal and tax information reporting
 and exchange obligations applicable to it under the laws of the Cayman Islands or any other
 applicable jurisdiction (collectively, "**Tax Reporting Obligations** "),
 including, without limitation, any Tax Reporting Obligations under any Cayman Islands laws,
 regulations or guidance notes that give effect to: (i) the United States' Foreign Account
 Tax Compliance Act; (ii) the Organisation for Economic Co-operation and Development's
 Common Reporting Standard; and (iii) any additional inter-governmental agreement or treaty
 entered into by, or otherwise binding upon the Cayman Islands that provides for the exchange
 of tax information with another jurisdiction.

**43.2** The
 Company shall have the power to release, report or otherwise disclose to the Department for
 International Tax Cooperation in the Cayman Islands (or any other authority as may be required
 under the Tax Reporting Obligations) any Tax Reporting Information provided by a Member to
 the Company and any other information held by the Company in respect of the Member's
 investment in the Company, in connection with the Tax Reporting Obligations, including, without
 limitation, in relation to the identity, address, tax identification number, tax status and
 interest in the Company of the Member (and any of its direct or indirect owners or affiliates).

**43.3** If
 a Member fails to provide the Company with any requested Tax Reporting Information on a timely
 basis and such failure results, or may result, in the Company's inability to comply
 with its Tax Reporting Obligations or if the Company is otherwise unable to comply with its
 Tax Reporting Obligations as a result of the direct or indirect action (or inaction) of a
 Member, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) compulsorily
 repurchase some or all of such Member's Shares without notice at a price per Share
 equal to the fair value of such Shares (as determined by the Directors) and may deduct or
 withhold from such redemption proceeds any penalty, debt, withholding or back up tax, costs,
 expenses, obligations, liabilities or other adverse consequences (collectively, "**Tax Reporting Liabilities**") imposed on the Company, its Members and/or any of their
 respective directors, officers, employees, agents, managers, shareholders and/or partners
 as a result of such failure, action or inaction by such Member; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) re-designate,
 immediately and without consent, such Member's Shares as belonging to a separate class
 and create a separate internal account in respect of such Shares so that any Tax Reporting
 Liabilities may be allocated solely to that class and debited from such class.

## Exhibit 3.3

**Exhibit 3.3**

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

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on [DATE] and effective immediately prior to the completion of the initial public offering of the Company's Ordinary Shares)**

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

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on [DATE] and effective immediately prior to the completion of the initial public offering of the Company's Ordinary Shares)**

1. The
 name of the Company is Riku Dining Group Limited.

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

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

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

5. The
 share capital of the Company is US$50,000 divided into 5,000,000 Ordinary Shares comprising (i) 4,300,000 Class A Ordinary Shares
 of a par value of US$0.01 each, and (ii) 700,000 Class B Ordinary Shares of a par value of US$0.01 each. Subject to the Companies
 Act and the Articles, the Company shall have the power to redeem or purchase any of its Shares and to increase or reduce its authorised
 share capital and to sub-divide or consolidate the said Shares or any of them and to issue all or any part of its capital whether
 original, redeemed, increased or reduced with or without preference, priority, special privilege or other rights or subject to any
 postponement of rights or to any conditions or restrictions whatsoever and so that unless the conditions of issue shall otherwise
 expressly provide every issue of Shares whether stated to be ordinary, preference or otherwise shall be subject to the powers on
 the part of the Company hereinbefore provided.

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

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

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

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on [DATE] and effective immediately prior to the completion of the initial public offering of the Company's Ordinary Shares)**

**CONTENTS**

1. PRELIMINARY 1

2. COMMENCEMENT
 OF BUSINESS 7

3. REGISTERED
 OFFICE AND OTHER OFFICES 7

4. SERVICE
 PROVIDERS 7

5. ISSUE
 OF SHARES 7

6. REGISTER
 OF MEMBERS 10

7. CLOSING
 REGISTER OF MEMBERS AND FIXING RECORD DATE 11

8. CERTIFICATED
 SHARES 12

9. UNCERTIFICATED
 SHARES 13

10. DEPOSITORY
 INTERESTS 15

11. CALLS
 ON SHARES 16

12. FORFEITURE
 OF SHARES 18

13. TRANSFER
 OF SHARES 20

14. TRANSMISSION
 OF SHARES 22

15. REDEMPTION,
 PURCHASE AND SURRENDER OF SHARES 24

i

16. FINANCIAL
 ASSISTANCE 25

17. CLASS
 RIGHTS AND CLASS MEETINGS 25

18. NO
 RECOGNITION OF TRUSTS OR THIRD PARTY INTERESTS 26

19. LIEN
 ON SHARES 26

20. UNTRACED
 MEMBERS 27

21. ALTERATION
 OF SHARE CAPITAL 29

22. GENERAL
 MEETINGS 31

23. NOTICE
 OF GENERAL MEETINGS 32

24. PROCEEDINGS
 AT GENERAL MEETINGS 33

25. VOTES
 OF MEMBERS 36

26. REPRESENTATION
 OF MEMBERS AT GENERAL MEETINGS 37

27. APPOINTMENT,
 RETIREMENT AND REMOVAL OF DIRECTORS 40

28. ALTERNATE
 DIRECTORS 44

29. POWERS
 OF DIRECTORS 45

30. PROCEEDINGS
 OF DIRECTORS 46

31. DELEGATION
 OF DIRECTORS' POWERS 49

32. DIRECTORS'
 REMUNERATION, EXPENSES AND BENEFITS 51

33. SEAL 52

34. DIVIDENDS,
 DISTRIBUTIONS AND RESERVES 52

35. SHARE
 PREMIUM ACCOUNT 59

36. DISTRIBUTION
 PAYMENT RESTRICTIONS 59

37. BOOKS
 OF ACCOUNT 60

38. AUDITOR 60

39. NOTICES 61

40. WINDING
 UP 63

41. INDEMNITY
 AND INSURANCE 64

42. REQUIRED
 DISCLOSURE 65

43. FINANCIAL
 YEAR 65

44. TRANSFER
 BY WAY OF CONTINUATION 66

45. MERGERS
 AND CONSOLIDATIONS 66

46. AMENDMENT
 OF MEMORANDUM AND ARTICLES 66

47. TAX
 TRANSPARENCY REPORTING 66

ii

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

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on [DATE] and effective immediately prior to the completion of the initial public offering of the Company's Ordinary Shares)**

**1.** **PRELIMINARY** 

**1.1** **Table A not to apply** 

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

**1.2** **Definitions** 

---

| | |
|:---|:---|
| "**Articles**" | means these articles of association of the Company, as amended or substituted from time to time; |
| "**Auditor**" | means the person (if any) for the time being performing the duties of auditor of the Company; |
| "**Beneficial Ownership**" | means, with respect to a security, sole or shared voting power (which includes the power to vote, or to direct the voting of, such security) and/or investment power (which includes the power to acquire (or an obligation to acquire) or dispose, or to direct the acquisition or disposal of, such security) and/or a long economic exposure, whether absolute or conditional, to changes in the price of such security, in each case, whether direct or indirect, and whether through any contract, arrangement, understanding, relationship, or otherwise and "**beneficial owner**" shall mean a person entitled to such Interest; |
| "**business day**" | means any day on which the Exchange is open for the business of dealing in securities; |

---

---

| | |
|:---|:---|
| "**certificated**" | means, in relation to a Share, a Share which is recorded in the Register of Members as being held in certificated form; |
| "**Class**" or "**Classes**" | means any class or classes of Shares as may from time to time be issued by the Company; |
| "**Class A Ordinary Share**" | means an Ordinary Share of a par value of US$0.01 in the capital of the Company, designated as a Class A Ordinary Share and having the rights provided for in these Articles; |
| "**Class B Ordinary Share**" | means an Ordinary Share of a par value of US$0.01 in the capital of the Company, designated as a Class B Ordinary Share and having the rights provided for in these Articles; |
| "**clear days**" | in relation to the period of a notice means that period excluding the day when the notice is served or deemed to be served and the day for which it is given or on which it is to take effect; |
| "**Clearing House**" | means a clearing house recognised by the laws of the jurisdiction in which the Shares (or any Interests in Shares) are listed or quoted on an Exchange; |
| "**Companies Act**" | means the Companies Act (as revised) of the Cayman Islands, as amended or revised from time to time; |
| "**Company**" | means the above-named company; |
| "**Depository**" | means any person who is a Member by virtue of its holding Shares as trustee or otherwise on behalf of those who have elected to hold Shares in dematerialised form through a Depository Interest; |
| "**Depository Interest**" | means a dematerialised depository receipt representing the underlying Share in the capital of the Company to be issued by a Depository nominated by the Company; |
| "**Directors**" | means the directors for the time being of the Company or as the case may be, the Directors assembled as a board or as a committee thereof; |

---

---

| | |
|:---|:---|
| "**Dollar**" or "**US$**" | means the lawful currency of the United States of America; |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act; |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (as revised) of the Cayman Islands, as amended or revised from time to time; |
| "**Exchange**" | means the United States national securities exchange on which the securities of the Company are listed for trading, including Nasdaq Stock Market, for so long as any Shares or Interests in Shares are there listed or quoted and any other recognised securities exchange(s) on which any Shares or Interests in Shares are listed or quoted for trading from time to time; |
| "**Exchange Rules**" | means any relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing or quotation of any Shares (or any Interests in Shares) on an Exchange, including the rules and regulations of the United States Securities and Exchange Commission; |
| "**Interest**" | in securities or in a person means any form of Beneficial Ownership (including, for the avoidance of doubt, any derivative, contractual or economic right or contract for difference) of securities of such person; |
| "**Listed Share**" | means a Share that is listed or admitted to trading on an Exchange; |
| "**Listed Share Register**" | means the register of members which registers the holdings of Listed Shares; |
| "**Member**" | means any person from time to time entered in the Register of Members as a holder of one or more Shares; |
| "**Memorandum**" | means the memorandum of association of the Company, as amended or substituted from time to time; |
| "**Ordinary Resolution**" | means a resolution: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) passed
 by a simple majority of such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the
 case of corporations, by their duly authorised representatives, at a general meeting of the Company and where a poll is taken regard
 shall be had in computing a majority to the number of votes to which each Member is entitled by the Articles; or

(b) approved
 in writing by all of the Members entitled to vote at a general meeting of the Company, passed in accordance with these Articles;

---

| | |
|:---|:---|
| "**Ordinary Share**" | means a Class A Ordinary Share or a Class B Ordinary Share; |
| "**Register of Members**" | means the Listed Share Register, the Unlisted Share Register and any branch register(s) in each case as the context requires; |
| "**Registered Office**" | means the registered office for the time being of the Company in the Cayman Islands; |
| "**Relevant System**" | means any computer-based system and procedures permitted by the Exchange Rules, which enable title to Interests in a security to be evidenced and transferred without a written instrument, and which facilitate supplementary and incidental matters; |
| "**Seal**" | means the common seal of the Company (if any) and includes every duplicate seal; |
| "**Secretary**" | means any person or persons appointed by the Directors to perform any of the duties of the secretary of the Company; |
| "**Share**" | means a share in the capital of the Company and includes a fraction of a Share; |
| "**Special Resolution**" | means a special resolution passed in accordance with the Companies Act, being a resolution: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) passed
 by a majority of not less than two-thirds of such Members as, being entitled to do so, vote in person or, where proxies are allowed,
 by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of which
 notice specifying the intention to propose the resolution as a Special Resolution has been duly given and where a poll is taken regard
 shall be had in computing a majority to the number of votes to which each Member is entitled; or

(b) approved
 in writing by all of the Members entitled to vote at a general meeting of the Company, passed in accordance with these Articles;

---

| | |
|:---|:---|
| "**subsidiary undertaking**" | a company or undertaking is a subsidiary of a parent undertaking if the parent undertaking (i) holds a majority of the voting rights in it, or (ii) is a member of it and has the right to appoint or remove a majority of its board of directors, or (iii) is a member of it and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in it; |
| "**Treasury Shares**" | means Shares held in treasury pursuant to the Companies Act and these Articles; |
| "**uncertificated**" | means, in relation to a Share, a Share to which title is recorded in the Register of Members as being in uncertificated form and title to which may be transferred by means of a Relevant System; |
| "**Uncertificated Proxy Instruction**" | means a properly authenticated dematerialised instruction and/or other instruction or notification, which is sent by means of the Relevant System concerned and received by such participant in that system acting on behalf of the Company as the Directors may prescribe, in such form and subject to such terms and conditions as may from time to time be prescribed by the Directors (subject always to the facilities and requirements of the Relevant System concerned); |
| "**Unlisted Share Register**" | means the register of members that registers the holdings of Unlisted Shares and which, for the purposes of the Companies Act, constitutes the Company's "principal register"; and |
| "**Unlisted Shares**" | means a Share that is not listed or admitted to trading on an Exchange. |

---

**1.3** **Interpretation** 

Unless the contrary intention appears, in these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) singular
 words include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 word of any gender includes the corresponding words of any other gender;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 reference to "shall" shall be construed as imperative and a reference to "may"
 shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in
 relation to determinations to be made by the Directors and all powers, authorities and discretions
 exercisable by the Directors under these Articles, the Directors may make those determinations
 and exercise those powers, authorities and discretions in their sole and absolute discretion,
 either generally or in a particular case, subject to any qualifications or limitations expressed
 in these Articles or imposed by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 reference to the powers of the Directors shall include, when the context admits, the service
 providers or any other person to whom the Directors may, from time to time, delegate their
 powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 term "and/or" is used in these Articles to mean both "and" as well
 as "or". The use of "and/or" in certain contexts in no respects qualifies
 or modifies the use of the terms "and" or "or" in others. "Or"
 shall not be interpreted to be exclusive, and "and" shall not be interpreted
 to require the conjunctive, in each case unless the context requires otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 phrase introduced by the terms "including", "includes", "in
 particular" or any similar expression shall be construed as illustrative and shall
 not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) headings
 are inserted for reference only and shall not affect construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a
 reference to a law includes regulations and instruments made under that law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a
 reference to a law or a provision of law includes amendments, re-enactments, consolidations
 or replacements of that law or the provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "fully
 paid" and "paid up" means paid up as to the par value and any premium payable
 in respect of the issue or re-designation of any Shares and includes credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) where
 an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution
 is also effective for that purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) sections
 8 and 19(3) of the Electronic Transactions Act are hereby excluded.

**2.** **COMMENCEMENT OF BUSINESS** 

**2.1** The
 business of the Company may be commenced as soon after incorporation as the Directors shall
 see fit.

**2.2** The
 Directors may pay, out of the capital or any other monies of the Company, all expenses incurred
 in connection with the formation and operation of the Company, including the expenses of
 registration and any expenses relating to the offer of, subscription for, or issuance of
 Shares.

**2.3** Expenses
 may be amortised over such period as the Directors may determine.

**3.** **REGISTERED OFFICE AND OTHER OFFICES** 

**3.1** Subject
 to the provisions of the Companies Act, the Company may by resolution of the Directors change
 the location of its Registered Office.

**3.2** The
 Directors, in addition to the Registered Office, may in their discretion establish and maintain
 such other offices, places of business and agencies whether within or outside of the Cayman
 Islands.

**4.** **SERVICE PROVIDERS** 

The Directors may appoint any person to act as a service provider to the Company and may delegate to any such service provider any of the functions, duties, powers and discretions available to them as Directors, upon such terms and conditions (including as to the remuneration payable by the Company) and with such powers of sub-delegation, but subject to such restrictions, as they think fit.

**5.** **ISSUE OF SHARES** 

5.1 Power
 of Directors to issue Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 issue of Shares is under the control of the Directors who may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) offer,
 issue, allot or otherwise dispose of them to such persons, in such manner, on such terms
 and having such rights and being subject to such restrictions, as they may from time to time
 determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) grant
 options over such Shares and issue warrants, convertible securities or similar instruments
 with respect thereto, subject to the Companies Act, the Memorandum, these Articles, the Exchange
 Rules (where applicable), any resolution that may be passed by the Company in general meeting
 and any rights attached to any Shares or Class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may authorise the division of Shares into any number of Classes and the different
 Classes shall be authorised, established and designated (or re-designated as the case may
 be) and the variations in the relative rights (including, without limitation, voting, dividend,
 return of capital and redemption rights), restrictions, preferences, privileges and payment
 obligations as between the different Classes (if any) shall be fixed and determined by the
 Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Directors may refuse to accept any application for Shares, and may accept any application
 in whole or in part, for any reason or for no reason.

**5.2** **Class A Ordinary Shares and Class B Ordinary Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Holders
 of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as
 one class on all resolutions submitted to a vote by the Members. Each Class A Ordinary Share
 shall entitle the holder thereof to one (1) vote on all matters subject to a vote at general
 meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof
 to twenty (20) votes on all matters subject to a vote at general meetings of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at
 the option of the holder thereof. The right to convert shall be exercisable by the holder
 of the Class B Ordinary Share delivering a written notice to the Company that such holder
 elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares.
 In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to these Articles
 shall be effected by means of the re-designation of each relevant Class B Ordinary Share
 as a Class A Ordinary Share. Such conversion shall become effective forthwith upon entries
 being made in the Register of Members to record the re-designation of the relevant Class
 B Ordinary Shares as Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 any sale, transfer, assignment or disposition of any Class B Ordinary Share by a Member to
 any person who is not an affiliate of such Member, or upon a change of ultimate beneficial
 ownership of any Class B Ordinary Share to any erson who is not an affiliate of the registered
 shareholder of such Share, such Class B Ordinary Share shall be automatically and immediately
 converted into one (1) Class A Ordinary Share. For the avoidance of doubt, (i) a sale, transfer,
 assignment or disposition shall be effective upon the Company's registration of such
 sale, trasnfer, assignment or disposition in its Register of Members; (ii) the creation of
 any pledge, charge, encumbrance or other third party right of whatever description on any
 Class B Ordinary Shares to secure a holder's contractual or legal obligations shall
 not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge,
 charge, encumbrance or other third party right is enforced and results in the third party
 holding legal title to the relevant Class B Ordinary Shares, in which case all the related
 Class B Ordinary Shares shall be automatically converted into the same number of Class A
 Ordinary Shares; and (iii) any sale, transfer or other disposal of Class B Ordinary Shares
 by a holder thereof to any holders of Class B Ordinary Shares or their affiliates shall not
 result in a conversion of Class B Ordinary Shares to Class A Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Save
 and except for voting rights and conversion rights as set out in Articles 5.2(a) to (d) (inclusive),
 the Class A Ordinary Shares and the Class B Ordinary Shares shall rank *pari passu* with one another and shall have the same rights, preferences, privileges and restrictions.

**5.3** **Payment of commission or brokerage** 

Subject to the provisions of the Companies Act, the Company may pay a commission or brokerage in connection with the subscription for or issue of any Shares. The Company may pay the commission or brokerage in cash or by issuing fully or partly paid Shares or by a combination of both.

**5.4** **No Shares to bearer** 

The Company shall not issue Shares to bearer.

**5.5** **Fractional Shares** 

The Directors may issue fractions of a Share of any Class, and, if so issued, a fraction of a Share (calculated to such decimal points as the Directors may determine) shall be subject to and carry the corresponding fraction of liabilities (whether with respect to any unpaid amount thereon, contribution, calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without limitation, voting and participation rights) and other attributes of a whole Share of the same Class.

**5.6** **Treasury Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares
 that the Company purchases, redeems or acquires by way of surrender in accordance with the
 Companies Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 relevant provisions of the Memorandum and Articles, the Companies Act and the Exchange Rules
 are otherwise complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to members on a winding
 up) may be made to the Company in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company shall be entered in the Register of Members as the holder of the Treasury Shares.
 However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company shall not be treated as a Member for any purpose and shall not exercise any right
 in respect of the Treasury Shares, and any purported exercise of such a right shall be void;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 Treasury Share shall not be voted, directly or indirectly, at any general meeting of the
 Company and shall not be counted in determining the total number of issued Shares at any
 given time, whether for the purposes of these Articles or the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing
 in paragraph (c) above prevents an allotment of Shares as fully paid up bonus Shares in respect
 of a Treasury Share and Shares allotted as fully paid up bonus Shares in respect of a Treasury
 Share shall be treated as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Treasury
 Shares may be disposed of by the Company in accordance with the Companies Act and otherwise
 on such terms and conditions as the Directors determine.

**6.** **REGISTER OF MEMBERS** 

**6.1** **Duty to establish and maintain a Register of Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors shall cause the Company to keep at its Registered Office, or at any other place
 within or outside the Cayman Islands they think fit, the Register of Members (which, for
 the avoidance of doubt, comprises the Listed Share Register, the Unlisted Share Register
 and any branch register(s) maintained from time to time) in which shall be entered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 particulars of the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 particulars of the Shares issued to each of them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) other
 particulars required under the Companies Act and the Exchange Rules (as appropriate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the recording complies with the Companies Act, the Exchange Rules and any other applicable
 law, the Listed Share Register may be kept by recording the particulars required under the
 Companies Act in a form otherwise than in a physically written form. However, to the extent
 the Listed Share Register is kept in a form otherwise than in a physically written form,
 it must be capable of being reproduced in a legible form.

**6.2** **Power to establish and maintain branch registers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the Exchange Rules, the rules and regulations of the Relevant System and any other applicable
 laws, if the Directors consider it necessary or desirable, whether for administrative purposes
 or otherwise, they may cause the Company to establish and maintain a branch register or registers
 of members of such category or categories and at such location or locations within or outside
 the Cayman Islands as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company shall cause to be kept at the place where the Unlisted Share Register is kept, a
 duplicate of any branch register duly entered up from time to time. Subject to this Article,
 with respect to a duplicate of any branch register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Unlisted Shares registered in the branch register shall be distinguished from those registered
 in the Unlisted Share Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no
 transaction with respect to any Unlisted Shares registered in a branch register shall, during
 the continuance of that registration, be registered in any other register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company may discontinue keeping any branch register and thereupon all entries in such branch
 register shall be transferred to another branch register kept by the Company or to the Unlisted
 Share Register.

**7.** **CLOSING REGISTER OF MEMBERS AND FIXING RECORD DATE** 

**7.1** **Power of Directors to close the Register of Members** 

For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or any adjournment of a meeting, or Members entitled to receive payment of any dividend or distribution, or in order to make a determination of Members for any other proper purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed thirty (30) days.

**7.2** **Power of Directors to fix a record date** 

In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrear a date as the record date for any such determination of Members entitled to notice of or to vote at a meeting of the Members, and for the purpose of determining the Members entitled to receive payment of any dividend or distribution, or in order to make a determination of Members for any other purpose.

**7.3** **Circumstances where Register of Members is not closed and no fixed record date** 

If the Register of Members is not closed and no record date is fixed for the determination of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a dividend or distribution, the date on which notice of the meeting is sent or the date on which the resolution of the Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment of that meeting.

**8.** **CERTIFICATED SHARES** 

**8.1** **Right to certificates** 

Subject to the Companies Act, the requirements of (to the extent applicable) the Exchange Rules and/or the Exchange, and these Articles, every person, upon becoming the holder of a certificated Share is entitled, without charge, to one certificate for all the certificated Shares of a Class in his name, or in the case of certificated Shares of more than one Class being registered in his name, to a separate certificate for each Class of Shares, unless the terms of issue of the Shares provide otherwise.

**8.2** **Form of share certificates** 

Share certificates, if any, shall be in such form as the Directors may determine and shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise share certificates to be issued with the authorised signature(s) affixed by mechanical process. All share certificates shall be consecutively numbered or otherwise identified and shall specify the number and Class of Shares to which they relate and the amount paid up thereon or the fact that they are fully paid, as the case may be. All share certificate of the Company shall bear legends requried under the applicable laws, including the Exchange Rules. All share certificates surrendered to the Company for transfer shall be cancelled and subject to these Articles no new certificate shall be issued until the former certificate evidencing a like number of relevant Shares shall have been surrendered and cancelled. Where only some of the certificated Shares evidenced by a share certificate are transferred, the old certificate shall be surrendered and cancelled and a new certificate for the balance of the certificated Shares shall be issued in lieu without charge.

**8.3** **Certificates for jointly-held Shares** 

If the Company issues a share certificate in respect of certificated Shares held jointly by more than one person, delivery of a single share certificate to one joint holder shall be a sufficient delivery to all of them.

**8.4** **Replacement of share certificates** 

If a share certificate is defaced, worn-out or alleged to have been lost, stolen or destroyed, a new share certificate shall be issued on the payment of such expenses reasonably incurred by the Company and the person requiring the new share certificate shall first surrender the defaced or worn-out share certificate or give such evidence of the loss, theft or destruction of the share certificate and such indemnity to the Company as the Directors may require.

**9.** **UNCERTIFICATED SHARES** 

**9.1** **Uncertificated Shares held by means of a Relevant System** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may permit Shares to be held in uncertificated form and shall have power to implement
 such arrangements as they may, in their absolute discretion, think fit in order for any Class
 of Shares to be transferred by means of a Relevant System of holding and transferring Shares
 (subject always to any applicable law and the requirements of the Relevant System concerned).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (For
 the purpose of this Article 9, the expression "Shares", where the context permits,
 also includes Interests in such Shares).

**9.2** **Disapplication of inconsistent Articles** 

Where the arrangements described in this Article 9 are implemented, no provision of these Articles shall apply or have effect to the extent that it is in any respect inconsistent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 holding of Shares of that Class in uncertificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 facilities and requirements of the Relevant System.

**9.3** **Arrangements for uncertificated Shares** 

Notwithstanding anything contained in these Articles (but subject always to the Companies Act, any other applicable laws and regulations and the facilities and requirements of any Relevant System):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless
 the Directors otherwise determine, Shares held by the same holder or joint holder in certificated
 form and uncertificated form shall be treated as separate holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conversion
 of Shares held in certificated form into Shares held in uncertificated form, and vice versa,
 may be made in such a manner as the Directors may in their absolute discretion think fit
 and in accordance with applicable regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shares
 may be changed from uncertificated to certificated form, and from certificated to uncertificated
 form, in such manner as the Directors may in their absolute discretion, think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Article
 13.2 shall not apply in respect of Shares recorded on the Register of Members as being held
 in uncertificated form to the extent that Article 13.2 requires or contemplates the effecting
 of a transfer by an instrument in writing and the production of a certificate for the Share
 to be transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 Class of Share shall not be treated as two Classes by virtue only of that Class comprising
 both certificated and uncertificated Shares or as a result of any provision of these Articles
 or any other applicable law or regulation which applies only in respect of certificated and
 uncertificated Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) where
 the Company is entitled under applicable law or these Articles to sell, transfer or otherwise
 dispose of, redeem, repurchase, re-allot, accept the surrender of, forfeit or enforce a lien
 over, a Share in the Company, the Directors shall, subject to such applicable laws, these
 Articles and the facilities and requirements of the Relevant System be entitled (without
 limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 require the holder of that Share by notice to convert that Share into certificated form within
 the period specified in the notice and to hold that Share in certificated form so long as
 required by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 require the operator of the Relevant System to convert that Share into certificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 require the holder of that Share by notice to give any instructions necessary to transfer
 title to that Share by means of the Relevant System within the period specified in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to
 require the holder of that Share by notice to appoint any person to take any step, including
 without limitation the giving of any instructions by means of the Relevant System, necessary
 to transfer that Share within the period specified in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to
 take any other action that the Directors consider necessary or expedient to achieve the sale,
 transfer, disposal, re-allotment, forfeiture or surrender of that Share or otherwise to enforce
 a lien in respect of that Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to
 require the deletion of any entries in the Relevant System reflecting the holding of such
 Share in uncertificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to
 require the operator of the Relevant System to alter the entries in the Relevant System so
 as to divest the holder of the relevant Share of the power to transfer such Share other than
 to a person selected or approved by the Directors for the purposes of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Article
 8 shall not apply so as to require the Company to issue a certificate to any person holding
 Shares in uncertificated form.

**10.** **DEPOSITORY INTERESTS** 

**10.1** **Depository Interests held by means of a Relevant System** 

The Directors may permit Shares of any Class to be represented by Depository Interests and to be transferred or otherwise dealt with by means of a Relevant System and may revoke any such permission.

**10.2** **Disapplication of inconsistent Articles** 

Where the arrangements described in this Article 10 are implemented, no provision of these Articles shall apply or have effect to the extent that it is in any respect inconsistent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 holding of Depository Interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 facilities and requirements of the Relevant System.

**10.3** **Arrangements for Depository Interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may make such arrangements or regulations (if any) as they may from time to time
 in their absolute discretion think fit in relation to the evidencing, issue and transfer
 of Depository Interests and otherwise for the purpose of implementing and/or supplementing
 the provisions of this Article 10 and the Exchange Rules and the facilities and requirements
 of the Relevant System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company may use the Relevant System in which any Depository Interests are held to the fullest
 extent available from time to time in the exercise of any of its powers or functions under
 the Companies Act, the Exchange Rules or these Articles or otherwise in effecting any actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the purpose of effecting any action by the Company, the Directors may determine that Depository
 Interests held by a person shall be treated as a separate holding from certificated Shares
 held by that person.

**10.4** **Not separate Class** 

Shares in a particular Class shall not form a separate Class of Shares from other Shares in that Class because they are dealt with as Depository Interests.

**10.5** **Power of sale** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 the Company is entitled under applicable law or these Articles to sell, transfer or otherwise
 dispose of, redeem, repurchase, re-allot, accept the surrender of, forfeit or enforce a lien
 over, any Share represented by a Depository Interest, the Directors shall, subject to such
 applicable laws, these Articles and the facilities and requirements of the Relevant System
 be entitled (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 require the holder of that Depository Interest by notice to convert that Share represented
 by the Depository Interest into certificated form within the period specified in the notice
 and to hold that Share in certificated form so long as required by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 require the holder of that Depository Interest by notice to give any instructions necessary
 to transfer title to that Share by means of the Relevant System within the period specified
 in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 require the holder of that Depository Interest by notice to appoint any person to take any
 step, including without limitation the giving of any instructions by means of the Relevant
 System, necessary to transfer that Share within the period specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 take any other action that the Directors consider necessary or expedient to achieve the sale,
 transfer, disposal, re-allotment, forfeiture or surrender of that Share or otherwise to enforce
 a lien in respect of that Share.

**11.** **CALLS ON SHARES** 

**11.1** **Calls, how made** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms on which Shares are allotted, the Directors may make calls on the Members (and
 any persons entitled by transmission) in respect of any amounts unpaid on their Shares (whether
 in respect of nominal value or premium or otherwise) and not payable on a date fixed by or
 in accordance with the allotment terms. Each such Member or other person shall pay to the
 Company the amount called, subject to receiving at least fourteen (14) clear days'
 notice specifying when and where the payment is to be made, as required by such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 call may be made payable by instalments. A call shall be deemed to have been made when the
 resolution of the Directors authorising it is passed. A call may, before the Company's
 receipt of any amount due under it, be revoked or postponed in whole or in part as the Directors
 may decide. A person upon whom a call is made will remain liable for calls made on him notwithstanding
 the subsequent transfer of the Shares in respect of which the call was made.

**11.2** **Liability of joint holders** 

The joint holders of a Share shall be jointly and severally liable to pay all calls in respect of it.

**11.3** **lnterest** 

lf the whole of the sum payable in respect of any call is not paid by the day it becomes due and payable, the person from whom it is due shall pay all costs, charges and expenses that the Company may have incurred by reason of such non-payment, together with interest on the unpaid amount from the day it became due and payable until it is paid at the rate fixed by the terms of the allotment of the Share or in the notice of the call or, if no rate is fixed, at such rate, not exceeding eight percent (8%) per annum (compounded on a six monthly basis), as the Directors shall determine. The Directors may waive payment of such costs, charges, expenses or interest in whole or in part.

**11.4** **Differentiation** 

Subject to the allotment terms, the Directors may make arrangements on or before the issue of Shares to differentiate between the holders of Shares in the amounts and times of payment of calls on their Shares.

**11.5** **Payment in advance of calls** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may receive from any Member (or any person entitled by transmission) all or any
 part of the amount uncalled and unpaid on the Shares held by him (or to which he is entitled).
 The liability of each such Member or other person on the Shares to which such payment relates
 shall be reduced by such amount. The Company may pay interest on such amount from the time
 of receipt until the time when such amount would, but for such advance, have become due and
 payable at such rate not exceeding eight percent (8%) per annum (compounded on a six monthly
 basis) as the Directors may decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 sum paid up on a Share in advance of a call shall entitle the holder to any portion of a
 dividend subsequently declared or paid in respect of any period prior to the date on which
 such sum would, but for such payment, become due and payable.

**11.6** **Restrictions if calls unpaid** 

Unless the Directors decide otherwise, no Member shall be entitled to receive any dividend or to be present or vote at any meeting or to exercise any right or privilege as a Member until he has paid all calls due and payable on every Share held by him, whether alone or jointly with any other person, together with interest and expenses (if any) to the Company.

**11.7** **Sums due on allotment treated as calls** 

Any sum payable in respect of a Share on allotment or at any fixed date, whether in respect of the nominal value of the Share or by way of premium or otherwise or as an instalment of a call, shall be deemed to be a call. lf such sum is not paid, these Articles shall apply as if it had become due and payable by virtue of a call.

**12.** **FORFEITURE OF SHARES** 

**12.1** **Forfeiture after notice of unpaid call** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) lf
 a call or an instalment of a call remains unpaid after it has become due and payable, the
 Directors may give to the person from whom it is due not less than fourteen (14) clear days'
 notice requiring payment of the amount unpaid together with any interest which may have accrued
 and any costs, charges and expenses that the Company may have incurred by reason of such
 non-payment. The notice shall state the place where payment is to be made and that if the
 notice is not complied with the Shares in respect of which the call was made will be liable
 to be forfeited. lf the notice is not complied with, any Shares in respect of which it was
 given may, before the payment required by the notice has been made, be forfeited by a resolution
 of the Directors. The forfeiture will include all dividends and other amounts payable in
 respect of the forfeited Shares which have not been paid before the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may accept the surrender of a Share which is liable to be forfeited in accordance
 with these Articles. All provisions in these Articles which apply to the forfeiture of a
 Share also apply to the surrender of a Share.

**12.2** **Notice after forfeiture** 

When a Share has been forfeited, the Company shall give notice of the forfeiture to the person who was before forfeiture the holder of the Share or the person entitled by transmission to the Share. An entry that such notice has been given and of the fact and date of forfeiture shall be made in the Register of Members. Notwithstanding the above, no forfeiture will be invalidated by any omission to give such notice or make such entry.

**12.3** **Consequences of forfeiture** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Share shall, on its forfeiture, become the property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 interest in and all claims and demands against the Company in respect of a Share and all
 other rights and liabilities incidental to the Share as between its holder and the Company
 shall, on its forfeiture, be extinguished and terminate except as otherwise stated in these
 Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 holder of a Share (or the person entitled to it by transmission) which is forfeited shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 its forfeiture cease to be a Member (or a person entitled) in respect of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 a certificated Share, surrender to the Company for cancellation of the share certificate
 for the Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) remain
 liable to pay to the Company all monies payable in respect of the Share at the time of forfeiture,
 with interest from such time of forfeiture until the time of payment, in the same manner
 in all respects as if the Share had not been forfeited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) remain
 liable to satisfy all (if any) claims and demands which the Company might have enforced in
 respect of the Share at the time of forfeiture without any deduction or allowance for the
 value of the Share at the time of forfeiture or for any consideration received on its disposal.

**12.4** **Disposal of forfeited Share** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such
 manner as the Directors may decide either to the person who was before the forfeiture the
 holder or to any other person. At any time before the disposal, the forfeiture may be cancelled
 on such terms as the Directors may decide. Where for the purpose of its disposal a forfeited
 Share is to be transferred to any transferee, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of certificated Shares, authorise a person to execute an instrument of transfer
 of Shares in the name and on behalf of their holder to the purchaser or as the purchaser
 may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of uncertificated Shares, exercise any power conferred on them by Article 9.3(f)
 to effect a transfer of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the Share is represented by a Depository Interest, exercise any of the Company's powers
 under Article 10.5 to effect the sale of the Share to, or in accordance with the directions
 of, the buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 purchaser will not be bound to see to the application of the purchase monies in respect of
 any such sale. The title of the transferee to the Shares will not be affected by any irregularity
 in or invalidity of the proceedings connected with the sale or transfer. Any instrument or
 exercise referred to at paragraph (a) of this Article shall be effective as if it had been
 executed or exercised by the holder of, or the person entitled by transmission to, the Shares
 to which it relates.

**12.5** **Proof of forfeiture** 

A statutory declaration by a Director or any other officer that a Share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it against all persons claiming to be entitled to the Share. The declaration shall (subject to the execution of any necessary instrument of transfer) constitute good title to the Share. The person to whom the Share is disposed of shall not be bound to see to the application of the consideration (if any) given for it on such disposal. His title to the Share will not be affected by any irregularity in, or invalidity of, the proceedings connected with the forfeiture or disposal.

**13.** **TRANSFER OF SHARES** 

**13.1** **Form of transfer** 

Subject to these Articles, a Member may transfer all or any of his Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of certificated Shares, by an instrument of transfer in writing in any usual form
 or in another form approved by the Directors or prescribed by the Exchange, which must be
 executed by or on behalf of the transferor and (in the case of a transfer of a Share which
 is not fully paid) by or on behalf of the transferee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of uncertificated Shares, without a written instrument in accordance with the rules
 or regulations of any Relevant System in which the Shares are held.

**13.2** **Registration of a certificated Share transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to these Articles, the Directors may, in their absolute discretion and without giving a reason,
 refuse to register the transfer of a certificated Share unless it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 respect of a Share which is fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 respect of a Share on which the Company has no lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 respect of only one Class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 favour of a single transferee or not more than four joint transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) duly
 stamped (if required); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) delivered
 for registration to the Registered Office or such other place as the Directors may decide,
 accompanied by the certificate for the Shares to which it relates and any other evidence
 as the Directors may reasonably require to prove the title to such Share of the transferor
 and the due execution by him of the transfer or, if the transfer is executed by some other
 person on his behalf, the authority of such person to do so, provided that the Directors
 shall not refuse to register any transfer of any certificated Shares listed on the Exchange
 on the ground that they are partly paid in circumstances where such refusal would prevent
 dealings in such Shares from taking place on an open and proper basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) lf
 the Directors refuse to register a transfer pursuant to this Article, they shall, within
 two (2) months after the date on which the transfer was delivered to the Company, send notice
 of the refusal to the transferee. An instrument of transfer which the Directors refuse to
 register shall (except in the case of suspected fraud) be returned to the person delivering
 it. All instruments of transfer which are registered may, subject to these Articles, be retained
 by the Company.

**13.3** **Registration of an uncertificated Share transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors shall register a transfer of title to any uncertificated Share which is held in
 uncertificated form in accordance with the rules or regulations of any Relevant System in
 which the Shares are held, except that the Directors may refuse (subject to any relevant
 requirements of (to the extent applicable) the Exchange Rules and/or the Exchange) to register
 any such transfer which is in favour of more than four persons jointly or in any other circumstance
 permitted by the rules or regulations of any Relevant System in which the Shares are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) lf
 the Directors refuse to register any such transfer the Company shall, within two months after
 the date on which the instruction relating to such transfer was received by the Company,
 send notice of the refusal to the transferee.

**13.4** **Transfers of Depository Interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall register the transfer of any Shares represented by Depository Interests in
 accordance with the rules or regulations of the Relevant System and any other applicable
 laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 permitted by the rules or regulations of the Relevant System and any other applicable laws
 and regulations, the Directors may, in their absolute discretion and without giving any reason
 for their decision, refuse to register any transfer of any Share represented by a Depository
 Interest.

**13.5** **No fee on registration** 

No fee shall be charged for the registration of a transfer of a Share or other document relating to or affecting the title to any Share.

**13.6** **Renunciations of Shares** 

Nothing in these Articles shall preclude the Directors from recognising the renunciation of any Share by the allottee thereof in favour of some other person.

**13.7** **Enforceability of and interpretation/administration of this Article** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 any provision of this Article 13 or any part of such provision is held under any circumstances
 to be invalid or unenforceable in any jurisdiction, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 invalidity of unenforceability of such provision shall not affect the validity or enforceability
 of such provision or part thereof under any other circumstances or in any other jurisdiction;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 invalidity or unenforceability of such provision or part thereof shall not affect the validity
 or enforceability of the remainder of such provision or the validity or enforceability of
 any other provision of these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors shall have the exclusive power and authority to administer and interpret the provisions
 of this Article 13 and to exercise all rights and powers specifically granted the Directors
 and the Company or as may be necessary or advisable in the administration of this Article
 13. All such actions, calculations, determinations and interpretations which are done or
 made by the Directors in good faith shall be final, conclusive, and binding on the Company
 and the beneficial and registered owners of the Shares and shall not subject the Directors
 to any liability.

**13.8** **No transfers to an infant etc** 

No transfer shall be made to an infant or to a person of whom an order has been made by competent court or official on the grounds that he is or may be suffering from mental disorder or is otherwise incapable of managing his affairs or under other legal disability.

**13.9** **Effect of registration** 

The transferor shall be deemed to remain the holder of the Share transferred until the name of the transferee is entered in the Register of Members in respect of that Share.

**14.** **TRANSMISSION OF SHARES** 

**14.1** **Transmission of Shares** 

If a Member dies, becomes bankrupt, commences liquidation or is dissolved, the only person that the Company will recognise as having any title to, or interest in, that Member's Share (other than the Member) are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the deceased Member was a joint holder, the survivor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the deceased Member was a sole or the only surviving holder, the personal representative
 of that Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 trustee in bankruptcy or other person succeeding to the Member's interest by operation
 of law,

but nothing in these Articles releases the estate of a deceased Member, or any other successor by operation of law, from any liability in respect of any Share held by that Member solely or jointly.

**14.2** **Election by persons entitled on transmission** 

Any person becoming entitled to a Share as a result of the death, bankruptcy, liquidation or dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced as may from time to time be required by the Directors, elect either to become registered as the holder of the Share or nominate another person to be registered as the holder of that Share. If he elects to be registered as the holder of the Share himself, he shall give written notice to the Company to that effect. If he elects to have some other person registered as the holder of the Share, he shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a certificated Share, execute an instrument of transfer of such Share to such
 person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of an uncertificated Share, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) procure
 that all the appropriate instructions are given by means of the Relevant System to effect
 the transfer of such Share to such person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) change
 the uncertificated Share to certified form and then execute a transfer of such Share to such
 person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the case of a Share represented by a Depository Interest, take any action the Directors may
 require (including, without limitation, the execution of any document and the giving of any
 instruction by means of the Relevant System) to effect the transfer of the Share to that
 person.

**14.3** **Rights of persons entitled by transmission** 

A person becoming entitled to a Share by reason of the death, bankruptcy, liquidation or dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends and other rights to which he would be entitled if he were the registered holder of the Share. However, the person shall not, before being registered as a Member in respect of the Share, be entitled in respect of it to attend or vote at any meeting of the Company and the Directors may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him registered as the holder (and the Directors shall, in either case, have the same right to refuse registration as they would have had in the case of a transfer of the Share by that Member before his death, bankruptcy, liquidation or dissolution, as the case may be). If the notice is not complied with within ninety (90) days the Directors may withhold payment of all Dividends, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with.

**15.** **REDEMPTION, PURCHASE AND SURRENDER OF SHARES** 

**15.1** Subject
 to the Companies Act, the Memorandum, these Articles, the Exchange Rules (where applicable)
 and any rights conferred on the holders of any Shares or attaching to any Class of Shares,
 the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares on terms that they are to be redeemed or are liable to be redeemed at the option of
 one or both of the Company or the Member on such terms and in such manner as the Directors
 may determine before the issue of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase,
 or enter into a contract under which it will or may repurchase, any of its own Shares of
 any Class (including any redeemable Shares) on such terms and in such manner as the Directors
 may determine or agree with the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of its own Shares in any manner authorised
 by the Companies Act, including out of capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) accept
 the surrender for no consideration of any paid up Share (including any redeemable Share)
 on such terms and in such manner as the Directors may determine.

**15.2** Any
 Share in respect of which notice of redemption has been given shall not be entitled to participate
 in the profits of the Company in respect of the period after the date specified as the date
 of redemption in the notice of redemption.

**15.3** The
 redemption or purchase of any Share shall not be deemed to give rise to the redemption or
 purchase of any other Share.

**15.4** The
 Directors may when making payments in respect of the redemption or purchase of Shares, if
 authorised by the terms of issue of the Shares being redeemed or purchased or with the agreement
 of the holder of such Shares, make such payment either in cash or in specie.

**15.5** The
 Directors may hold any repurchased, redeemed or surrendered Shares as Treasury Shares in
 accordance with the provisions of the Companies Act and these Articles.

**16.** **FINANCIAL ASSISTANCE** 

Any financial assistance given by the Company in connection with a purchase made or to be made by any person of any Shares or Interests in Shares in the Company shall only be made in accordance with the Companies Act, applicable law and the Exchange Rules (where applicable).

**17.** **CLASS RIGHTS AND CLASS MEETINGS** 

**17.1** **Variation of class rights** 

Subject to the Companies Act, if at any time the share capital of the Company is divided into different Classes of Shares, all or any of the rights attached to any Class of Shares may be varied in such manner as those rights may provide or, if no such provision is made, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 the consent in writing of holders of not less than three-fourths of the issued Shares of
 that Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the sanction of a resolution passed at a separate meeting of the holders of the Shares of
 that Class by a majority of votes cast of the holders of the Shares of that Class present
 and voting at such meeting with a quorum of 2 persons at least holding (whether in person
 or by proxy) not less than one-thirds of the holders of the Shares of that Class.

**17.2** **Treatment of classes of Shares by Directors** 

The Directors may treat two or more or all of the Classes of Shares as forming one class of Shares if the Directors consider that such Classes of Shares would be affected by the proposed variation in the same way.

**17.3** **Effect of Share issue on class rights** 

The rights attached to any Class of Shares are not taken to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 creation or issue of further Shares ranking equally with them unless expressly provided by
 the terms of the issue of the Shares of that Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 reduction of capital paid up on such Shares or by the repurchase, redemption or surrender
 of any Shares in accordance with the Companies Act and these Articles.

**17.4** **Class meetings** 

The provisions of these Articles relating to general meetings of the Company shall apply mutatis mutandis to any Class meeting, except that the quorum shall be two or more Members that together hold at least one-third of the issued Shares of that Class.

**18.** **NO RECOGNITION OF TRUSTS OR THIRD PARTY INTERESTS** 

Except as otherwise expressly provided by these Articles or as required by law or as ordered by a court of competent jurisdiction, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 not required to recognise a person as holding any Share on any trust, even if the Company
 has notice of the trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 not required to recognise, and is not bound by, any interest in or claim to any Share, except
 for the registered holder's absolute legal ownership of the Share, even if the Company
 has notice of that interest or claim.

**19.** **LIEN ON SHARES** 

**19.1** **Lien on Shares generally** 

The Company shall have a first and paramount lien on all Shares registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or amounts payable to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the Directors may at any time determine any Share to be wholly or in part exempt from the provisions of this Article. The Company's lien on a Share is released if a transfer of that Share is registered.

**19.2** **Enforcement of lien by sale** 

The Company may sell, on such terms and in such manner as the Directors think fit, any Share on which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within fourteen (14) clear days after notice has been given by the Company to the holder of the Share (or to any other person entitled by transmission to the Shares) demanding payment of that amount and giving notice of intention to sell the Share if such payment is not made.

**19.3** **Completion of sale under lien** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 give effect to a sale of Shares under a lien the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of certificated Shares, authorise any person to execute an instrument of transfer
 in respect of the Shares to be sold to, or in accordance with the directions of, the relevant
 purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of uncertificated Shares, exercise any power conferred on them by Article 9.3(f)
 to effect a transfer of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the Shares are represented by a Depository Interest, exercise any of the Company's
 powers under Article 10.5 to effect the sale of such Shares to, or in accordance with the
 directions of the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 purchaser or his nominee shall be registered as the holder of the Shares comprised in any
 such transfer, and he shall not be bound to see to the application of any consideration provided
 for the Shares, nor will the purchaser's title to the Shares be affected by any irregularity
 or invalidity in connection with the sale or the exercise of the Company's power of
 sale under these Articles.

**19.4** **Application of proceeds of sale** 

The net proceeds of a sale made under a lien after payment of costs, shall be applied in payment of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person who was entitled to the Shares immediately prior to the sale.

**20.** **UNTRACED MEMBERS** 

**20.1** **Sale of Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may sell at the best price reasonably obtainable any Share of a Member, or any Share
 to which a person is entitled by transmission, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during
 the period of six (6) years prior to the date of the publication of the advertisements referred
 to in this paragraph (a) (or, if published on different dates, the earlier or earliest of
 them):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no
 cheque, warrant or money order in respect of such Share sent by or on behalf of the Company
 to the Member or to the person entitled by transmission to the Share, at his address in the
 Register of Members or other address last known to the Company has been cashed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no
 cash dividend payable on the Shares has been satisfied by the transfer of funds to a bank
 account of the Member (or person entitled by transmission to the share) or by transfer of
 funds by means of the Relevant System, and the Company has received no communication (whether
 in writing or otherwise) in respect of such Share from such Member or person, provided that
 during such six year period the Company has paid at least three cash dividends (whether interim
 or final) in respect of Shares of the Class in question and no such dividend has been claimed
 by the person entitled to such Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on
 or after the expiry of such six year period the Company has given notice of its intention
 to sell such Share by advertisements in a national newspaper published in the country in
 which the Registered Office is located and in a newspaper circulating in the area in which
 the address in the Register of Members or other last known address of the member or the person
 entitled by transmission to the Share or the address for the service of notices on such member
 or person notified to the Company in accordance with these Articles is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such
 advertisements, if not published on the same day, are published within thirty (30) days of
 each other;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) during
 a further period of three months following the date of publication of such advertisements
 (or, if published on different dates, the date on which the requirements of this paragraph
 (a) concerning the publication of newspaper advertisements are met) and prior to the sale
 the Company has not received any communication (whether in writing or otherwise) in respect
 of such Share from the Member or person entitled by transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) lf
 during such six year period, or during any subsequent period ending on the date when all
 the requirements of paragraph (a) of this Article have been met in respect of any Shares,
 any additional Shares have been issued in respect of those held at the beginning of, or previously
 so issued during, any such subsequent period and all the requirements of paragraph (a) of
 this Article have been satisfied with regard to such additional Shares, the Company may also
 sell the additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 give effect to a sale pursuant to paragraph (a) or paragraph (b) of this Article, the Directors
 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of certificated Shares, authorise a person to execute an instrument of transfer
 of Shares in the name and on behalf of the holder of, or the person entitled by transmission
 to, them to the purchaser or as the purchaser may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of uncertificated Shares, exercise any power conferred on them by Article 9.3(f)
 to effect a transfer of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the Share is represented by a Depository Interest, exercise any of the Company's powers
 under Article 10.5 to effect the sale of the Share to, or in accordance with the directions
 of, the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 purchaser will not be bound to see to the application of the purchase monies in respect of
 any such sale. The title of the transferee to the Shares will not be affected by any irregularity
 in or invalidity of the proceedings connected with the sale or transfer. Any instrument or
 exercise referred to at paragraph (c) of this Article shall be effective as if it had been
 executed or exercised by the holder of, or the person entitled by transmission to, the Shares
 to which it relates.

**20.2** **Application of sale proceeds** 

The Company shall account to the Member or other person entitled to such Share for the net proceeds of such sale by carrying all monies in respect of the sale to a separate account. The Company shall be deemed to be a debtor to, and not a trustee for, such Member or other person in respect of such monies. Monies carried to such separate account may either be employed in the business of the Company or invested as the Directors may think fit. No interest shall be payable to such Member or other person in respect of such monies and the Company shall not be required to account for any money earned on them.

**21.** **ALTERATION OF SHARE CAPITAL** 

**21.1** **Increase, consolidation, subdivision and cancellation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase
 its share capital by such sum, to be divided into Shares of such Classes and amounts as the
 resolution shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consolidate,
 or consolidate and divide all or any of its share capital into Shares of a larger amount
 than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subdivide
 its Shares, or any of them, into Shares of a smaller amount than is fixed by the Memorandum;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cancel
 any Shares which, at the date of the passing of the resolution, have not been taken, or agreed
 to be taken, by any person and diminish the amount of its share capital by the amount of
 the Shares so cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 new Shares created in accordance with the provisions of this Article shall be subject to
 the same provisions of these Articles with reference to liens, transfer, transmission and
 otherwise as the Shares in the original share capital.

**21.2** **Dealing with fractions resulting from consolidation or subdivision of Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever,
 as a result of a consolidation or subdivision of Shares, any Members would become entitled
 to fractions of a Share the Directors may on behalf of those Members deal with the fractions
 as they think fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) selling
 the Shares representing the fractions for the best price reasonably obtainable to any person
 (including, subject to the provisions of the Companies Act, the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) distributing
 the net proceeds in due proportion among those Members (except that if the amount due to
 a person is less than US$5.00, or such other sum as the Directors may decide, the Company
 may retain such sum for its own benefit).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes of this Article, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of certificated Shares, authorise some person to execute an instrument of transfer
 of the Shares to, or in accordance with the directions of, the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of uncertificated Shares, exercise any power conferred on it by Article 9.3(f) to
 effect a transfer of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the Share is represented by a Depository Interest, exercise any of the Company's powers
 under Article 10.5 to effect the sale of the Share to, or in accordance with the directions
 of, the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 transferee shall not be bound to see to the application of the purchase money nor shall the
 transferee's title to the Shares be affected by any irregularity in, or invalidity
 of, the proceedings in respect of any sale undertaken pursuant to this Article.

**21.3** **Reduction of Share Capital** 

Subject to the provisions of the Companies Act and to any rights attached to any Shares, the Company may by Special Resolution reduce its share capital, any capital redemption reserve, any share premium account or any other undistributable reserve in any way.

**22.** **GENERAL MEETINGS** 

**22.1** **Annual general meetings and general meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may hold an annual general meeting in each calendar year, which shall be convened
 by the Directors, in accordance with these Articles, but so that the maximum period between
 such annual general meetings shall not exceed fifteen (15) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

**22.2** **Convening of general meetings** 

The chairman of our Company, any two Directors or any Director or the Secretary may convene a general meeting of the Company whenever the Directors think fit, and must do so if required to do so pursuant to a valid Members' requisition.

**22.3** **Members' requisition** 

A Members' requisition is a requisition of Members of the Company holding at the date of deposit of the requisition at the Registered Office not less than ten percent (10%) in par value of the issued Shares which as at that date carry the right to vote at general meetings of the Company.

**22.4** **Requirements of Members' requisition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 requisition must state the objects of the general meeting and must be signed by the requisitionists
 and deposited at the Registered Office, and may consist of several documents in like form
 each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Directors do not within twenty-one (21) days from the date of the deposit of the requisition
 duly proceed to convene a general meeting to be held within a further twenty-one (21) days,
 the requisitionists, or any of them representing a majority of the total voting rights of
 all of them, may themselves convene a general meeting of the Company, but any meeting so
 convened shall not be held after the expiration of three months after the expiration of such
 twenty-one (21) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 general meeting convened in accordance with this Article by requisitionists shall be convened
 (insofar as is possible) in the same manner as that in which general meetings are to be convened
 by Directors and the Directors shall, upon demand, provide the names and addresses of each
 Member to the requisitionists for the purpose of convening such meeting.

**23.** **NOTICE OF GENERAL MEETINGS** 

**23.1** **Length and form of notice and persons to whom notice must be given** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 least five (5) clear days' notice shall be given of any annual general meeting or general
 meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the Companies Act and notwithstanding that it is convened by shorter notice than that
 specified in paragraph (a) of this Article, a general meeting shall be deemed to have been
 duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of an annual general meeting, by all shareholders entitled to attend and vote at
 the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of an extraordinary general meeting, by at least seventy-five percent (75%) of all
 the Members entitled to attend and vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 notice of meeting shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether
 the meeting is an annual general meeting or a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 place, the day and the time of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject
 to the requirements of (to the extent applicable) the Exchange Rules and/or the Exchange,
 the general nature of the business to be transacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if
 the meeting is convened to consider a Special Resolution, the intention to propose the resolution
 as such; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 reasonable prominence, that a Member entitled to attend and vote is entitled to appoint one
 or more proxies to attend and, on a poll, vote instead of him and that a proxy need not also
 be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 notice of meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall
 be given to the Members (other than a Member who, under these Articles or any restrictions
 imposed on any Shares, is not entitled to receive notice from the Company), to each Director
 and alternate Director, to the Auditor and to such other persons as may be required by the
 Exchange Rules and/or the Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) may
 specify a time by which a person must be entered on the Register of Members in order for
 such person to have the right to attend or vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Directors may determine that the Members entitled to receive notice of a meeting are those
 persons entered on the Register of Members at the close of business on a day determined by
 the Directors.

**23.2** **Omission or non-receipt of notice or instrument of proxy** 

The accidental omission to send or give notice of meeting or, in cases where it is intended that it be sent out or given with the notice, an instrument of proxy or other document to, or the non-receipt of any such item by, any person entitled to receive such notice shall not invalidate the proceedings at that meeting.

**24.** **PROCEEDINGS AT GENERAL MEETINGS** 

**24.1** **Requirement and number for a quorum** 

No business may be transacted at a general meeting unless a quorum is present. A quorum is two or more Members holding Shares which carry in aggregate (or representing by proxy) not less than fifty percent (50%) of all votes attaching to all Shares in issue and entitled to vote at such general meeting, present in person or by proxy, or, if a corporation or other non-natural person, by its duly authorised represntative. The absence of a quorum will not prevent the appointment of a chairman of the meeting. Such appointment shall not be treated as being part of the business of the meeting.

**24.2** **General meetings by telephone or other communications device** 

A general meeting may be held by means of any telephone, electronic or other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by resolution of the Members present, the meeting shall be deemed to be held at the place where the chairman is physically present.

**24.3** **Adjournment if quorum not present** 

If within fifteen (15) minutes after the time appointed for a general meeting a quorum is not present (or if during such a meeting a quorum ceases to be present), the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 convened upon the requisition of Members, shall be dissolved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 any other case, stands adjourned to the same day in the next week at the same time and place
 or to such other day, time and place as the Directors may determine, and if at the adjourned
 meeting a quorum is not present within fifteen (15) minutes from the time appointed for the
 meeting the Members present shall be a quorum.

**24.4** **Appointment of chairman of general meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Directors have elected one of their number as chairman of their meetings that person
 shall preside as chairman at every general meeting of the Company. If there is no such chairman,
 or if the elected chairman is not present within fifteen (15) minutes after the time appointed
 for the holding of the meeting, or is unable or unwilling to act, the Directors present shall
 elect one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 no Director is willing to act as chairman or if no Director is present within fifteen (15)
 minutes after the time appointed for holding the meeting, the Members present shall choose
 one of their number to be chairman of the meeting.

**24.5** **Orderly conduct** 

The chairman shall take such action or give directions for such action to be taken as he thinks fit to promote the orderly conduct of the business of the meeting. The chairman's decision on points of order, matters of procedure or arising incidentally from the business of the meeting shall be final as shall be his determination as to whether any point or matter is of such a nature.

**24.6** **Entitlement to attend and speak** 

Each Director shall be entitled to attend and speak at any general meeting of the Company. The chairman may invite any person to attend and speak at any general meeting of the Company where he considers that this will assist in the deliberations of the meeting.

**24.7** **Adjournment of general meeting** 

The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a general meeting is adjourned for thirty (30) days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice.

**24.8** **Voting on a show of hands** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 any general meeting a resolution put to the vote of the meeting must be decided on a show
 of hands unless a poll is demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 a poll is so demanded, a declaration by the chairman that a resolution has, on a show of
 hands, been carried, or carried unanimously, or by a particular majority, or lost, and an
 entry to that effect in the Company's book containing the minutes of proceedings of
 the Company, is conclusive evidence of the fact. Neither the chairman nor the minutes need
 state, and it is not necessary to prove, the number or proportion of the votes recorded in
 favour of or against the resolution.

**24.9** **When a poll may be demanded** 

A poll may only be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before
 the show of hands on that resolution is taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) before
 the result of the show of hands on that resolution is declared; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately
 after the result of the show of hands on that resolution is declared.

**24.10** **Demand for poll** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 poll may be demanded by the chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 demand for a poll does not prevent the continuance of the meeting for the transaction of
 any business other than the question on which the poll has been demanded.

**24.11** **Voting on a poll** 

If a poll is properly demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 must be taken in the manner and at the date and time directed by the chairman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 the election of a chairman or on a question of adjournment, it must be taken immediately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 result of the poll is a resolution of the meeting at which the poll was demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 demand may be withdrawn.

**24.12** **No casting vote for chairman** 

If there is an equality of votes either on a show of hands or on a poll, the chairman is not entitled to a second or casting vote in addition to any other vote he may have or be entitled to exercise.

**25.** **VOTES OF MEMBERS** 

**25.1** **Written resolutions of Members** 

A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on behalf of all Members for the time being entitled to receive notice of and to attend and vote at general meetings of the Company shall be as valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held. A resolution in writing is adopted when all Members entitled to do so have signed it.

**25.2** **Registered Members to vote** 

No person shall be entitled to vote at any general meeting unless he is registered as a Member in the Register of Members on the record date for such meeting.

**25.3** **Voting rights** 

Subject to these Articles and to any rights or restrictions for the time being attached to any Class or Classes of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 a show of hands, each Member present in person and each other person present as a proxy or
 duly authorised representative of a Member has one vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 a poll, each Member present in person or by proxy (or, if a corporation or other non-natural
 person, by its duly authorised representative or proxy) shall have one (1) vote for each
 Class A Ordinary Share and twenty (20) votes for each Class B Ordinary Share of which he
 is the holder.

**25.4** **Voting rights of joint holders** 

If a Share is held jointly and more than one of the joint holders votes in respect of that Share, only the vote of the joint holder whose name appears first in the Register of Members in respect of that Share counts.

**25.5** **Voting rights of Members incapable of managing their affairs** 

A Member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction in matters concerning mental disorder, may vote whether on a show of hands or on a poll by his receiver, curator bonis, or other person on such Member's behalf appointed by that court, and any such receiver, curator bonis or other person may vote by proxy.

**25.6** **Voting restriction on an outstanding call** 

Unless the Directors decide otherwise, no Member shall be entitled to be present or vote at any general meeting either personally or by proxy until he has paid all calls due and payable on every Share held by him whether alone or jointly with any other person together with interest and expenses (if any) to the Company.

**25.7** **Objection to error in voting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 objection to the right of a person to attend or vote at a general meeting or adjourned general
 meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may
 not be raised except at that meeting or adjourned meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) must
 be referred to the chairman of the meeting whose decision is final.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 any objection is raised to the right of a person to vote and the chairman disallows the objection
 then the vote cast by that person is valid for all purposes.

**26.** **REPRESENTATION OF MEMBERS AT GENERAL MEETINGS** 

**26.1** **How Members may attend and vote** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to these Articles, each Member entitled to vote at a general meeting may attend and vote
 at the general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 person, or where a Member is a company or non-natural person, by a duly authorised representative;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 one or more proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 proxy or a duly authorised representative may, but not need be, a Member of the Company.

**26.2** **Appointment of proxies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 instrument appointing a proxy shall be in writing and be executed by or on behalf of the
 Member appointing the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 corporation may execute an instrument appointing a proxy either under its common seal (or
 in any other manner permitted by law and having the same effect as if executed under seal)
 or under the hand of a duly authorised officer, attorney or other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 Member may appoint more than one proxy to attend on the same occasion, but only one proxy
 may be appointed in respect of any one Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 appointment of a proxy shall not preclude a Member from attending and voting at the meeting
 or any adjournment of it.

**26.3** **Form of instrument of proxy** 

The instrument appointing a proxy may be in any usual or common form (or in any other form approved by the Directors or prescribed by the Exchange) and may be expressed to be for a particular general meeting (or any adjournment of a general meeting) or generally until revoked.

**26.4** **Authority under instrument of proxy** 

The instrument appointing a proxy shall be deemed (unless the contrary is stated in it) to confer authority to demand or join in demanding a poll and to vote, on a poll, on a resolution as a motion or an amendment of a resolution put to, or other business which may properly come before, the meeting or meetings for which it is given or any adjournment of any such meeting, as the proxy thinks fit.

**26.5** **Receipt of proxy appointment** 

The instrument appointing a proxy and any authority under which it is executed shall be deposited at the Registered Office or at such other place as is specified in the notice convening the meeting (or in any instrument of proxy sent out by the Company) prior to the time set out in such notice or instrument (or if no such time is specified, no later than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting). Notwithstanding the foregoing, the chairman may, in any event, at his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

**26.6** **Uncertificated Proxy Instruction** 

In relation to any Shares which are held by means of a Relevant System, the Directors may from time to time permit appointments of a proxy to be made by means of an electronic communication in the form of an Uncertificated Proxy Instruction. The Directors may in a similar manner permit supplements to, or amendments or revocations of, any such Uncertificated Proxy Instruction to be made by like means. The Directors may in addition prescribe the method of determining the time at which any such properly authenticated dematerialised instruction (and/or other instruction or notification) is to be treated as received by the Company or such participant. Notwithstanding any other provision in these Articles, the Directors may treat any such Uncertificated Proxy Instruction which purports to be or is expressed to be sent on behalf of a holder of a Share as sufficient evidence of the authority of the persons sending that instruction to send it on behalf of the holder.

**26.7** **Validity of votes cast by proxy** 

Votes given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the instrument of proxy or of the authority under which the instrument of proxy was executed, or the transfer of the Share in respect of which the proxy is appointed unless notice in writing of such death, insanity, revocation or transfer was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which the proxy voted.

**26.8** **Corporate representatives** 

A corporation which is a Member may, by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Company or at any separate meeting of the holders of any Class of Shares. Any person so authorised shall be entitled to exercise the same powers on behalf of the corporation (in respect of that part of the corporation's holdings to which the authority relates) as the corporation could exercise if it were an individual Member. The corporation shall for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present at it. All references in these Articles to attendance and voting in person shall be construed accordingly. A Director, the Secretary or some other person authorised for the purpose by a Director may require the representative to produce a certified copy of the resolution so authorising him or such other evidence of his authority reasonably satisfactory to such person before permitting him to exercise his powers.

**26.9** **Clearing Houses and Depositories** 

If a Clearing House or a Depository (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives at any meeting of the Company or at any separate meeting of the holders of any Class of Shares provided that, if more than one person is so authorised, the authorisation shall specify the number and Class of Shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the Clearing House or the Depository (or its nominee(s)) as if such person was the registered holder of the Shares of the Company held by the Clearing House or the Depository (or its nominee(s)).

**26.10** **Termination of proxy or corporate authority** 

A vote given or poll demanded by proxy or by the duly authorised representative of a corporation shall be valid notwithstanding the previous termination of the authority of the person voting or demanding a poll, unless notice of the termination was received by the Company at the Registered Office, or at such other place at which the instrument of proxy was duly deposited, or, where the appointment of proxy was contained in an electronic communication, at the address at which such appointment was duly received, at least one hour before the commencement of the meeting or adjourned meeting at which the vote is given or the poll demanded or (in the case of a poll not taken on the same day as the meeting or adjourned meeting) at least one hour before the time appointed for taking the poll.

**26.11** **Amendment to resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 an amendment shall be proposed to any resolution but shall in good faith be ruled out of
 order by the chairman of the meeting, any error in such ruling shall not invalidate the proceedings
 on the substantive resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ln
 the case of a resolution duly proposed as a Special Resolution, no amendment to it (other
 than an amendment to correct a patent error) may be considered or voted on and in the case
 of a resolution duly proposed as an Ordinary Resolution no amendment to it (other than an
 amendment to correct a patent error) may be considered or voted on unless either at least
 forty-eight (48) hours prior to the time appointed for holding the meeting or adjourned meeting
 at which such Ordinary Resolution is to be proposed notice in writing of the terms of the
 amendment and intention to move it has been lodged at the Registered Office or the chairman
 of the meeting in his absolute discretion decides that it may be considered or voted on.

**26.12** **Shares that may not be voted** 

Shares that are beneficially owned by the Company shall not be voted, directly or indirectly, at any general meeting or Class meeting (as applicable) and shall not be counted in determining the total number of outstanding Shares at any given time.

**27.** **APPOINTMENT, RETIREMENT AND REMOVAL OF DIRECTORS** 

**27.1** **Number of Directors** 

The Company may from time to time by Ordinary Resolution establish or vary a maximum and/or minimum number of Directors. Unless otherwise determined by the Company by Ordinary Resolution the number of Directors (other than alternate Directors) shall be not less than two and there shall be no maximum number of Directors.

**27.2** **No shareholding qualification** 

The Company may by Ordinary Resolution fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

**27.3** **Appointment of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may by Ordinary Resolution appoint a person who is willing to act to be a Director
 either to fill a vacancy or as an addition to the existing Directors, subject to the total
 number of Directors not exceeding any maximum number fixed by or in accordance with these
 Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 prejudice to the Company's power to appoint a person to be a Director pursuant to these
 Articles, the Directors shall have power at any time to appoint any person who is willing
 to act as a Director, either to fill a vacancy or as an addition to the existing Directors,
 subject to the total number of Directors not exceeding any maximum number fixed by or in
 accordance with these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Director so appointed shall, if still a Director, retire at the next annual general meeting
 after his appointment and be eligible to stand for election as a Director at such meeting.
 Such person shall not be taken into account in determining the number or identity of Directors
 who are to retire by rotation at such meeting.

**27.4** **Appointment of executive Directors** 

The Directors may appoint one or more of its members to an executive office or other position of employment with the Company for such term and on any other conditions the Directors think fit. The Directors may revoke, terminate or vary the terms of any such appointment, without prejudice to a claim for damages for breach of contract between the Director and the Company.

**27.5** **Rotational retirement at annual general meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Director is subject to retirement by rotation in accordance with these Articles, subject
 to Article 27.3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 each annual general meeting one-third of the Directors who are subject to retirement by rotation
 or, if their number is not three nor a multiple of three, the number nearest to but not exceeding
 one-third, shall retire from office. lf there are fewer than three Directors who are subject
 to retirement by rotation, one of them shall retire from office at the annual general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject
 to these Articles, the Directors to retire by rotation at each annual general meeting shall
 be, so far as necessary to obtain the number required, first, any Director who wishes to
 retire and not offer himself for re-election and secondly, those Directors who have been
 longest in office since their last appointment or re-appointment. As between two or more
 Directors who have been in office an equal length of time, the Director to retire shall,
 in default of agreement between them, be determined by lot. The Directors to retire on each
 occasion (both as to number and identity) shall be determined by the composition of the Directors
 at the start of business seven (7) days before the date of the notice convening the annual
 general meeting notwithstanding any change in the number or identity of the Directors after
 that time but before the close of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) lf
 the Directors so decide, one or more other Directors selected by the Directors may also retire
 at an annual general meeting as if any such other Director was also retiring by rotation
 at that meeting in accordance with these Articles.

**27.6** **Position of retiring Director** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Director who retires at an annual general meeting (whether by rotation or otherwise) may,
 if willing to act, be re-appointed. lf he is not re-appointed or deemed to have been reappointed,
 he shall retain office until the meeting appoints someone in his place or, if it does not
 do so, until the end of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 any general meeting at which a Director retires by rotation the Company may fill the vacancy
 and, if it does not do so, the retiring Director shall, if willing, be deemed to have been
 re-appointed unless it is expressly resolved not to fill the vacancy or a resolution for
 the re-appointment of the Director is put to the meeting and lost.

**27.7** **No age limit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 person shall be disqualified from being appointed or re-appointed as a Director and no Director
 shall be requested to vacate that office by reason of his attaining the age of seventy or
 any other age.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It
 shall not be necessary to give special notice of any resolution appointing, re-appointing
 or approving the appointment of a Director by reason of his age.

**27.8** **Removal of Directors by Ordinary Resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by
 Ordinary Resolution remove any Director before the expiration of his period of office, but
 without prejudice to any claim for damages which he may have for breach of any contract of
 service between him and the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 Ordinary Resolution appoint another person who is willing to act to be a Director in his
 place (subject to these Articles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 person so appointed shall be treated, for the purposes of determining the time at which he
 or any other Director is to retire, as if he had become a Director on the day on which the
 person in whose place he is appointed was last appointed or re-appointed a Director.

**27.9** **Other circumstances in which a Director ceases to hold office** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without
 prejudice to the provisions in these Articles for retirement (by rotation or otherwise) a
 Director ceases to hold office as a Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) he
 resigns as Director by notice in writing delivered to the Directors or to the Registered
 Office or tendered at a meeting of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) he
 is not present personally or by proxy or represented by an alternate Director at meetings
 of the Directors for a continuous period of 6 months without special leave of absence from
 the Directors, and the Directors pass a resolution that he has by reason of such absence
 vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) he
 only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) he
 dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) he
 is removed from office pursuant to these Articles or the Companies Act or becomes prohibited
 by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an
 order is made by any court of competent jurisdiction on the ground (however formulated) of
 mental disorder for his detention or for the appointment of a guardian or receiver or other
 person to exercise powers with respect to his property or affairs or he is admitted to hospital
 in pursuance of an application for admission for treatment under any legislation relating
 to mental health and the Directors resolve that his office be vacated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) he
 is removed from office by notice in writing addressed to him at his address as shown in the
 Company's register of directors and signed by not less than two Directors (without
 prejudice to any claim for damages which he may have for breach of contract against the Company);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in
 the case of a Director who holds executive office, his appointment to such office is terminated
 or expires and the Directors resolve that his office be vacated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 Resolution of the Directors declaring a Director to have vacated office pursuant to this
 Article shall be conclusive as to the fact and grounds of vacation stated in the resolution.

**28.** **ALTERNATE DIRECTORS** 

**28.1** **Appointment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Director (other than an alternate Director) may appoint any other Director or any person
 approved for that purpose by the Directors and willing to act, to be his alternate by notice
 in writing delivered to the Directors or to the Registered Office, or in any other manner
 approved by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 appointment of an alternate Director who is not already a Director shall require the approval
 of either a majority of the Directors or the Directors by way of a Directors' resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An
 alternate Director need not hold a Share qualification and shall not be counted in reckoning
 any maximum or minimum number of Directors allowed by these Articles.

**28.2** **Responsibility** 

Every person acting as an alternate Director shall be an officer of the Company, shall alone be responsible to the Company for his own acts and defaults and shall not be deemed to be the agent of the Director appointing him.

**28.3** **Participation at Directors' meetings** 

An alternate Director shall (subject to his giving to the Company an address at which notices may be served on him) be entitled to receive notice of all meetings of the Directors and all committees of the Directors of which his appointor is a member and, in the absence from such meetings of his appointor, to attend and vote at such meetings and to exercise all the powers, rights, duties and authorities of his appointor (other than the power to appoint an alternate Director). A Director acting as alternate Director shall have a separate vote at Directors' meetings for each Director for whom he acts as alternate Director, but he shall count as only one for the purpose of determining whether a quorum is present.

**28.4** **lnterests** 

An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements with the Company and to be repaid expenses and to be indemnified in the same way and to the same extent as a Director. However, he shall not be entitled to receive from the Company any fees for his services as alternate, except only such part (if any) of the fee payable to his appointor as such appointor may by notice in writing to the Company direct. Subject to this Article, the Company shall pay to an alternate Director such expenses as might properly have been paid to him if he had been a Director.

**28.5** **Termination of appointment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 alternate Director shall cease to be an alternate Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 his appointor revokes his appointment by notice delivered to the Directors or to the Registered
 Office or in any other manner approved by the Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 his appointor ceases for any reason to be a Director, provided that if any Director retires
 but is re-appointed or deemed to be re-appointed at the same meeting, any valid appointment
 of the alternate Director which was in force immediately before his retirement shall remain
 in force; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 any event happens in relation to him which, if he were a Director, would cause his office
 as Director to be vacated.

**29.** **POWERS OF DIRECTORS** 

**29.1** **General powers to manage the Company's business** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of the Companies Act, the Memorandum and these Articles and to any directions
 given by Special Resolution, the business of the Company shall be managed by the Directors,
 who may exercise all the powers of the Company. No alteration of the Memorandum or Articles
 and no such direction shall invalidate any prior act of the Directors which would have been
 valid if that alteration had not been made or that direction had not been given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 powers given by this Article shall not be limited by any special power given to the Directors
 by these Articles and a duly convened meeting of Directors at which a quorum is present may
 exercise all powers exercisable by the Directors.

**29.2** **Signing of cheques** 

All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall determine.

**29.3** **Retirement payments and other benefits** 

The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

**29.4** **Borrowing powers of Directors** 

The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge all or any part of its undertaking and property and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of any third party.

**30.** **PROCEEDINGS OF DIRECTORS** 

**30.1** **Directors' meetings** 

Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think fit.

**30.2** **Voting** 

Questions arising at any Directors' meeting shall be decided by a simple majority of votes. In the case of an equality of votes, the chairman shall have a second or casting vote. A Director who is also an alternate Director shall be entitled in the absence of his appointor to a separate vote on behalf of his appointor in addition to his own vote.

**30.3** **Notice of a Directors' meeting** 

A Director or an alternate Director may, or any other officer of the Company at the request of a Director or alternate Director shall, call a meeting of the Directors by not less than twenty-four (24) hours' notice. Notice of a meeting of the Directors must specify the time and place of the meeting and the general nature of the business to be considered, and shall be deemed to be given to a Director if it is given to him personally or by word of mouth or sent in writing to his last known address given to the Company by him for such purpose or given by electronic communications to an address for the time being notified to the Company by the Director. A Director may waive the requirement that notice of any Directors' meeting be given to him, either at, before or after the meeting.

**30.4** **Failure to give notice** 

A Director or alternate Director who attends any Directors' meeting waives any objection that he or she may have to any failure to give notice of that meeting. The accidental failure to give notice of a Directors' meeting to, or the non-receipt of notice by, any person entitled to receive notice of that meeting does not invalidate the proceedings at that meeting or any resolution passed at that meeting.

**30.5** **Quorum** 

No business shall be transacted at any meeting of the Directors unless a quorum is present. The quorum may be fixed by the Directors, and unless so fixed shall be two (2) if there are two or more Directors, and shall be one if there is only one Director. A person who holds office only as an alternate Director shall, if his appointor is not present, be counted in the quorum.

**30.6** **Power to act notwithstanding vacancies** 

The continuing Directors or sole continuing Director may act notwithstanding any vacancies in their number, but if the number of Directors is less than the number fixed as the quorum, the continuing Directors or Director may act only for the purpose of filling vacancies in that number, or for calling a general meeting of the Company.

**30.7** **Chairman to preside** 

The Directors may elect a chairman of their board and determine the period for which he is to hold office, but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for the meeting, the Directors present may appoint one of their number to be chairman of the meeting.

**30.8** **Validity of acts of Directors in spite of a formal defect** 

All acts done by a meeting of the Directors or of a committee of Directors (including any person acting as an alternate Director) shall, notwithstanding that it be afterwards discovered that there was a defect in the appointment of any Director or alternate Director, or that they or any of them were disqualified from holding office (or had vacated office) or were not entitled to vote, be as valid as if every such person had been duly appointed and qualified to be a Director or alternate Director as the case may be and had been entitled to vote.

**30.9** **Directors' meetings by telephone or other communication device** 

A meeting of the Directors (or committee of Directors) may be held by means of any telephone, electronic or such other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by the Directors the meeting shall be deemed to be held at the place where the chairman is physically present.

**30.10** **Written resolutions of Directors** 

A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of a committee of Directors (an alternate Director being entitled to sign such a resolution on behalf of his appointor) shall be as valid and effective as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened and held. A resolution in writing is adopted when all the Directors (whether personally, by an alternate Director or by a proxy) have signed it.

**30.11** **Appointment of a proxy** 

A Director but not an alternate Director may be represented at any meeting of the Directors by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed to be that of the appointing Director. The authority of any such proxy shall be deemed unlimited unless expressly limited in the written instrument appointing him.

**30.12** **Presumption of assent** 

A Director (or alternate Director) present at a meeting of Directors is taken to have cast a vote in favour of a resolution of the Directors unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the chairman or secretary of the meeting before the adjournment of the meeting or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of a resolution of the Directors.

**30.13** **Directors' interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of the Companies Act and provided that he has declared to the Directors
 the nature and extent of any personal interest of his in a matter, transaction or arrangement,
 a Director or alternate Director notwithstanding his office may:

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes of this Article, a general notice given to the Directors that a Director is
 to be regarded as having an interest of the nature and extent specified in the notice in
 any matter, transaction or arrangement for which a specified person or class of persons is
 interested shall be deemed to be a disclosure that the Director has an interest in any such
 matter, transaction or arrangement of the nature and extent so specified.

**30.14** **Minutes of meetings to be kept** 

The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at general and Class meetings of the Company and meetings of the Directors or committees of the Directors, including the names of the Directors or alternate Directors present at each meeting.

**31.** **DELEGATION OF DIRECTORS' POWERS** 

**31.1** **Power of Directors to delegate** 

The Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delegate
 any of their powers, authorities and discretions to any person or committee consisting of
 one or more Directors and (if the Directors think fit) to one or more other persons in each
 case to such extent, by such means (including by power of attorney) and on such terms and
 conditions as the Directors think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorise
 any person or committee to whom powers, authorities and discretions are delegated under this
 Article by the Directors to further delegate some or all of those powers, authorities and
 discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) delegate
 their powers, authorities and discretions under this Article either collaterally with or
 to the exclusion of their own powers, authorities and discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at
 any time revoke any delegation made under this Article by the Directors in whole or in part
 or vary its terms and conditions.

**31.2** **Delegation to Committees** 

A committee to which any powers, authorities and discretions have been delegated under the preceding Article must exercise those powers, authorities and discretions in accordance with the terms of delegation and any other regulations that may be imposed by the Directors on that committee. The proceedings of a committee of the Directors must be conducted in accordance with any regulations imposed by the Directors, and, subject to any such regulations, to the provisions of these Articles dealing with proceedings of Directors insofar as they are capable of applying.

**31.3** **Delegation to executive Directors** 

The Directors may delegate to a Director holding executive office any of its powers, authorities and discretions for such time and on such terms and conditions as it shall think fit. The Directors may grant to a Director the power to sub-delegate, and may retain or exclude the right of the Directors to exercise the delegated powers, authorities or discretions collaterally with the Director. The Directors may at any time revoke the delegation or alter its terms and conditions.

**31.4** **Delegation to local boards** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may delegate to any local or divisional board, manager or agent any of its powers
 and authorities (with power to sub-delegate) and may authorise the members of any local or
 divisional board or any of them to fill any vacancies and to act notwithstanding vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 appointment or delegation under this Article may be made on such terms and subject to such
 conditions as the Directors think fit and the Directors may remove any person so appointed,
 and may revoke or vary any delegation.

**31.5** **Appointing an attorney, agent or authorised signatory of the Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may by power of attorney or otherwise appoint any person to be the attorney, agent
 or authorised signatory of the Company for such purpose and with such powers, authorities
 and discretions (not exceeding those vested in or exercisable by the Directors under these
 Articles) and for such period and subject to such conditions as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 such power of attorney or other appointment may contain such provisions for the protection
 and convenience of persons dealing with any such attorney, agent or authorised signatory
 as the Directors think fit and may also authorise any such attorney, agent or authorised
 signatory to delegate all or any of the powers, authorities and discretions vested in such
 person.

**31.6** **Officers** 

The Directors may appoint such officers (including a Secretary) as they consider necessary on such terms, at such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors think fit. Unless otherwise specified in the terms of his appointment, an officer may be removed from that office by resolution of the Directors or by Ordinary Resolution.

**32.** **DIRECTORS' RENUMERATION, EXPENSES AND BENEFITS** 

**32.1** **Fees** 

The Company shall pay to the Directors (but not alternate Directors) for their services as Directors such aggregate amount of fees as the Directors may decide. The aggregate fees shall be divided among the Directors in such proportions as the Directors may decide or, if no decision is made, equally. A fee payable to a Director pursuant to this Article shall be distinct from any salary, remuneration or other amount payable to him pursuant to other provisions of these Articles and accrues from day to day.

**32.2** **Expenses** 

A Director may also be paid all travelling, hotel and other expenses properly incurred by him in connection with his attendance at meetings of the Directors or of committees of the Directors or general meetings or separate meetings of the holders of any Class of Shares or otherwise in connection with the discharge of his duties as a Director, including (without limitation) any professional fees incurred by him (with the approval of the Directors or in accordance with any procedures stipulated by the Directors) in taking independent professional advice in connection with the discharge of such duties.

**32.3** **Remuneration of executive Directors** 

The salary or remuneration of a Director appointed to hold employment or executive office in accordance with the Articles may be a fixed sum of money, or wholly or in part governed by business done or profits made, or as otherwise decided by the Directors (including, for the avoidance of doubt, by the Directors acting through a duly authorised Directors' committee), and may be in addition to or instead of a fee payable to him for his services as Director pursuant to these Articles.

**32.4** **Special remuneration** 

A Director who, at the request of the Directors, goes or resides abroad, makes a special journey or performs a special service on behalf of or for the Company (including, without limitation, services as a chairman of the board of Directors, services as a member of any committee of the Directors and services which the Directors consider to be outside the scope of the ordinary duties of a Director) may be paid such reasonable additional remuneration (whether by way of salary, bonus, commission, percentage of profits or otherwise) and expenses as the Directors (including, for the avoidance of doubt, the Directors acting through a duly authorised Directors' committee) may decide.

**33.** **SEAL** 

**33.1** **Directors to determine use of Seal** 

The Company may, if the Directors so determine, have a Seal. The Seal shall only be used with the authority of the Directors or a committee of the Directors established for such purpose. Every document to which the Seal is affixed shall be signed by at least one person who shall be either a Director or some officer or other person appointed by the Directors for that purpose unless the Directors decide that, either general or in a particular case, that a signature may be dispensed with or affixed by mechanical means.

**33.2** **Duplicate Seal** 

The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face of the name of every place where it is to be used.

**34.** **DIVIDENDS, DISTRIBUTIONS AND RESERVES** 

**34.1** **Declaration** 

Subject to the Companies Act and these Articles, (i) the Directors may declare dividends and distributions on any one or more Classes of Shares in issue and authorise payment of the dividends or distributions out of the funds of the Company lawfully available therefor, and (ii) the Company may by Ordinary Resolution declare dividends or distributions on any one or more Class of Shares in issue but no dividend or distributions shall exceed the amount recommended by the Directors. No dividend or distribution shall be paid except out of the realised or unrealised profits of the Company, or out of the share premium account, or as otherwise permitted by the Companies Act.

**34.2** **lnterim dividends** 

Subject to the Companies Act, the Directors may pay such interim dividends (including any dividend payable at a fixed rate) as appears to the Directors to be available for distribution. lf at any time the share capital of the Company is divided into different Classes, the Directors may pay such interim dividends on Shares which rank after Shares conferring preferential rights with regard to dividend as well as on Shares conferring preferential rights, unless at the time of payment any preferential dividend is in arrears. lf the Directors act in good faith, they shall not incur any liability to the holders of Shares conferring preferential rights for any loss that they may suffer by the lawful payment of an interim dividend on any Shares ranking after those with preferential rights.

**34.3** **Entitlement to dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise provided by these Articles or the rights attached to Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 dividend shall be declared and paid according to the amounts paid up (otherwise than in advance
 of calls) on the nominal value of the Shares on which the dividend is paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) dividends
 shall be apportioned and paid proportionately to the amounts paid up on the nominal value
 of the Shares during any portion or portions of the period in respect of which the dividend
 is paid, but if any Share is issued on terms that it shall rank for dividend as from a particular
 date, it shall rank for dividend accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 as otherwise provided by these Articles or the rights attached to Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 dividend may be paid in any currency or currencies decided by the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company may agree with a Member that any dividend declared or which may become due in one
 currency will be paid to the Member in another currency, for which purpose the Directors
 may use any relevant exchange rate current at any time as the Directors may select for the
 purpose of calculating the amount of any Member's entitlement to the dividend.

**34.4** **Payment methods** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may pay a dividend, interest or other amount payable in respect of a Share in cash
 or by cheque, warrant or money order or by a bank or other funds transfer system or (in respect
 of any uncertificated Share or any Share represented by a Depository Interest) through the
 Relevant System in accordance with any authority given to the Company to do so (whether in
 writing, through the Relevant System or otherwise) by or on behalf of the Member in a form
 or in a manner satisfactory to the Directors. Any joint holder or other person jointly entitled
 to a Share may give an effective receipt for a dividend, interest or other amount paid in
 respect of such Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company may send a cheque, warrant or money order by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of a sole holder, to his registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of joint holders, to the registered address of the person whose name stands first
 in the Register of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the case of a person or persons entitled by transmission to a Share, as if it were a notice
 given in accordance with Article 14; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 any case, to a person and address that the person or persons entitled to the payment may
 in writing direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Every
 cheque, warrant or money order shall be sent at the risk of the person or persons entitled
 to the payment and shall be made payable to the order of the person or persons entitled or
 to such other person or persons as the person or persons entitled may in writing direct.
 The payment of the cheque, warrant or money order shall be a good discharge to the Company.
 lf payment is made by a bank or other funds transfer or through the Relevant System, the
 Company shall not be responsible for amounts lost or delayed in the course of transfer. lf
 payment is made by or on behalf of the Company through the Relevant System:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company shall not be responsible for any default in accounting for such payment to the Member
 or other person entitled to such payment by a bank or other financial intermediary of which
 the Member or other person is a customer for settlement purposes in connection with the Relevant
 System; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 making of such payment in accordance with any relevant authority referred to in paragraph
 (a) above shall be a good discharge to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) lay
 down procedures for making any payments in respect of uncertificated Shares through the Relevant
 System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) allow
 any holder of uncertificated Shares to elect to receive or not to receive any such payment
 through the Relevant System; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) lay
 down procedures to enable any such holder to make, vary or revoke any such election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Directors may withhold payment of a dividend (or part of a dividend) payable to a person
 entitled by transmission to a Share until he has provided any evidence of his entitlement
 that the Directors may reasonably require.

**34.5** **Deductions** 

The Directors may deduct from any dividend or other amounts payable to any person in respect of a Share all such sums as may be due from him to the Company on account of calls or otherwise in relation to any Shares.

**34.6** **Interest** 

No dividend or other money payable in respect of a Share shall bear interest against the Company, unless otherwise provided by the rights attached to the Share.

**34.7** **Unclaimed dividends** 

All unclaimed dividends or other monies payable by the Company in respect of a Share may be invested or otherwise made use of by the Directors for the benefit of the Company until claimed. The payment of any unclaimed dividend or other amount payable by the Company in respect of a Share into a separate account shall not constitute the Company a trustee in respect of it. Any dividend unclaimed after a period of three (3) years from the date the dividend became due for payment shall be forfeited and shall revert to the Company.

**34.8** **Uncashed dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) lf,
 in respect of a dividend or other amount payable in respect of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 cheque, warrant or money order is returned undelivered or left uncashed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 transfer made by or through a bank transfer system and/or other funds transfer system(s)
 (including, without limitation, the Relevant System in relation to any uncertificated Shares)
 fails or is not accepted, on two consecutive occasions, or one occasion and reasonable enquiries
 have failed to establish another address or account of the person entitled to the payment,
 the Company shall not be obliged to send or transfer a dividend or other amount payable in
 respect of such Share to such person until he notifies the Company of an address or account
 to be used for such purpose.

**34.9** **Dividends in kind** 

The Directors may direct that any dividend or distribution shall be satisfied wholly or partly by the distribution of assets (including, without limitation, paid up Shares or securities of any other body corporate). Where any difficulty arises concerning such distribution, the Directors may settle it as it thinks fit. ln particular (without limitation), the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 fractional certificates or ignore fractions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix
 the value for distribution of any assets, and may determine that cash shall be paid to any
 Member on the footing of the value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 any assets in trustees on trust for the persons entitled to the dividend.

**34.10** **Scrip dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may offer any holders of ordinary Shares the right to elect to receive ordinary
 Shares, credited as fully paid, instead of cash in respect of the whole (or some part, to
 be determined by the Directors) of any dividend specified by the Ordinary Resolution, subject
 to the Companies Act and to the provisions of this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may make any provision they consider appropriate in relation to an allotment made
 or to be made pursuant to this Article (whether before or after the passing or the Ordinary
 Resolution referred to in paragraph (a) of this Article), including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 giving of notice to holders of the right of election offered to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 provision of forms of election and/or a facility and a procedure for making elections through
 the Relevant System (whether in respect of a particular dividend or dividends generally);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) determination
 of the procedure for making and revoking elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 place at which, and the latest time by which, forms of election and other relevant documents
 must be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 disregarding or rounding up or down or carrying forward of fractional entitlements, in whole
 or in part, or the accrual of the benefit of fractional entitlements to the Company (rather
 than to the holders concerned); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 exclusion from any offer of any holders of ordinary Shares where the Directors consider that
 the making of the offer to them would or might involve the contravention of the laws of any
 territory or that for any other reason the offer should not be made to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 dividend (or that part of the dividend in respect of which a right of election has been offered)
 shall not be payable on ordinary Shares in respect of which a valid election has been made
 ("the elected ordinary Shares"). Instead additional ordinary Shares shall be
 allotted to the holders of the elected ordinary Shares on the basis of allotment determined
 under this Article. For such purpose, the Directors may capitalise out of any amount for
 the time being standing to the credit of any reserve or fund of the Company (including any
 share premium account, capital redemption reserve and profit and loss account), whether or
 not available for distribution, a sum equal to the aggregate nominal amount of the additional
 ordinary Shares to be allotted on that basis and apply it in paying up in full the appropriate
 number of unissued ordinary Shares for allotment and distribution to the holders of the elected
 ordinary Shares on that basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 additional ordinary Shares when allotted shall rank equally in all respects with the fully
 paid ordinary Shares in issue on the record date for the dividend in respect of which the
 right of election has been offered, except that they will not rank for any dividend or other
 entitlement which has been declared, paid or made by reference to such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) do
 all acts and things which it considers necessary or expedient to give effect to any such
 capitalisation, and may authorise any person to enter on behalf of all the Members interested
 into an agreement with the Company providing for such capitalisation and incidental matters
 and any agreement so made shall be binding on all concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) establish
 and vary a procedure for election mandates in respect of future rights of election and determine
 that every duly effected election in respect of any ordinary Shares shall be binding on every
 successor in title to the holder of such Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) terminate,
 suspend or amend any offer of the right to elect to receive ordinary Shares in lieu of any
 cash dividend at any time and generally implement any scheme in relation to any such offer
 on such terms and conditions as the Directors may from time to time determine and take such
 other action as the Directors may deem necessary or desirable from time to time in respect
 of any such scheme.

**34.11** **Reserves** 

The Directors may set aside out of the profits of the Company and carry to reserve such sums as it thinks fit. Such sums standing to reserve may be applied, at the Directors' discretion, for any purpose to which the profits of the Company may properly be applied and, pending such application, may either be employed in the business of the Company or be invested in such investments as the Directors thinks fit. The Directors may divide the reserve into such special funds as it thinks fit and may consolidate into one fund any special funds or any parts of any special funds into which the reserve may have been divided as it thinks fit. The Directors may also carry forward any profits without placing them to reserve.

**34.12** **Capitalisation of profits and reserves** 

The Directors may, with the authority of an Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject
 to this Article, resolve to capitalise any undivided profits of the Company not required
 for paying any preferential dividend (whether or not available for distribution) or any sum
 standing to the credit of any reserve or fund of the Company (including any share premium
 account, capital redemption reserve and profit and loss account), whether or not available
 for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate
 the sum resolved to be capitalised to the holders of ordinary Shares in proportion to the
 nominal amounts of the Shares (whether or not fully paid) held by them respectively which
 would entitle them to participate in a distribution of that sum if the Shares were fully
 paid and the sum were then distributable and were distributed by way of dividend and apply
 such sum on their behalf either in or towards paying up the amounts, if any, unpaid on any
 Shares held by them respectively, or in paying up in full unissued Shares or debentures of
 the Company of a nominal amount equal to that sum, and allot the Shares or debentures credited
 as fully paid to those holders of ordinary Shares or as the Directors may direct, in those
 proportions, or partly in one way and partly in the other, but so that the share premium
 account, the capital redemption reserve and any profits or reserves which are not available
 for distribution may, for the purposes of this Article, only be applied in paying up unissued
 Shares to be allotted to Members credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resolve
 that any Shares so allotted to any Member in respect of a holding by him of any partly paid
 Shares shall, so long as such Shares remain partly paid, rank for dividend only to the extent
 that such partly paid Shares rank for dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make
 such provision by the issue of fractional certificates (or by ignoring fractions or by accruing
 the benefit of fractions to the Company rather than to the holders concerned) or by payment
 in cash or otherwise as the Directors may determine in the case of Shares or debentures becoming
 distributable in fractions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) authorise
 any person to enter on behalf of all the Members concerned into an agreement with the Company
 providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 allotment to them respectively, credited as fully paid, of any further Shares or debentures
 to which they are entitled upon such capitalisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 payment up by the Company on behalf of such Members by the application thereto of their respective
 proportions of the reserves or profits resolved to be capitalised, of the amounts or any
 part of the amounts remaining unpaid on their existing Shares,

and so that any such agreement shall be binding on all such Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) generally
 do all acts and things required to give effect to such resolution.

**35.** **SHARE PREMIUM ACCOUNT** 

**35.1** **Directors to maintain share premium account** 

The Directors shall establish a share premium account in accordance with the Companies Act. They shall carry to the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital contributed or such other amounts required by the Companies Act.

**35.2** **Debits to share premium account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 the redemption or purchase of a Share, the difference between the nominal value of that Share
 and the redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 other amount paid out of a share premium account as permitted by the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 paragraph (a) above, on the redemption or purchase of a Share, the Directors may pay the
 difference between the nominal value of that Share and the redemption purchase price out
 of the profits of the Company or, as permitted by the Companies Act, out of capital.

**36.** **DISTRIBUTION PAYMENT RESTRICTIONS** 

Notwithstanding any other provision of these Articles, the Company shall not be obliged to make any payment to a Member in respect of a dividend, repurchase, redemption or other distribution if the Directors suspect that such payment may result in the breach or violation of any applicable laws or regulations (including, without limitation, any anti-money laundering laws or regulations) or such refusal is required by the laws and regulations governing the Company or its service providers.

**37.** **BOOKS OF ACCOUNT** 

**37.1** **Books of account to be kept** 

The Directors shall cause proper books of account to be kept with respect to all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities of the Company. Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the affairs of the Company and to explain its transactions.

**37.2** **Inspection by Members** 

The Directors shall from time to time determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them will be open to the inspection of Members (not being Directors). No Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by the Companies Act, by order of the court or authorised by the Directors or by Ordinary Resolution.

**37.3** **Accounts required by law** 

The Directors shall cause to be prepared and to be laid before the Company at each annual general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law.

**37.4** **Retention of records** 

All books of account maintained by the Company shall be retained for a period of at least five years, or such longer period required by any applicable law or regulation from time to time.

**38.** **AUDITOR** 

**38.1** **Appointment of Auditor** 

The Directors may appoint an Auditor who shall hold office until removed from office by a resolution of the Directors, and may fix the Auditor's remuneration.

**38.2** **Rights of Auditor** 

The Auditor shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may be necessary for the performance of the duties of the Auditor.

**38.3** **Reporting requirements of Auditor** 

Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their tenure of office at the next general meeting following their appointment, and at any other time during their term of office, upon request of the Directors or any general meeting of the Company.

**39.** **NOTICES** 

**39.1** **Forms of notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 notice to be given to or by any person pursuant to these Articles (other than a notice calling
 a meeting of the Directors) shall be in writing or shall be given using electronic communications
 to an address for the time being notified for that purpose to the person giving the notice,
 except that a notice to a holder of any uncertificated Shares or given in respect of any
 such Shares may be given electronically through the Relevant System (if permitted by, and
 subject to, the facilities and requirements of the Relevant System and subject to compliance
 with any relevant requirements of the Exchange Rules and/or the Exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (ln
 this Article "address", in relation to electronic communications, includes any
 number or address used for the purposes of such communications).

**39.2** **Service on Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 notice or other document may be given by the Company to any Member either personally or by
 sending it by post in a pre-paid envelope addressed to such Member at his registered address
 or by leaving it at that address or by giving it using electronic communications to an address
 for the time being notified to the Company by the Member, or by any other means authorised
 in writing by the Member concerned or (in the case of a notice to a Member holding uncertificated
 Shares) by transmitting the notice through the Relevant System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ln
 the case of joint holders of a Share, all notices and documents shall be given to the person
 whose name stands first in the Register of Members in respect of that Share. Notice so given
 shall be sufficient notice to all the joint holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 notice or other document to be given to a Member may be given by reference to the Register
 of Members as it stands at any time within the period of 21 days before the day that the
 notice is given or (where and as applicable) within any other period permitted by, or in
 accordance with the requirements of, (to the extent applicable) the Exchange Rules and/or
 the Exchange. No change in the Register of Members after that time shall invalidate the giving
 of such notice or document or require the Company to give such item to any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) lf
 on three consecutive occasions notices or other documents have been sent through the post
 to any Member at his registered address or his address for the service of notices but have
 been returned undelivered, such Member shall not be entitled to receive notices or other
 documents from the Company until he shall have communicated with the Company and supplied
 in writing a new registered address for the service of notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) lf
 on three consecutive occasions notices or other documents have been sent using electronic
 communications to an address for the time being notified to the Company by the Member and
 the Company becomes aware that there has been a failure of transmission, the Company shall
 revert to giving notices and other documents to the Member by post or by any other means
 authorised in writing by the Member concerned. Such Member shall not be entitled to receive
 notices or other documents from the Company using electronic communications until he shall
 have communicated with the Company and supplied in writing a new address to which notices
 or other documents may be sent using electronic communications.

**39.3** **Evidence of giving notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 notice or other document addressed to a Member at his registered address shall be, if sent
 by post or airmail, deemed to have been given at the time forty-eight (48) hours after posting
 if pre-paid as first class post and at the time 48 hours after posting if pre-paid as second
 class post. ln proving that notice has been given it shall be sufficient to prove that the
 envelope containing the notice or document was properly addressed, pre-paid and posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 notice or other document address to a Member at an address to which notices may be sent using
 electronic communications shall be, if sent by electronic communications, deemed to have
 been given at the expiration of forty-eight (48) hours after the time it was sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 notice or document not sent by post but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) left
 at a registered address or address for giving notice in of any Member in accordance with
 the provisions of these Articles shall be deemed to be given on the day it is left and in
 proving such service it is sufficient to provide that the letter containing the notice or
 document was proporely addressed and duly sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) given
 through the Relevant System shall be deemed to be given when the Company or other relevant
 person acting on the Company's behalf sends the relevant instruction or other relevant
 message in respect of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 Member present either in person or by proxy, or in the case of a corporate Member by a duly
 authorised representative, at any meeting of the Company or of the holders of any Class of
 Shares shall be deemed to have received due notice of such meeting and, where required, of
 the purposes for which it was called.

**39.4** **Notice binding on transferees** 

A person who becomes entitled to a Share by transfer, transmission or otherwise shall be bound by any notice in respect of that Share which, before his name is entered in the Register of Members, has been given to the person from whom he derives his title.

**39.5** **Notice to persons entitled by transmission** 

A notice or other document may be given by the Company to a person entitled by transmission to a Share in consequence of the death or bankruptcy of a Member or otherwise by sending or delivering it in any manner authorised by these Articles for the giving of notice to a Member, addressed to that person by name, or by the title of representative of the deceased or trustee of the bankrupt or by any similar or equivalent description, to the address to which notices have been requested to be sent for that purpose by the person claiming to be so entitled. Until such an address has been supplied, a notice or other document may be given in any manner in which it might have been given if the event giving rise to the transmission had not occurred. The giving of notice in accordance with this Article shall be sufficient notice to all other persons interested in the Share.

**40.** **WINDING UP** 

**40.1** **Method of winding up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Company shall be wound up, and the assets available for distribution amongst the Members
 shall be insufficient to repay the whole of the share capital, such assets shall be distributed
 so that, as nearly as may be, the losses shall be borne by the Members in proportion to the
 par value of the Shares held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 in a winding up the assets available for distribution amongst the Members shall be more than
 sufficient to repay the whole of the share capital at the commencement of the winding up,
 the surplus shall be distributed amongst the Members in proportion to the par value of the
 Shares held by them at the commencement of the winding up subject to a deduction from those
 Shares in respect of which there are monies due, of all monies payable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Article is without prejudice to the rights of the holders of Shares issued upon special terms
 and conditions.

**40.2** **Distribution of assets in a winding up** 

Subject to any rights or restrictions for the time being attached to any Class of Shares, on a winding up of the Company the liquidator may, with the sanction of a Special Resolution of the Company and any other sanction required by the Companies Act, distribute among the Members the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) decide
 how the assets are to be distributed as between the Members or different Classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) value
 the assets to be distributed in such manner as the liquidator thinks fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 the whole or any part of any assets in such trustees and on such trusts for the benefit of
 the Members entitled to the distribution of those assets as the liquidator sees fit, but
 so that no Member shall be obliged to accept any assets in respect of which there is any
 liability.

**41.** **INDEMNITY AND INSURANCE** 

**41.1** **Indemnity and limitation of liability of Directors and officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the maximum extent permitted by law, every current and former Director and officer of the
 Company (excluding an Auditor) (each an "Indemnified Person"), shall be entitled
 to be indemnified out of the assets of the Company against any liability, action, proceeding,
 claim, demand, costs, damages or expenses, including legal expenses (each a "Liability"),
 which such Indemnified Person may incur in that capacity unless such Liability arose as a
 result of the actual fraud or wilful default of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 Indemnified Person shall be liable to the Company for any loss or damage resulting (directly
 or indirectly) from such Indemnified Person carrying out his or her duties unless that liability
 arises through the actual fraud or wilful default of such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the purpose of these Articles, no Indemnified Person shall be deemed to have committed "actual
 fraud" or "wilful default" until a court of competent jurisdiction has
 made a final, non-appealable finding to that effect.

**41.2** **Advance of legal fees** 

The Company shall advance to each Indemnified Person reasonable legal fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any such advance of expenses, the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it is determined that the Indemnified Person was not entitled to indemnification under these Articles.

**41.3** **Indemnification to form part of contract** 

The indemnification and exculpation provisions of these Articles are deemed to form part of the employment contract or terms of appointment entered into by each Indemnified Person with the Company and accordingly are enforceable by such persons against the Company.

**41.4** **Insurance** 

The Directors may purchase and maintain insurance for or for the benefit of any Indemnified Person including (without prejudice to the generality of the foregoing) insurance against any Liability incurred by such persons in respect of any act or omission in the actual or purported execution or discharge of their duties or the exercise or purported exercise of their powers or otherwise in relation to or in connection with their duties, powers or offices in relation to the Company.

**42.** **REQUIRED DISCLOSURE** 

If required to do so under the laws of any jurisdiction to which the Company (or any of its service providers) is subject, or in compliance with the Exchange Rules of any Exchange, or to ensure the compliance by any person with any anti-money laundering legislation in any relevant jurisdiction, any Director, officer or service provider (acting on behalf of the Company) shall be entitled to release or disclose any information in its possession regarding the affairs of the Company or a Member, including, without limitation, any information contained in the Register of Members or subscription documentation of the Company relating to any Member.

**43.** **FINANCIAL YEAR** 

Unless the Directors resolve otherwise, the financial year of the Company shall end on 30 June in each year and shall begin on 1 January in each financial year.

**44.** **TRANSFER BY WAY OF CONTINUATION** 

The Company shall, with the approval of a Special Resolution, have the power to register by way of continuation to a jurisdiction outside of the Cayman Islands in accordance with the Companies Act.

**45.** **MERGERS AND CONSOLIDATIONS** 

The Company shall, with the approval of a Special Resolution, have the power to merge or consolidate with one or more constituent companies (as defined in the Companies Act), upon such terms as the Directors may determine.

**46.** **AMENDMENT OF MEMORANDUM AND ARTICLES** 

**46.1** **Power to change name or amend Memorandum** 

Subject to the Companies Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change
 the provisions of its Memorandum with respect to its objects, powers or any other matter
 specified in the Memorandum.

**46.2** **Power to amend these Articles** 

Subject to the Companies Act and as provided in these Articles, the Company may, by Special Resolution, amend these Articles in whole or in part.

**47.** **TAX TRANSPARENCY REPORTING** 

47.1 Each
 Member shall provide the Company on a timely basis with any documents, tax certifications,
 financial and other information (collectively "Tax Reporting Information") as
 the Company may request in connection with the Company's compliance with any legal
 and tax information reporting and exchange obligations applicable to it under the laws of
 the Cayman Islands or any other applicable jurisdiction (collectively, "Tax Reporting
 Obligations"), including, without limitation, any Tax Reporting Obligations under any
 Cayman Islands laws, regulations or guidance notes that give effect to: (i) the United States'
 Foreign Account Tax Compliance Act; (ii) the Organisation for Economic Co-operation and Development's
 Common Reporting Standard; and (iii) any additional inter-governmental agreement or treaty
 entered into by, or otherwise binding upon the Cayman Islands that provides for the exchange
 of tax information with another jurisdiction.

47.2 The
 Company shall have the power to release, report or otherwise disclose to the Department for
 International Tax Cooperation in the Cayman Islands (or any other authority as may be required
 under the Tax Reporting Obligations) any Tax Reporting Information provided by a Member to
 the Company and any other information held by the Company in respect of the Member's
 investment in the Company, in connection with the Tax Reporting Obligations, including, without
 limitation, in relation to the identity, address, tax identification number, tax status and
 interest in the Company of the Member (and any of its direct or indirect owners or affiliates).

47.3 If
 a Member fails to provide the Company with any requested Tax Reporting Information on a timely
 basis and such failure results, or may result, in the Company's inability to comply
 with its Tax Reporting Obligations or if the Company is otherwise unable to comply with its
 Tax Reporting Obligations as a result of the direct or indirect action (or inaction) of a
 Member, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) compulsorily
 repurchase some or all of such Member's Shares without notice at a price per Share
 equal to the fair value of such Shares (as determined by the Directors) and may deduct or
 withhold from such redemption proceeds any penalty, debt, withholding or back up tax, costs,
 expenses, obligations, liabilities or other adverse consequences (collectively, "Tax
 Reporting Liabilities") imposed on the Company, its Members and/or any of their respective
 directors, officers, employees, agents, managers, shareholders and/or partners as a result
 of such failure, action or inaction by such Member; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) re-designate,
 immediately and without consent, such Member's Shares as belonging to a separate class
 and create a separate internal account in respect of such Shares so that any Tax Reporting
 Liabilities may be allocated solely to that class and debited from such class.

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1.jpg)

## Exhibit 21.1

**Exhibit 21.1**

<u>List of Subsidiaries</u>

Pursuant to Item 601(b)(21) of Regulation SK The following is a list of the Subsidiaries of the registrant, the state or other jurisdiction of incorporation or organization of each, and the names under which such subsidiaries do business:

---

| | |
|:---|:---|
| **Subsidiary** | **Jurisdiction** |
| Master Central Holdings Limited | British Virgin Islands |
| Waraku Group Limited | Hong Kong |
| Rich Plenty Group Limited | British Virgin Islands |
| C& Hospitality Limited | Hong Kong |
| ES Concept (F&B) Co., Limited | Hong Kong |
| ES& TWP Limited | Hong Kong |
| ES& Yoho Limited | Hong Kong |
| C& NTP Limited | Hong Kong |
| ES& Granville Limited | Hong Kong |
| 2811387 Ontario Inc. | Ontario |
| 2750039 Ontario Inc. | Ontario |
| Ajisen Ramen (Canada) Inc. | Ontario |
| 1000047451 Ontario Limited | Ontario |
| 2770933 Ontario Inc. | Ontario |
| 2512118 Ontario Inc. | Ontario |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**Consent of Independent Registered Public Accounting Firm**

We consent to the inclusion in this Amendment of the Registration Statement of Riku Dining Group Limited on Form F-1 of our report dated March 13, 2025, except Notes 2, 10, 13 and 16, as to which the date was May 9, 2025, with respect to our audits of the consolidated balance sheets of Riku Dining Group Limited as of September 30, 2024 and 2023, and related consolidated statements of income and comprehensive income, changes in shareholders' equity and cash flows for each of the years in the two-year period ended September 30, 2024, appearing in the Prospectus, and as part of this Registration Statement. We also consent to the reference to our firm under the heading "Experts" in the Prospectus, which is part of this Registration Statement.

/s/ Golden Eagle CPAs LLC

Bedminster, New Jersey

October 8, 2025

## Exhibit 23.3

**Exhibit 23.3**

![](ex23-3_001.jpg)

October 8, 2025

**Riku Dining Group Limited**

46th floor, Lee Garden 1, 33 Hysan Avenue, Causeway Bay

**<u>Re: Consent of Frost & Sullivan</u>**

Ladies and Gentlemen,

Reference is made to the registration statement on Form F-1 (the "Registration Statement") filed by Riku Dining Group Limited (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 "Industry Review" (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 consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings by the Company for the use of our data and information cited for the above-mentioned purposes.

 

*[Signature page follows]*

 

Yours faithfully,

For and on behalf of

**Frost & Sullivan Limited**

---

| |
|:---|
| */s/ Charles Lau* |
| Name: Charles Lau |
| Title: Executive Director |

---