# EDGAR Filing Document

**Accession Number:** 0002039384
**File Stem:** 0001641172-25-026997
**Filing Date:** 2025-9
**Character Count:** 753363
**Document Hash:** 89914e7cebe4a936f738df5a3d22376c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-026997.hdr.sgml**: 20250910

**ACCESSION NUMBER**: 0001641172-25-026997

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

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20250910

**DATE AS OF CHANGE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AI ASSETS LTD
- **CENTRAL INDEX KEY:** 0002039384
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** U0
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-285112
- **FILM NUMBER:** 251304446

**BUSINESS ADDRESS:**
- **STREET 1:** 20 CECIL STREET #14-01 PLUS
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 049705
- **BUSINESS PHONE:** 65 69912300

**MAIL ADDRESS:**
- **STREET 1:** 20 CECIL STREET #14-01 PLUS
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 049705

**As filed with the U.S. Securities and Exchange Commission on September 9, 2025.** 

**Registration No. 333-285112**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM F-1**

**(Amendment No. 2)** 

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**<u>AI ASSETS LTD</u>**

(Exact name of Registrant as specified in its charter)

**<u>Not Applicable</u>**

(Translation of Registrants name into English)

---

| | | |
|:---|:---|:---|
| **British Virgin Islands** | **7372** | **Not Applicable** |
| (State or Other Jurisdiction<br> of Incorporation or Organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**20 Cecil Street #14-01**

**PLUS**

**Singapore 049705**

**<u>+65 69912300</u>**

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

**The Crone Law Group P.C.**

**420 Lexington Ave, Suite 2446**

**New York, NY 10170**

**646-861-7891**

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

***Copies to:***

---

| | |
|:---|:---|
| **Mark Crone, Esq.** <br> **Eric Mendelson, Esq.**<br> **The Crone Law Group P.C.**<br> **420 Lexington Ave, Suite 2446**<br> **New York, NY 10170**<br> **646-861-7891** | **Kevin (Qixiang) Sun, Esq.**<br> **Bevilacqua PLLC**<br> **1050 Connecticut Avenue, NW, Suite 500**<br> **Washington, DC 20036**<br> **(202) 869-0888** |

---

**Approximate date of commencement of proposed sale to the public:**

**As soon as practicable after the effective date of this registration statement.**

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

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

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

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

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

Emerging growth company ☒

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

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

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

**EXPLANATORY NOTE**

This Registration Statement contains two prospectuses, as set forth below.

● Public Offering Prospectus. A prospectus to be used for the public offering of 4,000,000 Class A Ordinary Shares of the Registrant (the "Public Offering Prospectus") through the underwriter named on the cover page of the Public Offering Prospectus.

● Resale Prospectus. A prospectus to be used for the resale by the Selling Shareholders of up to 2,000,000 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 4;

● they contain different Use of Proceeds sections on page Alt-5;

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

● the Underwriting section from the Public Offering Prospectus on page 85 is deleted and replaced with a Selling Shareholders Plan of Distribution section on Alt-3 is inserted in its place.

The Registrant has included in this Registration Statement 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 and the Selling Shareholders. 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 or supplemented. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where such offer or sale is not permitted.**

---

| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **Subject to Completion, dated September 9, 2025** |

---

![](logo_001.jpg)

**AI ASSETS LTD**

**4,000,000** **Class A Ordinary Shares**

This is the initial public offering of 4,000,000 Class A Ordinary Shares, par value of $0.00005 per share ("Class A Ordinary Shares") of AI ASSETS LTD, a British Virgin Islands business company limited by shares.

We are offering our Class A Ordinary Shares on a firm commitment basis. We anticipate that the initial public offering price of the Class A Ordinary Shares will be between $4.00 and $5.00 per Class A Ordinary Share.

In addition, up to 2,000,000 Class A Ordinary Shares may be offered for resale or otherwise or otherwise disposed of by each shareholder named in the separate Resale Prospectus (the "Selling Shareholders").

We are authorized to issue an unlimited number of shares of $0.00005 par value each divided into five classes of shares as follows: (i) Class A Ordinary Shares of $0.00005 par value each; (ii) Class B ordinary shares of $0.00005 par value each; (iii) Class A preferred shares of $0.00005 par value each; (iv) Class B preferred shares of $0.00005 par value each; and (v) Class C preferred shares of $0.00005 par value each. Holders of our Class A Ordinary Shares will have the same rights as holders of Class B ordinary shares, save and except for voting and conversion rights.

The holders of Class A Ordinary Shares will have one (1) vote at a meeting of shareholders while holders of Class B ordinary shares will be entitled to ten (10) votes at a meeting of shareholders. The Class A Ordinary Shares are not convertible into Class B ordinary shares or preferred shares at any time. There are no provisions in our articles that would limit the lifespan of the Class B ordinary shares, and the holders of Class B ordinary shares are able to hold their Class B ordinary shares for any period of time.

On May 30, 2024, the Company passed a resolution of shareholders approving (i) a share subdivision whereby each issued and unissued share of $1.00 par value in the Company was subdivided into 10,000 shares of $0.0001 par value per share, (ii) the increase of its maximum number of authorized shares to an unlimited number of shares of $0.0001 par value per share, divided into Class A Ordinary Shares, Class B ordinary shares, Class A preferred shares, Class B preferred shares and Class C preferred shares, all of $0.0001 par value each, and (iii) the redesignation of all existing issued ordinary shares as Class A Ordinary Shares. These changes in authorised number of shares took effect on July 5, 2024.

On January 15, 2025, the Company passed a resolution of shareholders approving a share subdivision whereby each issued and unissued share of the Company was subdivided into two (2) shares of $0.00005 par value per share. This share subdivision took effect on February 5, 2025.

Prior to this offering, there has been no public market for our Class A Ordinary Shares. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "AIAS." This offering is contingent upon the listing of our Class A Ordinary Shares on the Nasdaq Capital Market and there can be no assurance that we will be successful in listing our Class A Ordinary Shares. If our application is not approved, this offering will not be completed.

The successful listing of our shares on the Nasdaq Capital Market is a condition to both the closing of our underwritten primary offering and to the secondary offering by our Selling Shareholders. The sale of our Class A Ordinary Shares in our underwritten primary offering is on a firm commitment basis. The sale of the Class A Ordinary Shares by the Selling Shareholders in the secondary offering is on a best-efforts basis by each Selling Shareholder and is conditioned upon the successful prior completion of the sale of the Class A Ordinary Shares by the Company in the underwritten primary offering. Following the listing of our Class A Ordinary Shares on the Nasdaq Capital Market and the closing of our underwritten primary offering, the per share public offering price of the Class A Ordinary Shares to be sold by the Selling Shareholders in the secondary offering will be the then-prevailing market price.

The registration of the Selling Shareholders' Class A Ordinary Shares does not mean that the Selling Shareholders will offer or sell any Class A Ordinary Shares. We will not receive any proceeds from any sale or disposition of Class A Ordinary Shares by the Selling Shareholders. In addition, we will pay all fees and expenses incident to the registration of the resale of Class A Ordinary Shares by the Selling Shareholders. The Selling Shareholders may offer their Class A Ordinary Shares from time to time directly or through one or more broker-dealers or agents at market prices prevailing at the time of sale. However, the Selling Shareholders will not sell any Class A Ordinary Shares until after the closing of the underwritten primary offering. The offering by the Selling Shareholders will remain open for 180 days following the date of this prospectus. Following the expiration of such 180-day period, we no longer intend to keep this registration statement effective. For additional information on the possible methods of sale that may be used by the Selling Shareholders, refer to the section of this prospectus entitled "Selling Shareholders Plan of Distribution".

We are an "Emerging Growth Company" and a "Foreign Private Issuer" under applicable U.S. federal securities laws and, as such, are eligible for reduced public company reporting requirements. Please see "Implications of Our Being an Emerging Growth Company" and "Implications of Our Being a Foreign Private Issuer" beginning on page 10 of this prospectus for more information.

The Company has Class A Ordinary Shares and Class B Ordinary Shares currently in issue. Mr. Yibin Xu, our Chief Executive Officer, will beneficially own approximately 31.7% of our total issued and outstanding Class A Ordinary Shares and 100% of our total issued and outstanding Class B Ordinary Shares, representing 69.2% of our total voting power, assuming that the underwriters do not exercise their over-allotment option. As a result, we will be a "controlled company" as defined under the Nasdaq Stock Market Rules. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each Class A Ordinary Share is entitled to one vote, and each Class B ordinary share is entitled to ten (10) votes and is convertible into one (1) Class A ordinary share. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. *See Risk Factors* beginning on page** 12 **to read about factors you should consider before buying our Class A Ordinary Shares.**

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Initial public offering price<sup>(1)</sup> | $4.500 | $18000000 |
| Underwriting discounts and commissions<sup>(2)</sup> | $0.315 | $1260000 |
| Proceeds to the Company before expenses<sup>(3)</sup> | $4.185 | $16740000 |

---

<sup>(1)</sup> Initial public offering price per Class A Ordinary Share is assumed to be $4.50, being the mid-point of the range set forth on the cover page of this prospectus.

<sup>(2)</sup> We have agreed to pay the representative of the underwriters a discount equal to 7% of the gross proceeds of the offering. This table does not include a non-accountable expense allowance equal to 1% of the gross proceeds of this offering payable to the representative. For a description of the other compensation to be received by the representative, see "Underwriting" beginning on page 85.

<sup>(3)</sup> Excludes fees and expenses payable to the representative. The total amount of underwriting expenses related to this offering is set forth in the section entitled "Expenses Relating to This Offering" on page 91.

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 45 days after the closing of this offering to purchase up to 15% of the total number of our Class A Ordinary Shares to be 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 $1,449,000 based on an assumed initial public offering price of $4.50 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 $20,700,000.

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

The representative expects to deliver the Class A Ordinary Shares to the purchasers against payment on or about [ ], 2025.

**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.**

![](formf-1a_001.jpg)

**The date of this prospectus is [ ], 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#aj_001) | 1 |
| [MARKET AND INDUSTRY DATA](#aj_002) | 1 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#aj_003) | 1 |
| [DEFINITIONS](#aj_004) | 3 |
| [PROSPECTUS SUMMARY](#aj_005) | 4 |
| [HISTORY AND CORPORATE STRUCTURE](#h_001) | 9 |
| [RISK FACTORS](#aj_006) | 12 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#aj_007) | 27 |
| [USE OF PROCEEDS](#aj_008) | 28 |
| [CAPITALIZATION](#aj_009) | 29 |
| [DILUTION](#SA_001) | 30 |
| [DIVIDEND POLICY](#SA_002) | 31 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#SA_003) | 31 |
| [INDUSTRY OVERVIEW](#h_002) | 44 |
| [BUSINESS](#SA_004) | 45 |
| [REGULATIONS](#h_003) | 52 |
| [MANAGEMENT](#SA_005) | 61 |
| [PRINCIPAL SHAREHOLDERS](#SA_006) | 66 |
| [RELATED PARTY TRANSACTIONS](#SA_007) | 67 |
| [DESCRIPTION OF SHARES](#SA_008) | 68 |
| [CERTAIN BRITISH VIRGIN ISLANDS COMPANY CONSIDERATIONS](#D_001) | 71 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#D_002) | 76 |
| [MATERIAL TAX CONSIDERATIONS](#D_005) | 78 |
| [UNDERWRITING](#D_006) | 85 |
| [EXPENSES RELATING TO THIS OFFERING](#D_004) | 91 |
| [LEGAL MATTERS](#D_007) | 92 |
| [EXPERTS](#D_008) | 92 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#D_009) | 92 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#aa_001) | F-1 |

---

i

**You should rely only on the information contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. Neither we, nor the underwriter, has authorized anyone to provide you with different information. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus, or any free writing prospectus, as the case may be, or any sale of the Class A Ordinary Shares.**

**For investors outside the United States:** Neither we, nor the underwriter has done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus 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.

**ABOUT THIS PROSPECTUS**

Neither we nor the underwriters have authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus or in any applicable free writing prospectus is current only as of its date, regardless of its time of delivery or any sale of our Class A Ordinary Shares. Our business, financial condition, results of operations and prospects may have changed since that date.

You should rely only on the information contained in this prospectus or in any related free-writing prospectus. We have not authorized anyone to provide you with information different from that contained in this prospectus. We are offering to sell, and seeking offers to buy, Class A Ordinary Shares in our Company only in jurisdictions where such offers and sales are permitted. The information contained in this Prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the 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.

**MARKET AND INDUSTRY DATA**

Certain market data and forecasts used throughout this prospectus were obtained from internal company surveys, market research, consultant surveys, reports of governmental and international agencies and industry publications and surveys. Industry publications and third-party research, surveys and reports generally indicate that their information has been obtained from sources believed to be reliable. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the section titled "Risk Factors" in this prospectus. The industry in which we operate is also subject to a high degree of uncertainty and risks due to a variety of factors, including those described under the section titled "Risk Factors" in this prospectus. These factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us in this prospectus.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

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

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

● our business and operating strategies and our various measures to implement such strategies;

● our operations and business prospects, including development and capital expenditure plans for our existing business;

● changes in policies, legislation, regulations or practices in the industry and those countries or territories in which we operate that may affect our business operations;

● our financial condition, results of operations and dividend policy;

● changes in political and economic conditions and competition in the area in which we operate, including a downturn in the general economy;

● the regulatory environment and industry outlook in general;

● future developments in the fintech markets and actions of our competitors;

● catastrophic losses from man-made or natural disasters, such as fires, floods, windstorms, earthquakes, diseases, epidemics, other adverse weather conditions or natural disasters, war, international or domestic terrorism, civil disturbances and other political or social occurrences;

● the loss of key personnel and the inability to replace such personnel on a timely basis or on terms acceptable to us;

● the overall economic environment and general market and economic conditions in the jurisdictions in which we operate;

● our ability to execute our strategies;

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

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

● exchange rate fluctuations, including fluctuations in the exchange rates of currencies that are used in our business;

● changes in interest rates or rates of inflation; and

● legal, regulatory and other proceedings arising out of our operations.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect.

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

**DEFINITIONS**

"Amended and Restated Memorandum and Articles" means the Second Amended and Restated Memorandum together with the Second Amended and Restated Articles.

"Board" or "board of directors" means the board of directors of the Company.

"BVI" means the British Virgin Islands.

"BVI Act" means the BVI Business Companies Act, 2004, as amended.

"Code" means the Internal Revenue Code of 1986 of the United States of America.

"Company", "we", "our", or "our Company" means AI ASSETS LTD (the "Company or "AI Assets") a British Virgin Islands business company limited by shares.

"COVID-19" means the Coronavirus Disease 2019.

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

"Executive Officers" means the executive officers of our Company as at the date of this prospectus, unless otherwise stated.

"MAXE AI Technology Pte. LTD." or "MAXE AI" means our wholly owned Singapore operating subsidiary.

"MAXE" means an artificial intelligence powered investment assistant app.

"MOM" means the Ministry of Manpower of Singapore.

"Second Amended and Restated Articles" means the second amended and restated articles of association of the Company as adopted by resolutions of directors passed on January 15, 2025, and filed with the BVI Registrar of Corporate Affairs on February 5, 2025.

"Second Amended and Restated Memorandum" means the second amended and restated memorandum of association of the Company as adopted by resolutions of directors passed on January 15, 2025, and filed with the BVI Registrar of Corporate Affairs on February 5, 2025.

"S$" or "SGD" or "Singapore Dollars" means Singapore dollar(s), the lawful currency of Singapore.

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

"Securities Act" means the United States Securities Act of 1933, as amended.

"Singapore Companies Act" means the Companies Act 1967 of Singapore, as amended, supplemented or modified from time to time.

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

**PROSPECTUS SUMMARY**

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

 

**Overview**

We, through our wholly owned Singapore subsidiary MAXE AI, are a technology company and provider of financial information and market tracking services using artificial intelligence technology ("AI"). MAXE AI relies on historical data and real-time analysis of major global assets' fluctuation in order to provide optimal financial information and tracking services to individual users through its AI investment assistant app "MAXE", and a tailored AI information system "TPS" for institutional users.

We offer AI assistant app to individual users, and our system to small and medium-sized financial institutions, including securities firms, funds, and family offices. Our primary focus is on providing precise, real-time information and market tracking capabilities. Our mission is to make financial decisions a time saving and rewarding experience by delivering accurate, relevant information without the need for users to sift through vast amounts of news. We achieve this by creating innovative informative tools and frictionless digital experiences leveraging innovative technology to analyze and distill complex financial data into clear, actionable insights. We aim to help consumers with effective decision making by providing guidance through informative content. We are committed to building seamless experiences and creating the right content to help users make the most relevant decisions for them.

We place a high value on user privacy and data security. We only access and store limited and necessary user information such as user ID and password. We utilize the cloud services of large American service providers like Microsoft to operate our services and store data. Our AI capabilities are supported by Large Language Models from OpenAI. As of now, we have not yet operated business in mainland China.

We have two products: (1) MAXE and (2) TPS.

<u>MAXE</u>

Our product, MAXE, is a subscription based artificial intelligence investment assistant app designed for individual users, and is positioned as an AI information assistant that provides users with the latest market data and indicator information through AI technology. MAXE does not provide any investment advice or trading services.

Our users download the AI assistant app from APP Stores for free, and then users can subscribe and pay for information updates.

MAXE was launched in February 2024 in 176 countries and regions worldwide, primarily through platforms such as Google Play and Apple Store. As of December 31, 2024, MAXE had attained more than 106,000 registered users.

![](chart_001.jpg)

The investment assistant app:

● Displays mainstream asset information;

● Tracking multiple indicators of macro-economy

● Tracking mutual funds holding information; and

● Integrates and displays the user's brokerage account assets.

For the six months ended December 31, 2024, we received approximately 1,700 subscriptions from individual users, amounting to $61,739 in subscription fees. These prepayments mainly consist of subscriptions to our monthly and annual plans. we have recognized $58,584 as revenue, while the remaining $3,156 represents prepayments from users which will be recognized as revenue in the future.

<u>TPS</u>

TPS is a tailored strategy and portfolio information system for institutional users. Our TPS system provides a wide range of strategies and investment portfolios for small and medium-sized investment institutions, which aims to help clients save labor costs and improve their service satisfactions. We are in the process of marketing our TPS system to various institutions, as of December 31, 2024, the TPS has not secured any users and has not yet generated any revenue for the Company.

**Competitive Strengths**

We maintain an open strategy approach. As we have seen, open innovation encourages businesses to engage in collaborative efforts, leverage external resources, and foster a more adaptable, fluid system. In contrast, closed innovation focuses inward, prioritizing proprietary knowledge, full ownership and control, as well as independent problem-solving. Major corporations such as Daimler, IBM and Linux regularly use open strategies, while other companies, such as Amazon, Google and Mozilla have used them for different periods of time.

We believe we bring significant benefits for users based on the following principles:

● Investors are faced with more and more choices for financial products, and new financial products are constantly appearing. Many consumers do not have professional investment knowledge to understand the overwhelming amount of data and need trusted advisors;

● Small and medium-sized investment institutions find that the labor costs of providing personalized and detailed services to small and medium-sized users are high, and their own system research and development investment is too costly; and

● The improvement of computing the power of AI technology enables our platforms to reflect market information in real time while also matching of risk and return preferences of our users.

We not only provide mainstream asset information but also track macroeconomic indicators and mutual fund holdings, offering users a more comprehensive market perspective. This multi-faceted information aggregation likely surpasses the service scope of many traditional information providers.

By clearly positioning ourselves as an information platform rather than an investment advisor, we provide users with a more neutral and objective information base, allowing them to make investment decisions independently.

***We have an experienced management team***

 ****

Our team has experience in the various fields of technology development and information management, with many years of industry experience and relevant higher education backgrounds.

**Growth Strategies**

***Expand business and operations through joint ventures, acquisitions and/or strategic alliances***

 

As a provider of intelligent financial market information content across various markets, we may pursue acquisitions or strategic investments to enhance our business capabilities, expand our market presence, or diversify our product offerings.

With the popularization of mobile technology and growing acceptance of AI assistance, the Company believes that the robo advisory market is subject to the following trends:

● traditional financial advisors and brokers are shifting online while purely offline institutions are increasingly at a disadvantage or, in some cases, are exiting the market altogether;

● Internet giants continue to invest in AI services, demonstrating the industry's recognition of robo advisory services as an important component of a financial services business and potentially a gateway to broader opportunities;

● technological barriers to entry remain high particularly relating to building a secure infrastructure that can transcend geographies and asset classes;

● operational barriers to entry remain high particularly relating to regulatory and capital requirements;

● user experience remains a key competitive strength as digitally born investors become a larger component of the addressable market; and

● revenue models are evolving as competition intensifies, with ancillary and other value-added services underlying platform differentiation.

***Strengthening our presence***

 ****

We intend to strengthen the capabilities of our products in AI model computing power technology through cooperation with large GPT models and enhancing the effectiveness of the current model. In addition to the common language models we are currently using, within the next 12 months, we also plan to develop or collaborate with third parties to develop AI models specific to the financial sector.

*GPT Model Integration*: Collaborating with large GPT models can significantly enhance natural language processing capabilities, improving user interaction and information delivery. This could lead to more intuitive and conversational interfaces, making complex financial information more accessible to individual users.

*Financial Sector-Specific AI Models*: Developing or collaborating on AI models tailored to the financial sector is a strategic move that could provide MAXE with a significant competitive advantage. These specialized models could offer:

● More accurate market predictions:

● Better pattern recognition in financial data:

● Enhanced risk assessment capabilities: and

● Improved personalization of financial advice.

*Computational Power Upgrade*: Investing in advanced computing infrastructure will be necessary to support more complex AI models and real-time data processing. This could involve cloud partnerships or building proprietary data centers.

We believe this will enhance the information processing capabilities of our systems and optimize results.

***Widening our product range***

 ****

We will continue to maximize the competitiveness of our products through increased detailed functionalities, and continually expanding into new niche markets by maximizing our research and development team capabilities. MAXE AI aims to provide a more comprehensive range of services to meet user's needs. This could include:

● Advanced portfolio analytics;

● Scenario planning tools; and

● Additional risk features.

***Scalability and Growth Preparedness***

 ****

We will continue to enhance stability and ensure the platform can handle increased loads of data and processing demands. This includes:

● Building a robust, scalable infrastructure that can accommodate rapid user growth without compromising performance; and

● Preparing for potential geographic expansion by ensuring compliance with various regulatory environments and adapting to different market needs.

**Summary of Risk Factors**

We are subject to numerous risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, results of operations, cash flow and prospects. You should carefully consider the following risks, those risks described in "Risk Factors" and the other information in this prospectus before deciding whether to invest in our Class A Ordinary Shares.

● We do not have a long operating history, and our limited operating history may not provide an adequate basis to judge our future prospects and results of operation and may increase the risk of your investment.

● We may not be able to access the capital markets in the future.

● We are exposed to risks arising from fluctuations in foreign currency exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;

● We may not be able to obtain the necessary approvals or certifications or licenses to operate our business in various jurisdictions.

● Our business, our industry and the economy are subject to the impact of new outbreaks or the continuation of existing outbreaks of any infectious diseases (such as COVID-19 and other events, and the status of debt and equity markets.

● We do not maintain business interruption insurance.

● We may be harmed by negative publicity.

● We may not be able to maintain our key personnel or attract, train and retain other highly qualified personnel.

● We may not be able to successfully implement our business strategies and future plans.

● We may be subject to adverse developments relating to our competitors and our industry.

● We may be adversely impacted by government laws and regulations and liabilities thereunder which could impede our progress.

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

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

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

● If securities or industry analysts do not publish research or reports about our business causing us to lose visibility in the financial markets or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;

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

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

● Our controlling shareholders have substantial influence over the Company. Its interests may not be aligned with the interests of our other shareholders, and it could prevent or cause a change of control or other transactions.

● As a company incorporated in the British Virgin Islands, we are permitted to follow certain home country practices in relation to corporate governance matters in lieu of certain requirements under 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.

● You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under British Virgin Islands law.

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

● We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements applicable to other public companies that are not emerging growth companies.

**HISTORY AND CORPORATE STRUCTURE**

We are a holding company incorporated in the British Virgin Islands on June 28, 2023, under the BVI Act. We conduct all our operations through our wholly owned subsidiary MAXE AI Technology Ptd. Ltd., which was incorporated on September 18, 2023, under the laws of the Republic of Singapore.

![](chart_002.jpg)

**Implications of Our Being an Emerging Growth Company**

As a company with less than $1.235 billion in revenue for the last fiscal year, we qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of 2012 (as amended by the Fixing America's Surface Transportation Act of 2015), or the JOBS Act. An "emerging growth company" may take advantage of 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 auditors on our management's assessment of our internal control over
 financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

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

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

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

● will
 not be required to conduct an evaluation of our internal control over financial reporting until our second annual report on Form
 20-F following the effectiveness of our initial public offering.

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.

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions until we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an "emerging growth company" at the end of the fiscal year in which the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act occurred, if we have more than $1.235 billion in annual revenue, have more than $700 million in market value of our Class A Ordinary Share held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt over a three-year period.

**Implications of Our Being a Foreign Private Issuer**

We are a "foreign private issuer," as defined in Rule 405 under the Securities Act and Rule 3b-4(c) under the Exchange Act. As a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. We will not be required to disclose detailed individual executive compensation information. Furthermore, our directors and executive officers will not be required to report equity holdings under Section 16 of the Exchange Act and will not be subject to the insider short-swing profit disclosure and recovery regime.

As we intend to be listed on the Nasdaq Capital Market, we will be subject to the Nasdaq corporate governance listing standards. However, Nasdaq permits a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in British Virgin Islands which is our home country, may differ significantly from the Nasdaq corporate governance listing standards. For instance, we are not required to:

● adhere
 to certain more stringent disclosure obligations regarding executive compensation in periodic reports, proxy statements and registration
 statements applicable to U.S. domestic public companies;

● have
 a majority of the board to be independent (although all of the members of the audit committee must be independent under the Exchange
 Act);

● have
 a compensation committee or a nominating or corporate governance committee consisting entirely of independent directors;

● have
 regularly scheduled executive sessions for non-management directors; or

● have
 annual meetings and director election;

Following this offering, we may rely on home country practice to be exempted from certain of the corporate governance requirements of Nasdaq, such that a majority of the directors on our board of directors are not required to be independent directors, and we are not required to have a compensation committee or corporate governance committee comprised entirely of independent directors.

**Corporate Information**

Our principal executive offices are located at 20 Cecil Street #14-01 PLUS, Singapore 049705 and our phone number is +65 69912300. Our registered office in the British Virgin Islands is located at the office of ICS Corporate Services (BVI) Limited at Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands. We maintain a corporate website at https://<u>www.maxeai.com.</u> The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus. Our agent for service of process in the United States is The Crone Law Group P.C., 420 Lexington Ave, Suite 244, New York, NY 10170. Their telephone number is 646-861-7891.

**The Offering**

---

| | |
|:---|:---|
| Offering Price | The initial public offering price will be between $4.00 to $5.00 per Class A Ordinary Share. |
| Class A Ordinary Shares offered by us | 4,000,000 Class A Ordinary Shares (or 4,600,000 Class A Ordinary Shares if the underwriters exercise their over-allotment option in full) on a firm commitment basis. We are also registering for resale up to 2,000,000 Class A Ordinary Shares by certain selling shareholders. These shares will not be part of this initial public offering. |
| Shares issued and outstanding prior to this offering | 12,400,000 Class A Ordinary Shares, 2,000,000 Class B Ordinary Shares, 0 Class A preferred shares, 0 Class B preferred shares, and 0 Class C preferred shares. |
| Shares outstanding immediately after the offering | <br> 16,400,000 Class A Ordinary Shares (or 17,000,000 Class A Ordinary Shares if the underwriters exercise the over-allotment option in full), 2,000,000 Class B Ordinary Shares, 0 Class A preferred shares, 0 Class B preferred shares, and 0 Class C preferred shares. |
| Over-allotment option: | We have granted to the underwriters an option to purchase up to an additional 600,000 Class A Ordinary Shares (15% of the number of Class A Ordinary Shares sold in this offering) exercisable solely to cover over-allotments, if any, at the applicable public offering price less the underwriting discounts and commissions shown on the cover page of this prospectus. The underwriters may exercise this option in full or in part at any time and from time to time until 45 days from the closing of this offering.  |
| Use of proceeds | We estimate that the net proceeds to us from the offering will be approximately $15.56 million, based on the assumed initial public offering price of $4.50 per share (being the mid-point of the range set forth on the cover page of this prospectus) after deducting estimated underwriting discounts and commissions and expenses of the offering that are payable by us. We intend to use the net proceeds from the offering for advertising and business expansion, expansion of research and customer management teams, and general working capital and corporate purposes. Please refer to the section titled "Use of Proceeds". <br>We will not receive any proceeds from the sale of the Class A Ordinary Shares by the Selling Shareholders. The proceeds, if any, from the sale of the Class A Ordinary Shares by the Selling Shareholders pursuant to this prospectus by the Selling Shareholders will be for the account of the Selling Shareholders. |
| Dividend policy | We do not intend to pay any dividends on our Class A Ordinary Shares for the foreseeable future. Instead, we anticipate that all of our earnings, if any, will be used for the operation and growth of our business. See "Dividend Policy" for more information. |
| Lock-up | We have agreed, for a period of six months from the closing of the offering, and each of our directors and officers and shareholders holding more than 5% of our securities, have agreed, for a period of six months starting from the pricing date of this offering, in each case subject to certain exceptions, not to, except in connection with this offering, offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company, or file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company. The underwriters have agreed to waive the lock-up requirement for the 2,000,000 Class A Ordinary Shares being offered for resale by the Selling Shoulders, pursuant to the Resale Prospectus. See "Shares Eligible for Future Sale— Lock-Up Agreements" and "Underwriting – Lock-Up Agreements." |
| Risk factors | Investing in our Class A Ordinary Shares involves risks. See "Risk Factors" beginning on page 12 of this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
| Listing | We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market, under the symbol "AIAS". This offering is contingent on the listing of our Class A Ordinary Shares on the Nasdaq Capital Market, and there is no assurance that we will be successful in listing our Class A Ordinary Shares. If our application is not approved by the Nasdaq Capital Market, this offering will not be completed. |
| Voting Rights | Each Class A Ordinary Share is entitled to one vote. Each Class B ordinary share is entitled to ten votes. |
| Conversion Rights | Class A Ordinary Shares are not convertible into Class B ordinary shares under any circumstances. Class B ordinary shares are convertible into Class A Ordinary Shares at any time at the option of the holder thereof on a one-for-one basis, subject to adjustments in accordance with the Second Amended and Restated Articles. |
| Transfer agent | VStock Transfer, LLC |

---

**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 Operation" 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 in the documents referenced above 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 Business and Industry**

***We have a history of losses, operating losses and negative cash flow from operating activities, and we may continue to incur losses and operating losses, and experience negative cash flow from operating activities, in the future.***

 ****

We have incurred significant losses and negative cash flow from operating activities since our inception. For the fiscal year ended June 30, 2024, we had a net loss of $337,036. We cannot assure you that we will be able to generate profits, operating profits or positive cash flow from operating activities in the future or that we will be able to continue to obtain financing on acceptable terms or at all. Our ability to achieve profitability and positive cash flow from operating activities will depend on a mix of factors, some of which are beyond our control, including volatile market conditions, customer demand and preferences and perception of our brand in the marketplace. As a result, we believe that we may continue to incur losses for some time in the future.

Our combined financial statements do not include any adjustments that might take place if we are unable to continue as a going concern. If we are unable to continue as a going concern, holders of our securities might lose their entire investment. Although we plan to attempt to raise additional capital through one or more private placements or public offerings the doubts raised relating to our ability to continue as a going concern may make our shares an unattractive investment for potential investors. These factors, among others, may make it difficult to raise any additional capital and may cause us to be unable to continue to operate our business.

***Our business is difficult to evaluate due to our limited operating history and our prospects will be dependent on our ability to meet a number of challenges.***

 ****

We have a limited operating history. Our business is difficult to evaluate due to a lack of operational history, and our prospects will be dependent on our ability to meet a number of challenges. Because we have a limited operating history, you may not be able to evaluate our future prospects accurately. Our prospects will be primarily dependent on our ability to offer successful strategy and portfolio services to small and medium-sized financial institutions to assist them in improving their intelligent trading capabilities, other factors. If we are not able to successfully meet these challenges, our prospects, business, financial condition and results of operations would be materially adversely affected.

***We are affected by regional and worldwide political, regulatory, social and economic conditions in the jurisdictions in which we and our customers and suppliers operate and in the jurisdictions which we intend to expand our business in.***

We and our customers and suppliers are governed by the laws, regulations, and government policies in each of the various jurisdictions in which we and our customers and suppliers operate or into which we intend to expand our business and operations. Our business and future growth are dependent on the political, regulatory, social and economic conditions in these jurisdictions, which are beyond our control. Any economic downturn, changes in policies, currency and interest rate fluctuations, capital controls or capital restrictions, labor laws, changes in environmental protection laws and regulations, duties and taxation and limitations on imports and exports in these countries may materially and adversely affect our business, financial condition, results of operations and prospects.

Any disruption, uncertainty and volatility in the global credit markets may limit our ability to obtain the required working capital and financing for our business at reasonable terms and finance costs.

***We currently do not maintain business interruption insurance for our business and operations.***

 ****

We do not maintain business interruption insurance policies covering our business and operations. It is possible that the products and services supplied by us do not meet our customers' specifications or are defective, which may, in turn, result in claims being brought against us. As we do not have insurance coverage, such claims could cause us to incur additional costs in any legal proceedings in which we must defend such claims. In the event that there are significant claims made against us, our business operations may be disrupted, and our financial results and profitability may be adversely affected. Such may also harm our reputation and adversely affect our production process and revenue.

***Our reputation and profitability may be adversely affected if there are major failures or malfunctions in our platforms.***

Our operations are exposed to the risk of failure which may arise due to wear and tear, quality control, risk of failure by our customers to follow procedures and protocols, as well as inherent risks in our customers' operating environments. In the event of such equipment failure, we may be forced to cease all, or part of our operations and we may be subject to legal and regulatory liabilities such as penalties, sanctions, or significant costs and expenses in any dispute as a result of such equipment failure. This may have an adverse impact on our operations and financial performance.

We intend to build goodwill in our brands and thus customer loyalty. Hence, if there are any major lapses in our sales and or due to circumstances beyond our control resulting in negative publicity, our reputation may be adversely affected, and our customers may lose confidence in our products and services. In such an event, our business and hence our profitability and financial performance may be adversely affected.

***Our business is highly dependent on our ability to offer high-quality content that meets our users' preferences and demands.***

Our business relies heavily on our ability to provide high-quality content that is both timely and tailored to meet the preferences and demands of our users. To maintain user engagement and attract new users to our platforms, we must continuously invest in creating, curating and updating relevant content that covers a wide range of consumer finance products, offers value to our users and supports their financial decision-making processes. The success of our content strategy depends on various factors, including our ability to anticipate and adapt to evolving user preferences, the effectiveness of our content development and delivery processes, and our capacity to leverage data and analytics to optimize content relevance and user engagement. In addition, we must stay abreast of market trends, technological advancements and regulatory changes that may impact the financial industry and users' needs and preferences.

If we fail to offer high-quality content in a timely manner that aligns with our users' preferences and demands, we may experience a decline in user engagement, retention and acquisition, which could adversely affect our business, financial condition and results of operations. Moreover, any failure to effectively compete with other financial services aggregators or adapt to the changing content landscape may negatively impact our competitive position, growth prospects and long-term viability.

***Failure to offer high-quality customer support could adversely affect our business, financial condition and results of operations.***

Providing high-quality customer service and support, including with respect to rewards fulfilment, is essential for fostering trust and loyalty among our users and commercial partners. Poor customer service or inadequate support could reduce user satisfaction and conversion rates, weaken our reputation and harm our relationships with our commercial partners.

We have invested in the continuous improvement of our technological infrastructure and customer service operations, including the training and development of customer service agents, streamlining our support processes, and implementing systems for monitoring and evaluating performance. However, these efforts may be resource intensive and may not guarantee the desired level of customer satisfaction. If we fail to provide high- quality customer service and support, our business, financial condition and results of operations could be materially and adversely affected.

***We are dependent on third parties for our operations and our business may be affected by supply chain interruptions and delays.***

Our business is dependent upon our relationships with third-party Application Programming Interface (API) providers, which allows our product, MAXE's, software applications to communicate and exchange data with our users. If for any reason these providers became unable or unwilling to continue to provide services to us, this would likely lead to a temporary interruption in our ability to provide our services to users.

These third-party providers may experience website disruptions, outages and other performance problems, which may be caused by a variety of factors, including infrastructure changes, human or software errors, viruses, security attacks, fraud, spikes in customer usage and denial of service issues. In some instances, we may not be able to identify the cause or causes of these performance problems within an acceptable period of time. In particular, we will not control the operation of the third-party data center hosting facilities, and such facilities may be vulnerable to damage or interruption from human error, intentional bad acts, power loss, hardware failures, telecommunications failures, improper operation, unauthorized entry, data loss, power loss, cyberattacks, fires, wars, terrorist attacks, floods, earthquakes, hurricanes, tornadoes, natural disasters or similar catastrophic events. They also could be subject to break-ins, computer viruses, sabotage, intentional acts of vandalism and other misconduct. The occurrence of a natural disaster or an act of terrorism, or other unanticipated problems could result in lengthy interruptions in the delivery of our MAXE app, cause system interruptions, prevent our customers from accessing their accounts online, reputational harm and loss of critical data, prevent us from supporting our MAXE app or cause us to incur additional expense in arranging for new facilities and support. This will adversely impact our revenue and results of operations.

***We are making substantial investments in new product offerings and technologies, and expect to increase such investments in the future. These efforts are inherently risky, and we may never realize any expected benefit from them.***

In response to the constant innovation in the fintech industry, evolving customer preferences and ongoing emergence of new digital channels and solutions, we expect to increase our investments in new product offerings and technologies in the future. However, these efforts are inherently risky, and there is no guarantee that we will realize any anticipated benefits from them. Despite the potential for growth and increased market share, the introduction of new products and technologies exposes us to several risks, including, but not limited to:

● the possibility that these new products or services may not gain market acceptance or be commercially viable;

● the risk of investing significant financial and human resources in the development and implementation of new technologies without generating adequate returns;

● the challenge of overcoming any potential regulatory hurdles and adapting to changes in legal frameworks;

● the need to differentiate our offerings from those of our competitors; and

● the uncertainty associated with the effectiveness of our marketing and sales strategies in promoting new products or services.

***A significant failure or deterioration in our quality control systems could have a material adverse effect on our business and operating results.***

 ****

The quality and effectiveness of our products are critical to the success of our business and operations. As such, it is imperative that our (and our service providers') quality control systems operate effectively and successfully. Quality control systems can be negatively impacted by the design of the quality control systems, the quality training programs and adherence by employees to quality control guidelines. Although we strive to ensure that all of our service providers have implemented and adhere to high-quality control systems, any significant failure or deterioration of such quality control systems could have a material adverse effect on our business and operating results.

***We rely on the data provided by our users and third parties to operate our business and enhance our products and services, and failure to maintain and grow the use of such data may adversely affect our business, financial condition and results of operations.***

As an information services aggregator, we rely on the data provided by our users and third parties to operate our business, provide our services and enhance our offerings. Examples of relevant types of data include, but are not limited to, user demographics, financial profiles, transaction data, search and browsing behavior, preferences for financial products, feedback on user experiences, and data from third-party financial institutions, credit reporting agencies and industry research. Maintaining the quality, accuracy and comprehensiveness of this data is crucial for our ability to provide valuable services to our users and commercial partners.

However, users may provide inaccurate or incomplete information or may choose not to share certain data with us due to privacy concerns, and third-party sources may also face challenges in ensuring the accuracy and completeness of their data. Moreover, changes in laws and regulations governing data protection and privacy may restrict our ability to collect, use and share such data, or may impose additional compliance burdens that increase our operating costs and subject us to fines and penalties if we or our business partners mishandle such data. If we are unable to effectively manage the risks associated with maintaining and growing the use of user and third-party data, our ability to provide high-quality products and services, attract and retain users and commercial partners, and maintain our competitive position may be materially and adversely affected.

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

The global pandemic outbreak of COVID-19 announced by the World Health Organization in early 2020 has disrupted our operations, and the operations of our customers, suppliers, and/or sub-contractors. If the development of the COVID-19 outbreak becomes more severe and/or new variants of COVID-19 evolve to be more transmissible and virulent than the existing strains, this may result in a tightening of restrictions and regulations on businesses. If we or our customers, suppliers, and sub-contractors are forced to close their businesses with prolonged disruptions to their operations, we may experience a delay or shortage of supplies and/or services by our suppliers and sub-contractors, or termination of our orders and contracts by our customers. In addition, if any of our employees are suspected of having contracted COVID-19, some or all of our employees may be quarantined thus causing a shortage of labor and we will be required to disinfect our workplace and our production and processing facilities. In such event, our operations may be severely disrupted, which may have a material and adverse effect on our business, financial condition, and results of operations.

In addition, we have also faced difficulties in hiring suitable manpower from overseas jurisdictions due to travel restrictions imposed by global governments as a result of the COVID-19 pandemic during fiscal year 2023. This has led to a stagnation in our workforce strength, thereby affecting our potential growth.

***We may be affected by an outbreak of other infectious diseases.***

An outbreak of infectious diseases such as severe acute respiratory syndrome and avian influenza or new forms of infectious diseases in the future may potentially affect our operations as well as the operations of our customers and suppliers. In the event that any of the employees in any of our offices or worksites or those of our customers and suppliers are affected by any infectious disease, we or our customers and suppliers may be required to temporarily shut down our or their offices or worksites to prevent the spread of the diseases. This may have an adverse impact on our revenue and financial performance.

***We are exposed to risks arising from fluctuations in foreign currency exchange rates.***

Our reporting currency is US dollars. Our overseas sales are denominated in US dollars and procurement from some of our overseas customers can denominated in different currencies. We may be exposed to foreign currency exchange gains or losses arising from transactions in currencies other than our reporting currency.

***Our efforts to offer products and services in foreign markets may not be successful, or may subject our business to increased risks.***

As part of our growth strategy, we intend to offer products and services first in Singapore, where we have little to no operational experience. We may not be successful in operating our business within these or other markets in a cost-effective or timely manner, if at all. Even if our efforts to operate in Singapore are successful, international operations will subject our business to increased risks, including:

● increased licensing and regulatory requirements;

● competition from service providers or other entrenched market participants that have greater experience in the local markets than we do;

● increased costs associated with and difficulty in obtaining, maintaining, processing, transmitting, storing, handling and protecting intellectual property, proprietary rights and sensitive data;

● changes to the way we do business as compared with our current operations;

● a lack of acceptance of our products and services;

● the ability to support and integrate with local third-party service providers;

● difficulties in staffing and managing foreign operations in an environment of diverse culture, language, laws and customs;

● difficulties in recruiting and retaining qualified employees and maintaining our company culture;

● increased travel, infrastructure and legal and compliance costs;

● compliance obligations under multiple, potentially conflicting and changing, legal and regulatory regimes, including those governing financial institutions, payments, data privacy, data protection, information security, anti-corruption, anti-bribery and anti-money laundering;

● compliance with complex and potentially conflicting and changing tax regimes;

● potential tariffs, sanctions, fines or other trade restrictions;

● exchange rate exposure;

● increased exposure to public health issues such as the COVID-19 pandemic, and related industry and governmental actions to address these issues; and

● regional economic and political instability.

As a result of these risks, our efforts to offer products and services for sale in Singapore may not be successful or may be hampered, which would limit our ability to grow our business.

***Our actual or perceived failure to protect information provided by our users and commercial partners, or other confidential information, and to comply with the relevant laws and regulations could adversely affect our business, financial condition and results of operations.***

The protection of data is crucial to maintaining user trust and the confidence of our users and commercial partners. As an information services aggregator we will collect and manage significant amounts of personally identifiable information from our users and third parties, such as user demographics, financial profiles, transaction data, search and browsing behavior, preferences for financial products and feedback on user experiences, as well as sensitive data from our commercial partners, and are subject to numerous legal requirements, contractual obligations and industry standards concerning security, data protection, and privacy. Failure to adequately safeguard this information, whether due to data breach, cyberattack, employee negligence or other factors, or to comply with the applicable legal and regulatory requirements, contractual obligations or industry standards could result in negative consequences for our business, including reputational damage, loss of users and commercial partners, regulatory penalties and potential legal liabilities.

To mitigate these risks, we have invested in robust data security systems, implemented effective policies and procedures and undergone relevant accreditation processes and believe that we are compliant with the applicable laws and regulations on data protection and privacy. However, these measures may not be sufficient to prevent or fully address potential data breaches or other security incidents. If we fail, or are perceived to fail, in protecting information provided by our users and commercial partners, or other confidential information, our business, financial condition and results of operations may be adversely affected.

***Our ability to attract, train and retain executives and other qualified employees is critical to our business, results of operations and future growth.***

We face intense competition for talent across all functional aspects. Several factors contribute to the risks associated with talent acquisition and retention, including, but not limited to:

● the necessity to offer competitive compensation packages to attract and retain skilled employees in a highly competitive market;

● the potential loss of key employees to competitors or other industries, which may negatively impact our operations and institutional knowledge;

● the need to invest in training and development programs to ensure our employees are equipped with the skills and expertise required to excel in their roles and adapt to the rapidly changing industry landscape;

● the challenge of maintaining a strong company culture that fosters employee engagement, job satisfaction and loyalty;

● the potential impact of changes in immigration policies and regulations on our ability to hire and retain foreign talent; and

● the need to establish and maintain strong succession planning for key executive and managerial positions to minimize the risk of disruption in our operations.

Failure to effectively manage these risks and challenges could result in a diminished ability to execute our business strategies, innovate and respond to market demands, which may adversely affect our competitive position, business, financial condition and results of operations.

***We may be harmed by negative publicity.***

We operate in highly competitive industries and there are other companies in the market that offer similar products. Customer satisfaction with our products and services is critical to the success of our business as this will also result in potential referrals to new customers from our existing customers. If we fail to meet our customers' expectations, there may be negative feedback regarding our products and/or services, which may have an adverse impact on our business and reputation. In the event we are unable to maintain a high level of customer satisfaction, or any customer dissatisfaction is inadequately addressed, our business, financial condition, results of operations and prospects may also be adversely affected.

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

***Improper, illegal or otherwise inappropriate activity by our users, employees, former employees, content and channel partners, commercial partners or other third parties could harm our business and reputation and expose us to liability.***

We are exposed to potential risks and liabilities arising from improper, illegal or otherwise inappropriate activity taken by our users, employees, former employees, content and channel partners, commercial partners or other third parties in connection with the use of our platforms or the content and products available on our platforms. In addition, we conduct business in certain countries where there is a heightened risk of fraud and corruption due to local business practices and customs. There can be no assurance that we will be able to identify and address all instances of such improper, illegal or otherwise inappropriate activity in a timely manner, or at all. Such inappropriate activity may give rise to complaints, expose us to liability and harm our business and reputation.

***If we continue to grow in the future and fail to manage our growth effectively, our brand, business, financial condition and results of operations could be adversely affected.***

Successful growth management requires investment in infrastructure, technology and human resources, as well as the implementation of appropriate financial and operational controls. It also demands the ability to anticipate market trends, adapt our product and service offerings based on the needs of our users and commercial partners, and maintain strong relationships with users and commercial partners. As our operations expand, we will face increased challenges in maintaining the quality and efficiency of our services, managing our resources and adapting to evolving market demands, and greater risks with respect to overextension of resources, loss of strategic focus and dilution of our company culture. Additionally, we may encounter difficulties in integrating acquired businesses, entering new markets, and navigating diverse regulatory environments. If we are unable to manage our growth effectively, we could experience reduced user satisfaction and loss of market share, and our brand, business, financial condition and results of operations could be materially and adversely impacted.

***We may need to raise additional capital to grow our business or satisfy our liquidity requirements and may not be able to raise additional capital on terms acceptable to us, or at all.***

As part of our growth strategies, we expect to continue to require additional capital in the future to cover our costs and expenses. However, we may be unable to obtain additional capital in a timely manner or on commercially acceptable terms, or at all.

Our ability to obtain additional financing in the future is subject to a number of uncertainties, including those relating to:

● our market position and competitiveness, especially in Singapore and Hong Kong;

● our future profitability, overall financial condition, operating results and cash flows;

● the general market conditions for financing activities; and

● the macroeconomic and other conditions in Singapore and Hong Kong and elsewhere.

To the extent that we raise additional financing by issuance of additional equity or equity-linked securities, our shareholders would experience dilution, and the equity securities issued could also provide for rights, preferences or privileges senior to those of holders of our Class A Ordinary Shares. In the event that financing is not available or is not available on terms commercially acceptable to us, our business, operating results and growth prospects may be adversely affected.

***Our use of open-source software could adversely affect our ability to offer our platforms and services and subject us to costly litigation and other disputes.***

We utilize open-source software in various aspects of our platforms and services. While we strive to comply with relevant open-source licensing requirements and copyleft restrictions, there is no guarantee that we will always be successful in doing so. The use of open-source software may inadvertently expose us to risks that could adversely impact our ability to operate our platforms and subject us to costly litigation and other disputes.

In the event of noncompliance with open-source licensing terms or copyleft restrictions, we may be required to release the source code of our proprietary software, reengineer our platforms and services, or discontinue the use of certain software components, any of which could result in significant costs and disruptions to our business. Additionally, defending against potential legal claims or disputes relating to open-source software may consume valuable resources and divert the attention of our management and technical personnel. These factors could adversely affect our business, financial condition and results of operations.

***We have entered enter into collaborations with third parties to develop or commercialize our product candidates, our prospects with respect to those product candidates will depend significantly on the success of those collaborations.***

 ****

The risks of our present and future collaboration with third parties to develop and/or commercialize our product candidates include without limitation:

● collaborators have significant discretion in determining the efforts and resources that they will apply to these collaborations;

● collaborators could independently develop, or develop with third parties, products that compete directly or indirectly with our products or product candidates;

● our agreements with collaborators include agreements that may not provide us with sole ownership of all intellectual property rights resulting from the collaborations and do not address all issues that may arise from joint ownership;

● current and future collaboration agreements may not provide us with sufficient ownership or control of all intellectual property rights;

● collaborators may not properly enforce, maintain or defend our intellectual property rights or may use our proprietary information in a way that gives rise to actual or threatened litigation that could jeopardize or invalidate our intellectual property or proprietary information or expose us to potential litigation, or other intellectual property proceedings;

● disputes may arise between a collaborator and us that cause the delay or termination of the research, development or commercialization of the product candidates, or that result in costly litigation or arbitration that diverts management attention and resources;

● if a present or future collaborator of ours were to be involved in a business combination, the continued pursuit and emphasis on our product development or commercialization program under such collaboration could be delayed, diminished, or terminated;

● collaboration agreements may restrict our right to pursue new product candidates; and

● we may become involved in disputes over the terms of our collaboration agreements and intellectual property rights generated from our collaborations.

In the event of disagreements and/or conflicts between our collaborators and us, our collaborators may act in a hostile and/or vexatious manner which could hinder the implementation of our strategies. Future collaborators may develop, either alone or with others, products in related fields that are competitive with our products or potential products that are the subject of these collaborations. Competing products, either developed by the collaborators or to which the collaborators have rights, may result in the withdrawal of support for our product candidates. Non-competition clauses in our agreements with our collaborators may prevent us from entering into collaborations with their competitors and/or being able to obtain timely regulatory approvals. Our collaborators may also terminate their agreements with us prematurely and/or fail to devote sufficient resources to the development and commercialization of products. Any of these events could hinder and severely undermine our product development efforts.

As a result, if we enter into collaboration agreements and strategic partnerships or out-license our intellectual property, products or businesses, we may not be able to realize the benefit of such transactions if we are unable to successfully integrate them with our existing operations, which could delay our timelines or otherwise adversely affect our business. We also cannot be certain that, following a strategic transaction or license, we will be able to achieve a level of revenue or specific net income that justifies such transaction.

***We may make decisions based on the best interests of our users in order to build long-term trust, which may result in us forgoing short-term gains.***

As an information services aggregator, our priority is to build long-term trust with our users by offering valuable guidance and prioritizing their best interests. We believe that providing valuable and carefully considered guidance, rather than aggressively pushing users to transact, is crucial to maintaining user trust and loyalty. This approach may require us to forgo short-term gains in favor of nurturing sustainable relationships and creating effective user experiences. However, this approach may result in slower revenue growth or reduced profitability in the short term. Additionally, our commitment to prioritizing user interests and trust could lead to situations in which we choose not to offer certain financial products or services on our platforms, even if they offer higher revenue potential. This decision may result in lost revenue opportunities or strained relationships with commercial partners, who may have different priorities or expectations. Furthermore, developing and maintaining a user-centric platform that offers personalized and relevant content takes considerable time, effort and resources. We must continuously invest in technology, user experience design and data analytics to ensure that we can meet the evolving needs of our users. This investment may divert resources from other revenue-generating activities and increase our operational costs, which could adversely affect our financial performance.

***We track certain operational metrics, which are subject to inherent challenges in measurement. Real or perceived inaccuracies or limitations in such metrics may harm our reputation and adversely affect our business, financial condition and results of operations.***

We track certain operational metrics which may differ from estimates or similar metrics published by third parties due to differences in sources, methodologies or the assumptions on which we rely. Our internal systems and the tools we use to track these metrics are subject to a number of limitations. If these internal systems or tools undercount or overcount or contain algorithmic or other technical errors, the data we report may not be accurate. Changes in the algorithms of the tools we use to track these metrics, such as Google Analytics, could also lead to inaccuracies and cause our operating results from different periods to be less comparable. Additionally, there are inherent challenges in measuring how our platforms are used. Certain individuals may have more than one device and therefore may be counted more than once.

Limitations or errors with respect to how we measure data or with respect to the data that we measure may affect our understanding of certain details of our business, which could affect our long-term strategies. If our operational metrics are not accurate representations of our business, if investors do not perceive these metrics to be accurate, or if we discover material inaccuracies with respect to these figures, our reputation may be significantly harmed, our stock price could decline, we may be subject to shareholder litigation, and our business, financial condition and results of operations could be adversely affected.

***There are various risks associated with the facilitation of payments from users, including risks related to fraud and reliance on third parties.***

As an information services aggregator, we are exposed to various risks associated with the facilitation of payments from users, such as risks of fraud and reliance on third parties, which could have a material adverse effect on our business, financial condition and results of operations. The risk of fraud is inherent in the facilitation of payments, and we may be subject to fraudulent activities, such as unauthorized transactions, identity theft and data breaches. Despite our efforts to implement robust security measures, there can be no guarantee that we will be able to prevent all instances of fraud. Any occurrence of fraud could result in reputational damage, financial losses and increased regulatory scrutiny. Additionally, we rely on third-party payment processors, banks and other financial institutions to process payments and facilitate transactions between users and providers of financial products or services. Our reliance on these third parties exposes us to the risk of disruptions or failures in their systems and services, as well as potential breaches of their security measures. Such events could lead to delays or errors in processing payments, reputational damage, and loss of users and commercial partners.

***We will be a "controlled company" within the meaning of the Nasdaq Stock Market Rules and The Nasdaq Capital Market rules if, after this offering, our insiders continue to beneficially own more than 50% of our outstanding ordinary shares.***

Before the completion of this offering, Mr. Yibin Xu, our Chief Executive Officer, beneficially owns 5,200,000 Class A Ordinary Shares and 2,000,000 Class B Ordinary Shares, which represent approximately 41.9 % of the issued and outstanding Class A Ordinary Shares and all of our issued and outstanding Class B Ordinary Shares, respectively, and collectively represent approximately 77.8% of the voting power of our outstanding ordinary shares. Upon the completion of the offering, Mr. Yibin Xu will have the sole voting and dispositive power of 69.2% of our total voting power, assuming that the Representatives do not exercise their over-allotment option. As a result, the Company is a "controlled company" under applicable Nasdaq listing standards, and we expect to continue to be a controlled company after the offering. Although we currently do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. In the event that we elected to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors, and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Our status as a controlled company could cause our Class A Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

In addition, even if we cease to be a controlled company, we may still rely on exemptions available to foreign private issuers, including being able to adopt home country practices in relation to corporate governance matters.

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

***The dual class structure of our ordinary shares will have the effect of concentrating voting control with Yibin Xu, our Chief Executive Officer, who will hold in the aggregate approximately 69.2% of the voting power of our issued shares following the completion of this offering, preventing you and other shareholders from influencing significant decisions, including 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 transaction requiring shareholder approval.***

As of the date of this prospectus, we are authorized to issue an unlimited number of shares of $0.00005 par value each divided into five classes of shares as follows: (i) Class A Ordinary Shares of $0.00005 par value each; (ii) Class B ordinary shares of $0.00005 par value each; (iii) Class A preferred shares of $0.00005 par value each; (iv) Class B preferred shares of $0.00005 par value each; and (v) Class C preferred shares of $0.00005 par value each. Holders of our Class A Ordinary Shares will have the same rights as holders of the Class B ordinary shares, save and except for voting and conversion rights. As of the date of this prospectus, there are currently 12,400,000 Class A Ordinary Shares and 2,000,000 Class B Ordinary Shares issued and outstanding. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all matters submitted to a vote by the shareholders. Each Class A Ordinary Share has one (1) vote, and each Class B Ordinary Share has ten (10) votes. 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.

The current Class B Ordinary Shares outstanding are beneficially owned by our Chief Executive Officer, Mr. Yibin Xu, representing approximately 77.8% of the aggregate voting power of our currently outstanding Ordinary Shares as of the date hereof. Upon the completion of this offering, Mr. Xu will hold approximately 69.2% of the aggregate voting power. Because of the 10-to-1 voting ratio between our Class B and Class A ordinary shares, Mr. Xu will continue to control a majority of the combined voting power of our Ordinary Shares and therefore be able to control all matters submitted to our shareholders for approval so long as the Class B ordinary shares represent at least 51% of the voting power of all outstanding ordinary shares. This concentrated control will limit the ability of holders of Class A Ordinary Shares to influence corporate matters for the foreseeable future. Furthermore, should the Company decide to issue additional Class B Ordinary Shares in the future, the 10-to-1 voting ratio between the two classes of our ordinary shares will result in further dilutive effect on the holders of Class A Ordinary Shares.

 ****

As a result, for so long as Mr. Xu owns a controlling or significant voting interest in our ordinary shares, it generally will be able to control or significantly influence, directly or indirectly and subject to applicable law, all matters affecting us, including:

● the election of directors;

● determinations with respect to our business direction and policies, including the appointment and removal of officers;

● determinations with respect to corporate transactions, such as mergers, business combinations, change in control transactions or the acquisition or the disposition of assets;

● our financing and dividend policy;

● determinations with respect to our tax returns; and

● compensation and benefits programs and other human resources policy decisions.

Even if Mr. Xu were to dispose of certain of his shares of our Class B ordinary shares such that he would control less than a majority of the voting power of our outstanding ordinary shares, he may be able to influence the outcome of corporate actions so long as he retains Class B ordinary shares. During the period of Mr. Xu's controlling or significant ownership of our ordinary shares, investors in this offering may not be able to affect the outcome of such corporate actions.

Mr. Xu may have interests that differ from yours and may vote in a way with which you disagree, and which may be adverse to your interests. Corporate action might be taken even if other shareholders, including those who purchase shares in this offering, oppose them. This concentration of ownership may have the effect of delaying, preventing or deterring a change of control or other liquidity event of our Company, could deprive our shareholders of an opportunity to receive a premium for their shares of Class A Ordinary Shares as part of a sale or other liquidity event and might ultimately affect the market price of our Class A Ordinary Shares.

Furthermore, we cannot predict whether our dual-class structure will result in a lower or more volatile market price of our Class A Ordinary Shares or in adverse publicity or other adverse consequences. For example, certain index providers have announced restrictions on including companies with multiple-class share structures in certain of their indexes. In July 2017, FTSE Russell and S&P Dow Jones announced that they would cease to allow most newly public companies utilizing dual-class capital structures to be included in their 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. Beginning in 2017, MSCI, a leading stock index provider, opened public consultations on their treatment of dual-class structures and temporarily barred new dual-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 the announced policies, our dual-class capital structure makes us ineligible for inclusion in certain indices, and as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices are not expected to invest in our stock. These policies are still fairly new, and it is as of yet unclear what effect, if any, they will have on the valuations of publicly traded companies excluded from the indices, but it is possible that they may depress these valuations compared to those of other similar companies that are included. Because of our multi-class structure, we will likely be excluded from certain of these indexes and we cannot assure you that other stock indexes will not take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indexes, exclusion from stock indexes 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.

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

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

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

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

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

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

(b) reduced
 liquidity for our Class A Ordinary Shares;

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

(d) a
 limited amount of news and analyst coverage; and

(e) a
 decreased ability to issue additional securities or obtain additional financing in the future.

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

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

The trading price of our Class A Ordinary Shares may be volatile and could fluctuate widely due to factors beyond our control. This may happen because of the broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in Singapore that have listed their securities in the United States. In addition to market and industry factors, the price and trading volume for our shares may be highly volatile for factors specific to our own operations, including the following:

● fluctuations in our revenues, earnings and cash flow;

● changes in financial estimates by securities analysts;

● additions or departures of key personnel;

● regulatory developments affecting us or our industry;

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

● potential litigation or regulatory investigations.

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

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

***Because the Company is offering to sell Class A Ordinary Shares at an expected public offering price to be between $4.00 and $5.00 per Class A Ordinary Share and the Selling Shareholders are offering to sell Class A Ordinary Shares following the completion of the primary underwritten offering at the then-prevailing market price, purchasers of shares from the Selling Shareholders could pay more or less per share than investors in the firm commitment underwritten offering, resulting in potential depreciation in the value of the shares purchased by investors in the primary underwritten offering, and/or significant volatility in the trading price of our Class A Ordinary Shares.***

 ****

The per share public offering price of the Class A Ordinary Shares to be sold by the Company is expected to be between $4.00 and $5.00 per Class A Ordinary Share. The per share public price of the Class A Ordinary Shares to be sold by the Selling Shareholders following the completion of the primary underwritten offering will be at the then-prevailing market price. As a result, purchasers of shares from the Selling Shareholders could pay more or less per share than investors in the firm commitment underwritten offering who will have purchased Class A Ordinary Shares at a fixed price. Accordingly, the interests of our controlling stockholders may differ from those of other stockholders, the other stockholders may not have the same protections afforded to stockholders of other public companies. The 2,000,000 Class A Ordinary Shares being offered in the resale offering could depress the market price of the Company's Class A Ordinary Shares. In addition, rapid market sales or sales in significant volumes of the 2,000,000 Class A Ordinary Shares by the Selling Shareholders may significantly dilute the value of our ordinary shares held by investors in our underwritten primary offering, resulting in depreciation of the value of shares purchased by investors in the primary offering and/or significant volatility in the price of our Class A Ordinary Shares.

***Certain recent initial public offerings of companies with public floats comparable to the anticipated public float of our Company have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.***

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

In addition, if the trading volumes of our Class A Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Class A Ordinary Shares. This low volume of trades could also cause the price of our Class A Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Class A Ordinary Shares. A decline in the market price of our Class A Ordinary Shares also could adversely affect our ability to issue additional shares of Class A Ordinary Shares or other of our securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Class A Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Class A Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

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

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

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

We currently intend to retain all of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our shares as a source for any future dividend income. Our board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of British Virgin Islands and Singapore law. Even if our board of directors decides to declare and pay dividends (by way of a simple majority decision of our Directors), 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. There is no guarantee that our Class A Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased our shares. You may not realize a return on your investment in our shares and you may even lose your entire investment.

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

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

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

If you purchase Class A Ordinary Shares in this offering, you will pay substantially more than our net tangible book value per share. As a result, you will experience immediate and substantial dilution of $3.64 per Class A Ordinary Share, representing the difference between our as adjusted net tangible book value per Class A Ordinary Share of $0.86 as of December 31, 2024, after giving effect to the net proceeds to us from this offering, assuming no change to the number of shares offered by us as set forth on the cover page of this prospectus and an assumed public offering price of $4.50 per Class A Ordinary Share (being the mid-point of the initial public offering price range). See "Dilution" for a more complete description of how the value of your investment in our shares will be diluted upon the completion of this offering.

***The initial public offering price for our Class A Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile.***

The initial public offering price for our Class A Ordinary Shares will be determined by negotiations between us and the representative, and does not bear any relationship to our earnings, book value or any other indicia of value. We cannot assure you that the market price of our Class A Ordinary Shares will not decline significantly below the initial public offering price. The financial markets in the United States and other countries have experienced significant price and volume fluctuations in the last few years. Volatility in the price of our Class A Ordinary Shares may be caused by factors outside of our control and may be unrelated or disproportionate to changes in our results of operations.

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

 ****

Sales of Class A Ordinary Shares in the public market after this offering, or the perception that these sales could occur, could cause the market price of the Class A Ordinary Shares to decline. Immediately after the completion of this offering, we will have 16,400,000 Class A Ordinary Shares issued and outstanding, assuming the underwriters do not exercise their over-allotment option. All Ordinary Shares sold in this offering will be freely transferable without restriction or additional registration under the Securities Act of 1933, as amended, or the Securities Act. All of our executive officers and directors and certain shareholders holding more than five percent (5%) of our securities have agreed not to sell our Class A Ordinary Shares for a period of six months starting from the pricing date of this offering. Class A Ordinary Shares subject to these lock-up agreements will become eligible for sale in the public market upon expiration of these lock-up agreements, subject to volume and other restrictions as applicable under Rules 144 and 701 under the Securities Act. To the extent shares are released before the expiration of the lock-up period and sold into the market, the market price of the Class A Ordinary Shares could decline. Moreover, the perceived risk of this potential dilution could cause shareholders to attempt to sell their shares and investors to short our Class A Ordinary Shares. These sales also may make it more difficult for us to sell equity or equity-related securities in the future at a time and price that we deem reasonable or appropriate. In addition, rapid market sales or sales in significant volumes of up to 2,000,000 Class A Ordinary Shares offered by the Selling Shareholders may significantly depress the market value of the Class A Ordinary Shares held by investors in our underwritten primary offering.

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

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

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

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

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

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

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

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

While we do not expect to become a PFIC, because the value of our assets for purposes of the asset test may be determined by reference to the market price of our Class A Ordinary Shares, fluctuations in the market price of our Class A Ordinary Shares may cause us to become a PFIC for the current or subsequent taxable years. The determination of whether we will be or become a PFIC will also depend, in part, on the composition of our income and assets. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

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

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

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

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

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

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

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

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

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

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

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

 ****

As discussed above, we are a foreign private issuer under the Exchange Act, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business Day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on December 31, 2024. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our Directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we lose our foreign private issuer status, 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 comply with U.S. federal proxy requirements, and our officers, Directors and 10% 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 listing rules of Nasdaq. 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.

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

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

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

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

 ****

Our corporate affairs are governed by our Amended and Restated Memorandum and Articles, the BVI Act and the common law of the BVI. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under BVI law are governed by the BVI Act and the common law of the BVI. The common law of the BVI is derived in part from comparatively limited judicial precedent in the BVI as well as from the common law of England and the wider Commonwealth, which has persuasive, but not binding, authority on a court in the BVI. The rights of our shareholders and the fiduciary responsibilities of our directors under BVI law may not be as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the BVI has a less developed body of securities laws as compared to the United States, and some states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law.

Shareholders of BVI companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. Shareholders of a BVI company could, however, bring a derivative action in the BVI courts, and there is a clear statutory right to commence such derivative claims under Section 184C of the BVI Act. The circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action, may result in the rights of shareholders of a BVI company being more limited than those of shareholders of a company organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing has occurred. The BVI courts are also unlikely to recognize or enforce against us judgments of courts in the United States based on certain liability provisions of U.S. securities law; and to impose liabilities against us, in original actions brought in the BVI, based on certain liability provisions of U.S. securities laws that are penal in nature. There is no statutory recognition in the BVI of judgments obtained in the United States, although the courts of the BVI will generally recognize and enforce the non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits. The BVI Act offers some limited protection of minority shareholders. The principal protection under statutory law is that shareholders may apply to the BVI court for an order directing the company or its director(s) to comply with, or restraining the company or a director from, engaging in conduct that contravenes, the BVI Act. Under the BVI Act, the minority shareholders have a statutory right to bring a derivative action in the name of, and on behalf of, the company in circumstances where a company has a cause of action against its directors. This remedy is available at the discretion of the BVI court. A shareholder may also bring an action against the company for breach of duty owed to him as a shareholder. A shareholder who considers that the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any act or acts of the company have been, or are, likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the BVI court for an order to remedy the situation.

There are common law rights for the protection of shareholders that may be invoked, largely dependent on English common law. Under the general rule pursuant to English common law known as the rule in Foss v. Harbottle, a court will generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express dissatisfaction with the conduct of the company's affairs by the majority or the board of directors. However, every shareholder is entitled to have the affairs of the company conducted properly according to BVI law and the constituent documents of the company. As such, if those who control the company have persistently disregarded the requirements of company law, then the courts may grant relief. Generally, the areas in which the courts will intervene are the following: (1) an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification by the majority; (2) acts that constitute fraud on the minority where the wrongdoers control the company; (3) acts that infringe or are about to infringe on the personal rights of the shareholders, such as the right to vote; and (4) where the company has not complied with provisions requiring approval of a special or extraordinary majority of shareholders. This means that even if shareholders were to sue us successfully, they may not be able to recover anything to make up for the losses suffered.

Under the laws of the BVI, the rights of minority shareholders are protected by provisions of the BVI Act dealing with shareholder remedies and other remedies available under common law (in tort or contractual remedies). The principal protection under statutory law is that shareholders may bring an action to enforce the constitutional documents of the company (i.e. the memorandum and articles of association) as shareholders are entitled to have the affairs of the company conducted in accordance with the BVI Act and the memorandum and articles of association of the company. A shareholder may also bring an action under statute if he feels that the affairs of the company have been or will be carried out in a manner that is unfairly prejudicial or discriminating or oppressive to him. The BVI Act also provides for certain other protections for minority shareholders, including in respect of investigation of the company and inspection of the company books and records. There are also common law rights for the protection of shareholders that may be invoked, largely dependent on English common law, since the common law of the BVI for business companies is limited.

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

***The laws of BVI provide limited protections for minority shareholders, so minority shareholders will not have the same options as to recourse in comparison to the U.S. if the shareholders are dissatisfied with the conduct of our affairs.***

 ****

Under the laws of the BVI, the rights of minority shareholders are protected by provisions of the BVI Act dealing with shareholder remedies and other remedies available under common law (in tort or contractual remedies). The principal protection under statutory law is that shareholders may bring an action to enforce the constitutional documents of the company (i.e. the memorandum and articles of association) as shareholders are entitled to have the affairs of the company conducted in accordance with the BVI Act and the memorandum and articles of association of the company. A shareholder may also bring an action under statute if he feels that the affairs of the company have been or will be carried out in a manner that is unfairly prejudicial or discriminating or oppressive to him. The BVI Act also provides for certain other protections for minority shareholders, including in respect of investigation of the company and inspection of the company books and records. There are also common law rights for the protection of shareholders that may be invoked, largely dependent on English common law, since the common law of the BVI for business companies is limited.

***Investors may have difficulty in effecting service of legal process, enforcing judgments against us, our directors and management. Investors may incur additional costs and procedural obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in BVI against us or our management named in the prospectus based on BVI laws.***

 ****

We are incorporated under the laws of the BVI. We conduct our operations outside the United States and substantially all of our assets are located outside the United States. In addition, some of our directors and executive officers are not residents of the United States and their assets are substantially located outside the United States. As a result, it may be difficult or impossible to effect service of process within the U.S. upon these persons, or to recover against us or them on judgments of U.S. courts, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws. Even if you are successful in bringing an action of this kind, the laws of the BVI could render you unable to enforce a judgment against our assets or the assets of our directors and officers.

There is uncertainty as to whether the courts of the BVI would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the U.S. or (ii) entertain original actions brought in the BVI against us or our directors or officers predicated upon the securities laws of the U.S. or any state in the U.S.. The U.S. and the BVI do not have a treaty providing for reciprocal recognition and enforcement of judgments of courts of the U.S. in civil and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the U.S. based on civil liability, whether or not predicated solely upon the U.S. federal securities laws would not be enforceable in the BVI. A final and conclusive judgment obtained in U.S. federal or state courts under which a sum of money is payable as compensatory damages (i.e., not being a sum claimed by a revenue authority for taxes or other charges of a similar nature by a governmental authority, or in respect of a fine or penalty or multiple or punitive damages) may be the subject of an action on a debt in the court of the BVI under the common law doctrine of obligation.

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the British Virgin Islands as a BVI business company with limited liability. We are incorporated in the BVI because there are certain benefits associated with being a British Virgin Islands business company, such as political and economic stability, an effective judicial system, with a dedicated commercial court, tax neutral treatment, with no tax levied against companies incorporated in the BVI by the local tax authorities, the absence of foreign exchange control of currency exchange control or currency restriction and the availability of professional and support services. The British Virgin Islands, however, has a less developed body of securities laws as compared to the United States and provides significantly less protection for investors than the United States and BVI companies do not have standing to sue before the federal courts of the United States.

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

Substantially all of our assets are located in Singapore. In addition, some of our directors and officers are not nationals or residents of the United States and their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

We have appointed The Crone Law Group P.C. as our agent to receive service of process with respect to any action brought against us in the United States District Court for the Southern District of New York under the federal securities laws of the United States or of any state in the United States or any action brought against us in the Supreme Court of the State of New York in the County of New York under the securities laws of the State of New York.

Ogier, our counsel with respect to the laws of the British Virgin Islands, and Bird & Bird ATMD LLP, our counsel with respect to Singapore law, have advised us that there is uncertainty as to whether the courts of the British Virgin Islands or Singapore 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 British Virgin Islands or Singapore 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 Ogier, our counsel as to the laws of the BVI that the BVI does not have a treaty providing for reciprocal recognition and enforcement of judgments of courts of the United States in civil and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the United States based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, would not be enforceable in the BVI. We have also been advised that a final and conclusive judgment obtained in U.S. federal or state courts under which a sum of money is payable as compensatory damages (i.e., not being a sum claimed by a revenue authority for taxes or other charges of a similar nature by a governmental authority, or in respect of a fine or penalty or multiple or punitive damages) may be the subject of an action on a debt in the court of the BVI under the common law doctrine of obligation.

Ogier has further advised us that there is currently no statutory enforcement or treaty between the United States and the British Virgin Islands providing for enforcement of judgments. A judgment obtained in the United States, however, may be recognized and enforced in the courts of the British Virgin Islands at common law, without any re-examination on the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Commercial Division of the Eastern Caribbean Supreme Court in the British Virgin Islands, provided such judgment: (i) is given by a foreign court of competent jurisdiction; (ii) is final; (iii) is not in respect of taxes, a fine or a penalty; and (iv) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or public policy of the British Virgin Islands. Furthermore, it is uncertain that British Virgin Islands courts would enforce: (1) judgments of U.S. courts obtained in actions against us or other persons that are predicated upon the civil liability provisions of the U.S. federal securities laws; or (2) original actions brought against us or other persons predicated upon the Securities Act. Ogier has informed us that there is uncertainty with regard to British Virgin Islands law relating to whether a judgment obtained from the U.S. courts under civil liability provisions of the securities laws will be determined by the courts of the British Virgin Islands as penal or punitive in nature.

Bird & Bird ATMD LLP has advised us that there is uncertainty as to whether judgments of courts in the United States based upon the civil liability provisions of the securities laws of the United States or any state or territory of the United States will be recognized or enforced by the Singapore courts, and there is doubt as to whether the Singapore courts will enter judgments in original actions brought in the Singapore courts based solely on the civil liability provisions of these securities laws. In general an in personam foreign judgment that is final and conclusive (that is, in general, a judgment that makes a final determination of rights between the parties and cannot be re-opened or altered by the court that delivered it, or be overridden by another body not being an appellate or supervisory body, although it may be subject to an appeal), given by a competent court of law, for a fixed or ascertainable sum of money is payable may generally be enforced as a debt in the Singapore courts under the common law as long as it is established that the Singapore courts have jurisdiction over the judgment debtor. However, the Singapore courts are unlikely to enforce a foreign judgment if (a) the foreign judgment is inconsistent with a prior local judgment from Singapore or recognized in Singapore; (b) the enforcement of the foreign judgment would contravene the public policy of Singapore; (c) the proceedings in which the foreign judgment was obtained were contrary to principles of natural justice; (d) the foreign judgment was obtained by fraud; or (e) the enforcement of the foreign judgment amounts to the direct or indirect enforcement of a foreign penal, revenue or other public law.

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

**USE OF PROCEEDS**

We expect to receive approximately $15.56 million of net proceeds from this offering after deducting underwriting discounts and commissions and estimated offering expenses of approximately $2.24 million payable by us, assuming no exercise of the underwriters' over-allotment option and an initial public offering price of $4.50 per Class A Ordinary Share (being the mid-point of the initial public offering price range).

We currently intend to use proceeds from this offering in the following ways:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Percent** |
| **GROSS OFFERING** | $**18000000** | 100.00% |
| &nbsp;&nbsp;&nbsp;Underwriting Commission | $1260000 | 7.00% |
| &nbsp;&nbsp;&nbsp;Non-accountable Expense Allowance | $180000 | 1.00% |
| &nbsp;&nbsp;&nbsp;Estimated Offering expenses | $1000000 | 6.00% |
| **Net Proceeds** | $**15560000** | **86.00%** |
| **USE OF NET PROCEEDS** |  |  |
| &nbsp;&nbsp;&nbsp;Advertising and expansion spending | $4202000 | 27.00% |
| &nbsp;&nbsp;&nbsp;Expansion of research and customer management teams | $4668000 | 30.00% |
| &nbsp;&nbsp;&nbsp;General working capital and corporate purposes | $6690000 | 43.00% |
| **TOTAL APPLICATION OF NET PROCEEDS** | $**15560000** | **100.00%** |

---

The amounts and timing of any expenditures will vary depending on the amount of cash generated by our operations, and the rate of growth, if any, of our business, and our plans and business conditions. The foregoing represents our intentions as of the date of this prospectus based upon our current plans and business conditions to use and allocate the net proceeds of this offering. However, our management will have significant flexibility and discretion in applying the net proceeds of this offering. Unforeseen events or changed business conditions may result in application of the proceeds of this offering in a manner other than as described in this prospectus.

**CAPITALIZATION**

The following table sets forth our capitalization as of December 31, 2024:

● on an actual basis; and

● on a pro forma as adjusted basis to reflect (i) the above; (ii) the issuance and sale of 4,000,000 Class A Ordinary Shares in this offering (assuming no exercise of the underwriters' over-allotment option) at an initial public offering price of $4.50 per Class A Ordinary Share (being the mid-point of the initial public offering price range), after deducting underwriting discounts and estimated offering expenses payable by us; and (iii) on February 5, 2025, the Company completed the subdivision of its issued Class A Ordinary Shares and Class B Ordinary Shares of a nominal or par value of $0.0001 each in the capital of the Company into 2 ordinary shares of a nominal or par value of $0.00005 each.

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

---

| | | |
|:---|:---|:---|
| **Shareholders' Equity** | **Actual** | **As adjusted(1)(2)(3)** |
|  | $ | $ |
| Class A Ordinary Shares, $0.0001 par value, 6,200,000 Class A Ordinary Shares issued and outstanding on an actual basis, and $0.00005 par value, unlimited number of Class A Ordinary Shares authorized, 16,400,000 outstanding on an as adjusted basis as of December 31, 2024 |  |  |
| Class B Ordinary Shares, $0.0001 par value, 1,000,000 Class B Ordinary Shares issued and outstanding on an actual basis, and $0.00005 par value, unlimited number of Class B Ordinary Shares authorized, 2,000,000 Class B Ordinary Shares outstanding on an as adjusted basis as of December 31, 2024 |  |  |
| Additional paid-in capital |  |  |
| Accumulated deficit |  |  |
| **Total Shareholders' Equity** |  |  |
| **Total Capitalization** |  |  |

---

(1) Reflects
 the sale of Class A Ordinary Shares in this offering (excluding any Class A Ordinary Share that may be sold as a result of the underwriters
 exercising the over-allotment option) at an assumed initial public offering price of $4.50 per share (being the mid-point of the
 initial public offering price range), and after deducting the estimated 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, estimated offering expenses payable by us and advisory fees. We
 estimate that such net proceeds will be approximately $15.5 6 million.

(2) On February 5, 2025, the Company completed the subdivision
 of each share of the Company into 2 shares of a par value of $0.00005 each. Before the subdivision of shares, the Company's number of ordinary shares issued and outstanding was 6,200,000 Class A Ordinary Shares
 and 1,000,000 Class B Ordinary Shares of a par value of $0.0001 each. After the subdivision, the Company's number
 of ordinary shares issued and outstanding was 12,400,000 Class A Ordinary Shares of a par value of $0.00005 each and 2,000,000
 Class B Ordinary Shares of a par value of $0.00005 each.

(3) Assuming
 the underwriters do not exercise their over-allotment option.

The above does not include (i) a 1% non-accountable expense allowance or (ii) amounts representing reimbursement of certain out-of-pocket expenses, each as described below.

**DILUTION**

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

Holders of Class A Ordinary Shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A Ordinary Share is entitled to one vote. Each Class B ordinary share is entitled to ten votes, and is convertible into one Class A Ordinary Share at any time at the option of the holder thereof on a one-for-one basis, subject to adjustments in accordance with the Amended Article of Association. Class A Ordinary Shares are not convertible into Class B ordinary shares under any circumstances.

Our net tangible book value as of December 31, 2024 is $190,933, or $0.01 per Ordinary Share as of that date. Historical net tangible book value per share represents our total tangible assets (total assets excluding goodwill and other intangible assets, net), less total liabilities, divided by the number of outstanding Ordinary Shares. After giving effect to the sale of Class A Ordinary Shares in this offering by the Company at an initial public offering price of $4.50 per share (being the mid-point of the initial public offering price range), after deducting $1,260,000 in underwriting discount and commission (assuming 4,000,000 Class A Ordinary Shares to be issued with no exercise of over-allotment option), non-accountable expense allowance of approximately $180,000, and estimated offering expenses payable by the Company of approximately $1,000,000. Dilution is determined by subtracting pro forma net tangible book value per ordinary share from the assumed public offering price of $4.50 each Class A Ordinary Share.

After giving further effect to the sale of Class A Ordinary Shares in this Offering at an assumed initial public offering price of $4.50 per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts, commission and estimated offering expenses payable by us, our as adjusted net tangible book value as of December 31, 2024 is approximately $15.75 million, or approximately $0.86 per Ordinary Share. This represents an immediate increase in as adjusted net tangible book value per Ordinary Share of $0.85 to our existing shareholders and an immediate dilution in as adjusted net tangible book value per Ordinary Share of approximately $3.64 to new investors purchasing Class A Ordinary Shares in this offering. The following table illustrates this dilution on a per Ordinary Share basis:

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

---

| | |
|:---|:---|
| Assumed initial public offering price per share | $4.50 |
| Historical net tangible book value per share as of December 31, 2024 | $0.01 |
| Increase in as adjusted net tangible book value per share attributable to the investors in this offering | $0.85 |
| Pro forma net tangible book value per share after giving effect to this offering | $0.86 |
| Dilution per share to new investors participating in this offering | $3.64 |

---

If the underwriters exercise in full their option to purchase additional Class A Ordinary Shares in this offering, the as adjusted net tangible book value after the offering would be $0.96 per share, the increase in net tangible book value to existing shareholders would be $0.95 per share, and the dilution to new investors would be $3.54 per share, in each case assuming an initial public offering price of $4.50 per share, which is the midpoint of the price range set forth on the cover page of this prospectus.

The following table summarizes, on a pro forma as adjusted basis as of December 31, 2024, the differences between existing shareholders and the new investors with respect to the number of Class A Ordinary Shares purchased from us, the total consideration paid and the average price per Class A Ordinary Share before deducting the estimated commissions to the representative and the estimated offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary Shares purchased** | **Class A Ordinary Shares purchased** | **Total consideration** | **Total consideration** | **Average price per** <br> **Class A** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Ordinary Share** |
| Existing shareholders | 12400000 | 75.61% | $670301 | 3.59% | $0.05 |
| New investors | 4000000 | 24.39% | $18000000 | 96.41% | $4.50 |
| Total | 16400000 | 100.00% | $18670301 | 100.00% | $1.14 |

---

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

**DIVIDEND POLICY**

We intend to keep any future earnings to finance the expansion of our business, and we do not anticipate that any cash dividends will be paid 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 our board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

The declaration, amount and payment of any future dividends will be at the sole discretion of our board of directors, subject to compliance with applicable BVI laws regarding solvency. Our board of directors will take into account general economic and business conditions, our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions and other implications on the payment of dividends by us to our shareholders or by our operating subsidiary to us, and such other factors as our board of directors may deem relevant. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors.

Subject to the BVI Act and our Amended and Restated Memorandum and Articles, our board of directors may by resolution, authorize a distribution (which includes a dividend) by our Company to our shareholders if our board of directors is satisfied, on reasonable grounds, that immediately after the distribution the Company will satisfy the solvency test, that is: (a) the Company will be able to pay its debts as they fall due; and (b) the value of the Company's assets exceeds its liabilities. No dividend shall bear interest as against the Company and no dividend shall be paid on treasury share.

If we determine to pay dividends on any of our shares in the future, as a holding company, we will be dependent on receipt of funds from our Singapore subsidiary, MAXE AI.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

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

*The audited consolidated financial statements for the years ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023 and the unaudited consolidated financial statements for the six months ended December 31, 2024 and 2023 are prepared pursuant to US GAAP.* 

**Overview**

We, through our wholly owned Singapore subsidiary MAXE AI, are a provider of financial information and market tracking services by using artificial intelligence technology ("AI"). MAXE AI relies on historical data and real-time analysis of major global assets' fluctuation in order to provide optimal financial information and tracking services to individual users through its AI investment assistant app MAXE, and tailored AI information system for institutional users.

We offer an advanced AI assistant app to individual users and a customized system to small and medium-sized financial institutions, including securities firms, funds, and family offices. Our primary focus is on providing precise, real-time information and market tracking capabilities. Our mission is to make all of life's financial decisions a time-saving and rewarding experience by delivering accurate, relevant information without the need for users to sift through vast amounts of news. We achieve this by creating innovative informative tools and frictionless digital experiences, leveraging cutting-edge technology to analyze and distill complex financial data into clear, actionable insights.

Our AI-powered information and market tracking assistant acts as a personal financial information assistant, presenting users with the most relevant and impactful data tailored to their specific needs and interests. This eliminates the need for time-consuming news searches and allows users to focus on making informed financial decisions. By leveraging advanced natural language processing and machine learning algorithms, our system can understand user preferences and adapt its information delivery over time, ensuring that users always receive the most pertinent financial information, market analyses, and educational content without being overwhelmed by irrelevant data.

We launched our app MAXE in 176 countries and regions worldwide, primarily through platforms such as Google Play and Apple Store. As of December 31, 2024, MAXE had attained more than 106,000 registered users.

Our revenue increased by $58,584 in the six months ended December 31, 2024 as compared to the six months ended December 31, 2023, primarily due to the increase of subscription members and deferred revenue recognized. The growth of subscription has remained stable, indicating resilience and consistent demand.

Our net loss increased by $14,936, or 11.82% for the six months ended December 31, 2024, as compared to the six months ended December 31, 2023. This decline is primarily due to (i) increased sales and marketing expenses, (ii) Research and development costs of $62,400, (iii) increased administrative expenses.

Our revenue increased by $2,409 for the year ended June 30, 2024 as compared to the period from June 28, 2023 (date of inception) through June 30, 2023, primarily due to the launch of MAXE in 2024.

**Key Factors that Affect Operating Results**

We believe the key factors affecting our financial condition and results of operations include the following:

*Our Ability to Create Value for Our Users and Generate Revenue*

 

Our ability to engage our members and empower our suppliers and their brands is affected by the breadth and depth of our data insights, such as the accuracy of our analysis, and our technology capabilities and infrastructure, and our continued ability to develop scalable services and upgrade our platform user experience to adapt to the quickly evolving industry trends and customer preferences.

*Our Investment in User Base, Technology, People, and Infrastructure*

 

We will continue to make investments in enhancing and upgrading our platform in order to attract users and members, enhance user experience and expand the capabilities and scope of our platform. We expect to continue to invest in our technology capabilities and infrastructure, which will lower our margins but deliver overall long-term growth.

*U.S. Government Introduces Restrictive Policies on AI Technology Sector That Could Affect Foreign Companies*

 

 

The U.S. government's restrictive policies with respect to AI technology may result in some of our vendors being unable to provide services to us on a sustainable basis. thereby forcing us to turn to other options, which may result in the quality of our services and user experience.

*Increasing Regulatory Requirements in AI*

 

AI technology has been around for a short period of time, and the regulation of the AI field is being gradually improved in different countries. This will require us to improve the regulatory requirements more and provide more reliable information when using AI technology to provide services.

*Inflation*

 

The effect of inflation on our revenue and operating results was not significant.

**Results of Operations**

***Comparison of the six months ended December 31, 2024 and 2023***

The following table sets forth certain operational data for the six months ended December 31, 2024, and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended December 31,** | **For the six months ended December 31,** |
|  | **2024** | **2023** |
| Revenues | $58584 | $- |
| Cost of revenues | (502) | - |
| **Gross profit** | **58082** | **-** |
| **Operating expenses:** |  |  |
| Sales and marketing expenses | 14527 | 45 |
| General and administrative expenses | 124091 | 95634 |
| Research and development expenses | 62400 | 31435 |
| Total operating expenses | **201018** | **127114** |
| **Loss from operations** | **(142936)** | **(127114)** |
| Other income, net | 1677 | 791 |
| **Loss before income taxes** | **(141259)** | **(126323)** |
| Income taxes | - | - |
| **Net loss** | $**(141259)** | $**(126323)** |
| **Comprehensive loss attributable to shareholders** | $**(141259)** | $**(126323)** |
| **Net loss attributable to ordinary shareholders of AI Assets** |  |  |
| &nbsp;&nbsp;&nbsp;—Weighted average number of ordinary shares, basic and outstanding\* | 7044348 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss per share attributable to ordinary shareholders of AI Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Basic and diluted\* | $(0.02) | $(3.16) |

---

\* The share split has been retrospectively applied to six months ended December 31, 2023 presented in the accompanying financial statements.

***Revenues***

 ****

Revenue from membership subscription is recognized over the period of the membership. The subscription fee is recognized as revenue over the subscription period. For the six months ended December 31, 2024, we derived our revenues from the subscription fees of Pro and Pro Plus membership through our App and website, which began in March 2024.

For the six months ended December 31, 2024, we received approximately 1,700 subscriptions from individual users, amounting to $61,739 in subscription fees. These prepayments mainly consist of subscriptions to our monthly and annual plans. We have recognized $58,584 as revenue, while the remaining $3,156 represents prepayments from users which will be recognized as revenue in the future.

***Cost of revenues***

 ****

Our cost of revenues consists of the costs that are directly related to providing our products and solutions to our customers. These costs include fees paid to the service providers and server costs. For the six months ended December 31, 2024, and 2023, cost of revenue was approximately $502 and nil, respectively.

We have already expensed the research and development costs for MAXE and have not capitalized them into intangible assets. We received extra 50,000 credit for cloud servers and AI arithmetic from Microsoft, which credit is valid through the fourth quarter of 2025, and we expect to increase $500-$1,000 cloud server expenses per month if cannot get the follow-up credits.

Our breakdown of cost of revenues for the six months ended December 31, 2024 and 2023, respectively, is summarized below:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
| Other expenses | $502 | $- |
| **Total costs of revenue** | $**502** | $**-** |

---

 ****

***Gross Profit***

Gross profit is equal to our total revenues less cost of revenues. Gross profit as a percentage of our total revenues is referred to as gross margin. For the six months ended December 31, 2024, and 2023, our gross profit weas $58,082 and nil, respectively.

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
| Gross profit | $58082 | $- |

---

We expect that our overall gross margin will increase in the long run, primarily driven by (i) economies of scale and improvement of operation efficiency and (ii) our continuous efforts in optimizing product mix for higher gross profit margin.

***Operating Expenses***

Our operating expenses consist of sales and marketing expenses, research and development expenses and general and administrative expenses. The following table sets forth a breakdown of our operating expenses, in absolute amounts and as percentages of our total revenues, for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
| Sales and marketing expenses | $14527 | $45 |
| General and administrative expenses | 124091 | 95634 |
| Research and development expenses | 62400 | 31435 |
| **Total operating expenses** | $**201018** | $**127114** |

---

***Sales and marketing expenses***

 ****

Sales and marketing expenses consist of (i) marketing and distribution expenses, (ii) channel expenses during which we collected the subscription fees. For the six months ended December 31, 2024, and 2023, Sales and marketing expenses were $14,527 and $45, respectively. The increase was primarily attributable to the increase in advertising campaigns on Google Ads and other platforms. The following table sets forth a breakdown of our sales and marketing expenses.

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>December 31,** | **For the six months ended <br>December 31,** |
|  | **2024** | **2023** |
| Marketing and distribution expenses | $11376 | $45 |
| Channel expenses | 3151 | - |
| **Total sales and marketing expenses** | $**14527** | $**45** |

---

As a new brand in an emerging market, our user and revenue growth are positively correlated with our marketing expense. We plan to continue to invest in sales and marketing to promote our brand awareness, retain our existing customers and attract new customers in the long term, while continuously enhancing sales efficiency across operational processes, sales strategies, and intelligent tools to strengthen sales capabilities.

***General and Administrative Expenses***

 ****

General and administrative expenses consist of (i) payroll expenses paid to administrative staff and management team, (ii) professional fees for external legal, accounting, recruiting and other consulting services, (iii) general office and administrative expenses, including, rent and travel, among others, (iv) other expenses. For the six months ended December 31, 2024, and 2023, General and administrative expenses were $124,091 and $95,634, respectively. The increase was mainly due to an increase in payroll expenses, the following table sets forth a breakdown of our general and administrative expenses.

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
| Payroll expenses | $120000 | $60000 |
| Professional fees |  | 25000 |
| General office and administrative expenses | 1508 | 2681 |
| Others | 2583 | 7953 |
| **Total general and administrative expenses** | $**124091** | $**95634** |

---

We expect our general and administrative expenses to further decrease as a percentage of our total revenues in the foreseeable future as we continue to increase operational efficiency and benefit from economies of scale, which will be partially offset by the fact that we will incur additional expenses as a result of operating as a public company.

***Research and Development Expenses***

Research and development expenses consist of (i) compensation paid to research and development staff, and (ii) other expenses. for the six months ended December 31, 2024, and 2023, Research and development expenses were $62,400 and 31,435, respectively. The following table sets forth a breakdown of our research and development expenses.

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
| Compensation | $62400 | $27260 |
| Other expenses | - | 4175 |
| **Total research and development expenses** | $**62400** | $**31435** |

---

We believe that continued investment in research and development is key to our future growth. We expect to continue to invest in research and development of our technology and content to improve user experience, such as adding new contents, features and functionalities to our solutions, while continuously increasing efficiency. Therefore, we expect our research and development expenses will increase in the foreseeable future.

***Other Income, net***

 ****

Other income mainly includes credit card cash rebate and interest income from bank deposits. Other income totalled $1,677 for the six months ended December 31, 2024, as compared to $791 for the six months ended December 31, 2023.

***Income Taxes***

 ****

We did not have any income taxes expense for the six months ended December 31, 2024, and 2023, since we did not generate any taxable income in these two periods.

***Net Loss***

 ****

During the six months ended December 31, 2024, we incurred a net loss of approximately $141,259, as compared to a net loss of $126,323 for the six months ended December 31, 2023.

***Going Concern and Capital Resources***

 ****

The consolidated financial statements included in this prospectus have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company incurred a net loss of approximately $141,259 and approximately $126,323 for the six months ended December 31, 2024, and 2023, respectively. As of December 31, 2024, and June 30, 2024, the Company had cash balance of approximately $158,639 and $287,143, respectively.

In view of these circumstances, the management of the Company has given consideration to the future liquidity and performance of the Company and its available sources of finance in assessing whether the Company will have sufficient financial resources to continue as a going concern.

To sustain its ability to support the Company's operating activities, the Company considered supplementing its sources of funding through the following:

● cash
 and cash equivalents generated from operations;

● issuance
 of convertible notes; and

● obtaining
 funds through a future initial public offering.

Management has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company's business. All of these factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements for the six months ended December 31, 2024, and 2023 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern.

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

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
| Net cash used in operating activities | $(58333) | $(51973) |
| Net cash used in investing activities |  |  |
| Net cash (used in) provided by financing activities | (70171) | 459768 |
| Net (decrease) increase in cash and cash equivalents | (128504) | 407795 |
| Cash and cash equivalents at the beginning of the year | 287143 | - |
| Cash and cash equivalents at the end of the year | $158639 | $407795 |

---

 **

***Cash used in Operating Activities***

 **

For the six months ended December 31, 2024, and 2023, net cash used in operating activities amounted to $58,333 and $51,973 respectively, primarily reflected our net loss of approximately $141,259 and $126,323 during the six months ended December 31, 2024, and 2023. The changes in operating assets and liabilities primarily consisting of payroll payable.

***Cash provided by Financing Activities***

 ****

For the six months ended December 31, 2024, net cash used in financing activities amounted to $70,171, which primarily consisted of profession fees for listing.

For the six months ended December 31, 2023, net cash provided by financing activities amounted to $459,768, which primarily consisted of proceeds from shareholders' contribution and capital subscription advance from investors.

***Commitments and Contingencies***

 ****

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, which cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies", we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2024, and through the date the consolidated financial statements were available to be issued.

***Contractual Obligations***

 ****

On September 12, 2023, we entered into a month-to-month lease agreement for an office in Singapore, in order to allow us the flexibility to adjust the rented space according to our business needs. We did not commit to pay a fixed total rental fee in the future.

***Off-Balance Sheet Arrangements***

 ****

As of December 31, 2024 and 2023, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our shareholders.

***Foreign Currencies***

 ****

The reporting currency of the Company is United States Dollar ("US$") and the accompanying consolidated financial statements for the six months ended December 31, 2024, and 2023, have been expressed in "$". In addition, the Company's subsidiary is operating in Singapore and maintains its books and records in "US$".

Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates quoted by authoritative banks prevailing on the transaction dates. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded in other income, net in the consolidated statements of operations and comprehensive loss.

***Inflation***

 ****

The effect of inflation on our revenue and operating results was not significant.

***Comparison of years ended June 30, 2024 and* period from June 28, *2023* (date of inception) through June 30, 2023**

The following table sets forth certain operational data for the year ended June 30, 2024, and the period from June 28, 2023 (date of inception) through June 30, 2023:

---

| | | |
|:---|:---|:---|
|  | **Year ended <br> June 30, 2024** | **For the<br> period from <br> June 28, 2023 (date of inception) through June 30, 2023** |
| Revenues | $2409 | $- |
| Cost of revenues | (800) | - |
| **Gross profit** | **1609** | **-** |
| **Operating expenses:** |  |  |
| Sales and marketing expenses | 14970 |  |
| General and administrative expenses | 224861 | 1173 |
| Research and development expenses | 104583 | - |
| Total operating expenses | **344414** | **1173** |
| **Loss from operations** | **(342805)** | **(1173)** |
| **Other income, net** | **5769** | - |
| **Loss before income taxes** | **(337036)** | **(1173)** |
| Income taxes |  |  |
| **Net loss** | $**(337036)** | $**(1173)** |
| **Comprehensive loss attributable to shareholders** | $**(337036)** | $**(1173)** |
| **Net loss attributable to ordinary shareholders of AI Assets** |  |  |
| —Weighted average number of ordinary shares, basic and outstanding\* | 40000 | 40000 |
| **Net loss per share attributable to ordinary shareholders of AI Assets** |  |  |
| —Basic and diluted\* | $(8.43) | $(0.03) |

---

\* The share split has been retrospectively applied to all periods presented.

***Revenues***

 ****

Revenue from membership subscription is recognized over the period of the membership. The subscription fee is recognized as revenue over the subscription period. For the years ended June 30, 2024, we derived our revenues from the subscription fees of Pro and Pro Plus membership through our App and website, which began in March 2024.

As of June 30, 2024, we received a total of 220 subscriptions from individual users, amounting to $13,053 in subscription fees. These prepayments mainly consist of subscriptions to our monthly and annual plans. We have recognized $2,409 as revenue, while the remaining $10,643 represents prepayments from users which will be recognized as revenue in the future.

***Cost of revenues***

 ****

Our cost of revenues consists of the costs that are directly related to providing our products and solutions to our customers. These costs include fees paid to the service providers and server costs. For the year ended June 30, 2024, and the period from June 28, 2023 (date of inception) through June 30, 2023, cost of revenue was approximately $800 and nil, respectively.

We have already expensed the research and development costs for MAXE and have not capitalized them into intangible assets. In 2023, we received more than $175,000 credit in total for cloud servers and AI arithmetic from Microsoft and Google, which credit is valid through the first quarter of 2025, and we expect to increase $500-$1,000 cloud server expenses per month if cannot get the follow-up credits.

Our breakdown of cost of revenues for the year ended June 30, 2024, and the period from June 28, 2023 (date of inception) through June 30, 2023, respectively, is summarized below:

---

| | | |
|:---|:---|:---|
|  | **Year ended <br> June 30, 2024** | **For the<br> period from <br> June 28, 2023 <br> (date of inception) through <br> June 30, 2023** |
| Server expenses | $385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Other expenses | 415 | - |
| **Total costs of revenue** | $**800** | $**-** |

---

 ****

***Gross Profit***

Gross profit is equal to our total revenues less cost of revenues. Gross profit as a percentage of our total revenues is referred to as gross margin. For the year ended June 30, 2024, and the period from June 28, 2023 (date of inception) through June 30, 2023, our gross profit weas $1,609 and nil, respectively.

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> June 30, 2024** | **For the <br> period from <br> June 28, 2023 <br> (date of inception) through <br> June 30, 2023** |
| Gross profit | $1609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

We expect that our overall gross margin will increase in the long run, primarily driven by (i) economies of scale and improvement of operation efficiency and (ii) our continuous efforts in optimizing product mix for higher gross profit margin.

***Operating Expenses***

Our operating expenses consist of sales and marketing expenses, research and development expenses and general and administrative expenses. The following table sets forth a breakdown of our operating expenses, in absolute amounts and as percentages of our total revenues, for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> June 30, 2024** | **For the<br> period from <br> June 28, 2023<br> (date of inception) through<br> June 30, 2023** |
| Sales and marketing expenses | $14970 | $- |
| General and administrative expenses | 224861 | 1173 |
| Research and development expenses | 104583 | - |
| **Total operating expenses** | $**344414** | $**1173** |

---

***Sales and marketing expenses***

 ****

Sales and marketing expenses consist of (i) brand marketing and support expenses, (ii) channel expenses during which we collected the subscription fees. For the year ended June 30, 2024, and the period from June 28, 2023 (date of inception) through June 30, 2023, Sales and marketing expenses were $14,970 and nil, respectively. The increase was primarily attributable to the increase in advertising campaigns on Google Ads and other platforms. The following table sets forth a breakdown of our sales and marketing expenses.

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> June 30, 2024** | **For the<br> period from<br> June 28, 2023<br> (date of inception)<br> through<br> June 30, 2023** |
| Marketing and distribution expenses | $14730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Channel expenses | 240 | - |
| **Total sales and marketing expenses** | $**14970** | $**-** |

---

As a new brand in an emerging market, our user and revenue growth are positively correlated with our marketing expense. We plan to continue to invest in sales and marketing to promote our brand awareness, retain our existing customers and attract new customers in the long term, while continuously enhancing sales efficiency across operational processes, sales strategies, and intelligent tools to strengthen sales capabilities.

***General and Administrative Expenses***

 ****

General and administrative expenses consist of (i) payroll expenses paid to administrative staff and management team, (ii) professional fees for external legal, accounting, recruiting and other consulting services, (iii) general office and administrative expenses, including, rent and travel, among others, (iv) other expenses. For the year ended June 30, 2024, and the period from June 28, 2023 (date of inception) through June 30, 2023, General and administrative expenses were $224,861 and $1,173, respectively. The increase was mainly due to an increase in payroll expenses, professional fees related to our business development, office expenses, and travelling expenses. The following table sets forth a breakdown of our general and administrative expenses.

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> June 30, 2024** | **For the<br> period from<br> June 28, 2023<br> (date of inception)<br> through<br> June 30, 2023** |
| Payroll expenses | $182776 | $- |
| Professional fees | 25097 |  |
| General office and administrative expenses | 16833 | 1173 |
| Others | 155 | - |
| **Total general and administrative expenses** | $**224861** | $**1173** |

---

We expect our general and administrative expenses to further decrease as a percentage of our total revenues in the foreseeable future as we continue to increase operational efficiency and benefit from economies of scale, which will be partially offset by the fact that we will incur additional expenses as a result of operating as a public company.

***Research and Development Expenses***

Research and development expenses consist of (i) compensation paid to research and development staff, (ii) professional fees in relation to software development, (iii) content design expenses, and (iv) other expenses. for the year ended June 30, 2024, and the period from June 28, 2023 (date of inception) through June 30, 2023, Research and development expenses were $104,583 and nil, respectively. The following table sets forth a breakdown of our research and development expenses.

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> June 30, 2024** | **For the<br> period from<br> June 28, 2023<br> (date of inception)<br> through<br> June 30, 2023** |
| Compensation | $98914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Professional fees | 1112 |  |
| Other expenses | 4557 | - |
| **Total research and development expenses** | $**104583** | $**-** |

---

We believe that continued investment in research and development is key to our future growth. We expect to continue to invest in research and development of our technology and content to improve user experience, such as adding new contents, features and functionalities to our solutions, while continuously increasing efficiency. Therefore, we expect our research and development expenses will increase in the foreseeable future.

***Other Income, net***

 ****

Other income (expense) mainly includes credit card cash rebate and interest income from bank deposits. Other income totaled $5,768 for the year ended June 30, 2024, as compared to nil for the period from June 28, 2023 (date of inception) through June 30, 2023.

***Income Taxes***

 ****

We did not have any income taxes expense for the year ended June 30, 2024, and the period from June 28, 2023 (date of inception) through June 30, 2023, since we did not generate any taxable income in these two fiscal years.

***Net Loss***

 ****

During the year ended June 30, 2024, we incurred a net loss of approximately $337,036, as compared to a net loss of $1,173 for the period from June 28, 2023 (date of inception) through June 30, 2023.

***Going Concern and Capital Resources***

 ****

The consolidated financial statements included in this prospectus have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company incurred a net loss of approximately $337,036 and approximately $1,173 for the year ended June 30, 2024, and the period from June 28, 2023 (date of inception) through June 30, 2023, respectively. As of June 30, 2024 and 2023, the Company had cash balance of approximately $287,143 and $nil, respectively.

In view of these circumstances, the management of the Company has given consideration to the future liquidity and performance of the Company and its available sources of finance in assessing whether the Company will have sufficient financial resources to continue as a going concern.

To sustain its ability to support the Company's operating activities, the Company considered supplementing its sources of funding through the following:

● cash
 and cash equivalents generated from operations;

● issuance
 of convertible notes; and

● obtaining
 funds through a future initial public offering.

Management has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company's business. All of these factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern.

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

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> June 30, 2024** | **For the<br> period from<br> June 28, 2023<br> (date of inception)<br> through<br> June 30, 2023** |
| Net cash used in operating activities | $(309764) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net cash used in investing activities | (2545) |  |
| Net cash provided by financing activities | 599452 | - |
| Net increase in cash and cash equivalents | 287143 |  |
| Cash and cash equivalents at the beginning of the year | - | - |
| Cash and cash equivalents at the end of the year | $287143 | $- |

---

 **

***Cash used in Operating Activities***

 **

For the year ended June 30, 2024, net cash used in operating activities amounted to $309,764 primarily reflected our net loss of approximately $337,036 and the changes in operating assets and liabilities primarily consisting of deferred revenue and payroll payable.

***Cash used in Investing Activities***

 ****

For the year ended June 30, 2024, net cash used in investing activities amounted to $2,545, which consisted of the purchase of equipment.

***Cash provided by Financing Activities***

 ****

For the year ended June 30, 2024, net cash provided by financing activities amounted to $599,452, which primarily consisted of proceeds from shareholders' contribution and capital subscription advance from investors.

***Commitments and Contingencies***

 ****

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, which cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies", we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2024, and through the date the consolidated financial statements were available to be issued.

***Contractual Obligations***

 ****

On September 12, 2023, we entered into a month-to-month lease agreement for an office in Singapore, in order to allow us the flexibility to adjust the rented space according to our business needs. We did not commit to pay a fixed total rental fee in the future.

***Off-Balance Sheet Arrangements***

 ****

As of June 30, 2024 and 2023, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our shareholders.

***Foreign Currencies***

 ****

The reporting currency of the Company is United States Dollar ("US$") and the accompanying consolidated financial statements for the year ended June 30, 2024, and the period from June 28, 2023 (date of inception) through June 30, 2023, have been expressed in "$". In addition, the Company's subsidiary is operating in Singapore and maintains its books and records in "US$".

Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates quoted by authoritative banks prevailing on the transaction dates. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded in other income, net in the consolidated statements of operations and comprehensive loss.

***Inflation***

 ****

The effect of inflation on our revenue and operating results was not significant.

**Critical Accounting Policies and Estimates**

Impairment of Intangible and Long-Lived Assets

The Company tests its intangible and long-lived assets for impairment at least annually and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others and without limitation: a significant decline in the Company's expected future cash flows; a sustained, significant decline in the Company's stock price and market capitalization; a significant adverse change in legal factors or in the business climate of the Company's segments; unanticipated competition; and slower growth rates.

***Revenue recognition***

The Company adopted Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The Company derives its revenue primarily from subscription services. Revenue is recognized when control of these services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services, net of any sales taxes.

The Company determines revenue recognition through the following steps:

● identification of the contract, or contracts, with a customer;

● identification of the performance obligations in the contract;

● determination of the transaction price;

● allocation of the transaction price to the performance obligations in the contract; and

● recognition of revenue when, or as, the Company satisfies a performance obligation.

*Subscription revenue*

 

Subscription revenue primarily consists of fees from customers for access to the Company's information assistant App and obtaining updated financial information. The Company uses AI to power the assistant App. Subscription revenue is recognized on a ratable basis over the subscription contract term, beginning on the date the access to the Company's platform is provided, as no implementation work is required, if consideration the Company is entitled to receive is probable of collection. Subscription contracts generally have terms of one month or one year, are billed in advance, and are non-cancelable. The subscription arrangements do not allow the customer the contractual right to take possession of the platform; as such, the arrangements are considered to be service contracts.

The Company does not sell our services through third-party resellers, all subscriptions are made through its App or official website.

*Contract Balances*

As per ASC 606, when a customer pays consideration before the transfer of services, the Company records the amount as a contract liability (deferred revenue). The Company then recognizes revenue, reducing the contract liability and increasing revenue as the Company provides the service over time.

*Refunds and Trial Services*

 

Given that the Company offers informational services without providing trial services or refunds, there are no provisions for refunds or adjustments related to the revenue recognition process.

*Revenue Recognition Over Time*

 

Revenue from membership subscription is recognized over the period of the membership. The subscription fee is recognized as revenue over the subscription period. Any relevant costs incurred to provide the membership benefits are recognized as expenses.

***Deferred Revenue***

The Company records deferred revenue when cash payments are received in advance of revenue recognition from subscription services described above in accordance with the terms of the underlying contracts where the service period has not yet commenced but will commence in the near future. Deferred revenue is recognized when, or as, performance obligations are satisfied. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current; the remaining portion is recorded as deferred revenue, non-current. Revenue recognized that was included in deferred revenue balance at the beginning of the period were 10,643 and nil for the six months ended December 31, 2024, and 2023, respectively.

***Concentration and Credit Risks***

 ****

Financial instruments that potentially subject the Group to the concentration of credit risks consist of cash and cash equivalents. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. As of December 31, 2024 and 2023, most of the Company's cash and cash equivalents were held in major financial institutions located in the Singapore, which management considers to be of high credit quality based on their credit ratings.

The Group has not experienced any significant recoverability issue with respect to its accounts receivable. The Group assesses the creditworthiness of each customer when providing services and may require the customers to make advance payments before the services are rendered.

As of December 31, 2024 and 2023, there was no customer with greater than 10% of the accounts receivable, respectively.

***Concentration of customers***

 ****

There was no single customer who represented 10% or more of the Company's total revenue for the six months ended December 31, 2024, and 2023.

***Concentration of vendors***

There is no single supplier who represented 10% or more of the Company's total purchases for the six months ended December 31, 2024, and 2023

***Recent Accounting Pronouncement***

 ****

The Group qualifies as an "emerging growth company", or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group 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. The Group will adopt the standards based on extended transition period provided to private companies.

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 ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statement.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as additional information on income taxes paid. For public business entities, this standard is effective for annual periods beginning after December 15, 2024. For non-public business entities, this standard is effective for annual periods beginning after December 15, 2025. Early adoption is permitted, and the disclosures in this standard are required to be applied on a prospective basis with the option to apply the standard retrospectively. The Company is in the process of evaluating the potential impact of the new guidance on its consolidated financial statements and related disclosures.

**INDUSTRY OVERVIEW**

The global robo advisory market is a growing industry that provides automated financial services and investment management through online and mobile platforms. A robo advisor is a digital financial advisor platform that manages customers' investments or gives them financial advice with little to no human intervention. Robo advisors usually collect information about clients' investment goals, risk appetite, income, liabilities, and investment preferences through a questionnaire. Through this questionnaire, the robo advisors create a suitable portfolio customized only for the customer.

Robo advisors are relatively cheaper than human financial advisors. Traditional wealth management services are more expensive since a person monitors investments and offers investment advice based on market conditions. However, this process is automated in robo advisors, and the market data is processed using an algorithm. Benefits such as affordability and easy accessibility also drive the adoption of robo advisors.

According to Grand View Research, the global robo advisory market size was valued at USD 5.21 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 29.7% from 2022 to 2030. The widespread digitalization in the financial sector is expected to drive the demand for robo advisors as it enables users with tech-enabled analytics offered by robo advisors for investment consultations. Furthermore, a rapid shift from traditional investment services to robo advisory investment services is another factor in market growth. In addition, investment platforms are now offering robo-advisors as new digital financial advisors over traditional investment services, enabling the scope of expansion for robo advisors.

The widespread use of robo advisory throughout industrial verticals such as retail banking, asset management, and market forward. Moreover, robo advisors offer specific benefits such as tax-loss harvesting, low-cost portfolio, better decision-making, safe and secure investments, and help eliminate credit risks. Such factors are anticipated to drive industry growth over the forecast period.

The growth of the market is also attributed to the benefits provided by the service, including accessibility, cost-effectiveness, and convenience. Robo advisors cater to individuals seeking financial guidance. In comparison to traditional financial advisors, they offer advice at low fees and with minimum account balances, making investing more economical. There are many companies in the market that do not charge fees. For instance, The Charles Schwab Corporation's robo advisor does not charge any advisory fee or commission.

This industry is emerging as one of the major factors driving the market's growth. Moreover, the growing adoption of AI and ML in growing technological advancements such as artificial intelligence (AI) and machine learning (ML) are also Malaysian financial services firm, announced the launch of Kenanga Digital Investing (KDI). These digital investing investment platforms is one of the major robo advisor trends. Furthermore, such technological advancements aid in reducing the number of errors caused due platform is driven by the market's latest fully automated Artificial Intelligence (AI) robo-advisor, which aims to simplify to human intervention, hence amplifying business financials, which is boding well for market growth.

Moreover, governments are encouraging smaller vendors to enter the market with innovative products in various launch of robo advisory services, UOBAM Invest, providing personalized investment portfolios online to assist companies in meeting their investment goals. UOBAM Invest will be available to corporate investors with a minimum investment of USD 0.115 million. Such initiatives are uplifting the use of robo advisors, thereby positively contributing to the industry's growth.

The limited flexibility offered by robo advisors is anticipated to restrain the market's growth during the forecast is also expected to hinder market growth. However, the demand for low-cost investment advisory is anticipated to period. In addition, the lack of face-to-face meetings leading to consultation barriers between investors and advisors open up opportunities for market growth. Furthermore, the growing usage of advanced analytics and big data can potentially broaden the scope of robo advisors significantly.

North America dominated the market in 2023 and accounted for over 28.9%. The presence of several prominent players, such as Betterment, the Vanguard Group, Inc., and others, is expected to boost the growth of the US robo advisory market. For instance, in July 2023, Plentina Inc., the US-based fintech company announced its planning to pilot a novel robo-advisory service named, 'Plentina Wealth' developed for underserved diasporas to build wealth. Such initiatives are expected to contribute to the regional market growth.

![](chart_004.jpg)

Asia Pacific is anticipated to witness the fastest growth in the market. The rise in regional market growth can be attributed to consumers' increasing awareness of the advantages associated with utilizing automated financial support for savings and investments. Numerous companies in the Asia Pacific region are actively pushing for the adoption of robo advisory, which is anticipated to fuel regional growth. For instance, in July 2022, TradeSmart, a prominent online discount brokerage firm in India, announced its collaboration with Modern Algos to introduce AI-driven advisory services. This platform utilizes AI to deliver a streamlined order management system and utilizes advanced algorithms to offer tailored advice aligned with users' age, investment preferences, and future goals.

**BUSINESS**

**Overview**

We, through our wholly owned Singapore subsidiary MAXE AI, are a provider of financial information and market tracking services using artificial intelligence technology ("AI"). MAXE AI relies on historical data and real-time analysis of major global assets' fluctuation in order to provide optimal financial information and tracking services to our users. Currently users can download the APP of MAXE through Apple Store and Google Play in 176 countries and regions, we do not operate our business in mainland China.

Our AI-powered information and market tracking assistant acts as a personal financial information assistant, presenting users with the most relevant and impactful data tailored to their specific needs and interests. This eliminates the need for time-consuming news searches and allows users to focus on making informed financial decisions. By leveraging advanced natural language processing and machine learning algorithms, our system can understand user preferences and adapt its information delivery over time, ensuring that users always receive the most pertinent financial information, market analyses, and educational content without being overwhelmed by irrelevant data.

We offer a tailored AI information system to small and medium-sized financial institutions, including securities firms, funds, and family offices, to assist them in saving labor costs and improving their service satisfaction. Our primary focus is on providing precise, real-time information and market tracking capabilities. Our mission is to make financial decisions a time saving and rewarding experience. We believe in delivering accurate, relevant information without the need for users to sift through vast amounts of news. We achieve this by creating innovative information tools and frictionless digital experiences for consumers and financial product providers, offering relevant educational content and financial product comparison tools through our online platforms and accelerating the digitization of the financial industry. We are committed to building seamless experiences and creating the right content to help users make the most relevant financial decisions for them, especially as the personal finance industry continues to expand and become more complex and fragmented.

The financial information and market tracking services we offer are all denominated in US dollars and consist of highly liquid financial assets, such as stocks of large US-listed companies, US Treasury bonds, US dollars, etc. We strive to provide information that allows users to avoid high-risk, low-liquidity assets in order to prevent them from making decisions that subject them to suffering significant losses or even the risk of financial fraud.

Today's consumers have an ever-expanding investment choice and an overwhelming amount of complex financial information ahead of them and are increasingly comfortable using online sources to learn about their options, compare offerings and transact for financial products. At the same time, consumers are increasingly "time poor." Through our platform, we aim to provide informational resources in order to assist the user to be able to make financial decisions that save time and provide a rewarding experience. We help consumers with effective decision making by providing guidance through informative content.

We have two products: (1) MAXE and (2) TPS.

<u>MAXE</u>

Our product, MAXE, is a subscription-based artificial intelligence investment assistant app designed for individual users. MAXE is positioned as an AI information assistant that provides users with the latest market investment information through AI technology. We integrate brokerage account connectivity through a third-party Application Programming Interface (API) infrastructure, which contracts and cooperates with brokerages and provide brokerage account connectivity and trading capability as standard service.

MAXE does not provide any investment advice or trading services. Up to now, we have provided users with the ability to display their assets at the brokerage for their analysis and investment planning. The ability to trade is not open to MAXE users, and if the user needs to trade an asset, he must return to his brokerage platform to execute.

Our users download the AI assistant app from APP Stores for free, and then users can subscribe and pay for information updates. We only collect the information necessary for users, such as username and password in MAXE. We do not collect additional personal information about users beyond MAXE's functions, like clients' investment goals, risk appetite, income, liabilities, and investment preferences, and we will not implement any financial services before acquiring relevant licenses and qualified to do so. We don't collect and store user's brokerage accounts information like positions and transaction history, all asset information integrated through MAXE is only displayed and stored in users local instrument, it is not stored on MAXE's servers.

MAXE was launched in February 2024 in 176 countries and regions worldwide, primarily through platforms such as Google Play and Apple Store. As of December 31, 2024, MAXE had attained more than 106,000 registered users.

![](formf-1_001.jpg)

The platform:

● Displays mainstream asset information;

● Tracking multiple indicators of macro-economy

● Tracking mutual funds holding information; and

● Integrates and displays the user's brokerage account assets.

MAXE provides users with real-time market data for the world's multiple and most popular assets, including stocks, bonds, foreign exchange, and more. The security of assets is one of MAXE's top priorities while it presents the most reliable and valuable assets in the market for a user's investment. MAXE's AI investment assistant provides users with what it believes are the most professional options, generally staying away from high-risk, low-liquidity assets.

MAXE tracks portfolio changes of the world's most renowned investment funds and investors, providing real-time updates to users as a reference to support their investment decision making.

We believe everyone deserves to have a more comprehensive understanding of market investment information and to know the most popular and reliable portfolios, which is why MAXE employs the use of AI.

<u>TPS</u>

TPS is a tailored strategy and portfolio information system for institutional users. Our TPS system provides a wide range of strategies and investment portfolios for small and medium-sized investment institutions, which aims to help clients save labor costs and improve their service satisfactions.

Essentially, institutions can match suitable strategies and combinations according to the user information they have collected. MAXE's current strategy pool includes information on various strategies, the main ones being:

● *hedge funds*: a private investment pool that uses complex trading strategies to improve investment performance and protect returns from market risk:

● *alpha funds*: an investment fund that aims to generate returns that significantly exceed the market average, or benchmark index, by actively selecting investments that are expected to outperform, thus producing a positive "alpha" compared to the benchmark; essentially, it's a fund managed to achieve returns above and beyond what is considered normal market performance based on its level of risk

● *trend and reverse*: a consistent direction or pattern of movement in a particular variable, while a "reverse" means a change in that direction, where the trend completely switches from going up to going down, or vice versa; essentially, a reversal of the previous trend;

● *arbitrage*: a financial strategy that involves buying and selling the same or similar asset in different markets to profit from price differences.

Each of the above strategy types contain multiple specific trading approaches and schemes that users can utilize.

MAXE's AI portfolio pool is generated from personal information entered by users, as well as algorithms that track market mutual funds.

TPS aims to help investment institutions be able to scale back their costs. The knowledge sophistication of service managers in different institutions is uneven, in that service managers of smaller institutions have obvious deficiencies in knowledge comprehensiveness and market sensitivity. The investment advice they then give to their clients may be incomplete or potentially inaccurate based on how quickly the market changes. We believe the TPS system can help service managers summarize a larger amount of data and customize plans for their clients based on said data. The allow for optimization and efficiency, which leads to lower costs.

We are in the process of developing a marketing strategy for our TPS system to various institutions and, as of the date of this prospectus, the TPS has not secured any users and has not yet generated any revenue for the Company.

We intend to market the TPS system to a number of brokerages and funds by connecting TPS with their system. This would allow brokerages and funds to provide richer and more timely strategy and portfolio information. However, due to various reasons, including unclear regulatory policies regarding AI advisory in various regions, we have not yet obtained any formal purchases from intuitions.

Given the lack of legal regulations for the AI advisory business in various countries and regions, there are many obstacles to promote and make popular a product such as TPS. Potential financial institution customers are cautious about new products. TPS may not be commercialized until specific legal norms are in place. We will continue to refine the functionality of the TPS system, including possible compliance requirements. We will not bring our products to market until they are fully compliant with the regulatory requirements of the regions in which we intend to operate.

**Our Customers**

Based on our initial research and analysis, we believe that individuals who have confidence in U.S. assets and are willing to participate in transactions will be our individual users, and small and medium-sized funds with assets under management of $1 million to $100 million, family offices, and brokerages with less than 10,000 users will be our main customers.

Our individual users are mainly concentrated in the developed capital markets of Asia, North America and Europe. They have confidence in the assets of the United States, and are willing to participate in the investment of stocks, bonds and foreign exchange in the United States. They also want to use AI to track and analyze market information and filter out important and high-quality information to support investment decisions.

We believe that our products will provide users with very valuable investment information, which is more intuitive and comprehensive than traditional news. It allows users to have a more comprehensive understanding of market changes and mainstream investment institution dynamics, so that users can make better investment decisions.

We believe our AI assistant app will help alleviate some of these issues as we offer a suite of financial information and market tracking services which aims to help our users reduce costs and allow them to make more comprehensive investment decisions.

Larger funds tend to build their strategy pools and portfolios by investing large amounts of capital. In contrast, small and medium-sized funds and financial institutions, especially those in early stages with assets under $20 million under management, face the following challenges: (i) the early fundraising capacity is limited, and the initial fund usually has a small asset management scale, (ii) small asset management company equity funds have difficulty managing up -front costs, (iii) lack of mature investment strategy and portfolio pools, and (iv) lack of sufficient manpower to meet the investment needs of small and medium-sized investors.

The TPS system provides users with a variety of investment strategy information such that institutional users may not need to hire certain employees or spend time to analyze certain strategies. So as to better help relationship managers serve customers and achieve better customer satisfaction.

We intend to provide quantitative interfaces and open data through the localization of United States financial industry standards to meet the access needs of small-scale funds, so that more Asian funds can connect with the United States capital markets. We also intend to offer a multi-language version of the investment management system to serve different types of end users.

**Market Opportunity**

With the popularization of mobile technology and growing acceptance of AI assistance, the Company believes that the robo advisory market is subject to the following trends:

● traditional financial advisors and brokers are shifting online while purely offline institutions are increasingly at a disadvantage or, in some cases, are exiting the market altogether;

● Internet giants continue to invest in AI services, demonstrating the industry's recognition of robo advisory services as an important component of a financial services business and potentially a gateway to broader opportunities;

● technological barriers to entry remain high particularly relating to building a secure infrastructure that can transcend geographies and asset classes;

● operational barriers to entry remain high particularly relating to regulatory and capital requirements;

● user experience remains a key competitive strength as digitally born investors become a larger component of the addressable market; and

● revenue models are evolving as competition intensifies, with ancillary and other value-added services underlying platform differentiation.

**Challenges**

MAXE AI's ability to execute its business plan is subject to risks and uncertainties, including those relating to MAXE AI's ability to:

● manage the continued rollout of MAXE AI's informational platforms and MAXE AI's future growth;

● navigate a complex and evolving regulatory environment;

● offer personalized and competitive services;

● increase the utilization of MAXE AI's services by users and clients;

● maintain and enhance the Company's relationships with its business partners;

● enhance MAXE AI's technology infrastructure to support the growth of MAXE AI's business and maintain the security of MAXE AI's systems and the confidentiality of the information provided and utilized across MAXE AI's systems;

● improve MAXE AI's operational efficiency;

● attract, retain and motivate talented employees to support MAXE AI's business growth;

● navigate economic and market conditions and fluctuation;

● defend ourselves against legal and regulatory actions which could subject us to liability or damage our reputation, including, without limitation, actions involving intellectual property or privacy claims;

● obtain any and all licenses necessary for the operation and growth of MAXE AI's business, and to maintain the validity of such licenses as applicable to the operation and growth of MAXE AI's business.

**Strategy**

MAXE AI intends to provide high-quality and comprehensive investment related information. MAXE AI focuses on delivering convenience and stability to its users.

MAXE AI recognizes that investing is a meaningful component of MAXE AI's users' broader wealth management. With this in mind, the MAXE AI platform features the following:

● an automated protection mechanism to ensure the services and functions deliver to users and clients are secure;

● strict security policies and measures, including encryption technology and a two-factor authentication function, to protect proprietary data such as customers' personal information;

● cloud technology which allows MAXE AI to process large amounts of data in-house, which should reduce the risks involved in data storage and transmission; and

● backed up data across different servers at different locations.

 

MAXE AI has designed every step of its platform's experience, from sourcing and researching information in order to provide real-time analysis, with a goal to create a simple and convenient experience. MAXE AI strives to mitigate inconvenience and information asymmetry through its's platform with the use of AI data and technology.

**Sales and Marketing**

As of December 2023, there are more than 5000 registered financial institutions in Singapore and Hong Kong, most of which provide investment consulting or asset management services to their clients. MAXE AI aims to provide comprehensive technological solutions for these and other similar financial service providers. Specifically, MAXE AI plans to prioritize the development of an Asia-based sales team centered in Singapore to promote our services and enhance brand awareness in robo advisory industry. Additionally, MAXE AI intends to establish a new office in Hong Kong to offer our technological solutions to more financial participants in East Asia in the last quarter of 2025. MAXE AI intends to establish an office in New York in the last quarter of 2026. MAXE AI also plans to organize conferences, educational events, and other activities to increase brand awareness.

**Growth Strategies**

***Expand business and operations through joint ventures, acquisitions and/or strategic alliances***

 

As a provider of intelligent financial market information content across various markets, we may pursue acquisitions or strategic investments to enhance our business capabilities, expand our market presence, or diversify our product offerings.

With the popularization of mobile technology and growing acceptance of AI assistance, the Company believes that the robo advisory market is subject to the following trends:

● traditional financial advisors and brokers are shifting online while purely offline institutions are increasingly at a disadvantage or, in some cases, are exiting the market altogether;

● Internet giants continue to invest in AI services, demonstrating the industry's recognition of robo advisory services as an important component of a financial services business and potentially a gateway to broader opportunities;

● technological barriers to entry remain high particularly relating to building a secure infrastructure that can transcend geographies and asset classes;

● operational barriers to entry remain high particularly relating to regulatory and capital requirements;

● user experience remains a key competitive strength as digitally born investors become a larger component of the addressable market; and

● revenue models are evolving as competition intensifies, with ancillary and other value-added services underlying platform differentiation.

AI technology is developing rapidly, especially in the United States and Asia, where many emerging AI technology companies are exploring different directions such as general-purpose large language models and industry-specific professional models. We intend to establish joint ventures in different countries and regions to localize our product operations, enhancing our product awareness and user base. We will continue our research on large language model technology and closely monitor models in the financial data domain.

We maintain an open attitude towards technologies that can improve our product competitiveness, and are constantly seeking cooperation and investment opportunities. We make efforts to keep a close eye on emerging companies in the robo advisor industry, staying informed about industry developments so we can maintain and improve our product competitiveness. We are focused on searching out companies with products complementary to ours, seeking opportunities for cooperation and acquisition. We make strong efforts to maintain communication and exchange with industry experts and organizations, sharing and learning about the latest technologies to stay technologically advanced.

***Strengthening our presence***

 ****

We intend to strengthen the capabilities of our products in AI model computing power technology through cooperation with large GPT models and enhancing the effectiveness of the current model. In addition to the common language models we are currently using, within the next 12 months, we also plan to develop or collaborate with third parties to develop AI models specific to the financial sector.

*GPT Model Integration*: Collaborating with large GPT models can significantly enhance natural language processing capabilities, improving user interaction and information delivery. This could lead to more intuitive and conversational interfaces, making complex financial information more accessible to individual users.

*Financial Sector-Specific AI Models*: Developing or collaborating on AI models tailored to the financial sector is a strategic move that could provide MAXE with a significant competitive advantage. These specialized models could offer:

● More accurate market predictions:

● Better pattern recognition in financial data:

● Enhanced risk assessment capabilities: and

● Improved personalization of financial advice.

*Computational Power Upgrade*: Investing in advanced computing infrastructure will be necessary to support more complex AI models and real-time data processing. This could involve cloud partnerships or building proprietary data centers.

We believe this will enhance the information processing capabilities of our systems and optimize results.

***Widening our product range***

 ****

We will continue to maximize the competitiveness of our products through increased detailed functionalities, and continually expanding into new niche markets by maximizing our research and development team capabilities. MAXE AI aims to provide a more comprehensive range of services to meet user's needs. This could include:

● Advanced portfolio analytics;

● Scenario planning tools; and

● Additional risk features.

***Scalability and Growth Preparedness***

 ****

We will continue to enhance stability and ensure the platform can handle increased loads of data and processing demands. This includes:

● Building a robust, scalable infrastructure that can accommodate rapid user growth without compromising performance; and

● Preparing for potential geographic expansion by ensuring compliance with various regulatory environments and adapting to different market needs.

**Competition**

For our comparison business, we face competition from both traditional financial websites and the AI-driven financial platforms, mainly from:

● Traditional financial websites such as Yahoo Finance and Seeking Alpha, which offer users a wealth of comprehensive financial news and data;

● AI-driven platforms, such as PortfolioPilot.com and Rafa.ai, which provides users with AI-analyzed information and even offers transactions.

**Competitive Strengths**

We maintain an open strategy approach. As we have seen, open innovation encourages businesses to engage in collaborative efforts, leverage external resources, and foster a more adaptable, fluid system. In contrast, closed innovation focuses inward, prioritizing proprietary knowledge, full ownership and control, as well as independent problem-solving. Major corporations such as Daimler, IBM and Linux regularly use open strategies, while other companies, such as Amazon, Google and Mozilla have used them for different periods of time.

We believe we bring significant benefits for users based on the following principles:

● Investors are faced with more and more choices for financial products, and new financial products are constantly appearing. Many consumers do not have professional investment knowledge to understand the overwhelming amount of data and need trusted advisors;

● Small and medium-sized investment institutions find that the labor costs of providing personalized and detailed services to small and medium-sized users are high, and their own system research and development investment is too costly; and

● The improvement of computing the power of AI technology enables our platforms to reflect market information in real time while also matching of risk and return preferences of our users.

We not only provide mainstream asset information but also track macroeconomic indicators and mutual fund holdings, offering users a more comprehensive market perspective. This multi-faceted information aggregation likely surpasses the service scope of many traditional information providers.

By clearly positioning ourselves as an information platform rather than an investment advisor, we provide users with a more neutral and objective information base, allowing them to make investment decisions independently.

**Provider Insights** 

The fintech robo advisors segment accounted for the largest market revenue share in 2022. Fintechs all over the world rely on both automation and personalization-based advisement. In addition, fintech firms rapidly deploy robo advisors by adopting advanced technologies such as advanced analytics and quantitative finance. This deployment will provide accurate and reliable advisory services to retail investors, preventing them from making poor investment decisions.

The bank segment is expected to register the fastest CAGR during the forecast period. Banks are constantly attempting to digitalize their offerings and improve the customer experience. Small banks, in particular, are opting for digitalized services for opening a bank account, fueling the demand for chat-based robo advisory. Such enhancements are being implemented across banking sectors to gain leverage and enhance competitive position in the market, which are expected to drive segment growth.

**Services Type Insights** 

Direct plan-based/goal segment accounted for the largest share in the market in 2022. Investors value features such as solid goal planning, portfolio management, security features, and attentive customer service in a robo-advisor. This allows users to run scenarios on effective goal planning and be prompted to take actions that will increase their chances of success by using goal-based robo-advisors, which provide risk profiling and goal-based suggestions. The development of new goal-setting platforms that include a variety of goal-setting actions that will increase their chances of success by using goal-based robo-advisors, which provide risk profiling alternatives, free digital financial planning tools, and powerful progress trackers integrated across the platform, which is anticipated to accelerate the segment's growth.

Comprehensive wealth advisory is expected to register the fastest CAGR during the forecast period. These advisers provide complete wealth management services by compiling their clients' financial net worth and assessing their risk tolerance. In addition to fund-based portfolio recommendations, they provide financial planning, portfolio management services, and financial consulting for wealth and estate planning. This, together with the expansion of financial advising services available for the less wealthy population, is anticipated to fuel segment growth.

**End User Insights** 

According to Grand View Research, the High Net Worth Individuals (HNWIs) accounted for the largest market revenue share in 2023. The growing demand for HNWIs by private equity managers to safeguard their investments is anticipated to drive the segment growth. Moreover, HNWIs frequently seek the advice of investment advisors to manage their wealth properly. In addition, the U.S. has accounted for the most HNWIs, with over 7.4 million people, per World Wealth Report 2022.

The retail investor segment is expected to register the fastest CAGR during the forecast period. The rapid growth of financial inclusion due to pandemics is among the significant factors expected to drive the segment's growth. The rapid increase in trading account creation reflects the sustained surge in the prevalence of retail investors during the lockdowns. For instance, according to Grand View Research, in February 2021, a Financial Industry Regulatory Authority (FINRA) survey reported that 38% of retail investors were involved in creating more than one investment account.

**We have an experienced management team**

Our senior leadership is comprised of entrepreneurs with highly successful careers. Our management has relationships with entrepreneurs, management teams, investors, and technical innovators. Our team has extensive experience in the market tracking service and technology industries. We place emphasis on creating a culture that fosters innovation, creativity, and teamwork. We are continuing to recruit talented, innovative, and entrepreneurial personnel in order to support our technology development and growth strategies.

**Business Strategies**

We aim to provide safe, personalized and intelligent investment informational services**.** Our intention is to use this platform to draw and attract more users, which will create interest in services that are subscription based. This timely and efficient information helps users better understand the market and understand their investment behavior, so as to make more informed investment decisions and achieve better investment returns. We aim to provide users with a smarter and more efficient way to manage their financial journey.

We provide product modularization in order to help small and medium-sized customers utilize our platform in such a way that provides both economies of scale and the ability to create different configurations for increased value for customers through convenient customization.

Additionally, we incorporate the use of AI to provide more varieties of financial products and services to help small and medium-sized institutions gain a competitive advantage in attracting customers.

**Expand business and operations through acquisitions, joint ventures and/or strategic alliances**

We remain vigilant for potential merger and acquisition opportunities in the market, especially for small asset management companies. We will continue to seek opportunities to acquire companies that allow us to expand into new territories, diversify our species product categories, and where operational synergies with our existing companies may exist. We believe that we may have the ability to layer on a sustainability model to certain companies that operate in a more traditional way, with an opportunity to increase margins by selling a more premium product.

**Widening our product range** 

We will continue to maximize the competitiveness of our products through increased detailed functionalities, and continually expanding into new niche markets by maximizing our research and development team capabilities. MAXE aims to provide a more comprehensive range of products to meet user's needs.

**Seasonality of Business**

There is no significant seasonality in our business. However, there may be seasonal fluctuations in the trading activities of our users, which could materially affect the use of our MAXE app.

**Impact of COVID-19 on our business and operations**

In terms of industry growth, the COVID-19 outbreak has accelerated digital transformation and triggered more demand for fintech applications. With restrictions on going out and socializing, investors are turning more to online investment software and assistants. This has led to a huge increase in the number of users of stock trading software and investment apps.

For marketing, offline promotion activities are difficult to carry out, prompting companies to shift their focus to digital marketing. This is also in line with our main marketing strategy.

All in all, COVID-19 has little impact on our business operations.

**Licenses And Permits And Registrations**

There are no licenses and registrations material for our Company's operations in Singapore apart from those pertaining to general business requirements.

**Certifications**

As an AI information technology company, there are no certifications required for our Company's operations in Singapore.

**Research and Development**

Our technology is critical to our operations. The following are some of our technology development milestones:

● In June 2023, we set up an AI research and development team and began to use AI technology and investment fields.

● In December 2023, the first phase of our TPS system was developed.

● In February 2024, MAXE systems were launched in 176 countries and regions around the world, and users began to use our services.

We intend to maintain the research and development input in product design, and an incentive mechanism for research and development personnel should be formulated to achieve breakthrough in product design stability and security and personalization.

**Employees**

We have 8 full-time and 2 part-time employees as of December 31, 2024. Most of our employees work remotely or hybrid though typically do not require office space. We rent our office space from Regus on a month-to-month basis at a monthly rate of SG$234 (approximately US$179). We believe our facilities are sufficient to meet our current needs and that additional suitable space is available as and when needed at reasonable rates. We do not own any real property.

**Insurance**

Since our employees work remotely and are located in different countries, we do not provide a uniform insurance coverage policy for them. We do not maintain business interruption insurance, nor do we maintain key-man life insurance.

**Litigation and Other Legal Proceedings**

We and our subsidiary have been and may from time to time be involved in various legal proceedings and claims in the ordinary course of business, including contractual disputes and other commercial disputes. As of the date of this prospectus, we are not a party to any significant proceedings in Singapore or the British Virgin Islands.

**REGULATIONS**

**Singapore** 

***Regulation on Digital Advisers in Singapore***

 ****

The Monetary Authority of Singapore ("MAS"), the regulatory body of the Securities and Futures Act 2001 of Singapore ("SFA"), Financial Advisers Act 2011 of Singapore ("FAA") and their subsidiary legislations and regulations, issued the Guidelines on Provision of Digital Advisory Services (CMG-G02) on October 8, 2018 ("Digital Advisory Guidelines"). Following the Digital Advisory Guidelines, there is no separate authorization regime for digital advisers in Singapore. The licensing framework provided in the SFA and FAA is technology agnostic and applicable to digital advisers who provide advice on investment product using automated and algorithmic-based tools. Financial institutions that carry on the regulated activities under the SFA and FAA are required to be licensed unless they qualify for the relevant exemptions.

***Financial Adviser's License***

 ****

The provision of financial advisory services is regulated under the FAA. Under Section 6 of the FAA read with the Second Schedule of the FAA, the Company is required to have a financial adviser's license ("FA license") if it provides financial advisory service unless exempted under Section 20 of the FAA or does not fall within the definition of a "financial adviser" under the First Schedule of the FAA.

Section 6 of the FAA provides that a person must not act as a financial adviser in Singapore in respect of any financial advisory service unless the person:

&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 authorized to do so in respect of that financial advisory service by a financial adviser's license; or

(ii) is
 an exempt financial adviser.

The Second Schedule of the FAA lists the types of financial advisory service contemplated under the FAA:

&nbsp;&nbsp;&nbsp;&nbsp;1. Advising
 others, either directly or through publications or writings, and whether in electronic, print or other form, concerning any investment
 product, other than —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the manner set out in paragraph 2; or

(b) advising
 on corporate finance within the meaning of the SFA.

&nbsp;&nbsp;&nbsp;&nbsp;2. Advising
 others by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, concerning any
 investment product.

3. Arranging
 of any contract of insurance in respect of life policies, other than a contract of reinsurance.

A "financial adviser" is defined in Section 2 of the FAA to mean a person who carries on a business of providing any financial advisory service, but does not include any person specified in the First Schedule of the FAA. The First Schedule of the FAA states the following exclusions:

&nbsp;&nbsp;&nbsp;&nbsp;4. Any
 person who owns, operates or provides an information service through an electronic, or a broadcasting or telecommunications medium,
 where —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 service is generally available to the public in Singapore;

(b) any
 advice given, or analysis or report issued or promulgated, is given, issued or promulgated only through that service;

(c) that
 person receives no commission or other consideration, apart from any fee received from subscription to the service, for giving the
 advice, or for issuing or promulgating the analysis or report; and

(d) the
 advice is given, or the analysis or report is issued or promulgated, solely as incidental to that person's ownership, operation
 or provision of that service.

&nbsp;&nbsp;&nbsp;&nbsp;5. Any
 person who provides credit rating services, where any analysis or report issued or promulgated by that person —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 issued or promulgated solely as incidental to the conduct of that person's business of providing credit rating services; and

(b) does
 not contain any specific recommendation with respect to the acquiring of, disposing of, subscribing for, or underwriting of, any
 capital markets products.

A person is exempted from holding an FA license to act as a financial adviser in Singapore in respect of any financial advisory service if it falls within the exemptions set out in Section 20(1) of the FAA:

&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 bank licensed under the Banking Act 1970;

(ii) a
 merchant bank licensed under the Banking Act 1970;

(iii) a
 company or co-operative society licensed under the Insurance Act (Cap. 142), or a company registered as an insurance broker
 under that Act;

(iv) a
 holder of a capital markets services license under the SFA;

(v) a
 finance company which has been granted an exemption from Section 25(2) of the Finance Companies Act 1967 to carry on a business of
 providing any financial advisory service;

(vi) an
 approved exchange, a recognized market operator, or an approved holding company, in respect of the provision of any financial
 advisory service that is solely incidental to its operation of an organized market, or to its performance as an approved holding
 company, as the case may be; and

(vii) such
 other persons or classes of persons as may be prescribed.

Section 20(1)(g) of the FAA read with Section 27(1) of the Financial Advisers Regulations sets out further categories of persons who are exempted from holding a FA license. Some of the additional exemptions are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 corporation which provides all or any type of financial advisory service to any of its related corporations;

(ii) a
 person who provides all or any type of financial advisory service to any of its connected persons;

(iii) a
 person resident in Singapore who acts, whether directly or indirectly, as a financial adviser in giving advice in Singapore, either
 directly or through publications or writings or by issuing or promulgating research analyses or research reports, concerning any
 investment product (other than life policies), to not more than 30 accredited investors on any occasion;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 person who provides all or any type of financial advisory service to an institutional investor;

(v) a
 person who carries on business of advising accredited investors or expert investors, either directly or through publications or writings
 or by issuing or promulgating research analyses or research reports, concerning OTC derivatives contracts the value of which is determined
 by reference to —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 value or amount of one or more commodities; or

(b) fluctuations
 in the values or amounts of one or more commodities.

MAS issued the Guidelines on Provision of Financial Advisory Service (FAA-G17) on July 10, 2019 ("Financial Advisory Guidelines") to provide greater clarity on what constitutes the provision of "financial advisory service" under the abovementioned Paragraph 1 and 2 of the Second Schedule of the FAA.

The Financial Advisory Guidelines sets out a two-stage test to assess if a person is carrying on a business of providing financial advisory service:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Stage
 1: Does the activity amount to providing financial advice?

(ii) Stage
 2: Is the person carrying on a business of providing financial advice?

In assessing if an activity constitutes the provision of financial advice, MAS generally considers a particular communication, whether oral, online or in print, to be financial advice if it expresses an opinion on the merits of buying, selling or holding a particular investment product or class of product, and is provided in a situation where the recipient is reasonably expected to rely on it in making an investment decision. The Financial Advisory Guidelines lists some mitigating factors where financial advice is less likely to be found to have been given:

&nbsp;&nbsp;&nbsp;&nbsp;(i) When
 providing factual information, including information that is general in nature and commonly known to most investors;

(ii) When
 providing opinion that is generic and not tailored to take into account the unique circumstances of the particular individual;

(iii) When
 the communication does not recommend that the recipient take or not take a course of action in relation to an investment product
 or a class of investment products;

(iv) When
 the provider of opinion does not purport to be in the business of providing financial advice, by claiming, for example, to be in
 a "financial analyst", "professional" or "research house";

(v) When
 any advice on portfolio allocation is provided, it does not extend to a clearly identifiable investment product or a class of investment
 products; or

(vi) Where
 a passive distribution or reproduction of research reports is concerned, the reports are from licensed or exempt financial
 institutions regulated by MAS, attribution is given to the reports accurately, there is no exercise of editorial control over or
 modification of the contents of the report, and there is no endorsement or comment on the reports.

In assessing if a person is carrying on a business of providing financial advice, MAS takes into consideration (a) whether the advice is given systematically and with continuity, and (b) whether the person is remunerated for the service.

The Company is unlikely to require an FA license as its scope of operations should fall outside the ambit of what constitutes "financial advisory service" under Paragraph 1 and 2 of the Second Schedule of the FAA, read with the Financial Advisory Guidelines.

The Company provides an information service through its investment assistant app, MAXE. It provides only factual information on securities and the latest news developments in the markets that are generally known to most investors. Such information is generic and not tailored or customized to the unique circumstances of each user of MAXE. The Company does not make any recommendation to induce the user to take or not take a course of action in relation to an investment product or class of investment products. Additionally, the Company does not reproduce or distribute any research reports to its users. Both MAXE and the Company's website also carries a prominent disclaimer stating that the information provided through its service is purely for informational purposes and should not be relied on for financial advice.

***Capital Markets Services License***

 ****

The SFA governs the regulation of activities and institutions in the securities and derivatives industry. Following Section 82(1) of the SFA, a person is required to hold a capital markets services license ("CMS license") to carry on business in one or more regulated activities in Part 1 of the Second Schedule of the SFA. A person may be exempted from holding a CMS license if it falls within the exemptions in Section 99 of the SFA. Further, a holder of an FA license or an exempted holder of an FA license may be exempted from holding a CMS license if it satisfies Paragraph 2 of the Second Schedule of the Securities and Futures (Licensing and Conduct of Business) Regulations ("SF(LCB)R").

Section 82(1) of the SFA provides that no person may, whether as principal or agent, carry on business in any regulated activity or hold out that the person is carrying on such business unless the person is the holder of a CMS license for that regulated activity.

The types of regulated activities are listed in Part 1 of the Second Schedule of the SFA:

&nbsp;&nbsp;&nbsp;&nbsp;(i) dealing
 in capital markets products;

(ii) advising
 on corporate finance;

(iii) fund
 management;

(iv) real
 estate investment trust management;

(v) product
 financing;

(vi) providing
 credit rating services;

(vii) providing
 custodial services.

Part 2 of the Second Schedule of the SFA defines "dealing in capital markets products" to mean (whether as principal or agent) making or offering to make with any person, or inducing or attempting to induce any person to enter into or to offer to enter into any agreement for or with a view to acquiring, disposing of, entering into, effecting, arranging, subscribing for, or underwriting any capital markets products.

The exemption to hold a CMS license to carry on business in such regulated activities applies to the following persons pursuant to Section 99 of the SFA:

&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 bank licensed under the Banking Act 1970 in respect of any regulated activity;

(ii) any
 merchant bank licensed under the Banking Act 1970 in respect of any regulated activity;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 finance company licensed under the Finance Companies Act 1967 in respect of any regulated activity that is not prohibited by that
 Act or for which an exemption from Section 25(2) of that Act has been granted;

(iv) any
 company or co-operative society licensed under the Insurance Act 1966 in respect of fund management for the purpose of carrying out
 insurance business;

(v) any
 approved exchange, recognized market operator or approved holding company in respect of any regulated activity that is solely
 incidental to its operation of an organized market or to its performance as an approved holding company, as the case may be;

(vi) any
 approved clearing house or recognized clearing house in respect of any regulated activity that is solely incidental to its
 operation of a clearing facility;

(vii) such
 other person or class of persons in respect of any regulated activity as may be exempted by the Authority.

Based on the Digital Advisory Guidelines, the passing of buy or sell orders (e.g. of collective investment schemes, bonds and stocks) to brokerage firms for execution constitutes dealing in capital markets products under the SFA.

The Company is not required to have a CMS license as its scope of business does not amount to a regulated activity of "dealing in capital markets products" as defined in Part 2 of the Second Schedule of the SFA. While the Company's investment assistant app, MAXE, provides access to the user's brokerage account, it does not pass any buy or sell orders to brokerage firms for execution. Accordingly, its business is unlikely to fall under the scope of regulated activities requiring licensing under the SFA.

***Regulation on Employment***

***The Employment Act 1968***

 **

The Employment Act 1968 of Singapore (the "Employment Act") is administered by the Ministry of Manpower of Singapore ("MOM") and sets out the basic terms and conditions of employment and the rights and responsibilities of employers as well as employees. It generally extends to all local and foreign employees under a contract of service with an employer, except seafarers, domestic workers, statutory board employees or civil servants. The Employment Act prescribes certain minimum conditions of service that employers are required to provide to their employees, including (i) minimum days of statutory annual and sick leave; (ii) paid public holidays; (iii) statutory protection against wrongful dismissal; (iv) provision of key employment terms in writing; and (v) the provision of statutory maternity, paternity, childcare and adoption leave benefits (in each case subject to the fulfilment of certain eligibility criteria) under the Child Development Co-Savings Act 2001; (v) statutory requirements relating to work injury compensation, and workplace safety and health, under the Work Injury Compensation Act 2019 and the Workplace Safety and Health Act 2006, respectively; and (vi) statutory protections against dismissal on the grounds of age, and statutory requirements to offer re-employment to an employee who attains the prescribed minimum retirement age, under the Retirement and Re-employment Act 1993 . In addition, certain statutory protections prescribed under Part IV of the Employment Act relating to overtime and hours of work only apply to limited categories of employees, such as workmen who receive a monthly salary of up to S$4,500 and employees (other than a workman or a person employed in a managerial or an executive position) who receives a monthly salary of up to S$2,600 (excluding any other payment, supplement or allowance.

There is no minimum statutorily prescribed wage in Singapore. Singapore employment law also does not prescribe any mandatory annual wage supplement, bonus payments or severance payments to be provided by an employer to its employees. Any such payment to be made to an employee (including as to frequency and amount) is at the discretion of the employer. However, the MOM has provided the Tripartite Advisory on Managing Excess Manpower and Responsible Entrenchment guidelines to encourage employers to pay a retrenchment benefit of two (2) weeks' to one (1) month's salary per year of service, depending on the company's financial position and the industry. Further, it is mandatory for all employers with at least 10 employees who have retrenched any employee to notify MOM of the retrenchment exercise.

An employer and its employee are generally free to agree on a notice period for termination of employment. If the employment contract does not provide for a notice period, the employer must adhere to the minimum notice periods stipulated in the Employment Act. The Employment Act confers a statutory right on either party to terminate the employment relationship immediately without waiting for the expiry of the notice period by paying salary in lieu of notice.

**Employment of Foreign Workers in Singapore** 

The employment of foreign workers in Singapore is governed by the Employment of Foreign Manpower Act 1990 of Singapore ("EFMA") and regulated by MOM.

In Singapore, under Section 5(1) of the EFMA, no person shall employ a foreign employee unless he has obtained in respect of the foreign employee a valid work pass from the Work Pass Division, as the Controller appointed by the MOM to issue such work passes, which allows the foreign employee to work for him in Singapore. Any person who contravenes Section 5(1) of the EFMA shall be guilty of an offence and shall: (a) be liable on conviction to a fine of at least S$5,000 and not more than S$30,000 or to imprisonment for a term not exceeding 12 months or to both; and (b) on a second or subsequent conviction be punished with a fine of at least S$10,000 and not more than S$30,000 and with imprisonment for a term of not less than one month and not more than 12 months in the case of an individual; or be punished with a fine of at least S$20,000 and not more than S$60,000, in any other case.

The availability of the foreign workers to various sectors is also regulated by the MOM through the following policy instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approved source countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the imposition of security bonds and levies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) dependency ceilings based on the ratio of local to foreign
workers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) quotas based on the man year entitlements ("MYE")
in respect of workers from Non-Traditional Sources ("NTS") and the People's Republic of China.

Various categories of work passes may be issued by the Work Pass Division under the Employment of Foreign Manpower (Work Passes) Regulations 2012 ("EFMR"), including the work permit, the S Pass and the employment pass. The work permit is issued to semi-skilled migrant workers in the construction, manufacturing, marine shipyard, process or services sector. The S Pass is issued to skilled foreign workers who must earn at least S$3,000 a month in all sectors except the financial services sector, while skilled foreign workers must earn at least S$3,500 a month to qualify. From September 2023, the minimum monthly salary requirement for S Pass applicants will be raised to S$3,150, with a higher minimum qualifying salary requirement of S$3,650 for S Pass applicants in the financial services sector. The employment pass is issued to foreign professionals, managers and executives, and applicants must earn at least S$5,000 a month in order to qualify, with applicants in the financial services sector needing to earn at least S$5,500 a month to qualify.

The EFMR requires employers of work permit holders, *inter alia*, to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) bear
 the costs for the medical treatment of the foreign employee, including any service, investigation, medicine and medical consumable,
 among others, which are necessary for the medical treatment;

(b) provide
 safe working conditions and take such measures as are necessary to ensure the safety and health of the foreign employee at work;

(c) provide
 acceptable accommodation for the foreign employee, which must be consistent with the written laws, directives, guidelines
 and circulars of the authorities;

(d) purchase
 and maintain medical insurance of at least S$60,000, with at least the first S$15,000 in aggregate of claims to be paid in full by
 the insurer.

The EFMR requires employers of S Pass holders, *inter alia*, to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) bear
 the costs for the medical treatment of the foreign employee, including any service, investigation, medicine and medical consumable,
 among others, which are necessary for the medical treatment;

(b) purchase
 and maintain medical insurance of at least S$60,000, with at least the first S$15,000 in aggregate of claims to be paid in full by
 the insurer.

The employment of work permit and S Pass holders are subject to foreign worker levies and quotas. The foreign worker levy generally depends on two factors: (a) the worker's qualification and (2) the number of work permit or S Pass holders hired. The foreign worker quota imposes a maximum ratio of foreign employees to the total workforce that a company in a given sector can employ.

Before applying for work permits for its foreign workers, a company must first declare its business activity to the MOM using the MOM's online service. After the company declares its business activity, the MOM will assign the company to the most relevant sector. Each sector has sector-specific rules in relation to the employment of foreign workers and the company's sector will determine the number of work permit holders that it can employ. To declare its business activity, the company must have a CPF account, contribute CPF for its local workers for at least 1 month before declaring its business activity, and submit copies of the relevant licenses to the MOM. After a company submits the online application to declare its business activity, the MOM may request additional information and documents.

**The Central Provident Fund Act 1953**

Aside from minimum benefits in respect of the aforementioned terms of employment in the Employment Act, employees in Singapore are entitled to contributions to the central provident fund by the employer as prescribed under the Central Provident Fund Act 1953 of Singapore (the "CPF Act"). The CPF Act is administered by the Central Provident Fund Board and governs the contributions made by employers and employees to the Central Provident Fund. The specific contribution rate to be made by employers varies depending on whether the employee is a Singapore citizen or permanent resident in the private or public sector and the age group and wage band of the employee. Generally, for employees who are Singapore citizens in the private sector or non-pensionable employees in the public sector, aged 55 years old or below and who earn more than or equal to S$750 a month, the employer's contribution rate is 17% of the employee's wage and the employee's contribution rate is 20% of the employee's wage.

**Regulations on Intellectual Property Rights** 

The Intellectual Property Office of Singapore is the national authority that registers and is responsible for the administration of IP rights in Singapore, which includes copyrights, trademarks and patents. Singapore is a member of the main international conventions regulating intellectual property matters, and the World Trade Organization's Agreement on Trade Related Aspects of Intellectual Property Rights.

**Trademarks**

Singapore operates a first-to-file system in respect of registered trademarks under the Trade Marks Act 1998 of Singapore, and the registered proprietor is granted a statutory monopoly of the trademark in Singapore in relation to the product or service for which it is registered. The proprietor of a registered trademark may also authorize other persons to use the trademark in relation to the goods or services for which it is registered. In all legal proceedings relating to a registered trademark or any right thereunder, the registration of a person as proprietor of a registered trademark is *prima facie* evidence of the validity of the original registration in any subsequent assignment or other transmission of the registration. In the event of any trademark infringement, the registered proprietor will be able to rely on the registered trademark as proof of his right to the mark, and the infringement of a trademark may give rise to civil and criminal liabilities. Goods and services are classified, for the purposes of the registration of trademarks, according to a prescribed system of classification. Statutory protection of a registered trademark can last indefinitely, as long as the registration is renewed every 10 years. Unregistered trademarks are also protected under the common law of passing off, provided that the owner is able to prove that there is goodwill or reputation in the mark, misrepresentation on the part of the infringer and damage to the mark as a result.

**Regulations on Data Protection** 

The Data Protection Act 2012 of Singapore ("PDPA") generally requires organizations to give notice and obtain consents prior to collection, use or disclosure of personal data (being data, whether true or not, about an individual who can be identified from that data or from that data and other information to which organizations have or are likely to have access), and to provide individuals with the right to access and correct (any error or omission in) their own personal data. Organizations have mandatory obligations to assess if the data breaches they suffer are notifiable data breaches, and are required to notify the Personal Data Protection Commission ("PDPC") and the affected individuals where the data breach is of a certain severity (where the data breach results in, or is likely to result in significant harm to the affected individual, and/or is, or is likely to be of significant scale). The PDPA also imposes various baseline obligations on organizations in connection with permitted uses of, accountability for, the protection of, the retention of, and overseas transfers of, personal data. In addition, the PDPA requires organizations to check "Do-Not-Call" registries prior to sending marketing messages (whether in sound, text, visual or other forms) addressed to Singapore telephone numbers (or other telephone numbers as may be prescribed), through voice calls, fax, text messages or other means, unless clear and unambiguous consent to such marketing was obtained from the individual.

The PDPA creates various offenses in connection with the improper use and/or disclosure of personal data, certain methods of collecting personal data and certain failures to comply with the requirements under the PDPA, including the Do-Not-Call requirements. These offences may be applicable to organizations, their officers and/or their employees. Offenders are liable on conviction to fines and/or imprisonment. The PDPA empowers the PDPC with significant regulatory powers to ensure compliance with the PDPA, including powers to investigate, give directions and impose a financial penalty of up to S$1 million on convicted organizations and S$200,000 in the case of an individual. In addition, the PDPA creates a right of private action, pursuant to which the Singapore courts may, upon such persons' application, grant damages, injunctions, declarations and such other relief the courts deem fit to persons who suffer loss or damages directly as a result of contraventions of certain requirements under the PDPA.

The PDPA was last amended by the Personal Data Protection (Amendment) Act 2020 (the "Amendment Act"), which is only partially in force. Since October 1, 2022, the maximum financial penalty for the breaches of PDPA have been increased. The financial penalty cap which may be imposed on organizations for breaches under the PDPA has increased from the previously fixed S$1 million, to 10% of the organization's annual turnover in Singapore for organizations with annual local turnover exceeding SGD10 million, whichever is higher. As of the date of this prospectus, key portions of the Amendment Act not yet in force include a requirement for organizations to transfer personal data of an individual (that is held in electronic form) to a different organization where requested by the individual (generally referred to as "data portability").

**British Virgin Islands**

Regulations related to the British Virgin Islands Data Protection Act, 2021

The Data Protection Act, 2021 (the "BVI DPA") came into force in the British Virgin Islands on 9 July 2021. The BVI DPA establishes a framework of rights and duties designed to safeguard individuals' personal data, balanced against the need of public authorities, businesses and organizations to collect and use personal data for lawful purposes. The BVI DPA is centered around seven data protection principles (the General Principle, the Notice and Choice Principle, the Disclosure Principle, the Security Principle, the Retention Principle, the Data Integrity Principle and the Access Principle) which require that:

● personal
 data must not be processed without consent unless specific conditions are met and must not be transferred outside the British Virgin
 Islands, unless there is proof of adequate data protection safeguards or consent from the data subject;

● Where
 consent has been given to processing of personal data, the data subject may at any time withdraw his or her consent;

● a
 data controller must inform a data subject of specific matters, for instance the purposes for which it is being collected and further
 processed;

● personal
 data must not be disclosed for any purpose other than the purpose for which it was to be disclosed at the time of collection,
 or a purpose directly related thereto or to any party other than a third party of a class previously notified to the data subject;

● a
 data controller shall, when processing personal data, take practical steps to protect personal data from loss, misuse, modification,
 unauthorized or accidental access or disclosure, alteration or destruction;

● personal
 data must not be kept for longer than is necessary for the purpose;

● personal
 data must be accurate, complete, not misleading and kept up to date; and

● a
 data subject must be given access to his or her own personal data and be able to correct that data where it is inaccurate, incomplete,
 misleading or not up to date, except where a request for such access or correction is refused under the BVI DPA.

The BVI DPA imposes specific obligations on data controllers, including the duty to (i) apply the data protection principles; and (ii) respond in a timely fashion to requests from data subjects in relation to their personal data.

The Information Commissioner is the regulator responsible for the proper functioning and enforcement of the BVI DPA. Offences under the BVI DPA include,

● processing
 sensitive personal data in contravention of the BVI DPA;

● willfully
 obstructing the Information Commissioner or an authorized officer in the conduct of his or her duties and functions;

● willfully
 disclosing personal information in contravention of the BVI DPA; and

● collecting,
 storing or disposing of personal information in a manner that contravenes the BVI DPA. Offences committed under the BVI DPA may result
 in fines (up to $500,000 in certain cases) or imprisonment. Further, a data subject who suffers damage or distress as a result
 of their data being processed in contravention of the DPA may institute civil proceedings in the British Virgin Islands courts.

Offences committed under the BVI DPA may result in fines (up to $500,000 in certain cases) or imprisonment. For body corporate offences, where committed with the consent or connivance, or attributable to the neglect, of any director, manager, secretary or similar officer (or purporting to act in that capacity), the individual is also deemed to have committed the offence.

**Singapore**

There is no minimum statutorily prescribed wage in Singapore. Singapore employment law also does not prescribe any mandatory annual wage supplement, bonus payments or severance payments to be provided by an employer to its employees. Any such payment to be made to an employee (including as to frequency and amount) is at the discretion of the employer. An employer and its employee are generally free to agree on a notice period for termination of employment. If the employment contract does not provide for a notice period, the employer must adhere to the minimum notice periods stipulated in the Singapore EA. The Singapore EA confers a statutory right on either party to terminate the employment relationship immediately without waiting for the expiry of the notice period by paying salary in lieu of notice.

**MANAGEMENT**

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

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
| Yibin Xu | 40 | Chief Executive Officer and sole Director |
| Dong Chen | 36 | Chief Financial Officer and Director Nominee |
| Chengming Qian | 50 | Director Nominee |
| Cheung Ki (Johnny) Wong | 41 | Director Nominee |
| Cai Sun | 53 | Director Nominee |

---

Mr. Yibin Xu has served as our Chief Executive Officer and a sole director since June 2023. From April 2021 to August 2022, Mr. Xu served as the Vice President of GCL Technology Holdings Limited (3800.HK) where he was in charge of securities department. Prior to that, Mr. Xu served as the General Manager of Xinyuan Real Estate Co., Ltd (XIN: NYSE) from February 2019 to April 2021. During that time, Mr. Xu also served as the Company Secretary of Xinyuan Property Management Service Ltd (1895.HK). From August 2013 to December 2018 Mr. Xu served as the Board Secretary for China Yu Tian Holdings Limited where he oversaw securities business. Mr. Xu obtained a graduate certificate in Economics from Nanjing University in June 2011. He is also a member of the Association of International Accountants. The Company believes Mr. Xu's experience in the technology industry qualifies him to serve on our board of directors.

Mr. Dong Chen has served as our Chief Financial Officer since June 2023 and will serve as a director effective upon closing of this offering. From November 2019 to May 2023, Mr. Chen served as the Chief Financial Officer of 4Di Capital, LLC, a holding company investing in the hospitality and fintech sectors. Prior to that, Mr. Chen served as the Financial Director of Pine Fortune Group, LLC from January 2016 to October 2019 where he was responsible for financial management. Mr. Chen holds a dual bachelor's degree in Accounting and Economics from Pennsylvania State University and a master's degree in Operations Research from Columbia University. The Company believes Mr. Chen's experience in the financial industry qualifies him to serve on our board of directors.

Mrs. Chengming Qian will serve as a director effective upon closing of this offering. Mrs. Qian is an Investment Partner of Shanghai Ideate Investments, a venture capital focusing on pre-IPO deals where she has served since May 2022. She served as Investment and Finance Advisor in Ninghai Jingtian International Ltd since May 2013 to April 2022. Her previous work experience includes working at Infinity Group, an Israel-China private equity company, as Senior Investment Director from April 2010 to April 2013. Mrs. Qian graduated from Nanyang Technological University in Singapore with a master degree of Business Administration and holds a bachelor's degree in arts from South East University. The Company believes Mrs. Qian's significant experience and knowledge qualifies her to serve on our board of directors.

Mr. Cheung Ki Johnny Wong will serve as a director effective upon closing of this offering. Mr. Wong is the General Manager of Jovial Wings CPA Company, a company that provides assurance, tax and advisory services, where he has served since October 2015. He is a Partner of Lehman Brown International Accountants where he has served since June 2022 and Acclime since April 2019. Mr. Wong has served as a Company Secretary for Ascentage Pharma Group since July 2018, and China Meidong Auto Holdings Limited since April 2016. Prior to that, from May 2019 to May 2021, Mr. Wong served as Company Secretary for China Hongguang Holdings Limited. From April 2016 to July 2022, Mr. Wong served as Company Secretary for Zhongshi Minan Holdings Limited. Prior to that, from July 2012 to October 2015, Mr. Wong served as Finance Manager for Taubman Asia Management Limited. From September 2005 to July 2012, Mr. Wong served as Senior Manager from September 2005 to October 2010 and as an Audit Manager from October 2010 to July 2012 for Ernst and Young where he was responsible for auditing and reviewing client's financial records and reports. Mr. Wong holds a bachelor's degree in accounting from Hong Kong University of Science and Technology (HKUST), and a master's degree in Corporate Governance from Hong Kong Polytechnic University. He is also a member of Hong Kong Institute of Certified Public Accountants. The Company believes Mr. Wong's significant experience in finance qualifies him to serve on our board of directors.

Mr. Cai Sun will serve as a director effective upon closing of this offering. Mr. Sun is the Co-Founder and Chief Technology Officer of Baoxin Tech Co., Ltd. where he has served since April 2020. From April 2010 to August 2018 Mr. Sun served as the Senior Expert in Cloud Computing for Alibaba Group (BABA: NYSE) where he was responsible for the development and management of cloud service business. He served as the Technical Manager of Ask.com from August 2007 to April 2010. Mr. Sun was also a lecturer at Tsinghua University where he lectured on Computer Science from July 1992 to August 1995. Mr. Sun holds a bachelor's degree in Computer Science from Tsinghua University and a master's degree in Computer Science from Tsinghua University. The Company believes Mr. Sun's significant experience with computer science qualifies him to serve on our board of directors.

Our directors are elected annually at the Board meeting and serve until their successors take office or until their death, resignation or removal.

**Family Relationships**

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

**Board of Directors**

Our board of directors will consist of five (5) directors upon the effectiveness of this registration statement, of which this prospectus is a part, three of whom will be "independent" within the meaning of the corporate governance standards of the Nasdaq listing rules and will meet the criteria for independence set forth in Rule 10A-3 of the Exchange Act.

**Duties of Directors**

Under British Virgin Islands law, our directors have a duty to act honestly, in good faith and with a view to our best interests. Our directors also have a duty to exercise the care, diligence and skills that a reasonably prudent person would exercise in comparable circumstances. Directors of a company owe that company certain statutory and fiduciary duties including, among others, a duty to act honestly, in good faith, for a proper purpose and with a view to what the directors believe to be in the best interests of that company. When exercising powers or performing duties as a director, our directors also have a duty to exercise the care, diligence and skills that a reasonable director would exercise in comparable circumstances, taking into account without limitation the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not act or agree to the company acting in a manner that contravenes the company's memorandum and articles of association the BVI Act, as amended and restated from time to time. *See "Description of Shares - Differences in Corporate Law" for additional information on our directors' fiduciary duties under British Virgin Islands law.* Under BVI law, our board of directors has the powers necessary for managing, and for directing and supervising, our business affairs.

The functions and powers of our board of directors include, among others:

● convening
 shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

● declaring
 dividends and distributions;

● appointing
 officers and determining the term of office of the officers;

● exercising
 the borrowing powers of our Company and mortgaging the property of our Company; and

● maintaining
 or registering a register of mortgages, charges, or other encumbrances of the Company.

**Qualification**

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

**Terms of Directors and Executive Officers**

Pursuant to our Amended and Restated Articles, each of our directors holds office for the term, if any, fixed by the resolution of members or resolution of directors appointing him/her, or until his/her earlier death, resignation or removal. If no term is fixed on the appointment of a director, the director serves indefinitely until his/her earlier death, resignation or removal.

**Board Committees**

On January 15, 2025, our Board established an audit committee, a compensation committee, and a nominating and corporate governance committee, to be effective upon closing of this offering. The composition, duties and responsibilities of these Board committees set out below will be effective upon the effectiveness of this registration statement of which this prospectus is a part. Each Board committee is expected to operate under a written charter to be adopted by our Board, a copy of which will be available on our website upon the consummation of this offering. Our Board may from time to time establish other committees as and when required so as to facilitate the management of our business.

***Audit Committee***

On January 15, 2025, we established an audit committee of our Board, to be effective upon closing of this offering. Our audit committee is expected to be comprised of three (3) independent Directors.

We adopted an audit committee charter, which details the principal functions of the audit committee, including the following:

● general oversight of the integrity of our financial statements, qualifications and independence of our independent auditors and internal financial and accounting controls;

● appointing, approving compensation arrangements, retaining, evaluating, terminating and overseeing our independent registered public accounting firm;

● reviewing and discussing with our independent registered public accounting firm its independence from us;

● reviewing with our independent registered public accounting firm the matters required to be reviewed by applicable auditing requirements;

● approving all audit and permissible non-audit services to be performed by our independent registered public accounting firm;

● overseeing the financial reporting process and discussing with management and our independent registered public accounting firm the interim and annual financial statements that we file with the SEC and ACRA;

● reviewing and approving related person transactions;

● reviewing and monitoring our internal controls, disclosure controls and procedures and compliance with legal and regulatory requirements; and

● establishing procedures for the confidential, anonymous submission of concerns regarding questionable accounting, internal accounting controls, and auditing matters.

***Compensation Committee***

On January 15, 2025, we established a compensation committee of our Board, to be effective upon closing of this offering. Our compensation committee is expected to comprise of three Directors including three (3) independent Directors.

We adopted a compensation committee charter, which details the principal functions of the compensation committee, including the following:

● reviewing compensation goals, policies, plans and programs for our executive officers;

● reviewing and approving the compensation of our executive officers;

● reviewing and approving employment agreements and other similar arrangements between us and our executive officers; and

● reviewing and recommending to our Board the compensation to be provided to our Directors.

***Nominating and Corporate Governance Committee***

On January 15, 2025, we established a nominating and corporate governance committee of our Board, to be effective upon closing of this offering. Our nominating and corporate governance committee is expected to consist of three (3) Directors.

We adopted a nominating and corporate governance committee charter, which details the principal functions of the nominating and corporate governance committee, including the following:

● identifying individuals qualified to become members of our Board, consistent with criteria approved by our Board;

● overseeing the organization of our Board to discharge the Board's duties and responsibilities properly and efficiently; and

● reviewing and recommending to our Board appropriate changes to our corporate governance guidelines.

**Code of Business Conduct and Ethics**

On January 15, 2025, we adopted a Code of Business Conduct and Ethics, which shall apply to our Directors, executive officers and employees. Our Code of Business Conduct and Ethics and our audit, compensation and nominating and corporate governance committee charters are filed as exhibits to the registration statement of which this prospectus is a part. You will be able to review these documents by accessing our public filings at the SEC's web site at www.sec.gov. In addition, we will also provide a copy of the Code of Business Conduct and Ethics without charge upon request. We intend to disclose any amendments to or waivers of certain provisions of our Code of Business Conduct and Ethics in a current report on Form 6-K.

The information on or accessed through our website is not incorporated in this Prospectus or the registration statement of which this prospectus forms a part. You should not consider information contained on our website to be part of this prospectus or in deciding whether to purchase our Class A Ordinary Shares. The nominating and corporate governance committee of our Board will be responsible for overseeing our code of business conduct and ethics and any waivers applicable to any Director, executive officer or employee. We intend to disclose any amendments to the codes, or any waivers of their requirements, on our website to the extent required by the applicable rules and exchange requirements.

**Limitation on Liability and Indemnification Matters**

BVI 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 provision providing indemnification may be held by the BVI courts to be contrary to public policy (e.g. for purporting to provide indemnification against civil fraud or the consequences of committing a crime). Under our Amended and Restated Memorandum and Articles, we indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings for any person who:

● is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was our director; or

● is or was, at our request, serving as a director or officer of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

These indemnities only apply if the person acted honestly and in good faith with a view to our best interests and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

We intend to maintain a directors' and officers' insurance policy pursuant to which our Directors and officers are insured against liability for actions taken in their capacities as Directors and officers. We believe that this is necessary to attract and retain qualified persons as directors and officers of the Company. Please refer to the section titled "Limitation of Liability of Directors and Officers" for further details.

**Foreign Private Issuer Exemptions**

In general, under the Nasdaq corporate governance standards, foreign private issuers, as defined by the rules adopted under the Exchange Act, are permitted to follow the corporate governance practices of its country of incorporation instead of the corporate governance practices of the Nasdaq. As a British Virgin Islands company, we are subject to various requirements under British Virgin Islands law. Therefore, while we intend to voluntarily follow most Nasdaq corporate governance rules, we are permitted to comply with the BVI Business Companies Act, 2004 instead of Nasdaq corporate governance rules, provided that we disclose which requirements we are not following and the equivalent BVI Business Companies Act, 2004 requirement.

The foreign private issuer exemptions do not modify the independence requirements for the audit committee, and we intend to comply with the requirements of the Sarbanes-Oxley Act and the Nasdaq Listing Rules, which require that our audit committee be composed of at least three (3) Directors, all of whom are independent.

We may in the future decide to use the foreign private issuer exemptions with respect to some or all of the other corporate governance rules.

If at any time we cease to be a "foreign private issuer" under the Nasdaq Listing Rules and rules of the Exchange Act, our Board will take all action necessary to comply with all applicable Nasdaq Listing Rules, including corporate governance rules.

Due to our status as a foreign private issuer and our intention to follow certain home country corporate governance practices, our shareholders will not have the same protections afforded to shareholders of companies that are subject to all the Nasdaq corporate governance standards.

**Compensation of Directors and Executive Officers**

The following table sets forth information concerning the compensation of our named executive officers for the year ended June 30, 2024, and the period from June 28, 2023 (date of inception) through June 30, 2023.

**Summary Compensation Table**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name and Principal Position | Year | Salary ($) | Stock awards ($) | Option awards ($) | All other compensation ($) | Total<br> ($) |
| Yibin Xu | 2024 | 90000 | – |  | – | 90000 |
| Chief Executive Officer and sole Director | 2023 |  | – |  | – |  |
| Dong Chen | 2024 | 45000 | – |  | – | 45000 |
| Chief Financial Officer | 2023 |  | – |  | – |  |

---

There is currently no agreement or arrangement to pay any of our directors for their services as directors.

**Employment Agreements**

*Yibin Xu*

On June 30, 2023, the Company entered into an employment agreement with Yibin Xu. Pursuant to Mr. Xu's employment agreement, he will serve as the Company's Chief Executive Officer and receive a monthly salary of $10,000. Mr. Xu's employment for the Company shall be on a full-time, remote basis and have an open-ended term.

Mr. Xu is entitled to paid statutory leaves (marriage leave, bereavement leave, annual leave, etc.).

*Dong Chen*

On June 30, 2023, the Company entered into an employment agreement Dong Chen. Pursuant to Mr. Chen's employment agreement, he will serve as the Company's Financial Executive Officer and receive a monthly salary of $5,000. Mr. Chen's employment for the Company shall be on a full-time, remote basis and have an open-ended term.

Mr. Chen is entitled to paid statutory leaves (marriage leave, bereavement leave, annual leave, etc.).

Upon the consummation of this offering, we will also enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against all liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our company to the fullest extent permitted by law with certain limited exceptions.

**Outstanding Equity Awards**

The Company does not currently have a formal equity incentive plan and there were no outstanding equity awards held by any of our executive officers as of June 30, 2024.

**Insider Participation Concerning Executive Compensation**

The current management team has been making all determinations regarding executive officer compensation from the inception of our Company. When our Compensation Committee is set up, it will be making all determination regarding executive officer compensation (please see below).

**Code of Conduct and Ethics** 

Upon effectiveness of this offering, we will adopt (i) a written code of business conduct and ethics that applies to our officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions. We intend to disclose any amendments to the policy on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of Nasdaq.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange Act, of our Class A Ordinary Shares as of the date of this prospectus, and as adjusted to reflect the sale of the Class A Ordinary Shares offered in this offering for:

● each of our directors and executive officers who beneficially own our Class A Ordinary Shares;

● our directors and executive officers as a group; and

● each person known to us to own beneficially more than 5% of our Class A Ordinary Shares.

Beneficial ownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all Class A Ordinary Shares shown as beneficially owned by them. Percentage of beneficial ownership of each listed person prior to this offering is based on 12,400,000 Class A Ordinary Shares outstanding as of the date of this prospectus immediately prior to the effectiveness of the registration statement of which this prospectus is a part. Percentage of beneficial ownership of each listed person after this offering includes 16,400,000 Class A Ordinary Shares outstanding immediately after the completion of this offering.

Our significant shareholders holding more than 5% of our Class A Ordinary Shares do not possess different voting rights.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Ordinary Shares Beneficially Owned Prior to this Offering** | | | **Ordinary Shares Beneficially Owned After this Offering** | | | |
| <br>**Name of Beneficial Owner** |<br>**Class A Ordinary Shares** |<br>**Percentage of Class A Ordinary Shares (%)** |<br>**Class B Ordinary Shares** | **Percent of Class B Ordinary Shares (%)** |<br>**Total Voting Power (%)** |<br>**Class A Ordinary Shares** | **Percent of Class A Ordinary Shares (%)** |<br>**Class B Ordinary Shares** |<br>**Percent of Class B Ordinary Shares (%)** |<br>**Total Voting Power (%)** |
| Yibin Xu, Chief Executive Officer and sole Director | 5200000 | 41.9% | 2000000 | 100% | 77.8% | 5200000 | 31.7% | 2000000 | 100% | 69.2% |
| Dong Chen, Chief Financial Officer\*\*\* |  |  |  |  |  |  |  |  |  |  |
| All directors and executive officers as a group (2 individuals): | 5200000 | 41.9% | 2000000 | 100% | 77.8% | 5200000 | 31.7% | 2000000 | 100% | 69.2% |
| **Principal shareholders** |  |  |  |  |  |  |  |  |  |  |
| 4Di Capital LLC\*\* | 5200000 | 41.9% |  |  | 16.0% | 5200000 | 31.7% |  |  | 14.3% |
| AI Union Limited\*\*\*\* | 700000 | 5.65% |  |  | 2.16% | 700000 | 4.27% |  |  | 1.92% |
| Ying Wang\*\*\*\*\* | 660000 | 5.32% |  |  | 2.04% | 660000 | 4.02% |  |  | 1.81% |
| Xiaoyuan Lyu\*\*\*\*\*\* | 640000 | 5.12% |  |  | 1.98% | 640000 | 3.90% |  |  | 1.76% |

---

\* The address of our directors and executive officers is 20 Cecil Street, #1401 Plus Building, Singapore 049705.

\*\* Represents 5,200,000 Class A ordinary shares held of record by 4Di Capital LLC, a company incorporated in the State of New York and with Dong Chen, our Chief Financial Officer and Haocheng Sun, our employee, each holding 50% of its shares. The registered address is 21 W End Ave Apt 3808 New York, NY 10023.

\*\*\* Excludes 1,300,000 Class A ordinary shares held of record by 4Di Capital LLC, of which Mr. Chen has sole voting and dispositive control over.

\*\*\*\* Represents 700,000 Class A ordinary shares held of record by AI Union Limited, a Hong Kong company, of which Jiagen Lyu has sole voting and dispositive control over. The registered address is Rm 1801, Easey Comm Bldg., 253 Hennessy Road, Wanchai, Hong Kong.

\*\*\*\*\* Ying Wang's principal business address is Rm 1805, 18/F, Hollywood Plaza 610 Nathan Road, Kowloon, Hong Kong.

\*\*\*\*\*\* Xiaoyuan Lyu's principal business address is Rm 1103, Block 3, 76 Xinanjiang Street, Nanjing, China.

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

Item 7. B of Form 20-F requires foreign private issuers to disclose certain transactions and loans between the company and related parties:

● Transactions that are material to the company or the related party, or any transactions that are unusual in their nature or conditions

● The amount of outstanding loans made by the company, its parent, or any of its subsidiaries to a related party.

*1) Nature of relationships with related parties*

---

| | |
|:---|:---|
| **Related Party Name** | **Relationship to the Company** |
| Maxe AI Technology Limited | Under common control, wholly owned by Yibin Xu |
| Yibin Xu | Chief Executive Officer and sole Director |
| Dong Chen | Chief Financial Officer |
| Haocheng Sun | Joint control shareholder of 4Di Capital LLC |
| 4Di Capital LLC | Entity jointly controlled by Dong Chen and Haocheng Sun |

---

*2) Related party transactions*

Since September 2023, Mr. Yibin Xu has paid part of the listing professional fees and advertising fees on behalf of the Company. As of June 30, 2024 and 2023, the Company recorded amount due to Mr. Xu of $52,470 and $1,173 respectively. The amounts are unsecured, non-interest bearing and due on demand.

On September 28, 2023, the Company entered into an assets sale agreement with Maxe AI Technology Limited, a Hong Kong company ("MAXE HK"), which is a separate private company owned by Yibin Xu, the Company's Chief Executive Officer and sole Director, to acquire valued artificial intelligence strategies, asset management systems, and development environment (software and hardware) at a cost of $1.00.

On September 18, 2023, the Company entered into a bank account in Hong Kong usage arrangement with MAXE HK for the purpose of facilitating the business operations of MAXE AI, the Company's Singapore subsidiary, as it is difficult to open a bank account for new companies established by foreign shareholders in Singapore. As of June 30, 2024 and 2023, the receivables balance due from MAXE HK were $16,334 and nil respectively, which represented the cash and cash equivalents held in this bank account. The Company ceased using this account since September 18, 2024, and all funds have been transferred to MAXE AI's bank account in Singapore. For the usage period, the Company has full control over this account, and it is solely used by the Company.

**DESCRIPTION OF SHARES**

*The following description summarizes material terms of our Amended and Restated Memorandum and Articles as of the date of this Prospectus. Such summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, all of the provisions of our Amended and Restated Memorandum and Articles, a copy of which has been filed as an exhibit to the registration statement of which this Prospectus forms a part. Prospective investors are urged to read the exhibits for a complete understanding of our Amended and Restated Memorandum and Articles.*

We are a British Virgin Islands business company limited by shares and our affairs are governed by our Amended and Restated Memorandum and Articles of Association, the BVI Act, the common law of the British Virgin Islands, our corporate government documents and the rules and regulations of the stock exchange on which our Class A Ordinary Shares are traded.

As of the date of this prospectus, 12,400,000 Class A Ordinary Shares, and 2,000,000 Class B Ordinary Shares are issued and outstanding.

Immediately upon the completion of this offering, we will have 16,400,000 Class A Ordinary Shares issued and outstanding (or 17,000,000 Class A Ordinary Shares if the underwriters exercise their over-allotment option in full). All of our shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our shares to be issued in the offering will be issued as fully paid.

For the purposes of this section, references to "shareholders" mean those shareholders whose names and number of shares are entered in our register of members. Subject to the BVI Business Companies Act, 2004 and our Amended and Restated Memorandum and Articles of Association, only persons who are registered in our register of members are recognized under British Virgin Islands law as our shareholders. As a result, only registered shareholders have legal standing under British Virgin Islands law to institute shareholder actions against us or otherwise seek to enforce their rights as shareholders.

**Shares**

The Company was incorporated under the laws of the British Virgin Islands (BVI) on June 28, 2023, and was authorized to issue a maximum of 50,000 ordinary shares of one class of $1.00 par value each at incorporation. On the same day, the Company issued 4 ordinary shares at par value.

On May 30, 2024, the Company passed a resolution approving a share subdivision whereby each issued and unissued shares of the Company was subdivided into 10,000 shares of $0.0001 par value each, and a redesignation of all existing issued ordinary shares as Class A Ordinary Shares. The Company further approved the increase of its maximum number of authorized shares to an unlimited number of shares of $0.0001 par value each, divided into Class A Ordinary Shares, Class B Ordinary Shares, Class A Preferred Shares, Class B Preferred Shares and Class C Preferred Shares. These changes in authorised number of shares were effected on July 5, 2024 when the Company's amended and restated memorandum and articles of association was registered with the Registrar of Corporate Affairs of the BVI.

As a result of the May 30, 2024 share subdivision, the number of issued shares increased to 40,000 Class A Ordinary Shares upon the changes in authorised number of shares taking effect. At the same time, the Company further allotted a total of 6,160,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares to the original shareholders and the three new shareholders at par value. As a result, the number of issued shares increased to an aggregate of 6,200,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares.

On January 15, 2025, the Company passed a resolution of directors approving a share subdivision whereby each issued and unissued shares of the Company was subdivided into two (2) shares of $0.00005 par value per share. This share subdivision took effect on February 5, 2025.

As a result of the January 15, 2025 share subdivision, the number of issued shares increased to an aggregate of 12,400,000 Class A Ordinary Shares and 2,000,000 Class B Ordinary Shares.

As a result of these changes, we are authorized to issue an unlimited number of shares of $0.00005 par value each divided into five classes of shares as follows: (i) Class A ordinary shares of $0.00005 par value each; (ii) Class B ordinary shares of $0.00005 par value each ("Class B Ordinary Shares"); (iii) Class A preferred shares of $0.00005 par value each ("Class A Preferred Shares"); (iv) Class B preferred shares of $0.00005 par value each ("Class B Preferred Shares"); and (v) Class C preferred shares of $0.00005 par value each ("Class C Preferred Shares", together with the Class A Preferred Shares and Class B Preferred Shares, are herein referred to "Preferred Shares"). Holders of our Class A Ordinary Shares will have the same rights as holders of the Class B Ordinary Shares, save as voting and conversion rights.

The holders of Class A Ordinary Shares will have one (1) vote at a meeting of shareholders while holders of Class B Ordinary Shares will be entitled to ten (10) votes at a meeting of shareholders. The Class A Ordinary Shares are not convertible into Class B Ordinary Shares or Preferred Shares at any time. There are no provisions in our Amended and Restated Articles that would limit the lifespan of the Class B Ordinary Shares, and the holders of Class B Ordinary Shares are able to hold their Class B Ordinary Shares for any period of time.

All of our outstanding shares are fully paid and non-assessable. Our shareholders who are non-residents of the BVI may freely hold and vote their Class A Ordinary Shares.

At the completion of this offering, there will be 16,400,000 Class A Ordinary Shares (or 17,000,000 Class A Ordinary Shares if the underwriters exercise their over-allotment option in full) and 2,000,000 Class B Ordinary Shares issued and outstanding held by at least 300 shareholders and beneficial owners which is the minimum requirement by Nasdaq Capital Market.

**Voting rights**

Each Class B Ordinary Share is entitled to ten votes, and each Class A Ordinary Share is entitled to one vote. Holders of Class A Ordinary Shares, Class B Ordinary Shares and Preferred Shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Holders of Class A Ordinary Shares, Class B Ordinary Shares and Preferred Shares shall, at all times, vote together as a single class on all matters submitted to a vote for shareholders' approval unless otherwise required by applicable laws and/or the Amended and Restated Memorandum and Articles.

**Conversion**

Each Class B Ordinary Share shall be convertible, at the option of the holder thereof, into such number of fully paid and non-assessable Class A Ordinary Shares at such conversion rate in accordance with the Amended and Restated Memorandum and Articles, namely on a one-for-one basis, subject to adjustment. Any future issuances of Class B Ordinary Shares may be dilutive to the voting power of the holders of Class A Ordinary Share. Any conversions of Class B Ordinary Shares into Class A Ordinary Shares may dilute the percentage ownership of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares and may result in a dilution of the voting power of the holders of Class A Ordinary Shares. The conversion of Class B Ordinary Shares to Class A Ordinary Shares will have the effect, over time, of increasing the relative voting power of those holders of Class B Ordinary Shares who retain their shares in the long term.

**Calls on Shares and Forfeiture**

Our Company's shares that are not fully paid on issue are subject to the forfeiture provisions set forth in our Amended and Restated Articles. For this purpose, shares of our Company issued for a promissory note or a contract for future services are deemed to be not fully paid.

If a shareholder fails to pay any call the directors may give to such shareholder not less than 14 days' written notice requiring payment and specifying the amount unpaid including any interest which may have accrued, any expenses which have been incurred by us due to that person's default and the place where payment is to be made. The written notice shall also contain a warning that if the notice is not complied with, the shares in respect of which the call is made will be liable to be forfeited.

If such notice is not complied with, the directors may, before the payment required by the notice has been received, resolve that any share the subject of that notice be forfeited (which forfeiture shall include all dividends or other monies payable in respect of the forfeited share and not paid before such forfeiture).

A forfeited share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the directors determine and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the directors think fit.

A person whose shares have been forfeited shall cease to be a shareholder in respect of the forfeited shares, and that member shall be discharged from any further obligation to the Company.

**Variation of Rights of Shares**

The rights attached to any class of shares may only, whether or not the Company is being wound up, be varied by a resolution of members, provided that only the holders of the relevant class of shares shall be entitled to vote thereon, unless otherwise provided by the terms of issue of such class.

**Redemption and Purchase of Own Shares**

Subject to compliance with the provisions of the BVI Act, we may purchase, redeem or otherwise acquire and hold our own Ordinary Shares save that we may not purchase, redeem or otherwise acquire our own Ordinary Shares without the consent of the shareholders whose Ordinary Shares are to be purchased, redeemed or otherwise acquired unless we are permitted or required by the BVI Act or any other provision in the Amended and Restated Memorandum and Articles to purchase, redeem or otherwise acquire the Ordinary Shares without such consent.

**Inspection of Books and Records**

Under the BVI Act, holders of our Ordinary Shares are entitled, upon giving written notice to us, to inspect (i) our memorandum and articles of association, as amended and restated from time to time; (ii) the register of members, (iii) the register of directors and (iv) minutes of meetings and resolutions of members, and to make copies and take extracts from the documents and records. However, our directors can refuse access if they are satisfied that to allow such access would be contrary to our interests.

**General Meetings**

Any of our directors may convene a meeting of shareholders at any time and in any manner and place the director considers necessary or desirable. The director convening a meeting must not give less than seven clear calendar days' notice of the meeting to those shareholders whose names appear as shareholders in the register of shareholders on the date of the notice and are entitled to vote at the meeting, and the other directors. Our board of directors must convene a meeting of shareholders upon the written request of shareholders entitled to exercise 30% or more of the voting rights in respect of the matter for which the meeting is requested. A meeting of shareholders held in contravention of the requirement to give notice is valid if shareholders holding at least 90% of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting shall constitute waiver in relation to all the shares which that shareholder holds.

The quorum for a meeting of shareholders is duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less than 50% of the votes of the shares (or class or series of shares) entitled to vote on the resolutions to be considered at the meeting. A quorum may comprise a single shareholder or proxy. If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of the shareholders, will be dissolved. In any other case, it will stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less than one third of the votes of the shares or each class or series of shares entitle to vote on the matter to be considered by the meeting, those present will constitute a quorum but otherwise the meeting will be dissolved.

At any meeting of shareholders of our Company, the chairman is responsible for deciding in such manner as he considers appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting and recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll, then any shareholder of our Company present in person or by proxy who objects the announcement by the chairman of the result of any vote may immediately following such announcement demand that a poll be taken. If a poll be demanded in manner aforesaid, it shall be taken at such time and place, and in such manner as the Chairman shall direct. If a poll is taken at any meeting, the result shall be announced to the meeting and recorded in the minutes of the meeting.

**Directors**

There are no prohibitions in relation to cumulative voting under the laws of the BVI, but our Amended and Restated Memorandum and Articles do not provide for cumulative voting.

**Liquidation Rights**

As permitted by BVI law and our Amended and Restated Memorandum and Articles, the Company may be voluntarily liquidated by a resolution of members or, if permitted under section 199(2) of the BVI Act, by a resolution of directors if we have no liabilities or we are able to pay our debts as they fall due and the value of our assets equals or exceeds our liabilities by resolution of directors and resolution of members. On a liquidation, on winding up or other return of assets of the Company to shareholders (other than on conversion, redemption or purchase of Ordinary Shares), assets available for distribution among the holders of Ordinary Shares shall be distributed among the holders of the Ordinary Shares on a pro rata basis.

**CERTAIN BRITISH VIRGIN ISLANDS COMPANY CONSIDERATIONS**

**Differences in Corporate Law**

The BVI Act and the laws of the British Virgin Islands affecting British Virgin Islands companies like us and our shareholders differ from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the laws of the British Virgin Islands applicable to us and the laws applicable to companies incorporated under the Delaware General Corporation Law in the United States and their shareholders.

*Mergers and Similar Arrangements*

Under the BVI Act, two or more companies, each a "constituent Company", may merge or consolidate in accordance with Section 170 of the BVI Act. A merger means the merging of two or more constituent companies into one of the constituent companies and a consolidation means the uniting of two or more constituent companies into a new company. In order to merge or consolidate, the directors of each constituent company must approve a written plan of merger or consolidation, which must be authorized by a resolution of members. While a director may vote on the plan of merger or consolidation even if he has a financial interest in the plan, the interested director must disclose the interest to all other directors of the company promptly upon becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the company.

A transaction entered into by our Company in respect of which a director is interested (including a merger or consolidation) is voidable by us unless the director's interest was (a) disclosed to the Board prior to the transaction or (b) the transaction or proposed transaction is (i) between the director and the company and (ii) the transaction or proposed transaction is or is to be entered into in the ordinary course of the company's business and on usual terms and conditions.

Notwithstanding the above, a transaction entered into by the company is not voidable if (a) the material facts of the interest of the director in the transaction are known by the shareholders entitled to vote at a meeting of shareholders and the transaction is approved or ratified by a resolution of members; or (b) the company received fair value for the transaction.

Shareholders not otherwise entitled to vote on the merger or consolidation may still acquire the right to vote if the plan of merger or consolidation contains any provision that, if proposed as an amendment to the memorandum or articles of association, would entitle them to vote as a class or series on the proposed amendment. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they are entitled to vote at the meeting to approve the plan of merger or consolidation. The shareholders of the constituent companies are not required to receive shares of the surviving or consolidated company but may receive debt obligations or other securities of the surviving or consolidated company, other assets, or a combination thereof. Further, some or all of the shares of a class or series may be converted into a kind of asset while the other shares of the same class or series may receive a different kind of asset. As such, not all the shares of a class or series must receive the same kind of consideration. After the plan of merger or consolidation has been approved by the directors and authorized by a resolution of the shareholders, articles of merger or consolidation are executed by each company and filed with the Registrar of Corporate Affairs in the BVI. A shareholder may dissent from a mandatory redemption of his shares pursuant to an arrangement (if permitted by the court), a merger (unless the shareholder was a shareholder of the surviving company prior to the merger and continues to hold the same or similar shares after the merger) or a consolidation. A shareholder properly exercising his dissent rights is entitled to a cash payment equal to the fair value of his shares.

A shareholder dissenting from a merger or consolidation must object in writing to the merger or consolidation before the vote by the shareholders on the merger or consolidation, unless notice of the meeting was not given to the shareholder. If the merger or consolidation is approved by the shareholders, the company must give notice of this fact to each shareholder who gave written objection within 20 days immediately following the date of the shareholders' approval. These shareholders then have 20 days from the date of such notice to give to the company their written election in the form specified by the BVI Act to dissent from the merger or consolidation, provided that in the case of a merger, the 20 days starts when the plan of merger is delivered to the shareholder. Upon giving notice of his election to dissent, a shareholder ceases to have any shareholder rights except the right to be paid the fair value of his shares. As such, the merger or consolidation may proceed in the ordinary course notwithstanding his dissent. Within seven days of the later of the delivery of the notice of election to dissent and the effective date of the merger or consolidation, the company must make a written offer to each dissenting shareholder to purchase his shares at a specified price per share that the company determines to be the fair value of the shares. The company and the shareholder then have 30 days to agree upon the price. If the company and a shareholder fail to agree on the price within the 30 days, then the company and the shareholder shall, within 20 days immediately following the expiration of the 30-day period, each designate an appraiser and these two appraisers shall designate a third appraiser. These three appraisers shall fix the fair value of the shares as of the close of business on the day prior to the shareholders' approval of the transaction without taking into account any change in value as a result of the transaction.

*Shareholders' Suits*

There are both statutory and common law remedies available to our shareholders as a matter of British Virgin Islands Law. These are summarized below:

*Prejudiced Members*

A shareholder who considers that the affairs of the company have been, are being, or are likely to be, conducted in a manner that is, or any act or acts of the company have been, or are, likely to be oppressive, unfairly discriminatory or unfairly prejudicial to him in that capacity, can apply to the court under Section 184I of the BVI Act, inter alia, for an order that his shares be acquired, that he be provided compensation, that the Court regulate the future conduct of the company, or that any decision of the company which contravenes the BVI Act or our memorandum and articles of association be set aside.

*Derivative Actions*

Section 184C of the BVI Act provides that a shareholder of a company may, with the leave of the Court, bring an action in the name of the company in certain circumstances to redress any wrong done to it. Such actions are known as derivative actions. The British Virgin Islands Court may only grant permission to bring a derivative action where the following circumstances apply:

● the
 company does not intend to bring, diligently continue or defend or discontinue proceedings; and

● it
 is in the interests of the company that the conduct of the proceedings not be left to the directors or to the determination of the
 shareholders as a whole.

When considering whether to grant leave, the British Virgin Islands Court is also required to have regard to the following matters:

● whether
 the shareholder is acting in good faith;

● whether
 a derivative action is in the company's best interests, taking into account the directors' views on commercial matters;

● whether
 the action is likely to proceed;

● the
 cost of the proceedings; and

● whether
 an alternative remedy is available.

*Just and Equitable Winding Up*

In addition to the statutory remedies outlined above, shareholders can also petition the British Virgin Islands Court for the winding up of a company under the BVI Insolvency Act, 2003 (Law Revision 2020) for the appointment of a liquidator to liquidate the company and the court may appoint a liquidator for the company if it is of the opinion that it is just and equitable for the court to so order. Save in exceptional circumstances, this remedy is generally only available where the company has been operated as a quasi-partnership and trust and confidence between the partners has broken down.

*Indemnification of Directors and Executive Officers and Limitation of Liability*

 

BVI 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 provision providing indemnification may be held by the BVI courts to be contrary to public policy (e.g. for purporting to provide indemnification against civil fraud or the consequences of committing a crime). Under our Amended and Restated Memorandum and Articles, we indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings for any person who:

● is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was our director; or

● is or was, at our request, serving as a director or officer of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

These indemnities only apply if the person acted honestly and in good faith with a view to our best interests and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful.

This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Anti-Takeover Provisions in our Amended and Restated Memorandum and Articles*

Some provisions of our articles of association may discourage, delay or prevent a change in control of our company or management that shareholders may consider favorable. Under the BVI law, our directors may only exercise the rights and powers granted to them under our Amended and Restated Memorandum and Articles, as amended and restated from time to time, as they believe in good faith to be in the best interests of our Company.

*Directors' Fiduciary Duties*

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction.

The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction and that the transaction was of fair value to the corporation.

Under BVI law, the directors owe the company certain statutory and fiduciary duties including, among others, a duty to act honestly, in good faith, for a proper purpose and with a view to what the directors believe to be in the best interests of the company. When exercising powers or performing duties as a director, the director is required to exercise the care, diligence and skill that a reasonable director would exercise in the circumstances taking into account, without limitation, the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken. In exercising the powers of a director, the directors ensure neither they nor the company acts in a manner which contravenes the BVI Act or our memorandum and articles of association, as amended and restated from time to time. A shareholder has the right to seek damages for breaches of duties owed to us by our directors.

*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. British Virgin Islands law provides that shareholders may approve corporate matters by way of a written resolution without a meeting signed by or on behalf of shareholders sufficient to constitute the requisite majority of shareholders who would have been entitled to vote on such matter at a general meeting; provided that if the consent is less than unanimous, notice must be given to all non-consenting shareholders. Pursuant to our Amended and Restated Memorandum and Articles, an action that may be taken by the shareholders of our Company at a meeting may also be taken by a resolution of members of our Company consented to in writing, without the need for any notice, but if any resolution of members of our Company is adopted otherwise than by the unanimous written consent of all shareholders of our Company, a copy of such resolution shall forthwith be sent to all shareholders of our Company not consenting to such resolution. The consent may be in the form of counterparts, each counterpart being signed by one or more shareholders of our Company. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which eligible persons holding a sufficient number of votes of Shares to constitute a resolution of members of our Company have consented to the resolution by signed counterparts.

*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. British Virgin Islands law and our Amended and Restated Memorandum and Articles allow our shareholders holding 30% or more of the voting rights entitled to vote on any matter for which a meeting is to be converted may request that the directors shall requisition a shareholder's meeting. As a BVI company, we are not obliged by law to call shareholders' annual general meetings, but do permit the directors to call such a meeting. The location of any shareholders' meeting can be determined by the board of directors and can be held anywhere in the world.

*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 BVI but our Amended and Restated Memorandum and 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 Amended and Restated Articles, a director of our Company may be removed from office, with or without cause, by a resolution of members of our Company passed at a meeting of shareholders of our Company called for the purposes of removing the director of for purposes including the removal of the director or by written resolution passed by at least 75 percent of the votes of the shareholders of our Company entitled to vote, or by a resolution of directors of our Company.

*Transactions With Interested Shareholders*

The Delaware General Corporation Law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15% or more of the target's outstanding voting shares within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware public corporation to negotiate the terms of any acquisition transaction with the target's board of directors. British Virgin Islands law has no comparable statute, and our Amended and Restated Memorandum and Articles fails to expressly provide for the same protection afforded by the Delaware business combination statute.

*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 the BVI Act and our Amended and Restated Memorandum and Articles, we may appoint a voluntary liquidator by a resolution of the shareholders or by resolution of directors of our Company.

*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 BVI law and our Amended and Restated Memorandum and Articles, if at any time our shares are divided into different classes of shares, the rights attached to any class may only be varied, whether or not our company is in liquidation, with the consent in writing of or by a resolution passed at a meeting by a majority of the votes cast by those entitled to vote at a meeting of the holders of the issued shares in that class.

*Amendment of Governing Documents*

Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by British Virgin Islands law, our Amended and Restated Memorandum and Articles may be amended by a resolution of members and, subject to certain exceptions, by a resolution of directors. An amendment is effective from the date it is registered at the Registry of Corporate Affairs in the British Virgin Islands.

*Anti-Money Laundering Laws*

In order to comply with legislation or regulations aimed at the prevention of money laundering we are required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we also may delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases, the directors may be satisfied that no further information is required since an exception applies under the Anti-Money Laundering Regulations (as revised) of the BVI, as amended and revised from time to time or any other applicable law. In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

If any person resident in the British Virgin Islands knows or suspects that another person is engaged in money laundering or terrorist financing and the information for that knowledge or suspicion came to their attention in the course of their business the person will be required to report his belief or suspicion to the Financial Investigation Agency of the British Virgin Islands, pursuant to the Proceeds of Criminal Conduct Act (Revised). Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

**Listing**

Our Class A Ordinary Shares are currently not listed on any securities exchange. We have applied to list our Class A Ordinary Shares on Nasdaq, under the symbol "AIAS".

**Transfer Agent and Registrar**

The transfer agent and registrar for our Class A Ordinary Shares is VStock Transfer, LLC. The transfer agent and registrar's address is 18 Lafayette Place, Woodmere, New York 11598.

**SHARES ELIGIBLE FOR FUTURE SALE**

Before our initial public offering, there has not been a public market for our Class A Ordinary Shares, and although we have made an application for the Class A Ordinary Shares to be listed on the Nasdaq Capital Market, a regular trading market for our Class A Ordinary Shares may not develop. Future sales of substantial amounts of our Class A Ordinary Shares in the public market after our initial public offering, or the possibility of these sales occurring, could cause the prevailing market price for our Class A Ordinary Shares to fall or impair our ability to raise equity capital in the future. Upon completion of this offering, we will have 16,400,000 Class A Ordinary Shares issued and outstanding (or 17,000,000 Class A Ordinary Shares if the underwriters exercise their over-allotment option in full). All of the Class A Ordinary Shares sold in this offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act.

**Lock-Up Agreement**

We have agreed, for a period of six months from the closing of the offering, and each of our Directors, Officers and shareholders holding more than 5% of our securities, have agreed, for a period of six months starting from the pricing date of this offering, in each case subject to certain exceptions, not to, except in connection with this offering, offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company, or file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company. The underwriters have agreed to waive the lock-up requirement for the 2,000,000 Class A Ordinary Shares being offered for resale by the Selling Shareholders pursuant to the Resale Prospectus. See "Underwriting — Lock-Up Agreements."

**Rule 144**

All of our Class A Ordinary Shares outstanding prior to this offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those shares, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares were acquired from us or from our affiliate would be entitled to freely sell those shares.

A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares that is not more than the greater of:

● 1%
 of the number of Class A Ordinary Shares then outstanding, in the form of Class A Ordinary Shares or otherwise, which will equal
 approximately 190,000 shares immediately after this offering; or

● the
 average weekly trading volume of the 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 such sale.

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**

<br> 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, 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.

**MATERIAL TAX CONSIDERATIONS**

*The following are material Singapore, British Virgin Islands and U.S. federal income tax considerations relevant to an investment in our Class A Ordinary Shares. This discussion does not address all of the tax consequences that may be relevant in light of the investor's particular circumstances. Potential investors should consult their tax advisers regarding the Singapore, British Virgin Islands and U.S. federal, state and local, and non-U.S. tax consequences of owning and disposing of our Class A Ordinary Shares in their particular circumstances.*

***Material Singapore Tax Considerations***

The statements made herein regarding taxation are general in nature and based on certain aspects of current tax laws of Singapore and administrative guidelines issued by the relevant authorities in force as of the date of this prospectus and are subject to any changes in such laws or administrative guidelines, or in the interpretation of these laws or guidelines, occurring after such date, which changes could be made on a retrospective basis. These laws and guidelines are also subject to various interpretations and the relevant tax authorities or the courts could later disagree with the explanations or conclusions set out below. The statements below are not to be regarded as advice on the tax position of any holder of our Class A Ordinary Shares or of any person acquiring, selling or otherwise dealing with our Class A Ordinary Shares or on any tax implications arising from the acquisition, sale or other dealings in respect of our Class A Ordinary Shares. The statements made herein do not purport to be a comprehensive or exhaustive description of all of the tax considerations that may be relevant to a decision to acquire, own or dispose of our Class A Ordinary Shares and do not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities) may be subject to special rules. Prospective holders of our Class A Ordinary Shares are advised to consult their own tax advisers as to the Singapore or other tax consequences of the acquisition, ownership of or disposal of our Class A Ordinary Shares. The statements below regarding the Singapore tax treatment of dividends received in respect of our Class A Ordinary Shares are based on the assumption that the Company is tax resident in Singapore for Singapore income tax purposes. It is emphasized that neither the Company nor any other persons involved in this prospectus accepts responsibility for any tax effects or liabilities resulting from the subscription for, acquisition, holding or disposal of our Class A Ordinary Shares.

***Individual Income Tax***

An individual is a tax resident in Singapore in a year of assessment ("YA") if, in the year preceding the YA, he was physically present in Singapore or exercised an employment in Singapore (other than as a director of a company) for 183 days or more, or if he resides in Singapore except for such temporary absences therefrom as may be reasonable and not inconsistent with a claim by such individual to be resident in Singapore.

Individual taxpayers who are Singapore tax residents are subject to Singapore income tax on income accruing in or derived from Singapore. All foreign-sourced income received in Singapore on or after January 1, 2004 by a Singapore tax resident individual (except for income received through a partnership in Singapore) is exempt from Singapore income tax if the Comptroller is satisfied that the tax exemption would be beneficial to the individual. Currently, a Singapore tax resident individual is taxed at progressive rates ranging from 0% to 22%. The maximum tax rate will be increased to 24% with effect from the year of assessment 2024.

Non-resident individuals, subject to certain exceptions and conditions, are subject to Singapore income tax on income accruing in or derived from Singapore at the rate of 22%, and 24% with effect from the year of assessment 2024.

***Stamp Duty***

There is no stamp duty payable on the subscription and issuance for our Class A Ordinary Shares.

Where our Class A Ordinary Shares evidenced in certificated form are acquired in Singapore, stamp duty is payable on the instrument of their transfer at the rate of 0.2% of the consideration for, or market value of, our Class A Ordinary Shares, whichever is higher, and is rounded down to the nearest dollar, subject to a minimum duty of S$1.

Stamp duty is borne by the purchaser unless there is an agreement to the contrary. Where an instrument of transfer is executed outside Singapore or no instrument of transfer is executed, no stamp duty is generally payable on the acquisition of our Class A Ordinary Shares. However, stamp duty may be payable if the instrument of transfer is executed outside Singapore and is received in Singapore.

If the instrument of transfer has been executed, it has to be stamped within (a) 14 days after signing the document if it is executed in Singapore; or (b) within 30 days after receiving the document in Singapore if the document is executed outside Singapore.

Stamp duty is payable on certain electronic instruments that effect a transfer of interest in our Class A Ordinary Shares, where such instruments are regarded or deemed to be executed in Singapore, or executed outside Singapore and received in Singapore. In this regard, an electronic instrument that is executed outside Singapore is received in Singapore if (a) it is retrieved or accessed by a person in Singapore; (b) an electronic copy of it is stored on a device (including a computer) and brought into Singapore; or (c) an electronic copy of it is stored on a computer in Singapore.

On the basis that any transfer instruments in respect of any interests in our Class A Ordinary Shares are executed outside Singapore through the transfer agent(s), share registrar(s) and/or administrative depositary agent(s) in the United States for registration in our share register(s) and/or administrative depositary register(s) (including branch register(s) of members) maintained in the United States respectively, no stamp duty should be payable in Singapore on such transfers to the extent that the instruments of transfer (including electronic instruments) are not received in Singapore and all electronic records and any information relating to such transfers are not electronically received by persons in Singapore, stored on any server or device in Singapore or made accessible to any person in Singapore.

**British Virgin Islands Taxation**

The Company and all distributions, interest and other amounts paid by the Company in respect of the Class A Ordinary Shares of the Company to persons who are not resident in the BVI are exempt from all provisions of the Income Tax Ordinance in the BVI.

No estate, inheritance, succession or gift tax is payable with respect to any shares, debt obligations or other securities of a BVI company.

All instruments relating to transactions in respect of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the Company are exempt from payment of stamp duty in the BVI provided that they do not relate to real estate in the BVI.

There are currently no withholding taxes or exchange control regulations in the BVI applicable to our Company.

**British Virgin Islands Economic Substance Legislation**

The British Virgin Islands, together with several other non-European Union jurisdictions, have recently introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the "ESA") came into force in the British Virgin Islands introducing certain economic substance requirements for British Virgin Islands tax resident companies which are engaged in certain "relevant activities" which in the case of companies incorporated before January 1, 2019 will apply in respect of financial years commencing June 30, 2019, onwards. However, it is not anticipated that the Company itself will be subject to any such requirements prior to any business combination and thereafter the Company may remain out of scope of the legislation or else be subject to more limited substance requirements. Although it is presently anticipated that the ESA will have little material impact on the Company or its operations, as the legislation is new and remains subject to further clarification and interpretation it is not currently possible to ascertain the precise impact of these legislative changes on the Company.

**United States Federal Income Taxation**

The following does not address the tax consequences to any particular investor or to persons in special tax situations such as:

● banks;

● financial
 institutions;

● insurance
 companies;

● regulated
 investment companies;

● advertising
 investment trusts;

● broker-dealers;

● persons
 that elect to mark their securities to market;

● U.S.
 expatriates or former long-term residents of the U.S.;

● governments
 or agencies or instrumentalities thereof;

● tax-exempt
 entities;

● persons
 liable for alternative minimum tax;

● persons
 holding our Class A Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;

● persons
 that actually or constructively own 10% or more of our voting power or value (including by reason of owning our Class A Ordinary
 Shares);

● persons
 who acquired our Class A Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;

● persons
 holding our Class A Ordinary Shares through partnerships or other pass-through entities;

● beneficiaries
 of a Trust holding our Class A Ordinary Shares; or

● persons
 holding our Class A Ordinary Shares through a Trust.

Prospective purchasers are urged to consult their own tax advisors about the application of the U.S. federal income tax rules to their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Class A Ordinary Shares.

***Material Tax Consequences Applicable to U.S. Holders of Our Class A Ordinary Shares***

The following sets forth the material U.S. federal income tax consequences related to the ownership and disposition of our Class A Ordinary Shares. It is directed to U.S. Holders (as defined below) of our Class A Ordinary Shares and is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This description does not deal with all possible tax consequences relating to ownership and disposition of our Class A Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under non-U.S. tax laws, state, local and other tax laws.

The following brief description applies only to U.S. Holders (defined below) that hold Class A Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

The brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial owner of Class A Ordinary Share and you are, 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) organized under the laws of the United
 States, any state thereof or the District of Columbia;

● an
 estate whose income 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.

***Taxation of Dividends and Other Distributions on our Class A Ordinary Shares***

Subject to the PFIC (defined below) rules discussed below, the gross amount of distributions made by us to you with respect to the Class A Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Class A Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a PFIC (defined below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the United States and the British Virgin Islands, clause (1) above can be satisfied only if the Class A Ordinary Shares are readily tradable on an established securities market in the United States. Under U.S. Internal Revenue Service authority, Class A Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on the Nasdaq Capital Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Class A Ordinary Shares, including the effects of any change in law after the date of this prospectus.

Dividends will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our Class A Ordinary Shares will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income."

To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated first as a tax-free return of your tax basis in your Class A Ordinary Shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

***Taxation of Dispositions of Class A Ordinary Shares***

Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Class A Ordinary Shares. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Class A Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.

***Passive Foreign Investment Company ("PFIC")***

We were not a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for the taxable year ended June 30, 2024. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our taxable year ending June 30, 2024 or for any subsequent year, more than 50% of our assets may be assets which produce passive income, in which case we would be deemed a PFIC, which could have adverse US federal income tax consequences for US taxpayers who are shareholders. We will make this determination following the end of any particular tax year. PFIC status is a factual determination for each taxable year which cannot be made until the close of the taxable year. A non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the US Internal Revenue Code, for any taxable year if either:

● at
 least 75% of its gross income for such taxable year is passive income; or

● at
 least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable
 to assets that produce or are held for the production of passive income (the "asset test").

Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition of our assets for purposes of the PFIC asset test, (1) the cash we raise in this offering will generally be considered to be held for the production of passive income and (2) the value of our assets must be determined based on the market value of our Class A Ordinary Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value of all of our assets (including the cash raised in this offering) on any particular quarterly testing date for purposes of the asset test.

Based on our operations and the composition of our assets we do not expect to be treated as a PFIC under the current PFIC rules. However, we must make a separate determination each year as to whether we are a PFIC, and there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular tax year. In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Class A Ordinary Shares and because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part on the market price of our Class A Ordinary Shares and the amount of cash we raise in this offering. Accordingly, fluctuations in the market price of the Class A Ordinary Shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. We are under no obligation to take steps to reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material facts (including the market price of our Class A Ordinary Shares from time to time and the amount of cash we raise in this offering) that may not be within our control. If we are a PFIC for any year during which you hold Class A Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Class A Ordinary Shares. However, if we cease to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, you may avoid some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Class A Ordinary Shares.

If we are a PFIC for your taxable year(s) during which you hold Class A Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Class A Ordinary Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Class A Ordinary Shares will be treated as an excess distribution. Under these special tax rules:

● the
 excess distribution or gain will be allocated ratably over your holding period for the Class A Ordinary Shares;

● the
 amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable
 year in which we were a PFIC, will be treated as ordinary income, and

● the
 amount allocated to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year and the interest
 charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Class A Ordinary Shares cannot be treated as capital, even if you hold the Class A Ordinary Shares as capital assets.

A U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election under Section 1296 of the US Internal Revenue Code for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for first taxable year which you hold (or are deemed to hold) Class A Ordinary Shares and for which we are determined to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the Class A Ordinary Shares as of the close of such taxable year over your adjusted basis in such Class A Ordinary Shares, which excess will be treated as ordinary income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Class A Ordinary Shares over their fair market value as of the close of the taxable year. However, such ordinary loss is allowable only to the extent of any net mark-to-market gains on the Class A Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Class A Ordinary Shares, are treated as ordinary income. Ordinary loss treatment also applies to any loss realized on the actual sale or disposition of the Class A Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Class A Ordinary Shares. Your basis in the Class A Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified dividend income discussed above under "— Taxation of Dividends and Other Distributions on our Class A Ordinary Shares" generally would not apply.

The mark-to-market election is available only for "marketable stock," which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations), including the Nasdaq Capital Market. If the Class A Ordinary Shares are regularly traded on the Nasdaq Capital Market and if you are a holder of Class A Ordinary Shares, the mark-to-market election would be available to you were we to be or become a PFIC.

Alternatively, a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election under Section 1295(b) of the US Internal Revenue Code with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. However, the qualified electing fund election is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. If you hold Class A Ordinary Shares in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form 8621 in each such year and provide certain annual information regarding such Class A Ordinary Shares, including regarding distributions received on the Class A Ordinary Shares and any gain realized on the disposition of the Class A Ordinary Shares.

If you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any time during the period you hold our Class A Ordinary Shares, then such Class A Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a PFIC. A "purging election" creates a deemed sale of such Class A Ordinary Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, you will have a new basis (equal to the fair market value of the Class A Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day) in your Class A Ordinary Shares for tax purposes.

IRC Section 1014(a) provides for a step-up in basis to the fair market value for our Class A Ordinary Shares when inherited from a decedent that was previously a holder of our Class A Ordinary Shares. However, if we are determined to be a PFIC and a decedent that was a U.S. Holder did not make either a timely qualified electing fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) our Class A Ordinary Shares, or a mark-to-market election and ownership of those Class A Ordinary Shares are inherited, a special provision in IRC Section 1291(e) provides that the new U.S. Holder's basis should be reduced by an amount equal to the Section 1014 basis minus the decedent's adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent's passing, the PFIC rules will cause any new U.S. Holder that inherits our Class A Ordinary Shares from a U.S. Holder to not get a step-up in basis under Section 1014 and instead will receive a carryover basis in those Class A Ordinary Shares.

You are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Class A Ordinary Shares and the elections discussed above.

***Information Reporting and Backup Withholding***

Dividend payments with respect to our Class A Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding under Section 3406 of the US Internal Revenue Code with at a current flat rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders. 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.

Under the Hiring Incentives to Restore Employment Act of 2010, certain U.S. Holders are required to report information relating to our Class A Ordinary Shares, subject to certain exceptions (including an exception for Class A Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Class A Ordinary Shares.

**UNDERWRITING**

We expect to enter into an underwriting agreement with Cathay Securities, Inc., or the representative, acting as the lead managing underwriter and bookrunner with respect to the Class A Ordinary Shares subject to this offering. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter named below has severally agreed to purchase from us, on a firm commitment basis, the number of Class A Ordinary Shares set forth opposite its name below, at the public offering price, less the underwriting discount set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
| **Name** | **Number of shares** |
| Cathay Securities, Inc. |  |
| **Total** | 4000000 |

---

The underwriting agreement provides that the obligation of the underwriters to purchase all of the Class A Ordinary Shares being offered to the public is subject to specific conditions, including the absence of any material adverse change in our business or in the financial markets and the receipt of certain legal opinions, certificates and letters from us, our counsel and the independent auditors.

The shares sold in this offering are expected to be ready for delivery against payment in immediately available funds on or about [ ], 2025, subject to customary closing conditions. The underwriters may reject all or part of any order.

**Over-Allotment Option**

We have granted to the underwriters an option to purchase up to an additional 600,000 Class A Ordinary Shares from us at the same price to the public, and with the same underwriting discount, as set forth in the table below, representing 15% of the Class A Ordinary Shares sold in this offering. The underwriters may exercise this option any time during the 45-day period after the closing of the offering, but only to cover over-allotments, if any. To the extent the underwriters exercise the option, the underwriters will become obligated, subject to certain conditions, to purchase the shares for which they exercise the option.

**Lock-Up Agreements**

We have agreed with the representative, subject to certain exceptions, not to offer, pledge, sell, or dispose of, directly or indirectly, any of our Class A Ordinary Shares or securities convertible into or exchangeable or exercisable for any of our Class A Ordinary Shares or file or caused to be filed any registration statement relating to the offering of any securities of the Company during the six-month period following the closing of this offering.

Members of our Board, our officers and all shareholders beneficially owning more than 5% of our outstanding Class A Ordinary Shares (or securities convertible or exercisable for Class A Ordinary Shares) as of the effective date of this prospectus have agreed during the six (6) -month period following the pricing date of this offering to substantially similar lock-up provisions, subject to certain exceptions. The underwriters have agreed to waive the lock-up requirement for the 2,000,000 Class A Ordinary Shares being offered for resale by the Selling Shareholders pursuant to the Resale Prospectus.

We cannot predict what effect, if any, future sales of our Class A Ordinary Shares, or the availability of Class A Ordinary Shares for future sale, will have on the trading price of our Class A Ordinary Shares from time to time. Sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Class A Ordinary Shares.

**Commissions and Discounts; Expenses**

The underwriting commissions and discounts are a cash fee equal to seven percent (7%) of the gross proceeds from the sale of Class A Ordinary Shares sold in the offering. We have been advised by the representative that the underwriters propose to offer the Class A Ordinary Shares to the public at the public offering price set forth on the cover of this prospectus and to dealers at a price that represents a concession not in excess of $[ ] per share under the public offering price. After the offering, the representative may change the public offering price and other selling terms.

The following table shows the public offering price, underwriting commissions and discounts, and proceeds, before expenses, to us. The information assumes both the non-exercise and full exercise by the underwriters of the over-allotment option to purchase additional Class A Ordinary Shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total <br> Without<br> Over-<br> Allotment<br> Option** | **Total With <br> Full Over-<br> Allotment <br> Option** |
| Initial public offering price | $| $| $|
| Underwriting commissions and discounts (7%)(1) | $| $| $|
| Proceeds to our Company before expenses | $| $| $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Does
 not include (i) a 1% non-accountable expense
 allowance or (ii) amounts representing reimbursement of certain out-of-pocket expenses,
 each as described below.

We have agreed to pay to the representative, by deduction from the gross proceeds of the offering, a non-accountable expense allowance equal to one percent (1%) of the gross proceeds of this offering.

We have agreed to pay the representative for reasonable and documented out-of-pocket expenses actually incurred relating to the offering 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) up to $150,000. We have paid $10,000 to the representative as a refundable advance, which shall be applied against actual out-of-pocket accountable expenses and such advance shall be reimbursed to us to the extent any portion of the advance is not actually incurred, in compliance with FINRA Rule 5110(g)(4)(A).

**Right of First Refusal**

We have granted the representative a right of first refusal, for a period of three months from the closing of the offering, to provide investment banking services to the Company on an exclusive basis and on terms that are the same or more favorable to the Company comparing to terms offered to the Company by other underwriters/placement agents (such right, the "Right of First Refusal"), which right is exercisable in the representative's sole discretion. These investment banking services include, without limitation, (a) acting as lead manager for any underwritten public offering; and (b) acting as placement agent or initial purchaser in connection with any private offering of securities of the Company. The representative needs to notify the Company of its intention to exercise the Right of First Refusal within fifteen (15) business days following notice in writing by the Company. Any decision by the representative to act in any such capacity will 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 will 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 the representative declines to exercise the Right of First Refusal or is unable to provide same or more favorable terms to the Company under reasonable standard, the Company will 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. The representative's Right of First Refusal shall be subject to FINRA Rule 5110(g), including that the right of first refusal may be terminated by the Company for cause in case of the representative's material failure to provide the services contemplated in the underwriting agreement.

**Tail Financing**

The Company and the representative agreed that for a period of three (3) months from the termination or expiration of certain engagement letter dated August 25, 2025, by and between the Company and the representative (the "Tail Period"), the representative shall be entitled to a cash fee equal to seven percent (7%) of the gross proceeds from the sale of any equity, debt and/or equity derivative instruments to any investor introduced by the representative to the Company and not-known to the Company before such introduction, prior to the termination or expiration of the engagement letter if such financing is completed during the Tail Period.

Such right shall be subject to FINRA Rule 5110(g)(5), including that it may be terminated by the Company for cause in case of the representative's material failure to provide the services contemplated in the underwriting agreement.

**Indemnification**

We have agreed to indemnify the representative against certain liabilities, including liabilities under the Securities Act. If we are unable to provide this indemnification, we will contribute to payments that the representative may be required to make for these liabilities.

**Determination of Offering Price**

Prior to this offering, there has not been a public market for our Class A Ordinary Shares. The public offering price of the Class A Ordinary Shares offered by this prospectus has been determined by negotiation between us and the representative. Among the factors considered in determining the public offering price of the Class A Ordinary Shares were:

● Our
 history and our prospects;

● Our
 financial information and historical performance;

● The
 industry in which we operate;

● The
 status and development prospects for our products and services;

● The
 experience and skills of our executive officers; and

● The
 general condition of the securities markets at the time of this offering.

The offering price stated on the cover page of this prospectus should not be considered an indication of the actual value of the Class A Ordinary Shares. That price is subject to change as a result of market conditions and other factors, and we cannot assure you that the Class A Ordinary Shares can be resold at or above the public offering price.

**Price Stabilization**

In connection with this offering, the underwriters may engage in activities that stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares during and after this offering, including:

● stabilizing
 transactions;

● short
 sales;

● purchases

● imposition
 of penalty bids; and

● syndicate
 covering transactions.

The underwriters may close out any covered short position by purchasing shares in the open market.

Naked short sales are short sales made in excess of any over-allotment option. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the Class A Ordinary Shares in the open market that could adversely affect investors who purchased in this offering.

The underwriters also may impose a penalty bid. This occurs when a particular underwriter repays to the underwriter a portion of the underwriting discount received by it because the underwriter has repurchased shares sold by or for the account of that underwriter in stabilizing or short covering transactions.

**Electronic Offer, Sale and Distribution of Shares**

The underwriters or syndicate members may facilitate the marketing of this offering online directly or through one of their respective affiliates. In those cases, prospective investors may view offering terms and a prospectus online and place orders online or through their financial advisors. Such websites and the information contained on such websites, or connected to such sites, are not incorporated into and are not a part of this Prospectus.

**Other Relationships**

The underwriters and their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The underwriters may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. The underwriters may in the future receive customary fees and commissions for these transactions.

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 account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of the issuer. 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.

**Listing**

We have applied to list our Class A Ordinary Shares on The Nasdaq Capital Market under the trading symbol "AIAS". This offering is contingent on the listing of our Class A Ordinary Shares on the Nasdaq Capital Market, and there can be no assurance that we will be successful in listing our Class A Ordinary Shares. If our application is not approved, this offering will not be completed.

**Transfer Agent and Registrar**

The transfer agent and registrar for our Class A Ordinary Shares is VStock Transfer, LLC. The transfer agent and registrar's address is 18 Lafayette Place, Woodmere, New York 11598.

**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 securities offered by, or the possession, circulation or distribution of, this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such 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 securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

In addition to the offering of the Common Shares in the United States, the underwriters may, subject to applicable foreign laws, also offer the Common Shares in certain countries.

*Notice to Prospective Investors in Canada*

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

The Class A Ordinary Shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Class A Ordinary Shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

*Notice to Prospective Investors in the United Kingdom*

This prospectus is only being distributed to and is only directed at persons in the United Kingdom that are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive that are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 within, and/or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling with Article 49(2)(a) to (d) (all such persons together being referred to as "relevant persons").

This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the United Kingdom who is not a relevant person should not act or rely on this prospectus or any of its contents.

*Notice to Prospective Investors in Malaysia*

No prospectus or other offering material or document in connection with the offer and sale of the shares has been or will be registered with the Securities Commission of Malaysia, or Commission, for the Commission's approval pursuant to the Capital Markets and Services Act 2007. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Malaysia other than (i) a closed end fund approved by the Commission; (ii) a holder of a Capital Markets Services License; (iii) a person who acquires the shares, as principal, if the offer is on terms that the shares may only be acquired at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each transaction; (iv) an individual whose total net personal assets or total net joint assets with his or her spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary residence of the individual; (v) an individual who has a gross annual income exceeding RM300,000 (or its equivalent in foreign currencies) per annum in the preceding 12 months; (vi) an individual who, jointly with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies), per annum in the preceding 12 months; (vii) a corporation with total net assets exceeding RM10 million (or its equivalent in a foreign currencies) based on the last audited accounts; (viii) a partnership with total net assets exceeding RM10 million (or its equivalent in foreign currencies); (ix) a bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010; (x) an Islamic bank licensee or takaful licensee as defined in the Labuan Financial Services and Securities Act 2010; and (xi) any other person as may be specified by the Commission; provided that, in the each of the preceding categories (i) to (xi), the distribution of the shares is made by a holder of a Capital Markets Services License who carries on the business of dealing in securities. The distribution in Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be used for the purpose of public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the registration of a prospectus with the Commission under the Capital Markets and Services Act 2007.

*Notice to Prospective Investors in Singapore*

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Class A Ordinary Shares may not be circulated or distributed, nor may the Class A Ordinary Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, 2001 of Singapore ("SFA")) under Section 274 SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the SFA.

Where our securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the issued shares which are owned by one or more individuals, each of whom is an accredited investor, the securities or securities-based derivatives contracts of that corporation shall not be transferable within six (6) months after that corporation has acquired the securities or securities-based derivatives contracts under Section 275 of the SFA except: (1) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA, (2) where no consideration is or will be given for the transfer, (3) where the transfer is by operation of law, (4) as specified in Section 276(7) of the SFA, or (5) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.

Where our securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable within six months after that trust has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA, (2) where no consideration is or will be given for the transfer, (3) where the transfer is by operation of law, (4) as specified in Section 276(7) of the SFA, or (5) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.

 

*Notice to Prospective Investors in the People's Republic of China*

This prospectus may not be circulated or distributed in 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 China except pursuant to applicable laws, rules and regulations of China. For the purpose of this paragraph only, China does not include Taiwan and the special administrative regions of Hong Kong and Macau.

*Notice to Prospective Investors in Hong Kong*

The Class A Ordinary Shares may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong) and no advertisement, invitation or document relating to our Class A Ordinary Shares be issued or may be in possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to our 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 Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

*Notice to Prospective Investors in Taiwan*

The Class A Ordinary Shares have not been and will not be registered with the Financial Supervisory Commission of ("Taiwan"), pursuant to relevant securities laws and regulations and may not be offered or sold in Taiwan through a public offering or in any manner which would constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or would otherwise require registration with or the approval of the Financial Supervisory Commission of Taiwan.

**EXPENSES RELATING TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding underwriting discounts, expected to be incurred in connection with this offering by us. With the exception of the SEC registration fee, the FINRA filing fee, and the stock exchange market entry and listing fee, all amounts are estimates.

---

| | |
|:---|:---|
| Securities and Exchange Commission Registration Fee | $5052.30 |
| Nasdaq Listing Fee | $50000.00 |
| FINRA Filing Fee | $3725.00 |
| Legal Fees and Expenses | $430000.00 |
| Accounting Fees and Expenses | $300000.00 |
| Financial Printing and Miscellaneous Expenses | $210000.00 |
| Underwriting Expenses | $1440000.00 |
| **Total Expenses** | $2438777.30  |

---

**LEGAL MATTERS**

The Crone Law Group P.C. is acting as counsel to our company regarding U.S. securities law matters. Certain legal matters as to the British Virgin Islands law, as well as the validity of the Class A Ordinary Shares offered in this prospectus, will be passed upon for us by Ogier. Certain legal matters as to Singapore law will be passed upon for us by Bird & Bird ATMD LLP. Bevilacqua PLLC has acted as counsel for the underwriters in connection with certain legal matters related to this offering.

**EXPERTS**

The financial statements included in this prospectus have been audited by HTL International, LLC ("HTL") an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon the authority of such firm as experts in accounting and auditing. The office of HTL is located at 12 Greenway Plaza, Suite 1100, Houston, Texas, 77046.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act, covering the Class A Ordinary Shares offered by this prospectus. You should refer to our registration statements and their exhibits and schedules if you would like to find out more about us and about the Class A Ordinary Shares. This prospectus summarizes material provisions of contracts and other documents that we refer you to. Since this prospectus may not contain all the information that you may find important, you should review the full text of these documents.

Immediately upon the completion of this offering, we will be subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders under the federal proxy rules contained in Sections 14(a), (b) and (c) of the Exchange Act, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

The registration statements, reports and other information so filed can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. The SEC also maintains a website that contains reports, proxy statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is http://www.sec.gov. The information on that website is not a part of this prospectus.

No dealers, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.

**AI ASSETS LTD**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Consolidated Financial Statements for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023** | |
|  | <br>**Page** |
| [Report of Independent Registered Public Accounting Firm](#fs_006) (PCAOB ID: 7000) | F-2 |
| [Consolidated Balance Sheets as of June 30, 2024 and 2023](#fs_001) | F-3 |
| [Consolidated Statements of Operations and Comprehensive Loss for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023](#fs_002) | F-4 |
| [Consolidated Statements of Shareholders' Equity (Deficit) for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023](#fs_003) | F-5 |
| [Consolidated Statements of Cash Flows for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023](#fs_004) | F-6 |
| [Notes to the Consolidated Financial Statements for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023](#fs_005) | F-7 |

---

---

| | |
|:---|:---|
| **Unaudited condensed Consolidated Financial Statements** | |
|  | <br>**Page** |
| [Condensed Balance Sheets as of December 31, 2024 (Unaudited) and June 30, 2024](#ds_001) | F-17 |
| [Unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the Six Months Ended December 31, 2024 and 2023](#ds_002) | F-18 |
| [Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) for the Six Months Ended December 31, 2024 and 2023](#ds_003) | F-19 |
| [Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2024 and 2023](#ds_004) | F-20 |
| [Notes to Unaudited Condensed Consolidated Financial Statements](#ds_005) | F-21 |

---

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of AI ASSETS LTD

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of AI ASSETS LTD and its subsidiary (the "Company") as of June 30, 2024 and 2023, and the related consolidated statements of operations and comprehensive loss, changes in equity, and cash flows for each of the two years in the period ended June 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 consolidated financial position of the Company as of June 30, 2024 and 2023, and the consolidated results of its operations and its consolidated cash flows for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023, in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**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 consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ HTL International, LLC

We have served as the Company's auditor since 2024.

Houston, Texas

October 15, 2024

**AI ASSETS LTD** 

**CONSOLIDATED BALANCE SHEETS**

**(Amounts expressed in US dollars ("$") except for numbers of shares)**

---

| | | |
|:---|:---|:---|
|  | **As of June 30** | **As of June 30** |
|  | **2024** | **2023** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $287143 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount due from a related party | 16334 | - |
| Total current assets | **303477** | **-** |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 2390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | 125709 | - |
| &nbsp;&nbsp;&nbsp;Total non-current assets | 128099 | - |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**431576** | $**-** |
| **Liabilities and equity** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $348 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 10643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll payable | 31188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables | 4735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital subscription advance from investors (including $520,405 and nil from related parties as of June 30, 2024 and 2023, respectively) | 670397 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount due to a related party | 52470 | 1173 |
| Total current liabilities | **769781** | **1173** |
| **Total liabilities** | $**769781** | $**1173** |
| **Shareholders' equity (deficit):** |  |  |
| Ordinary shares ($0.0001 par value; 40,000 shares issued and outstanding as of June 30, 2024 and 2023)\* | 4 | 4 |
| Subscription receivable |  | (4) |
| Accumulated deficit | (338209) | (1173) |
| Total shareholders' equity (deficit) | **(338205)** | **(1173)** |
| **Total liabilities and shareholders' equity** | $**431576** | $**-** |

---

\* The share split has been retroactively applied to all periods presented in the accompanying financial statements.

The accompanying notes are an integral part of these consolidated financial statements.

**AI ASSETS LTD**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS** 

**(Amounts expressed in US dollars ("$") except for numbers of shares)**

---

| | | |
|:---|:---|:---|
|  | **Year ended <br> June 30, 2024** | **For the period from<br> June 28, 2023 <br> (date of inception) through<br> June 30, 2023** |
| Revenues | $2409 | $- |
| Cost of revenues | (800) | - |
| **Gross profit** | **1609** | **-** |
| **Operating expenses:** |  |  |
| Sales and marketing expenses | 14970 |  |
| General and administrative expenses | 224861 | 1173 |
| Research and development expenses | 104583 | - |
| Total operating expenses | **344414** | **1173** |
| **Loss from operations** | **(342805)** | **(1173)** |
| Other income, net | 5769 |  |
| **Loss before income taxes** | **(337036)** | **(1173)** |
| Income taxes | - | - |
| **Net loss** | $**(337036)** | $**(1173)** |
| **Comprehensive loss attributable to shareholders** | $**(337036)** | $**(1173)** |
| **Net loss attributable to ordinary shareholders of AI Assets** |  |  |
| &nbsp;&nbsp;&nbsp;—Weighted average number of ordinary shares, basic and outstanding\* | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss per share attributable to ordinary shareholders of AI Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Basic and diluted\* | $(8.43) | $(0.03) |

---

\* The share split has been retroactively applied to all periods presented in the accompanying financial statements.

*The accompanying notes are an integral part of these consolidated financial statements.*

**AI ASSETS LTD** 

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)**

**(Amounts expressed in US dollars ("$") except for numbers of shares)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ordinary shares | Ordinary shares | | | |
|  | Number of shares\* | Amount |<br>Subscription Receivable |<br>Accumulated Deficit |<br>Total |
| Balance as of June 28, 2023 (Date of inception) |  | $- | $- | $- | $- |
| Issuance of ordinary shares | 40000 | 4 | (4) |  |  |
| Net loss | - | - | - | (1173) | (1173) |
| **Balance of June 30, 2023** | **40000** | $**4** | $**(4)** | $**(1173)** | $**(1173)** |
| Receipt of subscription receivable | - | - | 4 | - | 4 |
| Net loss | - | - | - | (337036) | (337036) |
| **Balance of June 30, 2024** | **40000** | $**4** | $**-** | $**(338209)** | $**(338205)** |

---

\* The share split has been retroactively applied to all periods presented in the accompanying financial statements.

*The accompanying notes are an integral part of these consolidated financial statements.*

**AI ASSETS LTD** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(Amounts expressed in US dollars ("$") except for numbers of shares)**

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> June 30, 2024** | **For the period from<br> June 28, 2023<br> (date of inception) through <br> June 30, 2023** |
| **Cash Flows From Operating Activities:** | | |
| Net loss | $(337036) | $(1173) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Depreciation of equipment | 155 |  |
| Changes in operating assets and liabilities: |  |  |
| Amount due from a related party | (16334) |  |
| Accounts payable | 348 |  |
| Deferred revenue | 10643 |  |
| Payroll payable | 31188 |  |
| Amount due to a related party | 1272 | 1173 |
| **Net Cash used in Operating Activities** | **(309764)** | - |
| **Cash Flows From Investing Activities:** |  |  |
| Purchase of property and equipment | (2545) | - |
| **Net Cash used in Investing Activities** | **(2545)** | - |
| **Cash Flows From Financing Activities:** |  |  |
| Receipt of subscription receivable | 4 |  |
| Capital subscription advance from investors | 670397 |  |
| Cash payments relating to other financing activities | (70949) | - |
| **Net Cash provided by Financing Activities** | **599452** | **-** |
| Net changes in cash and cash equivalents | **287143** | **-** |
| Cash and cash equivalents at beginning of the period/year | - | - |
| - **Cash and cash equivalents at end of the year** | $**287143** | $**-** |
| **Supplemental disclosures of cash flow information** |  |  |
| Related party payments of financing expenses | $**50025**  | $**-** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

**AI ASSETS LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1. PRINCIPAL ACTIVITIES AND ORGANIZATION**

**a) *Principal Activities***

AI Assets Ltd ("AI Assets") is a holding company incorporated on June 28, 2023, under the laws of the British Virgin Islands ("BVI"). The Company has no substantial operations other than holding all of the outstanding share capital of MAXE AI Technology Pte. Ltd. ("MAXE AI"), a Singapore company incorporated on September 18, 2023.

AI Assets and its wholly owned Singapore subsidiary, MAXE AI (collectively known as "the Company"), is a provider of financial information and market tracking services by using artificial intelligence technology ("AI"). MAXE AI relies on historical data and real-time analysis of major global assets' fluctuation in order to provide optimal financial information and tracking services to individual users through its AI investment assistant app MAXE, and asset management solutions for institutional users.

***b) History***

On September 18, 2023, AI Assets entrusted its director, Mr. Yibin Xu, to establish MAXE AI in Singapore via an agreement. Mr. Xu acted as a nominee shareholder, holding 100% of the shares in MAXE AI on behalf of AI Assets. Subsequently, on November 17, 2023, in accordance with the terms of the entrusted arrangement, Mr. Xu transferred the entire shareholding (100% of shares) in MAXE AI to AI Assets. AI Assets is the direct and sole shareholder of MAXE AI.

 ****

***c) Corporate Structure***

The consolidated financial statements of the Company include the following subsidiary:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Incorporation Date** | **Place of Incorporation** | **Percentage**<br> **of effective**<br> **ownership** | **Principal activities** |
| MAXE AI Technology Pte. Ltd. | September 18, 2023 | Singapore | 100% | Financial information and market tracking services provider |

---

***d) Liquidity***

Cash flow from operations and capital contributions and loans from shareholders have been utilized to finance the working capital requirements of the Company. For the year ended June 30, 2024, the Company had negative cash flow from operating activities of $309,764 and the Company had $287,143 in cash and cash equivalents, which is unrestricted as to withdrawal and use as of June 30, 2024. In view of these circumstances, the management of the Company has given consideration to the future liquidity and performance of the Company and its available sources of finance in assessing whether the Company will have sufficient financial resources to continue as a going concern.

To sustain its ability to support the Company's operating activities, the Company considered supplementing its sources of funding through the following:

● cash
 and cash equivalents generated from operations;

● issuance
 of convertible notes; and

● obtaining
 funds through a future initial public offering.

Management has commenced a strategy to raise debt and equity. However, there can be no certainty that these additional financings will be available on acceptable terms or at all. If management is unable to execute this plan, there would likely be a material adverse effect on the Company's business. All of these factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern.

**Note 2. PRINCIPAL ACCOUNTING POLICIES**

This summary of significant accounting policies is presented to assist in understanding the Company's consolidated financial statements for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023 and has been consistently applied in the preparation of the consolidated financial statements.

***2.1 Basis of presentation***

The accompanying consolidated financial statements for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").

***2.2 Consolidation***

The accompanying consolidated financial statements for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023 include the accounts of the Company and its subsidiary. Significant inter-company balances, inter-company transactions, investment and capital, if any, have been eliminated upon consolidation.

***2.3 Use of estimates and assumptions***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Company's consolidated financial statements for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023 include, but not limited to, estimates for useful lives and impairment of equipment, deferred taxes and uncertain tax position, and allowance for doubtful accounts. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

***2.4 Cash and cash equivalents***

Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds earned from the Company's operating revenues which were held at our payment platform accounts, which the Company withdraw them to our bank accounts time to time.

***2.5 Foreign currencies***

The reporting currency of the Company is United States Dollar ("US$") and the accompanying consolidated financial statements for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023 have been expressed in "$". In addition, the Company's subsidiary is operating in Singapore and maintains its books and records in "US$" as its functional currency.

Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates quoted by authoritative banks prevailing on the transaction dates. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded in other income, net in the consolidated statements of operations and comprehensive loss.

***2.6 Property and Equipment***

Property and equipment are stated at historical cost less accumulated depreciation. Repairs and maintenance costs are expensed as incurred as repairs and maintenance do not extend the useful life or improve the related assets. Depreciation, is computed using the straight-line method over the estimated useful lives of the assets.

The estimated useful life of each asset category is as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated useful lives** |
| Electronic equipment | 3 years |

---

When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from their respective accounts and any loss on such retirement is reflected in operating expenses.

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

The Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023, no impairment of long-lived assets was recognized.

***2.8 Accounts payables***

Accounts payable and other current liabilities are liabilities for services provided to the Company prior to the end of the financial year which are unpaid. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

 ****

***2.9 Revenue recognition***

The Company adopted Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The Company derives its revenue primarily from subscription services. Revenue is recognized when control of these services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services, net of any sales taxes.

The Company determines revenue recognition through the following steps:

● identification of the contract, or contracts, with a customer;

● identification of the performance obligations in the contract;

● determination of the transaction price;

● allocation of the transaction price to the performance obligations in the contract; and

● recognition of revenue when, or as, the Company satisfies a performance obligation.

*Subscription revenue*

 

Subscription revenue primarily consists of fees from customers for access to the Company's information assistant App and get updated financial information. The Company uses AI to power the assistant App. Subscription revenue is recognized on a ratable basis over the subscription contract term, beginning on the date the access to the Company's platform is provided, as no implementation work is required, if consideration the Company is entitled to receive is probable of collection. Subscription contracts generally have terms of one month or one year, are billed in advance, and are non-cancelable. The subscription arrangements do not allow the customer the contractual right to take possession of the platform; as such, the arrangements are considered to be service contracts.

The Company does not sell our services through third-party resellers, all subscriptions are made through its App or official website.

*Contract Balances*

As per ASC 606, when a customer pays consideration before the transfer of services, the Company records the amount as a contract liability (deferred revenue). The Company then recognizes revenue, reducing the contract liability and increasing revenue as the Company provides the service over time.

*Refunds and Trial Services*

Given that the Company offers informational services without providing trial services or refunds, there are no provisions for refunds or adjustments related to the revenue recognition process.

*Revenue Recognition Over Time*

Revenue from membership subscription is recognized over the period of the membership. The subscription fee is recognized as revenue over the subscription period. Any relevant costs incurred to provide the membership benefits are recognized as expenses.

***2.10 Deferred Revenue***

The Company records deferred revenue when cash payments are received in advance of revenue recognition from subscription services described above in accordance with the terms of the underlying contracts where the service period has not yet commenced but will commence in the near future. Deferred revenue is recognized when, or as, performance obligations are satisfied. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current; the remaining portion is recorded as deferred revenue, non-current. Revenue recognized that was included in deferred revenue balance at the beginning of the period were nil and nil for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023, respectively.

***2.11 Cost of revenue***

Cost of revenue primarily consists of fees paid to the service providers and labor costs.

 ****

***2.12 Sales and Marketing Expenses***

Sales and marketing expenses comprise primarily of expenses relating to marketing and brand promotion activities, and sales support functions. For the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023, advertising and marketing costs were $14,970 and nil, respectively.

 ****

***2.13 General and Administrative Expenses***

General and administrative expenses consist of employee-related cost for personnel related to the general corporate functions, including accounting, finance, legal and human resources, costs associated with use by these functions of facilities and equipment, such as depreciation expenses, office expenses and other general corporate related expenses.

For the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023, general and administrative expenses were $224,861 and $1,173, respectively.

***2.14 Research and Development Expenses***

Research and development expenses are principally related to our technology of corporate learning platform which consists mainly of employee-related cost for research and development personnel, third-party cloud infrastructure and bandwidth expenses incurred for research and development purposes, and depreciation expenses associated with the equipment used for research and development functions and other expenses incurred for courses designing.

For the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023, research and development expenses were $104,538 and nil, respectively.

 ****

***2.15 Income taxes***

<u>BVI</u>

AI Assets Ltd. is domiciled in the British Virgin Islands. The locality currently enjoys permanent income tax holidays; accordingly, AI Assets does not accrue income taxes.

<u>Singapore</u> 

MAXE AI Technology Pte. Ltd. is incorporated in Singapore and is subject to Singapore corporate tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first Singapore dollars ("S$") 10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

The income tax provision in both current and deferred portions are nil for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023, respectively.

The tax losses carry forwards is available for offsetting against future taxable profits for which no deferred tax asset is recognized due to uncertainty of its recoverability. The realization of the future income tax benefits from the tax losses carry forwards is available for an unlimited future period subject to the compliance with certain provisions of the tax legislations of the countries in which the Company companies operate.

 ****

***2.16 Comprehensive Loss***

Comprehensive loss is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments from shareholders and distributions to shareholders.

 ****

***2.17 Net Loss Per Share***

Basic loss per share is computed by dividing net loss attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share is calculated by dividing net income attributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period.

 ****

***2.18 Segment Reporting***

ASC 280, Segment Reporting, establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers.

Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. As the Company's long-lived assets are substantially located in Singapore, no geographical segments are presented.

 ****

***2.19 Recent Accounting Pronouncements***

The Company qualifies as an "emerging growth company", or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the 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. The Company will adopt the standards based on extended transition period provided to private companies.

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 ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statement.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as additional information on income taxes paid. For public business entities, this standard is effective for annual periods beginning after December 15, 2024. For non-public business entities, this standard is effective for annual periods beginning after December 15, 2025. Early adoption is permitted, and the disclosures in this standard are required to be applied on a prospective basis with the option to apply the standard retrospectively. The Company is in the process of evaluating the potential impact of the new guidance on its consolidated financial statements and related disclosures.

***2.20 Related Parties***

Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions in Note 7.

***2.21 Fiscal Year End***

The Company has adopted a fiscal year end of June 30.

**Note 3. CONCENTRATION AND RISKS**

 ****

***3.1 Concentration of Credit Risk***

Financial instruments that potentially subject the Company to the concentration of credit risks consist of cash and cash equivalents. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. As of June 30, 2024, the Company's cash and cash equivalents were held in financial institutions located in Singapore.

The Deposit Insurance Scheme ("Scheme") administered by the Singapore Deposit Insurance Corporation (SDIC), provides coverage of up to S$100,000 per depositor per member bank, including digital banks, for eligible Singapore dollar deposits. Corporate entities, including companies, partnerships, and sole proprietorships, benefit from this protection. However, foreign currency deposits are not included in this coverage.

As of June 30, 2024, most of the Company's cash is deposited in U.S. dollars in ANEXT BANK, and this portion of the cash is not covered by this Scheme.

The Company has not experienced any significant recoverability issue. The Company assesses the creditworthiness of each customer when providing services and may require the customers to make advance payments before the services are rendered.

As of June 30, 2024 and 2023, there was no customer with greater than 10% of the accounts receivable, respectively.

 ****

***3.2 Concentration of Customers and Suppliers***

Substantially all revenue was derived from customers around the globe. There are no customers or suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Company in any of the periods presented.

**Note 4. PROPERTY AND EQUIPMENT, NET** 

At June 30, 2024 and 2023, Property and Equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
| Electronic equipment | $2545 | $- |
| Less: Accumulated depreciation | 155 | - |
| Property and equipment, net | 2390 | - |

---

Depreciation expense was $155 and nil for the year ended June 30, 2024 and for the period from June 28, 2023 (date of inception) through June 30, 2023, respectively.

**Note 5. OTHER PAYABLE**

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
| Professional fee payable | $4735 | $- |

---

**Note 6. CAPITAL SUBSCRIPTION ADVANCE FROM INVESTORS**

On May 20, 2024, the Company entered investment agreements with various investors including Mr. Yibin Xu, 4Di Capital LLC, a company jointly controlled by Mr. Dong Chen and Mr. Haocheng Sun, and three third party investors to offer a total of 6,160,000 Class A ordinary shares and 1,000,000 Class B ordinary shares.

For the issuance of these shares, the Company received an amount of shareholders' contribution of $670,397 as of June 30, 2024 in advance. Among the consideration, $520,405 was received from Mr. Yibin Xu and 4Di Capital LLC for the shares allotted to them, which are the amounts received from the related parties.

As the allotments of shares took effect on July 5, 2024, the amount of $150,608 is recognized as capital subscription advance from investors. See Note 8 for details.

**Note 7. RELATED PARTY TRANSACTIONS AND BALANCES**

The table below sets forth the major related parties and their relationships with the Company as of June 30, 2024 and 2023:

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| Maxe AI Technology Limited, a Hong Kong company ("MAXE HK") | Under common control, wholly owned by Yibin Xu |
| Yibin Xu | Chief Executive Officer and sole Director |
| Dong Chen | Chief Financial Officer |
| Haocheng Sun | Joint control shareholder of 4Di Capital LLC |
| 4Di Capital LLC | Entity jointly controlled by Dong Chen and Haocheng Sun |

---

On September 28, 2023, MAXE AI entered into an assets sale agreement with MAXE HK, to acquire valued artificial intelligence strategies, asset management systems, and development environment (software and hardware) at a consideration of $1.00.

*Amount due to a related party*

Since September 2023, Mr. Yibin Xu has paid part of the listing professional fees and advertising fees on behalf of the Company. As of June 30, 2024 and 2023, the Company recorded amount due to Mr. Xu of $52,470 and $1,173 respectively. The amounts are unsecured, non-interest bearing and due on demand.

*Amount due from a related party*

 

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
| Amount due from a related party | $16334 | $- |

---

On September 18, 2023, MAXE AI entered into a bank account in Hong Kong usage arrangement with MAXE HK for the purpose of facilitating MAXE AI's normal business operations, as it is difficult to open a bank account for new companies established by foreign shareholders in Singapore. As of June 30, 2024 and 2023, the receivables balance due from MAXE HK were $16,334 and nil respectively, which represented the cash and cash equivalents held in this bank account. MAXE AI ceased using this account since September 18, 2024, and all funds have been transferred to MAXE AI's bank account in Singapore. For the usage period, the Company has full control over this account, and it is solely used by MAXE AI.

**Note 8. EQUITY** 

 ****

***Ordinary Shares***

The Company was incorporated under the laws of the BVI on June 28, 2023, authorized to issue 50,000 ordinary shares with a par value of $1 per share. On the same day, the Company issued 4 common shares at par value.

On May 30, 2024, the Company passed a resolution for a re-designation of the common shares into Class A Ordinary Shares, Class B Ordinary Shares, Class A Preferred Shares, Class B Preferred Shares, and Class C Preferred Shares, and convert the authorized shares into unlimited shares. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each holder of our Class A Ordinary Shares is entitled to one vote per share, while each holder of our Class B Ordinary Shares is entitled to ten votes per share. In addition, the Company passed a resolution to split the 4 issued shares into 40,000 shares at a ratio of 1:10,000. The par value of the share is split from $1 to $0.0001. On the same day, the Company offered a total of 6,160,000 Class A ordinary shares and 1,000,000 Class B ordinary shares to the original shareholders and the three new shareholders. The re-designation and allotments of shares took effect on July 5, 2024.

The share split has been retrospectively applied to all periods presented in the accompanying financial statements. Accordingly, all share and per-share amounts for the periods prior to the effectiveness date, have been adjusted to reflect the impact of the share split. The number of shares issued and outstanding as of June 30, 2023, was retrospectively adjusted from 4 shares to 40,000 shares to reflect the split.

As of June 30, 2024, the Company had 40,000 ordinary shares issued and outstanding.

**Note 9. INCOME TAXES**

<u>BVI</u>

AI Assets is incorporated in the British Virgin Islands. The locality currently enjoys permanent income tax holidays; accordingly, AI Assets does not accrue income taxes.

<u>Singapore</u>

MAXE AI Technology Pte. Ltd. is incorporated in Singapore and is subject to Singapore corporate tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

The income tax provision in both current and deferred portions are nil for the six months ended June 30, 2024 and 2023, respectively.

A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> June 30, 2024** | **For the period from<br> June 28, 2023<br> (date of inception) through<br> June 30, 2023** |
| Net loss before income taxes | $(337036) | $(1173) |
| Income tax expenses attributable to net loss at Singapore statutory rate of 17% | (57296) | (199) |
| Tax-free portion | 11459 | 199 |
| Change in valuation allowance | 45837 | - |
| Income tax expense | $- | $- |

---

The significant component of deferred tax is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
| Deferred tax assets, gross: | $— | $— |
| Tax losses | 45837 |  |
| Valuation allowance | (45837) | - |
| Total deferred tax assets | - | $- |

---

As of June 30, 2024, the Company has net operating loss ("NOL") carryforwards of approximately $338,209 available to offset future taxable income. These NOLs were generated in Singapore and can be carried forward indefinitely under Singapore tax laws, subject to compliance with certain conditions, including the shareholding test and the same business test.

The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

**Note 10. COMMITMENTS AND CONTINGENCIES** 

In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies", the Company will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2024 and through the date the consolidated financial statements were available to be issued.

**Note 11. SUBSEQUENT EVENTS** 

The Company evaluated all events or transactions that occurred subsequent to June 30, 2024, through the date of approval of these financial statements, and has determined that there are no subsequent events that require disclosure or recognition in the financial statements.

**AI ASSETS LTD**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Amounts expressed in US dollars ("$") except for numbers of shares)**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **June 30, 2024**<br> **(audited)** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $158639 | $287143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount due from a related party | 4277 | 16334 |
| Total current assets | **162916** | **303477** |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 1966 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | 395538 | 125709 |
| &nbsp;&nbsp;&nbsp;Total non-current assets | 397504 | 128099 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**560420** | $**431576** |
| **Liabilities and equity** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $- | $348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 13799 | 10643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll payable | 90400 | 31188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables | 4735 | 4735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital subscription advance from investors (including nil and $520,405 from related parties as of December 31, 2024 and June 30, 2024 respectively) |  | 670397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount due to related parties | 260553 | 52470 |
| Total current liabilities | **369487** | **769781** |
| **Total liabilities** | $**369487** | $**769781** |
| **Shareholders' equity (deficit):** |  |  |
| Ordinary shares $0.0001 par value per share; 40,000 shares issued and outstanding as of June 30, 2024 |  | 4 |
| Class A Ordinary Shares $0.0001 par value per share; 6,200,000 shares issued and outstanding as of December 31, 2024 | 620 |  |
| Class B Ordinary Shares $0.0001 par value per share; 1,000,000 shares issued and outstanding as of December 31, 2024 | 100 |  |
| Additional paid-in capital | 669681 |  |
| Accumulated deficit | (479468) | (338209) |
| Total shareholders' equity (deficit) | **190933** | **(338205)** |
| **Total liabilities and shareholders' equity** | $**560420** | $**431576** |

---

\* The share split has been retroactively applied to all periods presented in the accompanying financial statements.

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

 

**AI ASSETS LTD**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**(Amounts expressed in US dollars ("$") except for numbers of shares)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
| Revenues | $58584 | $- |
| Cost of revenues | (502) | - |
| **Gross profit** | **58082** | **-** |
| **Operating expenses:** |  |  |
| Sales and marketing expenses | 14527 | 45 |
| General and administrative expenses | 124091 | 95634 |
| Research and development expenses | 62400 | 31435 |
| Total operating expenses | **201018** | **127114** |
| **Loss from operations** | **(142936)** | **(127114)** |
| Other income, net | 1677 | 791 |
| **Loss before income taxes** | **(141259)** | **(126323)** |
| Income taxes | - | - |
| **Net loss** | $**(141259)** | $**(126323)** |
| **Comprehensive loss attributable to shareholders** | $**(141259)** | $**(126323)** |
| **Net loss attributable to ordinary shareholders of AI Assets** |  |  |
| &nbsp;&nbsp;&nbsp;—Weighted average number of ordinary shares, basic and outstanding\* | 7044348 | 40000 |
| **Net loss per share attributable to ordinary shareholders of AI Assets** |  |  |
| &nbsp;&nbsp;&nbsp;—Basic and diluted\* | $(0.02) | $(3.16) |

---

\* The share split has been retroactively applied to six months ended December 31, 2023 presented in the accompanying financial statements.

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

**AI ASSETS LTD**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)**

**(Amounts expressed in US dollars ("$") except for numbers of shares)**

**For the six months ended December 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ordinary shares | Ordinary shares | Ordinary shares Class A | Ordinary shares Class A | Ordinary shares Class B | Ordinary shares Class B | | | |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Additional paid-in<br>capital | Accumulated<br>Deficit |<br>Total |
| **Balance of June 30, 2024** | **40000** | $**4** | **-** | **-** | **-** | **-** | **-** | **(338209)** | **(338205)** |
| Re-designation of authorized ordinary shares | (40000) | (4) | 40000 | 4 |  |  |  |  |  |
| Issuance of ordinary shares |  |  | 6160000 | 616 | 1000000 | $100 | $669681 |  | 670397 |
| Net loss |  |  |  |  |  |  |  | (141259) | (141259) |
| **Balance of December 31, 2024** | **-** | $**-** | **6200000** | $**620** | **1000000** | $**100** | $**669681** | **(479468)** | **190933** |

---

**For the six months ended December 31, 2023**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ordinary shares | Ordinary shares | | | |
|  | Number of shares\* | Amount |<br>Subscription Receivable |<br>Accumulated Deficit |<br>Total |
| Balance as of June 28, 2023 (Date of inception) |  | $- | $- | $- | $- |
| Issuance of ordinary shares | 40000 | 4 | (4) |  |  |
| Net loss | - | - | - | (1173) | (1173) |
| **Balance of June 30, 2023** | **40000** | $**4** | $**(4)** | $**(1173)** | $**(1173)** |
| Receipt of subscription receivable |  |  | 4 |  | 4 |
| Net loss | - | - | - | (337036) | (337036) |
| **Balance of June 30, 2024** | **40000** | $**4** | $**-** | $**(338209)** | $**(338205)** |

---

\* The share split has been retroactively applied to July 1, 2023 to December 31, 2023 presented in the accompanying financial statements.

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

**AI ASSETS LTD**

**UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Amounts expressed in US dollars ("$") except for numbers of shares)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
| **Cash Flows From Operating Activities:** |  |  |
| Net loss | $(141259) | $(126323) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Depreciation of equipment | 424 |  |
| Changes in operating assets and liabilities: |  |  |
| Amount due from a related party | 12057 |  |
| Deferred revenue | 3156 |  |
| Payroll payable | 59212 | 69200 |
| Amount due to a related party | 8425 | 5150 |
| Accounts payable | (348) | - |
| **Net Cash used in Operating Activities** | **(58333)** | **(51973)** |
| **Cash Flows From Financing Activities:** |  |  |
| Cash received from shareholders' loans | 149980 |  |
| Receipt of subscription receivable |  | 4 |
| Capital subscription advance from investors |  | 519789 |
| Cash payments relating to other financing activities | (220151) | (60025) |
| **Net Cash (used in) provided by Financing Activities** | **(70171)** | **459768** |
| Net changes in cash and cash equivalents | **(128504)** | **407795** |
| Cash and cash equivalents at beginning of the period | **287143** | - |
| - **Cash and cash equivalents at end of the period** | $**158639** | $**407795** |
| **Supplemental disclosures of cash flow information** |  |  |
| Related party payments of financing expenses | $**101724** | $**50025** |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

**AI ASSETS LTD**

**NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1. PRINCIPAL ACTIVITIES AND ORGANIZATION**

**a) *Principal Activities***

AI Assets Ltd ("AI Assets") is a holding company incorporated on June 28, 2023, under the laws of the British Virgin Islands ("BVI"). AI Assets has no substantial operations other than holding all of the outstanding share capital of MAXE AI Technology Pte. Ltd. ("MAXE AI"), a Singapore company incorporated on September 18, 2023.

AI Assets and its wholly owned Singapore subsidiary, MAXE AI (collectively known as "the Company"), is a provider of financial information and market tracking services by using artificial intelligence technology ("AI"). MAXE AI relies on historical data and real-time analysis of major global assets' fluctuation in order to provide optimal financial information and tracking services to individual users through its AI investment assistant app MAXE, and asset management solutions for institutional users.

***b) History***

On September 18, 2023, AI Assets entrusted its director, Mr. Yibin Xu, to establish MAXE AI in Singapore via an agreement. Mr. Xu acted as a nominee shareholder, holding 100% of the shares in MAXE AI on behalf of AI Assets. Subsequently, on November 17, 2023, in accordance with the terms of the entrusted arrangement, Mr. Xu transferred the entire shareholding (100% of shares) in MAXE AI to AI Assets. AI Assets is the direct and sole shareholder of MAXE AI.

 ****

***c) Corporate Structure***

The unaudited condensed consolidated financial statements of the Company include the following subsidiary:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Incorporation Date** | **Place of Incorporation** | **Percentage**<br> **of effective**<br> **ownership** | **Principal activities** |
| MAXE AI Technology Pte. Ltd. | September 18, 2023 | Singapore | 100% | Financial information and market tracking services provider |

---

***d) Liquidity***

Cash flow from operations and capital contributions and loans from shareholders have been utilized to finance the working capital requirements of the Company. For the six months ended December 31, 2024, the Company reported a net loss of $141,259. As of December 31, 2024, the Company had $158,639 in cash and cash equivalents, which is unrestricted as to withdrawal and use as of December 31, 2024. In view of these circumstances, the management of the Company has given consideration to the future liquidity and performance of the Company and its available sources of finance in assessing whether the Company will have sufficient financial resources to continue as a going concern.

The unaudited condensed consolidated financial statements for the six months ended December 31, 2024 and 2023, have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern.

**Note 2. PRINCIPAL ACCOUNTING POLICIES**

This summary of significant accounting policies is presented to assist in understanding the Company's unaudited condensed consolidated financial statements for the six months ended December 31, 2024 and 2023, has been consistently applied in the preparation of the unaudited condensed consolidated financial statements.

***2.1 Basis of presentation***

The accompanying unaudited interim 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 regulations of the Securities and Exchange Commission.

The unaudited interim condensed consolidated financial statements do not include all the information and footnotes required by the U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with the U.S. GAAP have been condensed or omitted consistent with Article 10 of Regulation S-X. In the opinion of the Company's management, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, in normal recurring nature, as necessary for the fair statement of the Company's financial position as of December 31, 2024, and results of operations and cash flows for the six months ended December 31, 2024 and 2023. The unaudited interim condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by the U.S. GAAP. Interim results of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period. These financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023, and related notes included in the Company's audited consolidated financial statements.

***2.2 Consolidation***

The accompanying unaudited condensed consolidated financial statements for the six months ended December 31, 2024 and 2023, include the accounts of the Company and its subsidiary. Significant inter-company balances, inter-company transactions, investment and capital, if any, have been eliminated upon consolidation.

***2.3 Use of estimates and assumptions***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Company's unaudited condensed consolidated financial statements, for the six months ended December 31, 2024 and 2023, include but not limited to, estimates for useful lives and impairment of equipment, deferred taxes and uncertain tax position, and allowance for doubtful accounts. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements.

***2.4 Cash and cash equivalents***

Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds earned from the Company's operating revenues which are held in our payment platform accounts, which the Company withdraws into our bank accounts from time to time.

***2.5 Foreign currencies***

The reporting currency of the Company is United States Dollar ("US$") and the accompanying unaudited condensed consolidated financial statements for the six months ended December 31, 2024 and 2023 have been expressed in "$". In addition, the Company's subsidiary is operating in Singapore and maintains its books and records in "US$" as its functional currency.

Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates quoted by authoritative banks prevailing on the transaction dates. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded in other income, net in the consolidated statements of operations and comprehensive loss.

***2.6 Property and Equipment***

Property and equipment are stated at historical cost less accumulated depreciation. Repair and maintenance costs are expensed as incurred as repairs and maintenance do not extend the useful life or improve the related assets. Depreciation is computed using the straight-line method over the estimated useful lives of the assets.

The estimated useful life of each asset category is as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated useful lives** |
| Electronic equipment | 3 years |

---

When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from their respective accounts and any loss on such retirement is reflected in operating expenses.

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

The Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the six months ended December 31, 2024 and 2023, no impairment of long-lived assets was recognized.

***2.8 Accounts payables***

Accounts payable and other current liabilities are liabilities for services provided to the Company prior to the end of the financial year which are unpaid. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

 ****

***2.9 Revenue recognition***

The Company adopted Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (ASC Topic 606) for all periods presented. The Company derives its revenue primarily from subscription services. Revenue is recognized when control of these services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services, net of any sales taxes.

The Company determines revenue recognition through the following steps:

● identification of the contract, or contracts, with a customer;

● identification of the performance obligations in the contract;

● determination of the transaction price;

● allocation of the transaction price to the performance obligations in the contract; and

● recognition of revenue when, or as, the Company satisfies a performance obligation.

*Subscription revenue*

 

Subscription revenue primarily consists of fees from customers for access to the Company's information assistant App and get updated financial information. The Company uses AI to power the assistant App. Subscription revenue is recognized on a ratable basis over the subscription contract term, beginning on the date the access to the Company's platform is provided, as no implementation work is required, if consideration the Company is entitled to receive is probable of collection. Subscription contracts generally have terms of one month or one year, are billed in advance, and are non-cancelable. The subscription arrangements do not allow the customer the contractual right to take possession of the platform; as such, the arrangements are considered to be service contracts.

The Company does not sell our services through third-party resellers, all subscriptions are made through its App or official website.

*Contract Balances*

As per ASC 606, when a customer pays consideration before the transfer of services, the Company records the amount as a contract liability (deferred revenue). The Company then recognizes revenue, reducing the contract liability and increasing revenue as the Company provides the service over time.

*Refunds and Trial Services*

Given that the Company offers informational services without providing trial services or refunds, there are no provisions for refunds or adjustments related to the revenue recognition process.

*Revenue Recognition Over Time*

Revenue from membership subscription is recognized over the period of membership. The subscription fee is recognized as revenue over the subscription period. Any relevant costs incurred to provide the membership benefits are recognized as expenses.

***2.10 Deferred Revenue***

The Company records deferred revenue when cash payments are received in advance of revenue recognition from subscription services described above in accordance with the terms of the underlying contracts where the service period has not yet commenced but will commence in the near future. Deferred revenue is recognized when, or as, performance obligations are satisfied. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current; the remaining portion is recorded as deferred revenue, non-current. Revenue recognized that was included in deferred revenue balance at the beginning of the period were $13,799 and nil as of six months ended December 31, 2024 and 2023 respectively.

***2.11 Cost of revenue***

The cost of revenue primarily consists of fees paid to the service providers and labor costs.

 ****

***2.12 Sales and Marketing Expenses***

Sales and marketing expenses comprise primarily of expenses relating to marketing and brand promotion activities, and sales support functions. For the six months ended December 31, 2024 and 2023, advertising and marketing costs were $14,527 and $45, respectively.

 ****

***2.13 General and Administrative Expenses***

General and administrative expenses consist of employee-related cost for personnel related to the general corporate functions, including accounting, finance, legal and human resources, costs associated with use by these functions of facilities and equipment, such as depreciation expenses, office expenses and other general corporate related expenses.

For the six months ended December 31, 2024 and 2023, general and administrative expenses were $124,091 and $95,634, respectively.

***2.14 Research and Development Expenses***

Research and development expenses are principally related to our technology of corporate learning platform which consists mainly of employee-related cost for research and development personnel, third-party cloud infrastructure and bandwidth expenses incurred for research and development purposes, and depreciation expenses associated with the equipment used for research and development functions and other expenses incurred for courses designing.

For the six months ended December 31, 2024 and 2023, research and development expenses were $62,400 and $31,435, respectively.

 ****

***2.15 Income taxes***

<u>BVI</u>

AI Assets Ltd. is domiciled in the British Virgin Islands. The locality currently enjoys permanent income tax holidays; accordingly, AI Assets does not accrue income taxes.

<u>Singapore</u>

MAXE AI Technology Pte. Ltd. is incorporated in Singapore and is subject to Singapore corporate tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first Singapore dollars ("S$") 10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

The income tax provision in both current and deferred portions are nil for the six months ended December 31, 2024 and 2023, respectively.

The tax losses carried forwards are available for offsetting against future taxable profits for which no deferred tax asset is recognized due to uncertainty of its recoverability. The realization of the future income tax benefits from the tax losses carry forwards is available for an unlimited future period subject to the compliance with certain provisions of the tax legislations of the countries in which the Company companies operate.

 ****

***2.16 Comprehensive Loss***

Comprehensive loss is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments from shareholders and distributions to shareholders.

 ****

***2.17 Net Loss Per Share***

Basic loss per share is computed by dividing the net loss attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share is calculated by dividing net income attributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period.

 ****

***2.18 Segment Reporting***

ASC 280, Segment Reporting, establishes standards for companies to report in their financial statement's information about operating segments, products, services, geographic areas, and major customers.

Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. As the Company's long-lived assets are substantially located in Singapore, no geographical segments are presented.

***2.19 Recent Accounting Pronouncements***

The Company qualifies as an "emerging growth company", or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Company does not need to comply with any new or revised financial accounting standards until such a date that a private company is otherwise required to comply with such new or revised accounting standards. The Company will adopt the standards based on the extended transition period provided to private companies.

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 ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statement.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as additional information on income taxes paid. For public business entities, this standard is effective for annual periods beginning after December 15, 2024. For non-public business entities, this standard is effective for annual periods beginning after December 15, 2025. Early adoption is permitted, and the disclosures in this standard are required to be applied on a prospective basis with the option to apply the standard retrospectively. The Company is in the process of evaluating the potential impact of the new guidance on its unaudited condensed consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40)–Disaggregation of Income Statement Expenses ("ASU 2024-03") which is intended to improve the disclosures about a public entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2024-03 should be applied on a prospective basis, but retrospective application is permitted. The Company is evaluating the impact of this standard on the Company's unaudited condensed consolidated financial statements.

***2.20 Related Parties***

Parties are considered to be related to the Company if the parties, directly or indirectly, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions in Note 7.

***2.21 Fiscal Year End***

The Company has adopted a fiscal year end of June 30.

**Note 3. CONCENTRATION AND RISKS**

 ****

***3.1 Concentration of Credit Risk***

Financial instruments that potentially subject the Company to the concentration of credit risks consist of cash and cash equivalents. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. As of June 30, 2024, the Company's cash and cash equivalents were held in financial institutions located in Singapore.

The Deposit Insurance Scheme ("Scheme") administered by the Singapore Deposit Insurance Corporation (SDIC), provides coverage of up to S$100,000 per depositor per member bank, including digital banks, for eligible Singapore dollar deposits. Corporate entities, including companies, partnerships, and sole proprietorships, benefit from this protection. However, foreign currency deposits are not included in this coverage.

As of December 31, 2024, most of the Company's cash is deposited in U.S. dollars in ANEXT BANK, and this portion of the cash is not covered by this Scheme.

The Company has not experienced any significant recoverability issue. The Company assesses the creditworthiness of each customer when providing services and may require the customers to make advance payments before the services are rendered.

As of December 31, 2024 and 2023, there were no customers with greater than 10% of the accounts receivable, respectively.

 ****

***3.2 Concentration of Customers and Suppliers***

Substantially all revenue was derived from customers around the globe. There are no customers or suppliers for whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Company in any of the periods presented.

**Note 4. PROPERTY AND EQUIPMENT, NET**

On December 31, 2024 and June 30, 2023, Property and Equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **June 30, 2024** |
| Electronic equipment | $2545 | $2545 |
| Less: Accumulated depreciation | 579 | 155 |
| Property and equipment, net | 1966 | 2390 |

---

Depreciation expense of property and equipment totaled $424 and $155 for the six months ended December 31, 2024 and year ended June 30, 2024, respectively.

**Note 5. CAPITAL SUBSCRIPTION ADVANCE FROM INVESTORS**

On May 20, 2024, the Company entered investment agreements with various investors including Mr. Yibin Xu, 4Di Capital LLC, a company jointly controlled by Mr. Dong Chen and Mr. Haocheng Sun, and three third party investors to offer a total of 6,160,000 Class A ordinary shares and 1,000,000 Class B ordinary shares.

For the issuance of these shares, the Company received an amount of shareholders' contribution of $670,397 as of June 30, 2024 in advance. Among the consideration, $520,405 was received from Mr. Yibin Xu and 4Di Capital LLC for the shares allotted to them, which are the amounts received from the related parties.

As the allotments of shares took effect on July 5, 2024, the amount of $669,681 of capital subscription advance from investors is recognized as additional paid-in capital.

**Note 6. RELATED PARTY TRANSACTIONS AND BALANCES**

The table below sets forth the major related parties and their relationships with the Company as of December 31, 2024 and June 30, 2024:

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| Maxe AI Technology Limited, a Hong Kong company ("MAXE HK") | Under common control, wholly owned by Yibin Xu |
| Yibin Xu | Chief Executive Officer and sole Director |
| Dong Chen | Chief Financial Officer |
| Haocheng Sun | Joint control shareholder of 4Di Capital LLC |
| 4Di Capital LLC | Entity jointly controlled by Dong Chen and Haocheng Sun |

---

On September 28, 2023, MAXE AI entered into an assets sale agreement with MAXE HK, to acquire valued artificial intelligence strategies, asset management systems, and development environment (software and hardware) at a consideration of $1.00.

*Amount due to related parties*

Since September 2023, Mr. Yibin Xu has paid part of the listing professional fees and advertising fees on behalf of the Company and provided a loan of $49,980 in December 2024. As of December 31, 2024 and June 30, 2024, the amount due to Mr. Xu were $160,553 and $52,470 respectively. Shareholder, 4DI Capital LLC provided a loan of $100,000 to the Company in December 2024.The amount is unsecured, non-interest bearing and due on demand.

*Amount due from a related party*

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **June 30, 2024** |
| Amount due from a related party | $4277 | $16334 |

---

On September 18, 2023, MAXE AI entered a bank account in Hong Kong usage arrangement with MAXE HK for the purpose of facilitating MAXE AI's normal business operations, as it is difficult to open a bank account for new companies established by foreign shareholders in Singapore. MAXE AI ceased using this account since September 18, 2024, and all funds have been transferred to MAXE AI's bank account in Singapore. For the usage period, the Company has full control over this account, and it is solely used by MAXE AI.

As of December 31, 2024 the receivables balance due from MAXE HK was $4,277, which consisted of represented payment on behalf of MAXE HK.

**Note 7. EQUITY**

 ****

***Ordinary Shares***

The Company was incorporated under the laws of the BVI on June 28, 2023, authorized to issue 50,000 ordinary shares with a par value of $1 per share. On the same day, the Company issued 4 common shares at par value.

On May 30, 2024, the Company passed a resolution for a re-designation of the common shares into Class A Ordinary Shares, Class B Ordinary Shares, Class A Preferred Shares, Class B Preferred Shares, and Class C Preferred Shares, and convert the authorized shares into unlimited shares. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each holder of our Class A Ordinary Shares is entitled to one vote per share, while each holder of our Class B Ordinary Shares is entitled to ten votes per share. In addition, the Company passed a resolution to split the 4 issued shares into 40,000 shares at a ratio of 1:10,000. The par value of the share is split from $1 to $0.0001. On the same day, the Company offered a total of 6,160,000 Class A ordinary shares and 1,000,000 Class B ordinary shares to the original shareholders and the three new shareholders. The re-designation and allotments of shares took effect on July 5, 2024.

Since the re-designation of the common shares took effect after June 30, 2024, the share split has been retrospectively applied only in the Company's financial statements for all periods presented prior to its effectiveness. However, in these unaudited condensed consolidated financial statements for the six months ended December 31, 2024, the share split is reflected only from the effective date onward, as the adoption of the dual-class structure impacts comparability. As a result, in the annual financial statements, all share and per-share amounts for periods prior to the effectiveness date were adjusted to reflect the share split, including the restatement of the number of shares issued and outstanding as of June 30, 2023, from 4 shares to 40,000 shares.

As of December 31, 2024, the Company had a total of 6,200,000 Class A ordinary shares and 1,000,000 Class B ordinary shares issued and outstanding.

**Note 8. INCOME TAXES**

<u>BVI</u>

AI Assets is incorporated in the British Virgin Islands. The locality currently enjoys permanent income tax holidays; accordingly, AI Assets does not accrue income taxes.

<u>Singapore</u>

MAXE AI Technology Pte. Ltd. is incorporated in Singapore and is subject to Singapore corporate tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

The income tax provision in both current and deferred portions are nil for the six months ended December 31, 2024 and 2023, respectively.

A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
| Net loss before income taxes | $(141259) | $(126323) |
| Income tax expenses attributable to net loss at Singapore statutory rate of 17% | (24014) | (21475) |
| Tax-free portion | 4803 | 4295 |
| Change in valuation allowance | 19211 | 17180 |
| Income tax expense | $- | $- |

---

The significant component of deferred tax is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
| Deferred tax assets, gross: | $— | $— |
| Tax losses | 19211 | 17180 |
| Valuation allowance | (19211) | (17180) |
| Total deferred tax assets | $- | $- |

---

As of December 31, 2024, the Company has net operating loss ("NOL") carryforwards of approximately $479,468 available to offset future taxable income. These NOLs were generated in Singapore and can be carried forward indefinitely under Singapore tax laws, subject to compliance with certain conditions, including the shareholding test and the same business test.

The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

**Note 9. COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies", the Company will record accruals for such loss contingencies when it is probable that a liability has been incurred, and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2024 and through the date the unaudited condensed consolidated financial statements were available to be issued.

**Note 10. SUBSEQUENT EVENTS**

The Company evaluated all events or transactions that occurred subsequent to December 31, 2024, through the date of approval of these financial statements, and has determined that there are no subsequent events that require disclosure or recognition in the financial statements.

 **

***PRELIMINARY PROSPECTUS***

 

***4,000,000*** ***Class A Ordinary Shares to be Sold by the Company***

![](logo_001.jpg)

![](logo_002.jpg)

***, 2025***

 ****

***Through and including , 2025 (the 25<sup>th</sup> day after the date of this prospectus), all dealers effecting transactions in the 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 a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.***

RESALE PROSPECTUS ALTERNATE PAGE

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

---

| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **Subject to Completion, dated September 9, 2025** |

---

![](logo_001.jpg)

**AI ASSETS LTD**

**Up to 2,000,000 Class A Ordinary Shares to be Offered by the Selling Shareholders**

This prospectus relates to the resale of up to 2,000,000 Class A Ordinary Shares, par value $0.00005 per share ("Class A Ordinary Shares") of AI ASSETS LTD a British Virgin Islands business company limited by shares, by each shareholder named in this prospectus (the "Selling Shareholders"). We will not receive any of the proceeds from the sale of the Class Ordinary Shares by the Selling Shareholders.

We are authorized to issue an unlimited number of shares of $0.00005 par value each divided into five classes of shares as follows: (i) Class A Ordinary Shares of $0.00005 par value each; (ii) Class B ordinary shares of $0.00005 par value each (iii) Class A preferred shares of $0.00005 par value each; (iv) Class B preferred shares of $0.00005 par value each; and (v) Class C preferred shares of $0.00005 par value each. Holders of our Class A Ordinary Shares will have the same rights as holders of the Class B ordinary shares, save as voting and conversion rights.

The holders of Class A Ordinary Shares will have one (1) vote at a meeting of shareholders while holders of Class B ordinary shares will be entitled to ten (10) votes at a meeting of shareholders. The Class A Ordinary Shares are not convertible into Class B ordinary shares or preferred shares at any time. There are no provisions in our articles that would limit the lifespan of the Class B ordinary shares, and the holders of Class B ordinary shares are able to hold their Class B ordinary shares for any period of time.

On May 30, 2024, the Company passed a resolution of shareholders approving a share subdivision whereby each issued and unissued shares of the Company was subdivided into 10,000 shares of $0.0001 par value each, and a redesignation of all existing issued ordinary shares as Class A Ordinary Shares. The Company further approved the increase of its maximum number of authorized shares to an unlimited number of shares of $0.0001 par value each, divided into Class A Ordinary Shares, Class B ordinary shares, Class A preferred shares, Class B preferred shares and Class C preferred shares. The changes in authorised number of shares took effect on July 5, 2024.

On January 15, 2025, the Company passed a resolution of directors approving a share subdivision whereby each issued and unissued shares of the Company was subdivided into two (2) shares of $0.00005 par value per share. This share subdivision took effect on February 5, 2025.

Prior to this offering, there has been no public market for our Class A Ordinary Shares. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "AIAS." This offering is contingent upon the listing of our Class A Ordinary Shares on the Nasdaq Capital Market and there can be no assurance that we will be successful in listing our Class A Ordinary Shares. If our application is not approved, this offering will not be completed.

The successful listing of our shares on the Nasdaq Capital Market is a condition to both the closing of our underwritten primary offering and to this secondary offering by our Selling Shareholders. The sale of our Class A Ordinary Shares in our underwritten primary offering is on a firm commitment basis. The sale of the Class A Ordinary Shares by the Selling Shareholders in the secondary offering is on a best-efforts basis by each Selling Shareholder and is conditioned upon the prior successful completion of the sale of the Class A Ordinary Shares by the Company in the underwritten primary offering. Following the listing of our Class A Ordinary Shares on the Nasdaq Capital Market and the closing of our underwritten primary offering, the per share public offering price of the Class A Ordinary Shares to be sold by the Selling Shareholders in the secondary offering will be the then-prevailing market price.

The registration of the Selling Shareholders' Class A Ordinary Shares does not mean that the Selling Shareholders will offer or sell any Class A Ordinary Shares. We will not receive any proceeds from any sale or disposition of Class A Ordinary Shares by the Selling Shareholders. In addition, we will pay all fees and expenses incident to the registration of the resale of Class A Ordinary Shares by the Selling Shareholders. The Selling Shareholders may offer their Class A Ordinary Shares from time to time directly or through one or more broker-dealers or agents at market prices prevailing at the time of sale. However, the Selling Shareholders will not sell any Class A Ordinary Shares until after the closing of the underwritten primary offering. The offering by the Selling Shareholders will remain open for 180 days following the date of this prospectus. Following the expiration of such 180-day period, we no longer intend to keep this registration statement effective. For additional information on the possible methods of sale that may be used by the Selling Shareholders, refer to the section of this prospectus entitled "Selling Shareholders Plan of Distribution".

We are an "Emerging Growth Company" and a "Foreign Private Issuer" under applicable U.S. federal securities laws and, as such, are eligible for reduced public company reporting requirements. Please see "Implications of Our Being an Emerging Growth Company" and "Implications of Our Being a Foreign Private Issuer" beginning on page 10 of this prospectus for more information.

The Company has Class A Ordinary Shares and Class B Ordinary Shares currently in issue. Mr. Yibin Xu, our Chief Executive Officer, will beneficially own approximately 31.7% of our total issued and outstanding Class A Ordinary Shares and 100% of our total issued and outstanding Class B Ordinary Shares, representing 69.2% of our total voting power, assuming that the underwriters do not exercise their over-allotment option. As a result, we will be a "controlled company" as defined under the Nasdaq Stock Market Rules. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting, transfer and conversion rights. Each Class A Ordinary Share is entitled to one vote, and each Class B ordinary share is entitled to ten (10) votes and is convertible into one (1) Class A ordinary share. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. *See Risk Factors* beginning on page** 12 **to read about factors you should consider before buying our Class A Ordinary Shares.**

**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.**

**The date of this prospectus is [ ], 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| ABOUT THIS PROSPECTUS |  |
| MARKET AND INDUSTRY DATA |  |
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS |  |
| DEFINITIONS |  |
| PROSPECTUS SUMMARY |  |
| HISTORY AND CORPORATE STRUCTURE |  |
| RISK FACTORS |  |
| ENFORCEABILITY OF CIVIL LIABILITIES |  |
| [SELLING SHAREHOLDERS](#alt_001) | Alt-2 |
| [USE OF PROCEEDS](#alt_003) | Alt-5 |
| CAPITALIZATION |  |
| DILUTION |  |
| DIVIDEND POLICY |  |
| MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |  |
| INDUSTRY OVERVIEW |  |
| BUSINESS |  |
| REGULATIONS |  |
| MANAGEMENT |  |
| PRINCIPAL SHAREHOLDERS |  |
| RELATED PARTY TRANSACTIONS |  |
| DESCRIPTION OF SHARES |  |
| CERTAIN BRITISH VIRGIN ISLANDS COMPANY CONSIDERATIONS |  |
| SHARES ELIGIBLE FOR FUTURE SALE |  |
| MATERIAL TAX CONSIDERATIONS |  |
| [SELLING SHAREHOLDERS PLAN OF DISTRIBUTION](#alt_002) | Alt-3 |
| EXPENSES RELATING TO THIS OFFERING |  |
| LEGAL MATTERS |  |
| EXPERTS |  |
| WHERE YOU CAN FIND ADDITIONAL INFORMATION |  |
| INDEX TO CONSOLIDATED FINANCIAL STATEMENTS |  |

---

i

**You should rely only on the information contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. Neither we, nor the underwriter has authorized anyone to provide you with different information. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus, or any free writing prospectus, as the case may be, or any sale of the Class A Ordinary Shares.**

**For investors outside the United States:** Neither we, nor the underwriter has done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus 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.

Alt-i

RESALE PROSPECTUS ALTERNATE PAGE

**The Offering**

---

| | |
|:---|:---|
| Offering 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. |
| Class A Ordinary Shares offered by the Selling Shareholders | up to 2,000,000 Class A Ordinary Shares by certain selling shareholders. These shares will not be part of this initial public offering. |
| Class A Ordinary Shares issued and outstanding prior to this offering | 12,400,000 Class A Ordinary Shares |
| Use of proceeds | We will not receive any proceeds from the sale of the Class A Ordinary Shares by the Selling Shareholders. The proceeds, if any, from the sale of the Class A Ordinary Shares by the Selling Shareholders pursuant to this prospectus by the Selling Shareholders will be for the account of the Selling Shareholders. |
| Dividend policy | We do not intend to pay any dividends on our Class A Ordinary Shares for the foreseeable future. Instead, we anticipate that all of our earnings, if any, will be used for the operation and growth of our business. See "Dividend Policy" for more information. |
| Risk factors | Investing in our Class A Ordinary Shares involves risks. See "Risk Factors" beginning on page 12 of this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
| Listing | We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market, under the symbol "AIAS". This offering is contingent on the listing of our Class A Ordinary Shares on the Nasdaq Capital Market, and there is no assurance that we will be successful in listing our Class A Ordinary Shares. If our application is not approved by the Nasdaq Capital Market, this offering will not be completed. |
| Voting Rights | Each Class A Ordinary Share is entitled to one vote. Each Class B ordinary share is entitled to ten votes. |
| Conversion Rights | Class A Ordinary Shares are not convertible into Class B ordinary shares under any circumstances. Class B ordinary shares are convertible into Class A Ordinary Shares at any time at the option of the holder thereof on a one-for-one basis, subject to adjustments in accordance with the Amended and Restated Articles. |
| Transfer agent | VStock Transfer, LLC |

---

RESALE PROSPECTUS ALTERNATE PAGE

**SELLING SHAREHOLDERS**

On May 30, 2024, the Company through a board resolution, approved the issuance of 6,160,000 Class A Ordinary Shares with a par value of $0.0001 each in the capital of the company at par value, 1,000,000 of which are allotted to the selling shareholders for an aggregate subscription price of $100.

On January 15, 2025, the Company passed a resolution approving a share subdivision whereby each issued and unissued shares of the Company were subdivided into two (2) shares of $0.00005 par value per share. As a result, the number of shares held by the selling shareholders increased to an aggregate of 2,000,000.

None of the selling shareholders has had any position, office or other material relationship within the past three years with the Company or any of its predecessors or affiliates.

The table below presents information regarding the Selling Shareholders and the Class A Ordinary Shares that may be offered from time to time under this prospectus. This table is prepared based on information supplied to us by the Selling Shareholders and reflects holdings as of the date of this prospectus.

The number of shares in the column "Total Number of Shares to be Offered for Selling Shareholder Account" represents all of the Class A Ordinary Shares that the Selling Shareholders may offer under this Prospectus. The Selling Shareholders may sell some, all, or none of their shares offered by this prospectus. We do not know how long the Selling Shareholders will hold the shares before selling them, and we currently have no agreements, arrangements, or understandings with the Selling Shareholders regarding the sale of any of the shares.

Beneficial ownership is determined in accordance with Rule 13d-3(d) promulgated by the Commission under the Exchange Act and includes Ordinary Shares with respect to which the Selling Shareholders have voting and investment power. Under such rules, beneficial ownership includes any shares over which the individual has sole or shared voting power or investment power as well as any shares that the individual has the right to acquire within 60 days after the date of this table. To our knowledge and subject to applicable community property rules, the persons and entities named in the table have sole voting and sole investment power with respect to all equity interests beneficially owned. We had an aggregate of 12,400,000 Class A Ordinary Shares issued and outstanding as of the date of this prospectus. The percentage of Class A Ordinary Shares beneficially owned by the Selling Shareholders prior to this offering in the table below is calculated based on an aggregate of Class A Ordinary Shares expected to be outstanding upon consummation of the primary underwritten offering.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Selling Shareholder** | **Shares<br> Owned<br> Prior to this<br> Offering** | **Total<br> Number of<br> Shares to be<br> Offered<br> for Selling<br> Shareholders<br> Account** | **Total<br> Shares to be<br> Owned Upon<br> Completion of<br> the Offering** | **Percentage<br> Owned<br> Prior to this<br> Offering** | **Percentage to be Owned Upon<br> Completion of<br> the Offering<sup>(1)</sup>** |
| AI Union Limited<sup>(2)</sup> | 700000 | 700000 | 0 | 4.27% | 0% |
| Ying Wang<sup>(3)</sup> | 660000 | 700000 | 0 | 4.02% | 0% |
| Xiaoyuan Lyu<sup>(4)</sup> | 640000 | 640000 | 0 | 3.90% | 0% |
| **Totals** | **2000000** | **2000000** | **0** | **12.19%** | 0% |

---

(1) Assumes no underwriter exercise
 of the over-allotment option. The Company anticipates that any exercise by the underwriters of the over-allotment option
 would not materially change the percentage of Class A Ordinary Shares to be owned by the Selling Shareholders upon completion
 of the underwritten primary offering and sale of all or substantially all of the Class A Ordinary Shares by the Selling Shareholders.

(2) Mr. Jiagen Lyu is the Director of AI Union Limited and has sole voting and dispositive power
 over the securities held by AI Union Limited. Mr. Lyu disclaims beneficial ownership over the securities listed except to
 the extent of his pecuniary interest therein. The principal business address of AI Union Limited is Rm 1801, Easey Comm Bldg., 253
 Hennessy Road, Wanchai, Hong Kong.

(3) Ying Wang's principal business address is Rm 1805, 18/F, Hollywood Plaza 610 Nathan Road,
 Kowloon, Hong Kong.

(4) Xiaoyuan Lyu's principal business address is Rm 1103, Block 3, 76 Xinanjiang Street, Nanjing,
 China.

RESALE PROSPECTUS ALTERNATE PAGE

**SELLING SHAREHOLDERS PLAN OF DISTRIBUTION**

We are registering the Class A Ordinary Shares of the Selling Shareholders to permit the resale of Class A Ordinary Shares by the Selling Shareholders from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale of Class A Ordinary Shares by the Selling Shareholders. We will bear all fees and expenses incident to the registration of the Class A Ordinary Shares by the Selling Shareholders in the registration statement of which this prospectus forms a part. We do not expect the Class A Ordinary Shares being offered by the Selling Shareholders to be sold by or through Cathay Securities, Inc. in this offering.

The Selling Shareholders may sell all or a portion of the Class A Ordinary Shares beneficially owned by them and offered hereby from time to time directly or through one or more broker-dealers or agents at market prices prevailing at the time of sale. If the Class A Ordinary Shares are sold through broker-dealers, the Selling Shareholders will be responsible for any commissions or agent's commissions. The Class A Ordinary Shares may be sold by Selling Shareholders in one or more transactions at prevailing market prices at the time of the sale. However, the Selling Shareholders will not sell any Class A Ordinary Shares until after the closing of the underwritten primary offering. The offering by the Selling Shareholders will remain open for 180 days following the date of this prospectus. Following the expiration of such 180-day period, we no longer intend to keep this registration statement effective. We do not have any contractual agreements with the Selling Shareholders requiring registration of their shares or otherwise. Instead, the Company has decided to register their shares for resale as a method for providing some liquidity to its prior private investors. These sales may be effected in transactions, which may involve crosses or block transactions:

● on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;

● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● block trades in which the broker-dealer will attempt to sell the securities 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 resale by the broker-dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● short sales;

● in transactions through broker-dealers that agree with the Selling Shareholders to sell a specified number of such securities at a stipulated price per security;

● through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

● a combination of any such methods of sale; or

● any other method permitted pursuant to applicable law.

The Selling Shareholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus. However, the Selling Shareholders will not sell any Class A Ordinary Shares until after the closing of the primary underwritten initial public offering.

Under applicable rules and regulations under the Securities Exchange Act, as amended (the "Exchange Act"), any person engaged in the distribution of the shares of Class A Ordinary Shares may not simultaneously engage in market making activities with respect to the shares of Class A Ordinary Shares for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling Shareholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of shares of Class A Ordinary Shares by the Selling Shareholders or any other person. We will make copies of this prospectus available to the Selling Shareholders and have informed them of the need to deliver a copy of this prospectus at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act, as amended).

If the Selling Shareholders effect such transactions to or through broker-dealers or agents, such broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the Selling Shareholders or commissions from purchasers of Class A Ordinary Shares from the Selling Shareholders for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection with sales of Class A Ordinary Shares by the Selling Shareholders or otherwise, the Selling Shareholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of Class A Ordinary Shares by the Selling Shareholders in the course of hedging in positions they assume. The Selling Shareholders may also sell Class A Ordinary Shares short and deliver Class A Ordinary Shares covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The Selling Shareholders may also loan or pledge Class A Ordinary Shares to broker-dealers that in turn may sell such shares.

The Selling Shareholders may pledge or grant a security interest in some or all of the Class A Ordinary Shares owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell Class A Ordinary Shares from time to time pursuant to an amendment to this prospectus under applicable provision of the Securities Act, amending, if necessary, the list of Selling Shareholders to include the pledgee, transferee or other successors in interest as Selling Shareholders under this prospectus.

The Selling Shareholders and any broker-dealer participating in the distribution of Class A Ordinary Shares may be deemed to be "underwriters" within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of Class A Ordinary Shares by the Selling Shareholders is made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of Class A Ordinary Shares being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the Selling Shareholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers.

Under the securities laws of some states, Class A Ordinary Shares may be sold by the Selling Shareholders in such states only through registered or licensed brokers or dealers. In addition, in some states the Selling Shareholders may not sell Class A Ordinary Shares unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.

There can be no assurance that any Selling Shareholder will sell any or all of their Class A Ordinary Shares registered pursuant to the registration statement, of which this prospectus forms a part.

The Selling Shareholders and any other person participating in such distribution will be subject to applicable provisions of the Exchange Act, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of Class A Ordinary Shares by the Selling Shareholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of Class A Ordinary Shares to engage in market-making activities with respect to such Class A Ordinary Shares. All of the foregoing may affect the marketability of the Class A Ordinary Shares and the ability of any person or entity to engage in market-making activities with respect to the Class A Ordinary Shares by Selling Shareholders.

Once sold under the registration statement, of which this prospectus forms a part, the Selling Shareholders' Class A Ordinary Shares will be freely tradeable in the hands of persons other than our affiliates.

RESALE PROSPECTUS ALTERNATE PAGE

**USE OF PROCEEDS**

We will not receive any of the proceeds from the sale of our Class A Ordinary Shares by the Selling Shareholders. In addition, the Underwriter will not receive any compensation from the sale of the Class A Ordinary Shares by the Selling Shareholders. The Selling Shareholders will receive all of the net proceeds from the sales of Class A Ordinary Shares offered by them under this prospectus. We have agreed to bear the expenses relating to the registration of the Class A Ordinary Shares for the Selling Shareholders.

***PRELIMINARY PROSPECTUS***

 ****

***Up to 2,000,000 Class A Ordinary Shares to be Offered by the Selling Shareholders***

![](logo_001.jpg)

 ***, 2025***

 ****

***Through and including , 2025 (the 25<sup>th</sup> day after the date of this prospectus), all dealers effecting transactions in the 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 a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.***

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Indemnification of Directors and Officers**

We are permitted under the BVI Act, as well as our Memorandum and Articles of Association, to indemnify any person who is a director of the Company or a party in a legal proceeding by reason of the fact that they are or were a director of the Company. This indemnity covers all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings. According to our Memorandum and Articles of Association, the indemnity only applies if the person acts honestly and in good faith with a view to the best interests of the Company and in the case of criminal proceedings, the person has no reasonable cause to believe that his or her conduct was unlawful.

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 of 1933, as amended, may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Recent Sales of Unregistered Securities**

On June 28, 2023, the date of incorporation of the Company, 20,000 Class A Ordinary Shares were issued to Yibin Xu, 10,000 Class A Ordinary Shares were issued to Dong Chen and 10,000 Class A Ordinary Shares were issued to Haocheng Sun, for services rendered to the Company.

On May 30, 2024, the Company passed a resolution approving (a) a share subdivision whereby each of the issued and unissued shares of the Company was subdivided into 10,000 shares of $0.0001 par value each, and (b) a redesignation all of the existing issued shares of the Company as Class A ordinary shares of $0.0001 par value each. The Company further approved the increase of its maximum number of authorized shares to an unlimited number of shares of $0.0001 par value each, divided into Class A Ordinary Shares, Class B Ordinary Shares, Class A Preferred Shares, Class B Preferred Shares and Class C Preferred Shares. These changes in authorised number of shares were effected on July 5, 2024 when the Company's amended and restated memorandum and articles of association was registered with the Registrar of Corporate Affairs of the BVI.

Additionally, on July 5, 2024, Dong Chen and Haocheng Sun transferred 10,000 Class A ordinary shares each to 4Di Capital LLC.

On January 15, 2025, the Company passed a resolution approving a share subdivision whereby each issued and unissued shares of the Company was subdivided into two (2) shares of $0.00005 par value per share. The share subdivision took effect on February 5, 2025, when the Company's Second Amended and Restated Memorandum and Articles was registered with the Registrar of Corporate Affairs of the BVI.

The following table sets forth the breakdown of the new issuances and transfers to each shareholder:

---

| | | |
|:---|:---|:---|
| **Name of Shareholder** | **Number and Class of Shares** | **Total Consideration** |
| Yibin Xu | 5,200,000 Class A Ordinary Shares | $258.00 |
|  | 2,000,000 Class B Ordinary Shares | $100.00 |
| 4Di Capital LLC | 5,200,000 Class A Ordinary Shares | $258.00 |
| AI Union Limited | 700,000 Class A Ordinary Shares | $35.00 |
| Ying Wang | 660,000 Class A Ordinary Shares | $33.00 |
| Xiaoyuan Lyu | 640,000 Class A Ordinary Shares | $32.00 |

---

We believe that each of the issuances and transactions above were exempt from registration under the Securities Act pursuant to Section 4(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

**Item 8. Exhibits and Financial Statement Schedules**

**Exhibits and Financial Statement Schedules**

**(a) Exhibits**

 

See Exhibit Index beginning on page II-3 of this registration statement.

**(b) Financial Statement Schedules**

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto.

**Item 9. Undertakings.**

The undersigned registrant hereby undertakes to provide to the placement agent at the closing specified in the placement agency agreement, certificates in such denominations and registered in such names as required by the placement agent to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act (15 U.S.C. 77j(a)(3)) need not be furnished, provided that the issuer includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. (5) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the issuer is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each prospectus filed by the undersigned issuer pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offerings described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the issuer is relying on Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offerings required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to the offerings prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offerings containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offerings made by the undersigned registrant to the purchaser.

(b) 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 under Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of document** |
| 1.1 \* | [Form of Underwriting Agreement](ex1-1.htm) |
| 3.1 \*\* | [Constitution of MAXE AI Technology Pte. Ltd.](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex3-1.htm) |
| 3.2 \*\* | [Memorandum and Articles of Association of Registrant](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex3-2.htm) |
| 3.3 \*\* | [Amended and Restated Memorandum and Articles of Association of Registrant](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex3-3.htm) |
| 3.4\*\* | [Second Amended and Restated Memorandum and Articles of Association of Registrant](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex3-4.htm) |
| 4.1 \*\* | [Specimen Certificate for Registrant's Class A Ordinary Shares](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex4-1.htm) |
| 5.1 \* | [Opinion of Ogier regarding the validity of the Class A Ordinary Shares being registered](ex5-1.htm) |
| 10.1 \*\* | [Employment Agreement dated June 30, 2023, by and between AI Assets Ltd. and Yibin Xu](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex10-1.htm) |
| 10.2 \*\* | [Employment Agreement dated June 30, 2023, by and between AI Assets Ltd. and Dong Chen](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex10-2.htm) |
| 10.3 \* | [Form of Lock-Up Agreement (included as Exhibit A to Underwriting Agreement)](ex1-1.htm) |
| 14.1 \*\* | [Code of Ethics of the Registrant](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex14-1.htm) |
| 21.1 \*\* | [List of Subsidiaries of the Registrant](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex21-1.htm) |
| 23.1 \* | [Consent of HTL International, LLC](ex23-1.htm) |
| 23.2 \* | [Consent of Ogier (included in Exhibit 5.1)](ex5-1.htm) |
| 23.3 \*\*\* | Consent of Bird & Bird ATMD (included in Exhibit 99.1) |
| 24.1 \*\* | [Form of Power of Attorney (included on signature pages)](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/formf-1.htm#lpa_001) |
| 99.1 \*\*\* | Opinion of Bird & Bird ATMD regarding certain Singapore law matters |
| 99.2 \*\* | [Director Nominee Consent of Dong Chen](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex99-2.htm) |
| 99.3 \*\* | [Director Nominee Consent of Chengming Qian](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex99-3.htm) |
| 99.4 \*\* | [Director Nominee Consent of Cheung Ki (Johnny) Wong](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex99-4.htm) |
| 99.5 \*\* | [Director Nominee Consent of Cai Sun](https://www.sec.gov/Archives/edgar/data/2039384/000149315225007820/ex99-5.htm) |
| 99.6\*  | [Request for Waiver and Representation under Item 8.A.4 of Form 20-F](ex99-6.htm)  |
| 107 \*\* | [Filing Fee Table](https://www.sec.gov/Archives/edgar/data/2039384/000164117225011951/ex107.htm) |

---

\* Filed herewith

\*\* Previously filed

\*\*\* To be filed by amendment

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the British Virgin Islands, on September 9, 2025.

---

| | |
|:---|:---|
| **AI ASSETS LTD** | **AI ASSETS LTD** |
| By: | */s/ Yibin Xu* |
| Name: | Yibin Xu |
| Title: | Chief Executive Officer and sole Director<br> (Principal Executive Officer) |
| By: | */s/ Dong Chen* |
| Name: | Dong Chen |
| Title: | Chief Financial Officer<br> (Principal Financial and Accounting 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/ *Yibin Xu* | Chief Executive Officer and sole Director | September 9, 2025 |
| Yibin Xu | (Principal Executive Officer) |  |
| *\** | Chief Financial Officer<br> (Principal Financial and Accounting Officer) | September 9, 2025 |
| Dong Chen |  |  |

---

---

| | |
|:---|:---|
| \* By: | */s/ Yibin Xu* |
|  | Yibin Xu |
|  | Attorney-In-Fact |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of AI Assets Ltd., has signed this registration statement or amendment thereto in New York, New York, on September 9, 2025.

---

| | |
|:---|:---|
| **The Crone Law Group, P.C.** | **The Crone Law Group, P.C.** |
| By: | */s/ Mark Crone* |
| Name: | Mark Crone |
| Title: | Partner |

---

## Exhibit 1.1

**Exhibit 1.1**

**AI ASSETS LTD**

**UNDERWRITING AGREEMENT**

**September [●], 202**5

**Cathay Securities, Inc.**

40 Wall Street, Suite 3600

New York, NY 10005

 

*As Representative of the Underwriters*

*named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, **AI ASSETS LTD**, a British Virgin Islands holding company (collectively with its subsidiaries and affiliates, including, without limitation, all entities disclosed or described in the Registration Statement (as hereinafter defined) as being subsidiaries or affiliates of the Company, the "**Company**"), hereby confirms its agreement (this "**Agreement**") with several underwriters (such underwriters, including the Representative (as defined below), the "**Underwriters**" and each an "**Underwriter**") named in <u>Schedule A</u> hereto for which **Cathay Securities, Inc.** is acting as the representative to the several Underwriters (in such capacity, the "**Representative**") to issue and sell an aggregate of 4,000,000 Class A ordinary shares ("**Firm Shares**"), par value US$0.00005 per share ("**Class A Ordinary Shares**"). The Company has also granted to the Underwriters an option to purchase up to 600,000 additional Class A Ordinary Shares, on the terms and for the purposes set forth in Section 2(c) hereof (the "**Additional Shares**"). The Firm Shares and any Additional Shares purchased pursuant to this Agreement are herein collectively referred to as the "**Offered Securities**." The offering and sale of the Offered Securities contemplated by this Agreement are referred to herein as the "**Offering**." The Company's issued share capital has a dual-class structure consisting of Class A ordinary shares and Class B ordinary shares ("**Class B Ordinary Shares**"). The Class A Ordinary Shares and Class B Ordinary Shares are collectively referred to as the "Ordinary Shares" in this Agreement. All currency stated herein, unless otherwise stated, is in the United States of America ($) Dollars. All references to generally accepted accounting principles ("**GAAP**") refer to such principles of GAAP as interpreted in the United States of America.

The Company confirms its agreement with the Underwriters as follows:

SECTION 1. *Representations and Warranties of the Company*.

The Company (and each Subsidiary (as defined in Section 1(r)) to the extent applicable) represents and warrants to the Underwriters as follows with the understanding that the same may be relied upon by the Underwriters in this Offering, as of the date hereof and as of the Closing Date (as defined below) and each Option Closing Date (as defined below), if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Filing of the Registration Statement*. The Company has prepared and filed with the Securities and Exchange Commission (the "**Commission**") a registration statement on Form F-1 (File No. 333-285112), which contains a form of the prospectus to be used in connection with the public offering and sale of the Offered Securities. Such registration statement, as amended, including the financial statements, exhibits, and schedules thereto contained in the registration statement at the time such registration statement became effective, in the form in which it was declared effective by the Commission under the Securities Act of 1933, as amended (the "**Securities Act**"), and the rules and regulations promulgated thereunder (the "**Securities Act Regulations**"), and including any required information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A under the Securities Act, or pursuant to the Securities Exchange Act of 1934, as amended (collectively, the "**Exchange Act**") and the rules and regulations promulgated thereunder (the "**Exchange Act Regulations**"), is called the "**Registration Statement**." Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the "**Rule 462(b) Registration Statement**," and from and after the date and time of filing of Rule 462(b) Registration Statement, the term "**Registration Statement**" shall include the Rule 462(b) Registration Statement. Such prospectus, in the form first filed pursuant to Rule 424(b) under the Securities Act after the date and time that this Agreement is executed and delivered by the parties hereto, or, if no filing pursuant to Rule 424(b) under the Securities Act is required, the form of the final prospectus relating to the Offered Securities included in the Registration Statement at the effective date of the Registration Statement ("**Effective Date**"), is called the "**Prospectus**." All references in this Agreement to the Registration Statement, the Rule 462(b) Registration Statement, the preliminary prospectus included in the Registration Statement (each, a "**preliminary prospectus**"), the Prospectus, or any amendments or supplements to any of the foregoing, shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis, and Retrieval System ("**EDGAR**"). The preliminary prospectus that was included in the Registration Statement immediately prior to the Applicable Time (as defined below) is hereinafter called the "**Pricing Prospectus**." Any reference to the "most recent preliminary prospectus" shall be deemed to refer to the latest preliminary prospectus included in the Registration Statement. Any reference herein to any preliminary prospectus or the Prospectus or any supplement or amendment to either thereof shall be deemed to refer to and include any documents incorporated by reference therein as of the date of such reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Time**" means [●], Eastern Time, on the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Compliance with Registration Requirements*. The Registration Statement has been declared effective by the Commission under the Securities Act and the Securities Act Regulations on [●], 2025. The Company has complied, to the Commission's satisfaction, with all requests of the Commission for additional or supplemental information. No stop order preventing or suspending the effectiveness of the Registration Statement, or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the best knowledge of the Company, are contemplated or threatened by the Commission.

Each preliminary prospectus and the Prospectus when filed complied or will comply in all material respects with the Securities Act and the Securities Act Regulations, if filed by electronic transmission pursuant to EDGAR (except as may be permitted by Regulation S-T under the Securities Act), was identical in content to the copy thereof delivered to the Underwriters for use in connection with the offer and sale of the Offered Securities, other than with respect to any artwork and graphics that were not filed. Each of the Registration Statement, any Rule 462(b) Registration Statement, and any post-effective amendment to either the Registration Statement or the Rule 462(b) Registration Statement, at the time it became effective and at all subsequent times until the expiration of the prospectus delivery period required under Section 4(a)(3) of the Securities Act, complied and will comply in all material respects with the Securities Act and the Securities Act Regulations and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus, as amended or supplemented, as of its date and at all subsequent times until the Underwriters have completed the placement of the offering of the Offered Securities, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any Rule 462(b) Registration Statement, or any post-effective amendment to either the Registration Statement or the Rule 462(b) Registration Statement, or in the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, made in reliance upon and in conformity with information relating to the Underwriters furnished to the Company in writing expressly for use therein, it being understood and agreed that the only such information furnished on behalf of any of the Underwriters consists of (i) the name of the Underwriters contained on the cover page of the Pricing Prospectus and Prospectus; (ii) the table listing the names of the Underwriters and the allocation of shares between the Underwriters in the "Underwriting" section in the Prospectus, and (iii) the sub-sections titled "Electronic Offer, Sale, and Distribution of Shares," and "Price Stabilization," in each case under the caption "Underwriting" in the Prospectus (the "**Underwriter Information**"). There are no contracts or other documents required to be described in the Pricing Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that have not been fairly and accurately described in all material respects or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Disclosure Package*. The term "**Disclosure Package**" shall mean (i) the Pricing Prospectus, as amended or supplemented, and (ii) the pricing terms set forth in <u>Schedule B</u> to this Agreement. As of the Applicable Time, the Disclosure Package did not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Offering Materials Furnished to the Underwriters*. The Company has delivered to the Underwriters copies of the Registration Statement and of each consent and certificate of experts filed as a part thereof, and each preliminary prospectus and the Prospectus, as amended or supplemented, in such quantities and at such places as the Underwriters has reasonably requested in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Distribution of Offering Material by the Company*. The Company has not distributed or authorized the distribution of, and will not distribute, prior to the completion of the Underwriters' purchase of the Offered Securities, any offering material in connection with the offering and sale of the Offered Securities other than a preliminary prospectus, the Pricing Prospectus, the Prospectus, and the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *The Underwriting Agreement*. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company, enforceable in accordance with its terms, except as rights to indemnification hereunder may be limited by applicable law and except as the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Authorization of the Offered Securities*. The Offered Securities to be sold by the Company through the Underwriters have been duly and validly authorized by all required corporate action and have been reserved for issuance and sale pursuant to this Agreement and, when so issued and delivered by the Company, will be duly and validly issued, fully paid and non-assessable, free and clear of all Liens (as defined in Section 1(r) hereof) imposed by the Company, and free of preemptive, registration or similar rights. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company has reserved sufficient authorized but unissued Class A Ordinary Shares for the issuance of the maximum number of Offered Securities issuable in connection with the Offering as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *No Applicable Registration or Other Similar Rights*. There are no persons with registration or other similar rights to have any securities of the Company registered for sale under the Registration Statement and included in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *No Material Adverse Change*. Except as otherwise disclosed in the Disclosure Package, subsequent to the respective dates as of which information is given in the Disclosure Package: (i) there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, assets, prospects or operations, whether or not arising from transactions in the ordinary course of business, of the Company and its Subsidiaries (as defined in Section 1(r)), as a whole (any such change, a "**Material Adverse Change**" and any resulting effect, a "Material Adverse Effect"); (ii) neither the Company, nor its Subsidiaries, has incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course of business; and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company in respect of its shares. For purposes of this Agreement, the term "knowledge" or "known" or similar derivatives, shall mean the knowledge of the members of the board of directors and senior executive officers named in the Registration Statement, each preliminary prospectus and Disclosure Package after reasonable inquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Independent* Accountant. HTL International, LLC (the "**Accountant**"), which has expressed its opinions with respect to the audited consolidated financial statements (which term as used in this Agreement includes the related notes thereto) of the Company and its Subsidiaries filed with the Commission as a part of the Registration Statement and included in the Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Preparation of the Financial Statements*. Each of the historical consolidated financial statements of the Company and its Subsidiaries filed with the Commission as a part of the Registration Statement and included in the Disclosure Package and the Prospectus, presents fairly the information provided as of and at the dates and for the periods indicated. Such financial statements comply as to form with the applicable accounting requirements of the Securities Act and the Securities Act Regulations and have been prepared in conformity with generally accepted accounting principles ("**U.S. GAAP**") applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. No other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement. Each item of historical financial data relating to the operations, assets, or liabilities of the Company set forth in summary form in each of the preliminary prospectuses and the Prospectus fairly presents such information on a basis consistent with that of the complete financial statements contained in 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;(m) *Incorporation and Good Standing*. The Company has been duly incorporated and is validly existing and in good standing as an exempted company limited by shares under the laws of the British Virgin Islands and has corporate power and authority to own, lease, and operate its properties and to conduct its business as described in the Registration Statement, the Disclosure Package and the Prospectus and to enter into and perform its obligations under this Agreement. As of the Closing Date, the Company does not own or control, directly or indirectly, any corporation, association, or other entity that is not otherwise disclosed in the Registration Statement, the Disclosure Package or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Capitalization and Other Share Capital Matters*. The authorized, issued and outstanding share capital of the Company is as set forth in each of the Disclosure Package and the Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans described in each of the Disclosure Package and the Prospectus or upon exercise of outstanding options or warrants described in the Disclosure Package and Prospectus, as the case may be). The Class A Ordinary Shares conform, and when issued and delivered as provided in this Agreement, the Offered Securities will conform, in all material respects to the descriptions thereof contained in each of the Disclosure Package and Prospectus. All of the issued and outstanding Ordinary Shares have been duly authorized and validly issued, are fully paid and non-assessable and have been issued in compliance with applicable laws. None of the outstanding Ordinary Shares were issued in violation of any preemptive rights, rights of first refusal, or other similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal, or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any shares of the Company other than those described in the Disclosure Package and the Prospectus. The description of the Company's share option and other share plans or arrangements, and the options or other rights granted thereunder, set forth in the Disclosure Package and the Prospectus accurately and fairly presents the information required to be shown with respect to such plans, arrangements, options, and rights. No further approval from the Nasdaq Stock Market LLC ("**Nasdaq**") or authorization of any shareholder, the board of directors of the Company (the "**Board**"), or others is required for the issuance and sale of the Offered Securities. Except as set forth in the Registration Statement, the Disclosure Package and the Prospectus, there are no shareholders agreements, voting agreements, or other similar agreements with respect to the Company's Class A Ordinary Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required*. The Company is not in violation of its memorandum and articles of association, as amended and restated, or in default (or, with the giving of notice or lapse of time, would be in default) ("**Default**") under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which it is a party or by which it may be bound (including, without limitation, any agreement or contract filed as an exhibit to the Registration Statement or to which any of the property or assets of the Company are subject (each, an "**Existing Instrument**")), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company's execution, delivery and performance of this Agreement and consummation of the Offering and all the transactions contemplated hereby and by the Disclosure Package and the Prospectus (i) have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the memorandum and articles of association of the Company, as amended and restated, (ii) will not conflict with or constitute a breach of, or Default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, or require the consent of any other party to, any Existing Instrument and (iii) will not result in any violation of any law, administrative regulation or administrative or court decree applicable to the Company, except in the case of each of clauses (ii) and (iii), to the extent such conflict, breach Default or violation could not reasonably be expected to result in a Material Adverse Effect. No consent, approval, authorization, or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency, is required for the Company's execution, delivery, and performance of this Agreement and consummation of the transactions contemplated hereby and by the Disclosure Package and the Prospectus, except the registration or qualification of the Offered Securities under the Securities Act and applicable state securities or blue sky laws and from the Financial Industry Regulatory Authority, Inc. ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Subsidiaries.* Each of the Company's direct and indirect subsidiaries (each a "**Subsidiary**" and collectively, the "**Subsidiaries**") has been identified on <u>Schedule D</u> hereto. Each of the Subsidiaries has been duly formed, is validly existing under the laws of Singapore, as the case may be, and in good standing under the laws of the jurisdiction of its incorporation or formation, has full power and authority (corporate or otherwise) to own its property and to conduct its business as described in the Registration Statement, the Disclosure Package, and the Prospectus, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not result in a Material Adverse Change on the Company and its Subsidiaries, taken as a whole. All of the equity interests of each Subsidiary have been duly and validly authorized and issued, are owned directly or indirectly by the Company, are fully paid in accordance with its articles of association, memorandum of association or charter documents and non-assessable and are free and clear of all liens, encumbrances, equities or claims ("**Liens**"). None of the outstanding share capital or equity interest in any Subsidiary was issued in violation of preemptive or similar rights of any security holder of such Subsidiary. All of the constitutive or organizational documents of each of the Subsidiaries comply with the requirements of applicable laws of its jurisdiction of incorporation or organization and are in full force and effect. Apart from the Subsidiaries, the Company has no direct or indirect subsidiaries or any other company over which it has direct or indirect effective control. Other than the Subsidiaries, the Company does not directly or indirectly control any entity through contractual arrangements or otherwise such that the entity would be deemed a consolidated affiliated entity whose financial results would be consolidated under U.S. GAAP with the financial results of the Company on the consolidated financial statements of the Company, regardless of whether the Company directly or indirectly owns less than a majority of the equity interests of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *No Material Actions or Proceedings*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, there are no legal, governmental, or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries, or proceedings (collectively, "**Actions**") pending or, to the Company's knowledge, threatened (i) against the Company, or any of its Subsidiaries, or (ii) which have as the subject thereof any officer or director (in such capacities) of, or property owned or leased by, the Company or any of its Subsidiaries, where in any such case (A) there is a reasonable possibility that such Action might be determined adversely to the Company and (B) any such Action, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement. Except as otherwise disclosed in the Disclosure Package and the Prospectus, no material labor dispute with the employees of the Company exists or, to the Company's knowledge, is threatened or imminent. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. No executive officer, to the knowledge of the Company, is in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company and its Subsidiaries are in compliance with all applicable laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has within the last 10 years been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Intellectual Property Rights*. The Company and each of its Subsidiaries owns, possesses, or licenses, and otherwise has legally enforceable rights to use all patents, patent applications, trademarks, trade names, copyrights, domain names, licenses, approvals, and trade secrets (collectively, "**Intellectual Property Rights**") necessary to conduct its business as now conducted or, otherwise, as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, except to the extent such failure to own, possess or have other rights to use such Intellectual Property would not be expected to result in a Material Adverse Change. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus: (i) neither the Company or any of its Subsidiaries has received any written notice of infringement or conflict with asserted Intellectual Property Rights of others; (ii) neither the Company or any of its Subsidiaries is a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, Disclosure Package and the Prospectus and are not described in all material respects; (iii) none of the technology employed by the Company or any of its Subsidiaries has been obtained or is being used by the Company or any of its Subsidiaries in violation of any contractual obligation binding on the Company or any of its Subsidiaries or in violation of the rights of any persons; and (iv) neither the Company or any of its Subsidiaries is subject to any judgment, order, writ, injunction or decree of any court or any governmental department, commission, board, bureau, agency or instrumentality, or any arbitrator, nor has the Company or any of its Subsidiaries entered into nor is the Company or any of its Subsidiaries a party to any agreement made in settlement of any pending or threatened litigation, which materially restricts or impairs its use of any Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *All Necessary Permits, etc*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, each of the Company and its Subsidiaries possesses such valid and current certificates, authorizations, or permits issued by the applicable regulatory agencies or bodies necessary to conduct its business, and has made all declarations and filings with, the appropriate national, regional, local or other governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or assets or the conduct of their respective business as described in the Registration Statement, the Disclosure Package and the Prospectus, except where lack of the licenses would not reasonably be expected to have, individually or in aggregate, a Material Adverse Effect, and has not received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such licenses and, the Company has no reason to believe that such licenses will not be renewed in the ordinary course of their respective business that, if determined adversely to the Company, would individually or in the aggregate have a Material Adverse Effect. Such licenses are valid and in full force and effect and contain no materially burdensome restrictions or conditions not described in the Registration Statement, the Disclosure Package or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *Title to Properties*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, each of the Company and its Subsidiaries has good and marketable title to all the properties and assets reflected as owned by them in the financial statements referred to in <u>Section 1(n)</u> above (or elsewhere in the Disclosure Package and the Prospectus), in each case free and clear of any security interest, mortgage, lien, encumbrance, equity, adverse claim or other defect, except such as do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company or any Subsidiary. The real property, improvements, equipment, and personal property held under lease by the Company and its Subsidiaries are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment, or personal property by the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *Tax Law Compliance*. (i) The Company and its Subsidiaries have each filed all federal, state, local and foreign income tax returns required to be filed as of the date of this Agreement or have timely and properly filed requested extensions thereof and have paid all taxes required to be paid by them and, if due and payable, any related or similar assessment, fine, or penalty levied against any of them; (ii) No tax deficiency has been determined adversely to the Company or any of its Subsidiaries that has had (nor does the Company nor any of its Subsidiaries have any notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its Subsidiaries and which could reasonably be expected to have) a Material Adverse Effect; and (iii) The Company has made adequate charges, accruals, and reserves in the applicable financial statements referred to in <u>Section 1(n)</u> above in respect of all federal, state, and foreign income and franchise taxes for all periods as to which the tax liability of the Company has not been finally determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Company Not an "Investment Company."* The Company is not, and after giving effect to payment for the Offered Securities and the application of the proceeds as contemplated under the caption "Use of Proceeds" in each of the Disclosure Package and the Prospectus will not be, required to register as an "investment company" within the meaning of the Investment Company Act of 1940, as amended (the "**Investment Company Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *FINRA Affiliation*. No officer, director, or any beneficial owner of 10% or more of the Company's unregistered securities has any direct or indirect affiliation or association with any Participating Member (as defined under FINRA rules). The Company will advise the Representative if it learns that any officer, director, or owner of 10% or more of the Company's outstanding Ordinary Shares is or becomes an Affiliate or registered person of a Participating Member. "Affiliate" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *No Price Stabilization or Manipulation*. Neither the Company nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Representative) has taken and will take, directly or indirectly, any action designed to, or that might be reasonably expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) *Related Party Transactions*. There are no business relationships or related-party transactions, directly or indirectly, involving the Company or its Subsidiaries with any related person required to be described or filed in the Registration Statement, or described in the Disclosure Package or the Prospectus, that have not been as set forth in the Registration Statement, the Prospectus and the Pricing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) *Disclosure Controls and Procedures*. Except as otherwise disclosed in the Registration Statement, Disclosure Package and the Prospectus, the Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act Regulations) designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company is not aware of (a) any significant deficiency in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarize and report financial data or any material weaknesses in internal controls or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *Company's Accounting System*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company maintains a system of accounting controls designed to provide reasonable assurances that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) *Money Laundering Law Compliance*. The operations of the Company and its Subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the United States Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any competent governmental agency (collectively, the "**Anti-Money Laundering Laws**"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to any Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) *OFAC*. (i) Neither the Company, any of its Subsidiaries nor, to the knowledge of the Company, any director, officer, employee or Affiliate of the Company or any Subsidiary, or any other person authorized to act on behalf of the Company, is an individual or entity ("**Person**") that is, or is owned or controlled by a Person that is: (A) the subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control ("**OFAC**"), the United Nations Security Council ("**UNSC**"), the European Union ("**EU**"), Her Majesty's Treasury ("**HMT**"), or other relevant sanctions authority (collectively, "**Sanctions**"), nor (B) located, organized, or resident in a country or territory that is the subject of Sanctions (including, without limitation, the Russian Federation, Burma/Myanmar, Cuba, Iran, Libya, North Korea, Sudan, and Syria).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary or affiliated entity, joint venture partner, or other Person: (A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or (B) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as the underwriter, advisor, investor, or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) *Compliance with Anti-Corruption Laws.* None of the Company, or any Subsidiary or any of their respective directors, officers, or employees, or, to the knowledge of the Company, any Affiliate, agent or representatives of the Company or any Subsidiary, or other person acting on behalf of the Company and the Subsidiaries: (i) is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of, as applicable, the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder, the Singapore Prevention of Corruption Act (PCA) 1960, and any other applicable anti-bribery or anti-corruption laws, rules or regulations; (ii) has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (iii) has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly to any foreign or domestic (a) government official, (b) government employee or employee of government-owned or controlled entity or of a public international organization, (c) any person acting in an official capacity for or on behalf of any of the foregoing, or (d) political party or official of any political party or any candidate for any political office, in each case in order to influence official action or secure an improper advantage; (iv) has made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, any bribe, rebate, pay-off, influence payment, kick-back or other unlawful or improper payment or benefit; or (v) will use, directly or indirectly, the proceeds of the offering of the Offered Securities in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any applicable anti-corruption laws. The Company and the Subsidiaries and, to the knowledge of the Company, its other affiliates have conducted their businesses in compliance with all applicable anti-corruption and anti-bribery laws. The Company and the Subsidiaries have instituted and will continue to maintain, policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith and with the representations and warranties contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) *Internal Control and Compliance with Sarbanes-Oxley Act of 2002*. The Company and its Subsidiaries have taken all necessary actions to ensure that, upon the effectiveness of the Registration Statement, they will be in full compliance with any provision applicable to it of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**") and the rules and regulations promulgated in connection therewith, including, without limitation, Section 402 related to loans and Sections 302 and 906 related to certifications of the Sarbanes-Oxley Act and all applicable rules of the listing exchanges. The Company and its Subsidiaries maintain a system of internal controls, including, but not limited to, disclosure controls and procedures, internal controls over accounting matters and financial reporting, an internal audit function and legal and regulatory compliance controls that comply with all applicable laws and regulations including without limitation the Securities Act, the Exchange Act, the Sarbanes-Oxley Act, the rules and regulations of the Commission, and the rules of the listing exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) *Exchange Act Filing*. A registration statement on Form 8-A (the "**Form 8-A Registration Statement**") in respect of the Class A Ordinary Shares has been filed with the Commission pursuant to Section 12(b) of the Exchange Act, which Form 8-A Registration Statement complies in all material respects with the requirements of the Exchange Act. The Form 8-A Registration Statement is effective and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Class A Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) *Earning Statements*. The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the EDGAR system) to its shareholders as soon as practicable, but in any event not later than 16 months after the end of the Company's current fiscal year, an earnings statement, which need not be audited, covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) *Periodic Reporting Obligations*. During the Prospectus Delivery Period, the Company shall file, on a timely basis, with the Commission all reports and documents required to be filed under the Exchange Act. Additionally, the Company shall report the use of proceeds from the issuance of the Firm Shares as may be required under Rule 463 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Valid Title*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, each of the Company and its Subsidiaries has legal and valid title to all of its properties and assets, free and clear of all liens, charges, encumbrances, equities, claims, options, and restrictions except such as do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by such entity; each lease agreement to which it is a party is duly executed and legally binding; its leasehold interests are set forth in and governed by the terms of any lease agreements, and, to the Company's knowledge such agreements are valid, binding and enforceable in accordance with their respective terms; and none of the Company or any of its Subsidiaries owns, operates, manages or has any other right or interest in any other material real property of any kind, except as described in the Prospectus or the Disclosure Package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) *Foreign Tax Compliance*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer, or withholding taxes or duties are payable in Singapore or the British Virgin Islands to any Singapore or the British Virgin Islands taxing authority in connection with the issuance, sale, and delivery of the Offered Securities, and the delivery of the Offered Securities to or for the account of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) *Compliance with SAFE Rules and Regulations*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company has taken reasonable steps to cause the Company's shareholders, directors and officers, who are residents or citizens of the PRC, to comply with any applicable rules and regulations of the State Administration of Foreign Exchange ("**SAFE**") relating to such persons' shareholding with the Company (the "**SAFE Rules and Regulations**"), including, without limitation, taking reasonable steps to require such person that is, or is directly or indirectly owned or controlled by, a resident or citizen of the PRC to complete any registration, to timely report material changes, and other procedures required under any applicable People's Republic of China ("**PRC**") Oversea Investment and Listing Rules and Regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) *D&O Questionnaires*. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreement in the form attached hereto as <u>Exhibit A</u> provided to the Representative is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate and incorrect.

Any certificate signed by an officer of the Company and delivered to the Representative or to counsel for the Representative shall be deemed to be a representation and warranty by the Company to the Underwriters as to the matters set forth therein. The Company acknowledges that the Underwriters and, for purposes of the opinions to be delivered pursuant to Section 5 hereof, counsel to the Company, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) *Solvency*. Based on the consolidated financial condition of the Company and its Subsidiaries as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Offered Securities hereunder, the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, are sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). Except as set forth in the Registration Statement and the Prospectus, the Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from each Closing Date. The Registration Statement and the Prospectus set forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "**Indebtedness**" means (x) any liabilities for borrowed money or amounts owed in excess of $150,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements, and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with U.S. GAAP. Except as set forth in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) *Regulation M Compliance*. The Company has not, and to its knowledge no one authorized to act on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Offered Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of any of the Offered Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Underwriter in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) *Emerging Growth Company Status and Testing the Waters Communications*. From the time of initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any Test the Waters Communication) through the date hereof, the Company has been and is an "emerging growth company", as defined in Section 2(a) of the Act ("**Emerging Growth Company**"). "Testing the Waters Communication" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Act. The Company (a) has not alone engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Underwriters with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (b) has not authorized anyone other than the Underwriters to engage in Testing-the-Waters Communications. The Company reconfirms that the Underwriters have been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) *Bank Holding Company Act*. Neither the Company nor any of its Subsidiaries are subject to the Bank Holding Company Act of 1956, as amended (the "**BHCA**") and to regulation by the Board of Governors of the Federal Reserve System (the "**Federal Reserve**"). Neither the Company nor any of its Subsidiaries owns or controls, directly or indirectly, five percent or more of the outstanding shares of any class of voting securities or 25% or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) *U.S. Real Property Holding Corporation*. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon the Representative's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) *Margin Securities*. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), and none of the proceeds of Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Offered Securities to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) *Integration*. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) *No Fiduciary Duties*. The Company acknowledges and agrees that the Underwriters' responsibility to the Company is solely contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions contemplated by this Agreement. Notwithstanding anything in this Agreement to the contrary, the Company acknowledges that the Underwriters may have financial interests in the success of the Offering that are not limited to the difference between the price to the public and the purchase price paid to the Company by the Underwriters for the Offered Securities and the Underwriters have no obligation to disclose, or account to the Company for, any of such additional financial interests. 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 fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) *No Accounting Issues*. The Company has not received any notice, oral or written, from its Board or Audit Committee of the Board (the "Audit Committee") stating that it is reviewing or investigating, and neither the Company's independent auditors nor its internal auditors have recommended that the Board or Audit Committee review or investigate, (i) adding to, deleting, changing the application of, or changing the Company's disclosure with respect to, any of the Company's material accounting policies; or (ii) any matter which could result in a restatement of the Company's financial statements for any annual or interim period during the current or prior two fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) *Forward-looking Statements*. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Disclosure Package, the Prospectus, or shall be contained in any amendments and supplements thereof, has been made or reaffirmed, or will be made, without a reasonable basis, or has been disclosed or will be disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) *Foreign Issuer*. The Company is a "foreign private issuer" as defined in Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) *PFIC Status.* Based on the past and projected composition of its income and assets, and the valuation of its assets, including goodwill, the Company does not expect to be a "passive foreign investment company" ("**PFIC**") as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its current taxable year or in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) *Payments in Foreign Currency*. Under current laws and regulations of the British Virgin Islands and any political subdivision thereof, all dividends and other distributions declared and payable on the Class A Ordinary Shares may be paid by the Company to the holders in United States dollars and all such payments made to holders thereof who are non-residents of the British Virgin Islands will not be subject to income, withholding or other taxes under laws and regulations of the British Virgin Islands 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 British Virgin Islands or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in the British Virgin Islands or any political subdivision or taxing authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(zz) Validity of the Agreements.* This Agreement is in proper form to be enforceable against the Company in the British Virgin Islands in accordance with its terms (except as rights to indemnification hereunder or thereunder may be limited by applicable law and except as the enforcement hereof or thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles); to ensure the legality, validity, enforceability or admissibility into evidence in the British Virgin Islands of this Agreement, it is not necessary that this Agreement be filed or recorded with any court or other authority in the British Virgin Islands (other than court filings in the ordinary course of proceedings) or that any stamp duty or similar tax in the British Virgin Islands be paid on or in respect of this Agreement, or any other documents to be furnished hereunder (other than nominal stamp duty payable on the enforcement of any documents) save and except that British Virgin Islands stamp duty may be payable if the original of any such document is executed in, or brought into, the British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(aaa) Validity of Choice of Law.* The choice of the law of the State of New York as the governing law of this Agreement is a valid choice of law under the laws of the British Virgin Islands and will be honored by courts in the British Virgin Islands. The Company has the power to submit, and has legally, validly, effectively and irrevocably submitted to the personal jurisdiction of each United States federal court and New York state court located in the Borough of Manhattan, in the City of New York, New York, U.S.A. (each, a "**New York Court**"). The Company has the power to submit to the personal jurisdiction of each New York Court. The Company has the power to designate, appoint and authorize, and 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(bbb) No Immunity.* None of the Company or any of their respective properties, assets or revenues has any right of immunity under British Virgin Islands, Singapore or New York law, from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any British Virgin Islands, Singapore, New York or United States federal court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement; and, to the extent that the Company, or any of their 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, the Company waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ccc) Enforceability of Judgment.* Except as disclosed in the Registration Statement, the Pricing Prospectus, and the Prospectus under the caption "Enforceability of Civil Liabilities," any final judgment for a fixed sum of money rendered by a New York Court having jurisdiction under its own domestic laws in respect of any suit, action or proceeding against the Company based upon this Agreement, would be recognized and enforced against the Company by British Virgin Islands courts without re-examining the merits of the case under the common law doctrine of obligation provided that (a) such New York court had proper jurisdiction over the parties subject to such judgment; (b) such New York court did not contravene the rules of natural justice of the British Virgin Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the British Virgin Islands; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the British Virgin Islands; and (f) there is due compliance with the correct procedures under the laws of the British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) *Compliance with Sanctions Laws.* None of the Company or any Subsidiary or any of their respective directors, officers, employees, or, to the knowledge of the Company, any affiliate, agent or representatives of or any person acting on behalf of the Company (i) is an individual or entity ("**Person**") that is, or is owned 50% or more or controlled by one or more Persons that are (such Persons referred to as "**Sanctioned Persons**"): (A) the subject or the target of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control ("**OFAC**"), the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person," the United Nations Security Council ("**UNSC**"), the European Union ("**EU**"), Her Majesty's Treasury ("**HMT**"), the Swiss Secretariat of Economic Affairs ("**SECO"**), the Hong Kong Monetary Authority ("**HKMA"**), the Monetary Authority of Singapore ("**MAS"**), or other relevant sanctions authority (collectively, "**Sanctions**"), or (B) located, organized or resident in, or a national, governmental entity, or agent of, a country or territory that is, or whose government is, the subject or the target of Sanctions that broadly prohibit dealings with that country or territory (including, currently, the Crimea region of Ukraine, Cuba, Iran, North Korea, and Syria); or (ii) is engaged in any activities sanctionable under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, the Iran Sanctions Act, the Iran Threat Reduction and Syria Human Rights Act, or any applicable Sanctions executive order. The Company represents and covenants that the Company will not, directly or knowingly indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: (A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is, or whose government is, the subject or the target of Sanctions; or (B) in any other manner that will result in a violation of Sanctions by, or could result in the imposition of Sanctions against, any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise). The Company represents and covenants that, for the past five years, the Company has not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was, or whose government is or was, the subject or the target of Sanctions; other than with respect to the Underwriters, as to which the Company makes no representation, none of the issue and sale of the Offered Securities, the execution, delivery and performance of this Agreement, the consummation of any other transaction contemplated hereby, or the provision of services contemplated by this Agreement to the Company will result in a violation of any of the Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) *IT Systems and Data*. The Company and its Subsidiaries own or have full right to access and use all computer systems, networks, hardware, software, data and databases (including the data and information of their respective customers, employees, suppliers, vendors and any third party data maintained, processed or stored by the Company and its Subsidiaries, and any such data processed or stored by third parties on behalf of the Company and its Subsidiaries), equipment or technology, websites and functions used in connection with the business of the Company and the Subsidiaries (collectively, "**IT Systems and Data**"). The IT Systems and Data are adequate for, and operate and perform in all material respects as required in connection with, the operation of the business of the Company and the Subsidiaries as a whole as currently conducted, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and the Subsidiaries have implemented commercially reasonable backup, security and disaster recovery technology consistent in all material respects with applicable regulatory standards and customary industry practices. There has been no material security breach or incident, unauthorized access or disclosure, or other compromise relating to the Company's or its Subsidiaries' IT Systems and Data. Neither the Company nor its Subsidiaries have been notified of, and have no knowledge of, any event or condition that would result in, any material security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems and Data. The Company and its Subsidiaries have implemented appropriate controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably consistent with industry standards and practices, or as required by applicable regulatory standards. The Company and its Subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) *Critical Accounting Policies*. The statements set forth under the heading "Critical Accounting Policies and Estimates" in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Registration Statement, the Disclosure Package and the Prospectus, accurately and fully describes in all material respects of: (A) accounting policies which the Company believes are the most important in the portrayal of the financial condition and results of operations of the Company and the Subsidiaries on a consolidated basis and which require management's most difficult, subjective or complex judgments ("**critical accounting policies**"); (B) judgments and uncertainties affecting the application of critical accounting policies; and (C) explanation of the likelihood that materially different amounts would be reported under different conditions or using different assumptions. The Company's Board and senior management have reviewed and agreed with the selection, application and disclosure of critical accounting policies. The section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Registration Statement, the Disclosure Package and the Prospectus, accurately and fully describes: (x) all material trends, demands, commitments, events, uncertainties and risks, and the potential effects thereof, that the Company believes would materially affect liquidity and are reasonably likely to occur; and (y) all material off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources of the Company and the Subsidiaries on a consolidated basis. There are no outstanding guarantees or other contingent obligations of the Company or the Subsidiaries that could reasonably be expected to have a Material Adverse Effect. All governmental tax waivers from national and local governments of the PRC and other local and national PRC tax relief, concession and preferential treatment obtained by the Company or the Subsidiaries are valid, binding and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) *No Covered Activities*. The Company does not currently engage in, has no current intention of engaging in, and shall not engage in the design, fabrication, development, testing, production, manufacture, installation, sale or packaging of one or more "covered national security technologies and products" (including, but not limited to, semiconductors and microelectronics, quantum information technologies, or artificial intelligence systems) subject to and within the meaning of Executive Order 14105 of August 9, 2023, including all implementing regulations thereof, codified at 31 C.F.R. Part 850.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) *No Covered Foreign Person*. The Company is not and shall not become a "covered foreign person" within the meaning of Executive Order 14105 of August 9, 2023, including all implementing regulations thereof, codified at 31 C.F.R. Part 850.

SECTION 2. *Firm Shares and Additional Shares.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Purchase of Firm Shares*. 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 4,000,000 Firm Shares at a purchase price (net of discounts)<sup>1</sup> of $[●] per Ordinary Share. The Underwriters agree to purchase from the Company the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delivery of and Payment for Firm Shares*. Delivery of and payment for the Firm Shares shall be made at 10:00 A.M., Eastern time, on the second (2<sup>nd</sup>) Business Day following the Applicable Time, or at such time as shall be agreed upon by the Underwriters and the Company, at the offices of the Representative's counsel or at such other place as shall be agreed upon by the Underwriters and the Company. The hour and date of delivery of and payment for the Firm Shares are called the "**Closing Date**." The closing of the payment of the purchase price 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 Underwriters of certificates (in form and substance reasonably satisfactory to the Underwriters) 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 Underwriters may request in writing at least one Business Day prior to the Closing Date. If certificated, the Company will permit the Underwriters to examine and package the Firm Shares for delivery at least one 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 Underwriters for all the Firm Shares. A "Business Day: means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed; provided that banks shall not be deemed to be authorized or obligated to be closed due to a "shelter in place," "non-essential employee" or similar closure of physical branch locations at the direction of any governmental authority if such banks' electronic funds' transfer systems (including for wire transfers) are open for use by customers on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Additional Shares. The Company hereby grants to the Underwriters an option (the "**Over-allotment Option**"), exercisable for 45 days after the Closing Date, to purchase up to an additional 600,000 Class A Ordinary Shares, in each case solely for the purpose of covering over-allotments of such securities, if any. The Over-allotment Option is, at the Representative's sole discretion, for Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Exercise of Over-allotment Option*. The Over-allotment Option granted pursuant to Section 2(c) hereof may be exercised by the Representative on or within 45 days after the Closing Date. The purchase price to be paid per Additional Shares shall be equal to the price per Firm Share in Section 2(a). The Underwriter shall not be under any obligation to purchase any Additional Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Underwriter, which shall be confirmed in writing via overnight mail or facsimile or other electronic transmission, setting forth the number of Additional Shares to be purchased and the date and time for delivery of and payment for the Additional Shares (the "**Option Closing Date**"), which shall not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Underwriter, at the offices of the Representative's counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Underwriter. If such delivery and payment for the Additional Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Additional Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriter the number of Additional Shares specified in such notice and (ii) the Underwriter shall purchase that portion of the total number of Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Delivery and Payment of Additional Shares*. Payment for the Additional Shares shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, upon delivery to the Representative of the Additional Shares (or through the facilities of DTC) for the account of the Underwriters. The Additional Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Additional Shares except upon tender of payment by the Underwriters for applicable Additional Shares. The Option Closing Date may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing Date, the term "Closing Date" shall refer to the time and date of delivery of the Firm Shares and Additional Shares.

<sup>1</sup> 93% of offering price per Firm Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Underwriting Discount*. In consideration of the services to be provided for hereunder, the Underwriters shall receive a seven percent (7%) underwriting discount, with respect to any Offered Securities sold to investors in this Offering.

SECTION 3. *Covenants of the Company*.

The Company covenants and agrees with the Underwriters as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Underwriters' Review of Proposed Amendments and Supplements*. During the period beginning at the Applicable Time and ending on the later of the Closing Date or such date as, in the opinion of Representative's counsel, the Prospectus is no longer required by law to be delivered in connection with sales by the Underwriters or selected dealers, including under circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement or the Prospectus, including any amendment or supplement through incorporation by reference of any report filed under the Exchange Act, the Company shall furnish to the Underwriters for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably objects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Securities Act Compliance*. After the date of this Agreement, during the Prospectus Delivery Period, the Company shall promptly advise the Underwriters in writing (i) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to the Pricing Prospectus or the Prospectus, (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order or notice preventing or suspending the use of the Registration Statement, the Pricing Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Offered Securities from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order or order or notice of prevention or suspension at any time, the Company will use commercially reasonable efforts to obtain the lifting of such order at the earliest possible moment, or will file a new registration statement and use commercially reasonable efforts to have such new registration statement declared effective as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b) and 430A, as applicable, under the Securities Act, including with respect to the timely filing of documents thereunder, and will confirm that any filings made by the Company under such Rule 424(b) were received in a timely manner by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Exchange Act Compliance*. During the Prospectus Delivery Period, to the extent the Company becomes subject to reporting obligation under the Exchange Act, the Company will file all documents required to be filed with the Commission pursuant to Sections 13, 14, or 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Amendments and Supplements to the Registration Statement, Prospectus, and Other Securities Act Matters*. If, during the Prospectus Delivery Period, any event or development shall occur or condition exist as a result of which the Disclosure Package or the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made, as the case may be, not misleading, or if it shall be necessary to amend or supplement the Disclosure Package or the Prospectus, in order to make the statements therein, in the light of the circumstances under which they were made, as the case may be, not misleading, or if in the opinion of the Underwriters it is otherwise necessary to amend or supplement the Registration Statement, the Disclosure Package or the Prospectus, or to file a new registration statement containing the Prospectus, in order to comply with law, including in connection with the delivery of the Prospectus, the Company agrees to (i) notify the Underwriters of any such event or condition (unless such event or condition was previously brought to the Company's attention by the Underwriters during the Prospectus Delivery Period) and (ii) promptly prepare (subject to <u>Section 3(a)</u> and <u>Section 3(f)</u> hereof), file with the Commission (and use commercially reasonable efforts to have any amendment to the Registration Statement or any new registration statement to be declared effective) and furnish at its own expense to the Underwriters and to dealers, amendments or supplements to the Registration Statement, the Disclosure Package or the Prospectus, or any new registration statement, necessary in order to make the statements in the Disclosure Package or the Prospectus as so amended or supplemented, in the light of the circumstances under which they were made, as the case may be, not misleading or so that the Registration Statement, the Disclosure Package or the Prospectus, as amended or supplemented, will comply with law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Copies of any Amendments and Supplements to the Prospectus*. The Company agrees to furnish the Underwriters, without charge, during the Prospectus Delivery Period, as many copies of each of the preliminary prospectuses, the Prospectus, and the Disclosure Package, and any amendments and supplements thereto (including any documents incorporated or deemed incorporated by reference therein) as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Use of Proceeds*. The Company shall apply the net proceeds from the sale of the Offered Securities sold by it in the manner described under the caption "Use of Proceeds" in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Transfer Agent*. The Company shall engage and maintain, at its expense, a registrar and transfer agent (the "**Transfer Agent**") for the Offered Securities for not less than three years after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Internal Controls*. The Company will maintain a system of internal accounting controls designed to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The internal controls, upon consummation of the offering of the Offered Securities, will be, overseen by the Audit Committee (the "**Audit Committee**") of the Board in accordance with the rules of the Nasdaq Stock Market ("**Nasdaq**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Exchange Listing*. The Class A Ordinary Shares have been duly authorized for listing on the Nasdaq, subject to official notice of issuance. The Company is in material compliance with the provisions of the rules and regulations promulgated by Nasdaq and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements (to the extent applicable to the Company as of the date hereof, the Closing Date or the Option Closing Date; and subject to all exemptions and exceptions from the requirements thereof as are set forth therein, to the extent applicable to the Company). Without limiting the generality of the foregoing and subject to the qualifications above: (i) all members of the Board who are required to be "independent" (as that term is defined under applicable laws, rules and regulations), including, without limitation, all members of each of the audit committee, compensation committee and nominating and corporate governance committee of the Company's board of directors, will, on the Closing Date, meet the qualifications of independence as set forth under such laws, rules and regulations, (ii) the audit committee of the Board has at least one member who is an "audit committee financial expert" (as that term is defined under such laws, rules and regulations), and (iii) that, based on discussions with Nasdaq, the Company meets all requirements for listing on the Nasdaq. The Company shall use its best efforts to maintain the listing on Nasdaq for three (3) years after the date of this Agreement, unless such listing is terminated as a result of a transaction duly approved by the Board and the holders of Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Future Reports to the Underwriters*. For one year after the date of this Agreement, the Company will furnish, if not otherwise available on EDGAR, to the Representative at 75 Rockefeller Plaza, Suite 18C, New York, NY 10019, Attention: Edric Guo, Chief Executive Officer: (i) as soon as practicable after the end of each fiscal year, copies of the Annual Report of the Company containing the balance sheet of the Company as of the close of such fiscal year and statements of income, shareholders' equity and cash flows for the year then ended and the opinion thereon of the Company's independent public or certified public accountants; (ii) as soon as practicable after the filing thereof, copies of each proxy statement, Annual Report on Form 20-F, quarterly financial statements using a Form 6-K or other report filed by the Company with the Commission; and (iii) as soon as available, copies of any report or communication of the Company mailed generally to holders of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *No Manipulation of Price*. The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Existing Lock-Up Agreements*. Except as described in the Registration Statement, the Disclosure Package, and the Prospectus, there are no existing agreements between the Company and its security holders that prohibit the sale, transfer, assignment, pledge, or hypothecation of any of the Company's securities. The Company will direct the Transfer Agent to place stop transfer restrictions upon the securities of the Company that are bound by such "lock-up" agreements for the duration of the periods contemplated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Company Lock-up.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company, on behalf of itself and any successor entity, will not, without the prior written consent of the Representative, for a period of six (6) months from the closing of this Offering (the "**Lock-Up Period**"), (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities Act relating to, any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Class A Ordinary Shares or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, except to the Underwriters pursuant to this Agreement. The Company agrees not to accelerate the vesting of any option or warrant or the lapse of any repurchase right prior to the expiration of the Lock-Up Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The restrictions contained in <u>Section 3(n)(i)</u> hereof shall not apply to: (A) the issuance of the Offered Securities, (B) any Class A Ordinary Shares issued pursuant to the conversion or exchange of convertible or exchangeable securities, in each case outstanding as of the Closing Date and described in the Registration Statement, the Disclosure Package or the Prospectus, (C) Class A Ordinary Shares or options to purchase Class A Ordinary Shares or other Class A Ordinary Shares based award issued or granted pursuant to the Company's share incentive plans, share purchase plan, share ownership plan or dividend reinvestment plan in effect at the Closing Date and as described in the Registration Statement, the Disclosure Package or the Prospectus, and (D) Class A Ordinary Shares or other securities issued in connection with a transaction with an unaffiliated third party that includes a bona fide commercial relationship (including joint ventures, marketing or distribution arrangements, collaboration agreements or intellectual property license agreements) or any acquisition of assets or acquisition of not less than a majority or controlling portion of the equity of another entity; provided that (x) the aggregate number of Class A Ordinary Shares issued pursuant to clause (D) shall not exceed five percent (5%) of the total number of outstanding Class A Ordinary Shares immediately following the issuance and sale of the Offered Securities pursuant hereto and (y) the recipient of any such Class A Ordinary Shares or other securities issued or granted pursuant to clause (D) during the Lock-Up Period shall enter into an agreement substantially in the form of <u>Exhibit A</u> hereto.

If the Representative, in its sole discretion, agrees to release or waive the restrictions or a lock-up letter described in Section 3(n) hereof for an officer or director of the Company and provides the Company with notice of the impending release or waiver substantially in the form of <u>Exhibit B</u> hereto at least three Business Days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver substantially in the form of <u>Exhibit C</u> hereto through a major news service at least two Business Days before the effective date of the release or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Notwithstanding the restrictions contained in <u>Section 3(n),</u> the Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the Underwriters, it will not, for a period of eighteen (18) months from the commencement of the Company's first day of trading, directly or indirectly in any "at-the-market" or continuous equity transaction, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Right of First Refusal*. For a period of three (3) months from the date of the Closing Date, the Representative shall have the right 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 Representative's sole discretion. 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 the Company with another entity (collectively, "**Future Services**"). Representative shall notify the Company of its intention to exercise the Right of First Refusal to provide such Future Services within 15 calendar days following notice in writing by the Company. Any decision by 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 Representative and shall be subject to general market conditions. If Representative declines to exercise the Right of First Refusal to such Future Services, 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 declined by Representative; provided that any such declination of exercise by Representative shall not adversely affect Representative's Right of First Refusal with respect to any other Future Services. The Right of First Refusal granted hereunder may be terminated by the Company for "Cause," which shall mean a material breach by Representative of this Agreement or a material failure by Representative to provide the services as contemplated by this Agreement. If the Offering is not consummated upon the termination of the Engagement Letter (as defined below) between the Company and Representative, the Right of First Refusal shall have no force and effect. The services provided by Representative hereunder are solely for the benefit of the Company and are not intended to confer any rights upon any persons or entities not a party hereto (including, without limitation, securityholders, employees or creditors of the Company) as against Representative or its directors, officers, agents and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Tail Financings*. The Representative shall be entitled to receive from the Company the compensation commensurate with those set forth under Section 2(a) herein, with respect to any public or private offering or other financing or capital-raising transaction of any kind (the "**Tail Financing**") to the extent that such financing or capital is provided to the Company by investors whom the Representative introduced to the Company in writing during the period from the date of that certain engagement letter dated August 25, 2025, by and between the Company and the Representative (the "**Engagement Letter**") through the Closing Date, if such Tail Financing is consummated at any time within three (3) months following the termination or expiration of the Engagement Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Absence of Further Requirements. No consent, approval, authorization, or order of, or filing or registration with, any person (including any governmental or regulatory agency or body or any court) is required to be obtained or made by the Company for the consummation of the transactions contemplated by this Agreement, and issuance and sale of the Offered Securities, except such as have been obtained, or made on or prior to the Closing Date, and are, or on the Closing Date will be, in full force and effect. No authorization, consent, approval, license, qualification or order of, or filing or registration with any person (including any governmental agency or body or any court) in any foreign jurisdiction is required for the consummation of the transactions contemplated by this Agreement in connection with the Offering, issuance and sale of the Offered Securities under the laws and regulations of such jurisdiction except such as have been obtained or made.

SECTION 4. *Payment of Fees and Expenses*. Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, and subject to compliance with FINRA Rule 5110(f)(2)(D), the Company agrees to pay all costs, fees and expenses incurred in connection with the transactions contemplated hereby, including without limitation (i) all of the reasonable and documented out-of-pocket 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) incurred by the Representative in an aggregate amount not to exceed $150,000 (inclusive of the Advance as defined below), provided that any expense over $5,000 shall require prior written or email approval of the Company, (ii) all expenses incident to the issuance and delivery of the Offered Securities (including all printing and engraving costs, if any), (iii) all fees and expenses of the clearing firm, registrar and transfer agent of the Offered Securities, (iv) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Offered Securities, (v) all fees and expenses of the Company's counsel, independent public or certified public accountants and other advisors, (vi) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), each preliminary prospectus and the Prospectus, and all amendments and supplements thereto, and this Agreement, and (vii) all filing fees, attorneys' fees and expenses incurred by the Company, or the Representative, in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Offered Securities for offer and sale under the state securities or blue sky laws, and, if requested by the Representative, preparing and printing a "Blue Sky Survey" or memorandum, and any supplements thereto, advising the Representative of such qualifications, registrations and exemptions. The Company has advanced $10,000 to the Representative to cover its out-of-pocket expenses (the "**Advance**"). The Advance will be returned to the Company to the extent such out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4). At the closing of the Offering, the Company agrees to pay the Representative a sum in cash equal to one percent (1%) of the actual amount of the gross Offering proceeds (which includes any gross proceeds from the sale of any Additional Shares) as a non-accountable expense of the Offering.

SECTION 5. *Conditions of the Obligations of the Underwriters*. The obligations of the Underwriters to purchase the Offered Securities as provided herein on the Closing Date or the Option Closing Date shall be subject to (1) the accuracy of the representations and warranties on the part of the Company set forth in <u>Section 1</u> hereof as of the date hereof and as of the Closing Date or the Option Closing Date as though then made; (2) the timely performance by the Company of its covenants and other obligations hereunder; and (3) each of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Accountant's Comfort Letter*. On the date hereof, the Representative shall have received from the Accountant, a letter dated the date hereof addressed to the Representative, in form and substance satisfactory to the Representative, containing statements and information of the type ordinarily included in accountants' "comfort letters" to the Representative, delivered according to Statement of Auditing Standards No. 72 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information contained in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Effectiveness of Registration Statement; Compliance with Registration Requirements; No Stop Order*. During the period from and after the execution of this Agreement to and including the Closing Date or the Option Closing Date, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall have filed the Prospectus with the Commission (including the information required by Rule 430A under the Securities Act) in the manner and within the time period required by Rule 424(b) under the Securities Act; or the Company shall have filed a post-effective amendment to the Registration Statement containing the information required by such Rule 430A, and such post-effective amendment shall have become effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment to the Registration Statement, shall be in effect and no proceedings for such purpose shall have been instituted or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Material Adverse Change*. For the period from and after the date of this Agreement to and including the Closing Date or the Option Closing Date, in the reasonable judgment of the Representative, there shall not have occurred any Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *CFO Certificate*. On the date of this Agreement or on the Closing Date and/or the Option Closing Date, as the case may be, the Representative shall have received a written certificate executed by the Chief Financial Officer of the Company, dated as of such date, on behalf of the Company, with respect to certain financial data contained in the Registration Statement, Disclosure Package and the Prospectus, (i) providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Underwriters; and (ii) no facts have come to the Chief Financial Officer's attention that leads the Chief Financial Officer to believe that the Registration Statement, Disclosure Package and the Prospectus, as of the date of this Agreement or on the Closing Date and/or the Option Closing Date, contained an untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Officers' Certificate*. On the Closing Date and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Executive Officer and the Chief Financial Officer of the Company, dated as of such date, to the effect that the signers of such certificate have reviewed the Registration Statement, the Disclosure Package and the Prospectus and any amendment or supplement thereto, and this Agreement, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing Date or Option Closing Date, if applicable, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing Date or Option Closing Date, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No stop order suspending the effectiveness of the Registration Statement or the use of the Prospectus has been issued and no proceedings for that purpose have been instituted or are pending or, to the Company's knowledge, threatened under the Securities Act; no order having the effect of ceasing or suspending the distribution of the Offered Securities or any other securities of the Company has been issued by any securities commission, securities regulatory authority or stock exchange in the United States and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, contemplated by any securities commission, securities regulatory authority or stock exchange in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been: (a) any Material Adverse Change; (b) any transaction that is material to the Company and the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct or contingent, that is material to the Company and the Subsidiaries taken as a whole, incurred by the Company or any Subsidiary, except obligations incurred in the ordinary course of business; (d) any material change in the share capital (except changes thereto resulting from the exercise of outstanding options or warrants or conversion of outstanding indebtedness into Class A Ordinary Shares of the Company) or outstanding indebtedness of the Company or any Subsidiary (except for the conversion of such indebtedness into Class A Ordinary Shares of the Company); (e) any dividend or distribution of any kind declared, paid or made on Class A Ordinary Shares of the Company; or (f) any loss or damage (whether or not insured) to the property of the Company or any Subsidiary which has been sustained or will have been sustained which has a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Such officers have carefully examined the Registration Statement, the Disclosure Package, and the Prospectus and, in their opinion, the Registration Statement and each amendment thereto, as of the Applicable Time and as of the Closing Date or Option Closing Date, if applicable, did not include any untrue statement of a material fact and did not omit a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Disclosure Package, as of the Applicable Time and as of the Closing Date, or Option Closing Date, if applicable, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the Closing Date or Option Closing Date, if applicable, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Chief Executive Officer's Certificate*. On the Closing Date and/or the Option Closing Date, the Representative shall have received a certificate of the Company signed by the Chief Executive Officer of the Company, dated such Closing Date or Option Closing Date, if applicable, certifying: (i) that the Company's memorandum and articles of association in force on the Closing Date, or Option Closing Date, if applicable, and attached to such certificate is true and complete, has not been modified and is in full force and effect; (ii) that each of the Subsidiaries' articles of association, memorandum of association or other charter documents attached to such certificate is true and complete, has not been modified and is in full force and effect; (iii) that the resolutions of the Company's board of directors relating to the Offering attached to such certificate are in full force and effect and have not been modified; and (iv) the good standing of the Company and each of the Subsidiaries (except in such jurisdictions where the concept of good standing is not applicable). The documents referred to in such certificate shall be attached to such certificate. Certificates evidencing the good standing of the Company and each applicable Subsidiary should be dated no more than three (3) Business Days prior to the Closing Date or Option Closing Date, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Bring-down Comfort Letter*. On the Closing Date and/or the Option Closing Date, the Representative shall have received from the Accountant, a letter dated such date, in form and substance satisfactory to the Representative, to the effect that the Accountant reaffirms the statements made in the letter furnished by it pursuant to subsection (a) of this <u>Section 5</u>, except that the specified date referred to therein for the carrying out of procedures shall be no more than three (3) Business Days prior to the Closing Date and/or the Option Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Lock-Up Agreement from Shareholders of the Company*. On or prior to the date hereof, the Company shall have furnished to the Representative an agreement substantially in the form of <u>Exhibit A</u> hereto from each of the Company's officers, directors, shareholders holding more than 5% of the Class A Ordinary Shares or securities convertible into or exercisable for Class A Ordinary Shares listed on <u>Schedule C</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Exchange Listing*. The Offered Securities to be delivered on the Closing Date and/or the Option Closing Date shall have been approved for listing on Nasdaq, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Company Counsel Opinions*. On the Closing Date and/or the Option Closing Date, the Representative shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the favorable opinion of The Crone Law Group P.C., counsel to the Company, addressed to the Underwriters, in form and substance reasonably satisfactory to the Underwriters and a negative assurance letter, addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative;

(ii) the favorable opinion of Bird & Bird ATMD LLP , Singapore counsel to the Company, addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative; and

(iii) the favorable opinion of Ogier , British Virgin Islands counsel to the Company, addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative.

The Underwriters and their counsel shall rely on the opinions of the Company's British Virgin Islands counsel, Ogier, filed as Exhibit 5.1 to the Registration Statement, as to the due incorporation and validity of the Offered Securities as well as the opinions delivered on the Closing Date pursuant to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Additional Documents*. On or before the Closing Date and/or the Option Closing Date, the Representative, and counsel for the Representative shall have received such information, documents, and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Offered Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained.

If any condition specified in this <u>Section 5</u> is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representative by written notice to the Company at any time on or prior to the Closing Date and/or the Option Closing Date, which termination shall be without liability on the part of any party to any other party, except that <u>Section 4</u> (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Representative) and <u>Section 7</u> shall at all times be effective and shall survive such termination.

SECTION 6. *Effectiveness of this Agreement*. This Agreement shall not become effective until the later of (i) the execution of this Agreement by the parties hereto and (ii) notification (including by way of oral notification from the reviewer at the Commission) by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act.

SECTION 7. *Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification by the Company*. The Company shall indemnify and hold harmless the Underwriters, their respective affiliates and each of their respective directors, officers, members, employees and agents and each person, if any, who controls such Underwriters within the meaning of Section 15 of the Securities Act of or Section 20 of the Exchange Act (collectively the "**Underwriter Indemnified Parties**," and each a "**Underwriter Indemnified Party**") from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Company) arising out of (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Securities Act Regulations, or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state therein, a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; or (ii) an untrue statement or alleged untrue statement of a material fact contained in the Prospectus, or any amendment or supplement thereto, or in any other materials used in connection with the Offering, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and shall reimburse such Underwriter Indemnified Party for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability or action; as such fees and expenses are incurred. *provided, however*, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement in, or omission from any preliminary prospectus, any Registration Statement or the Prospectus, or any such amendment or supplement thereto, or in any other materials used in connection with the Offering made in reliance upon and in conformity with the Underwriter Information. The indemnification obligations under this <u>Section 7(a)</u> are not exclusive and will be in addition to any liability, which the Underwriters might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Underwriter Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification by the Underwriters*. The Underwriters shall indemnify and hold harmless the Company and the Company's affiliates and each of their respective directors, officers, employees, agents and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the "**Company Indemnified Parties**" and each a "**Company Indemnified Party**") from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Underwriters) arising out (i) any untrue statement of a material fact contained in any preliminary prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, or (ii) the omission to state in any preliminary prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or omission was made in reliance upon and in conformity with the Underwriters Information and shall reimburse the Company for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred. Notwithstanding the provisions of this <u>Section 7(b)</u>, in no event shall any indemnity by the Underwriters under this <u>Section 7(b)</u> exceed the total discounts received by the Underwriters in connection with the Offering. The indemnification obligations under this <u>Section 7(b)</u> are not exclusive and will be in addition to any liability, which the Company might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Company Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Procedure*. Promptly after receipt by an indemnified party under this <u>Section 7</u> of notice of the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this <u>Section 7</u>, notify such indemnifying party in writing of the commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section 7 except to the extent it has been materially adversely prejudiced by such failure; and, provided, further, that the failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this <u>Section 7</u>. If any such action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under <u>Section 7(a)</u> or <u>7(b)</u>, as applicable, for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs of investigation; *provided, however*, that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically authorized in writing by the Company in the case of a claim for indemnification under <u>Section 7(a)</u>, (ii) such indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible for legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; *provided, however,* that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time any such indemnified party (in addition to any local counsel), which firm shall be designated in writing by the Underwriters if the indemnified party under this <u>Section 7</u> is an Underwriter Indemnified Party or by the Company if an indemnified party under this <u>Section 7</u> is a Company Indemnified Party. Subject to this <u>Section 7(c)</u>, the amount payable by an indemnifying party under <u>Section 7</u> shall include, but not be limited to, (x) reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any action, investigation, proceeding or claim, and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this <u>Section 7</u> (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with its written consent, if its consent has been unreasonably withheld, conditioned or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i) such settlement is entered into more than forty-five (45) days after receipt by such indemnifying party of the request for reimbursement, (ii) such indemnifying party shall have received notice of the terms of such settlement at least thirty (30) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Contribution*. If the indemnification provided for in this <u>Section 7</u> is unavailable or insufficient to hold harmless an indemnified party under <u>Section 7(a)</u> or <u>Section 7(b)</u>, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party or parties on the other hand from the offering of the Offered Securities, or (ii) if the allocation provided by clause (i) of this <u>Section 7(d)</u> is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) of this <u>Section 7(d)</u> but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party or parties on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to such offering shall be deemed to be in the same proportion as the total proceeds from the offering of the Offered Securities purchased by investors as contemplated by this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto agree that the written information furnished to the Company by the Underwriters for use in any preliminary prospectus, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters' Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this <u>Section 7(d)</u> be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this <u>Section 7(d)</u> shall be deemed to include, for purposes of this <u>Section 7(d)</u>, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this <u>Section 7(d)</u>, the Underwriters shall not be required to contribute any amount in excess of the total discounts received in cash by the Underwriters in connection with the Offering less the amount of any damages that the Underwriters have otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

SECTION 8. *Termination of this Agreement*. Prior to the Closing Date, whether before or after notification by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act, this Agreement may be terminated by the Representative by written notice given to the Company if at any time (i) trading or quotation in any of the Company's securities shall have been suspended or limited by the Commission or by Nasdaq; (ii) a general banking moratorium shall have been declared by any U.S. federal, Singapore or British Virgin Islands authorities; (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States, Singapore or international financial markets, or any substantial change or development involving a prospective substantial change in United States', Singapore's or international political, financial or economic conditions that, in the reasonable judgment of the Underwriters, is material and adverse and makes it impracticable to market the Offered Securities in the manner and on the terms described in the Prospectus or to enforce contracts for the sale of securities, (iv) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the Representative's opinion, make it inadvisable to proceed with the delivery of the Offered Securities, (v) if the Company is in material breach of any of its representations, warranties or covenants hereunder, or (vi) if the Representative shall have become aware after the date hereof of such a Material Adverse Change in the conditions or prospects of the Company, or such Material Adverse Change in general market conditions as in the Representative's judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Offered Securities or to enforce contracts made by the Underwriters for the sale of the Offered Securities. Any termination pursuant to this <u>Section 8</u> shall be without liability on the part of (a) the Company to any of the Underwriters, except that the Company shall be, subject to demand by the Underwriters, obligated to reimburse the Underwriters for only those out-of-pocket expenses (including the reasonable fees and expenses of their counsel, and expenses associated with a due diligence report), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110, less any amounts previously paid by the Company; *provided, however,* that all such expenses shall not exceed $250,000 in the aggregate, (b) the Underwriters to the Company, or (c) of any party hereto to any other party except that the provisions of <u>Section 4</u> (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Underwriters) and <u>Section 7</u> shall at all times be effective and shall survive such termination.

SECTION 9. *No Advisory or Fiduciary Responsibility*. The Company hereby acknowledges that the Underwriters are acting solely as underwriters in connection with the offering of the Offered Securities. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arms-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 Offered 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 no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Offered Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

SECTION 10. *Representations and Indemnities to Survive Delivery; Third-Party Beneficiaries*. The respective indemnities, agreements, representations, warranties, and other statements of the Company, of its officers, and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Underwriters or the Company or any of its or their partners, officers or directors or any controlling person, as the case may be, and will survive delivery of and payment for the Offered Securities sold hereunder and any termination of this Agreement.

SECTION 11. *Notices*. All communications hereunder shall be in writing and shall be mailed, hand delivered, or emailed to the parties hereto as follows:

**If to the Underwriters:**

Cathay Securities, Inc.

40 Wall Street, Suite 3600 New York, NY 10005

Attn: Mr. Xiaoyu Li, Chief Executive Officer

Email: shell.li@cathaysecurities.com

**With a copy (*which shall not constitute notice*) to:**

Bevilacqua PLLC

1050 Connecticut Avenue, NW, Suite 500

Washington, DC 20036<br> Attn: Kevin (Qixiang) Sun, Esq.

Email: kevin@bevilacquapllc.com

**If to the Company:**

AI ASSETS LTD

20 Cecil Street, #1401 Plus Building, Singapore

Attn: Mr. Yibin Xu

Email: evan@maxeai.com

**With a copy (*which shall not constitute notice*) to:**

The Crone Law Group P.C.

420 Lexington Avenue, Suite 2446

New York, NY 10170

Attn: Cassi Olson

Email: colson@cronelawgroup.com

Any party hereto may change the address for receipt of communications by giving written notice to the others.

SECTION 12. *Successors*. This Agreement will inure to the benefit of and be binding upon the parties hereto and to the benefit of the employees, officers, and directors and controlling persons referred to in <u>Section 7</u>, and in each case their respective successors, and no other person will have any right or obligation hereunder. The term "**successors**" shall not include any purchaser of the Offered Securities as such merely by reason of such purchase.

SECTION 13. *Partial Unenforceability*. The invalidity or unenforceability of any Section, paragraph, or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph, or provision hereof. If any Section, paragraph, or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

SECTION 14. *Governing Law Provisions*. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to conflict of laws principles thereof.

SECTION 15. *Consent to Jurisdiction*. No legal suit, action, or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby (each, a "**Related Proceeding**") may be commenced, prosecuted, or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts (collectively, the "**Specified Courts**") shall have jurisdiction over the adjudication of any Related Proceeding, and the parties to this Agreement hereby irrevocably consent to the exclusive jurisdiction the Specified Courts and personal service of process with respect thereto. The parties to this Agreement hereby irrevocably waive any objection to the laying of the venue of any Related Proceeding in the Specified Courts and irrevocably waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought in any Specified Court has been brought in an inconvenient forum. The official language of this Agreement is English and the parties agree that it shall be governed by the meanings of and interpreted in the English language.

SECTION 16. *General Provisions*. This Agreement constitutes the entire agreement of the parties to this Agreement relating to the subject matter hereof and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations with respect to the Offering. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient delivery thereof. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement.

Each of the parties hereto acknowledges that it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions hereof, including, without limitation, the indemnification and contribution provisions of <u>Section 7</u>, and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of <u>Section 7</u> hereto fairly allocate the risks in light of the ability of the parties to investigate the Company, its affairs, and its business in order to assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus and the Prospectus (and any amendments and supplements thereto), as required by the Securities Act and the Exchange Act.

The respective indemnities, contribution agreements, representations, warranties, and other statements of the Company and the Underwriters set forth in or made pursuant to this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation, or statement as to the results thereof, made by or on behalf of the Underwriters, the officers or employees of the Underwriters, any person controlling any of the Underwriters, the Company, the officers or employees of the Company, or any person controlling the Company, (ii) acceptance of the Offered Securities and payment for them as contemplated hereby and (iii) termination of this Agreement.

Except as otherwise provided, this Agreement has been and is made solely for the benefit of and shall be binding upon the Company, the Underwriters, the Underwriters' officers and employees, any controlling persons referred to herein, the Company's directors and the Company's officers who sign the Registration Statement and their respective successors and assigns, all as and to the extent provided in this Agreement, and no other person shall acquire or have any right under or by virtue of this Agreement. The term "**successors and assigns**" shall not include a purchaser of any of the Offered Securities from the Underwriters merely because of such purchase.

[*Signature Page Follows*]

If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **AI ASSETS LTD** | **AI ASSETS LTD** |
| By: |  |
| Name: | Yibin Xu |
| Title: | Chief Executive Officer |

---

The foregoing Underwriting Agreement is hereby confirmed and accepted by the Underwriters as of the date first above written.

---

| | |
|:---|:---|
| For itself and on behalf of the several | For itself and on behalf of the several |
| Underwriters listed on Schedule A hereto | Underwriters listed on Schedule A hereto |
| **Cathay Securities, Inc.** | **Cathay Securities, Inc.** |
| By: |  |
| Name: | Xiaoyu Li |
| Title: | Chief Executive Officer |

---

**SCHEDULE A**

---

| | |
|:---|:---|
| **Underwriter** | **Number of<br> Firm Shares** |
| Cathay Securities, Inc. |  |
| **Total** |  |

---

**SCHEDULE B**

**Pricing Information**

Number of Firm Shares: [●]

Number of Additional Shares: [●]

Public Offering Price per Ordinary Share: $[●]

Underwriting Discount per Ordinary Share: $[●]

Proceeds to Company per Ordinary Share (before expenses): $[●]

**SCHEDULE C**

**Lock-Up Parties**

Yibin Xu

Dong Chen

Chengming Qian

Cheung Ki (Johnny) Wong

Cai Sun 4Di

Capital LLC

**SCHEDULE D**

**Subsidiaries of AI ASSETS LTD**

---

| | |
|:---|:---|
| **Subsidiaries** | **Jurisdiction of Incorporation or Organization** |
| MAXE AI Technology Ptd. Ltd. | Republic of Singapore |

---

**<u>EXHIBIT A</u>**

**Form of Lock-Up Agreement**

September [●], 2025

Cathay Securities, Inc.

40 Wall Street, Suite 3600

New York, NY 10005

Re: AI ASSETS LTD — Initial Public Offering

Ladies and Gentlemen:

The undersigned, an officer, director, and/or holder of Class A ordinary shares (the "**Class A Ordinary Shares**"), or rights to acquire Class A Ordinary Shares (the "**Shares**") of AI ASSETS LTD (the "**Company**"), understands that you are the representative (the "**Representative**") of several underwriters (collectively, the "**Underwriters**"), named or to be named in the final form of <u>Schedule A</u> to the underwriting agreement (the "**Underwriting Agreement**") to be entered into among the Underwriters and the Company, providing for the public offering (the "**Public Offering**") of securities of the Company (the "**Securities**") pursuant to a registration statement filed (the "**Registration Statement**") with the U.S. Securities and Exchange Commission (the "**SEC**").

In consideration of the Underwriters' agreement to enter into the Underwriting Agreement and to proceed with the Public Offering, and for other good and valuable consideration, receipt of which is hereby acknowledged, the undersigned hereby agrees, for the benefit of the Company, the Representative and the other Underwriters that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date of this Lock-up Agreement and continuing and including the date that is six (6) months after the date of the Underwriting Agreement (the "**Lock-Up Period**"), unless otherwise provided herein, directly or indirectly (a) offer, sell, agree to offer or sell, solicit offers to purchase, grant any call option or purchase any put option with respect to, pledge, encumber, assign, borrow or otherwise dispose of (each a "**Transfer**") any Relevant Security (as defined below) or otherwise publicly disclose the intention to do so, or (b) establish or increase any "put equivalent position" or liquidate or decrease any "call equivalent position" with respect to any Relevant Security (in each case within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and the rules and regulations thereunder) with respect to any Relevant Security or otherwise enter into any swap, derivative or other transaction or arrangement that Transfers to another, in whole or in part, any economic consequence of ownership of a Relevant Security, whether or not such transaction is to be settled by the delivery of Relevant Securities, other securities, cash or other consideration, or otherwise publicly disclose the intention to do so. As used herein, the term "**Relevant Security**" means any Share, any warrant to purchase Shares or any other security of the Company or any other entity that is convertible into, or exercisable or exchangeable for, Shares or any other equity security of the Company, in each case owned beneficially or otherwise by the undersigned on the date of closing of the Public Offering or acquired by the undersigned during the Lock-Up Period.

The restrictions in the foregoing paragraph shall not apply to (a) any exercise (including a cashless exercise or broker-assisted exercise and payment of tax obligations), vesting or settlement, as applicable, by the undersigned of options or warrants to purchase Shares or other equity awards pursuant to any share incentive or award plan or share purchase plan of the Company; provided that any Shares received by the undersigned upon such exercise, conversion or exchange will be subject to the Lock-Up Period, (b) any establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the Transfer of Shares (a "**Trading Plan**"); provided that (i) the Trading Plan shall not provide for or permit any Transfers, sales or other dispositions of Shares during the Lock-Up Period and (ii) the Trading Plan would not require any filing under Section 16(a) of the Exchange Act and no such filing is voluntarily made, (c) any Transfer of Shares acquired in open market transactions following the closing of the Public Offering, provided the Transfer would not require any filing under Section 16(a) of the Exchange Act and no such filing is voluntarily made, (d) the Transfer of the undersigned's Shares or any security convertible into or exercisable or exchangeable for Class A Ordinary Shares to the Company in connection with the termination of the undersigned's employment with the Company or pursuant to contractual arrangements under which the Company has the option to repurchase such shares, provided that no filing by any party under the Exchange Act shall be required or shall be made voluntarily within 45 days after the date the undersigned ceases to provide services to the Company, and after such 45<sup>th</sup> day, if the undersigned is required to file a report under the Exchange Act reporting a reduction in beneficial ownership of Class A Ordinary Shares during the Lock-Up Period, the undersigned shall clearly indicate in the footnotes thereto that the filing relates to the termination of the undersigned's employment, and no other public announcement shall be made voluntarily in connection with such transfer, (e) the conversion of the outstanding securities into Shares, provided that any such Shares received upon such conversion shall be subject to the restrictions on Transfer set forth in this Lock-Up Agreement, or (f) the Transfer of Shares or any security convertible into or exercisable or exchangeable for Shares pursuant to a bona fide third-party tender offer for securities of the Company, merger, consolidation or other similar transaction that is approved by the board of directors of the Company, made to all holders of Class A Ordinary Shares involving a change of control (as defined below), provided that all of the undersigned's Relevant Securities subject to this Lock-Up Agreement shall remain subject to the restrictions herein. For purposes of this Lock-Up Agreement, "change of control" means any bona fide third party tender offer, merger, consolidation, or other similar transaction, in one transaction or a series of related transactions, the result of which is that any "person" (as defined in Section 13(d)(3) of the Exchange Act), or group of affiliated persons, other than the Company, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of 50% or more of the total voting power of the voting shares of the Company (or the surviving entity).

In addition, the undersigned further agrees that, except for the Registration Statement or any registration statement on Form S-8, during the Lock-Up Period, the undersigned will not, without the prior written consent of the Representative: (a) file or participate in the filing with the SEC any registration statement or circulate or participate in the circulation of any preliminary or final prospectus or other disclosure documents, in each case with respect to any proposed offering or sale of a Relevant Security beneficially owned by the undersigned, or (b) exercise any rights the undersigned may have to require registration with the SEC of any proposed offering or sale of a Relevant Security beneficially owned by the undersigned.

In furtherance of the undersigned's obligations hereunder, the undersigned hereby authorizes the Company during the Lock-Up Period to cause the transfer agent for the Relevant Securities to decline to Transfer, and to note stop transfer restrictions on the register of members and other records relating to, Relevant Securities for which the undersigned is the record owner and the Transfer of which would be a violation of this Lock-Up Agreement and, in the case of the Relevant Securities for which the undersigned is the beneficial owner but not the record owner, the undersigned agrees that during the Lock-Up Period it will use its reasonable best efforts to cause the record owner to authorize the Company to cause the relevant transfer agent to decline to transfer and to note stop transfer restrictions on the register of members and other records relating to such Relevant Securities to the extent such transfer would be a violation of this Lock-Up Agreement.

Notwithstanding the foregoing or anything contained herein to the contrary, the undersigned may transfer the undersigned's Relevant Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as a *bona fide* gift or gifts;

(ii) To any immediate family member of the undersigned, or to any trust, partnership, limited liability company, or other legal entity commonly used for estate planning purposes which are established for the direct or indirect benefit of the undersigned or a member or members of the immediate family of the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (1) to another corporation, partnership, limited liability company, trust, or other business entity that is a direct or indirect Affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended) of the undersigned, (2) to partners, limited liability company members, shareholders or stockholders of the undersigned or holders of similar equity interests in the undersigned, or (3) in connection with a sale, merger or transfer of all or substantially all of the assets of the undersigned or any other change of control of the undersigned, not undertaken for the purpose of avoiding the restrictions imposed by this Lock-Up Agreement;

(iv) if the undersigned is a trust, to the trustee or beneficiary of such trust or to the estate of a beneficiary of such trust;

(v) by testate or intestate succession;

(vi) by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement;

(vii) pursuant to the Underwriting Agreement; or

(viii) the withholder of Shares by, or surrender of Shares to, the Company pursuant to a "net" or "cashless" exercise or settlement feature to cover taxes due upon or the consideration required in connection with the exercise of securities issued under an equity incentive plan or share purchase plan of the Company;

*provided,* in the case of clauses (i)-(vi), that (A) such transfer shall not involve a disposition for value, (B) the transferee agrees in writing with the Underwriters and the Company to be bound by the terms of this Lock-Up Agreement, and (C) such transfer would not require any filing under Section 16(a) of the Exchange Act and no such filing is voluntarily made.

For purposes of this Lock-Up Agreement, "immediate family" shall mean any relationship by blood, marriage, or adoption, not more remote than the first cousin.

If the undersigned is an officer or director of the Company, (i) the Representative agrees that at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a Transfer of Shares, the Representative will notify the Company of the impending release or waiver and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release substantially in the form of <u>Exhibit B</u> hereto through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

The undersigned, whether or not participating in the Public Offering, understands that the Underwriters are entering into the Underwriting Agreement and proceeding with the Public Offering in reliance upon this Lock-Up Agreement.

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement and that this Lock-Up Agreement has been duly authorized (if the undersigned is not a natural person) and constitutes the legal, valid, and binding obligation of the undersigned, enforceable in accordance with its terms. Upon request, the undersigned will execute any additional documents necessary in connection with the enforcement hereof. Any obligations of the undersigned shall be binding upon the successors and assigns of the undersigned from the date of this Lock-Up Agreement.

This Agreement shall be delivered to the Representative prior to the execution of the Underwriting Agreement and shall automatically terminate upon the earliest to occur, if any, of (1) either the Underwriter, on the one hand, or the Company, on the other hand, advising the other in writing, they have determined not to proceed with the Offering, (2) termination of the Underwriting Agreement before the sale of Class A Ordinary Shares, (3) the withdrawal of the Registration Statement, or (4) the termination of the Offering prior to the sale of Class A Ordinary Shares.

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 follows]*

---

| |
|:---|
| Very truly yours, |
| *Signature:* |
| *Name (printed):* |
| *Title (if applicable):* |
| *Entity (if applicable):* |

---

*[Signature page to the lock-up agreement]*

**<u>EXHIBIT B</u>**

**FORM OF WAIVER OF LOCK-UP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●], 2025

[Name and Address of

Officer or Director

Requesting Waiver]

Dear Mr./Ms. [Name]:

This letter is being delivered to you in connection with the offering by AI ASSETS LTD (the "**Company**") of [●] Class A Ordinary Shares, and the lock-up letter dated [●], 202[●] (the "**Lock-up Letter**"), executed by you in connection with such offering, and your request for a [waiver] [release] dated [●], 202[●], with respect to [●] Class A Ordinary Shares (the "**Shares**").

The undersigned hereby agree to [waive] [release] the transfer restrictions set forth in the Lock-up Letter, but only with respect to the Shares, effective[●], 202[●]; provided, however, that such [waiver] [release] is conditioned on the Company announcing the impending [waiver] [release] by press release through a major news service at least two business days before effectiveness of such [waiver] [release]. This letter will serve as notice to the Company of the impending [waiver] [release].

Except as expressly [waived] [released] hereby, the Lock-up Letter shall remain in full force and effect.

By: 

Name: 

Title: 

cc: AI ASSETS LTD

**<u>EXHIBIT C</u>**

**Form of Press Release**

**AI ASSETS LTD** 

[●], 202[●]

AI ASSETS LTD (the "Company") announced today that Cathay Securities, Inc., acting as representative for the underwriters in the Company's recent public offering of [●] of the Company's Class A Ordinary Shares, is [waiving] [releasing] a lock-up restriction with respect to [●] Class A Ordinary Shares held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on [●], 20[●], and the securities may be sold on or after such date.

**This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.**

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| **AI ASSETS LTD**<br> Sea Meadow House<br> P.O. Box 116,<br> Road Town, Tortola<br> British Virgin Islands | **D +852 3656 6054/**<br> **+852 3656 6061** |
| **AI ASSETS LTD**<br> Sea Meadow House<br> P.O. Box 116,<br> Road Town, Tortola<br> British Virgin Islands | **E: <u>nathan.powell@ogier.com/</u>**<br> **<u>florence.chan@ogier.com</u>** |
| **AI ASSETS LTD**<br> Sea Meadow House<br> P.O. Box 116,<br> Road Town, Tortola<br> British Virgin Islands |  |
| **AI ASSETS LTD**<br> Sea Meadow House<br> P.O. Box 116,<br> Road Town, Tortola<br> British Virgin Islands | Reference: FYC/AGC/507095.00001 |
| **AI ASSETS LTD**<br> Sea Meadow House<br> P.O. Box 116,<br> Road Town, Tortola<br> British Virgin Islands |  |
|  | 8 September 2025 |

---

Dear Sirs

**AI ASSETS LTD (Company no: 2127017) (the Company)**

We have acted as counsel as to British Virgin Islands law to the Company in connection with the Company's registration statement filed on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act 1933, as amended (the **Securities Act**). The Registration Statement relates to the offering (the **Offering**) of 4,000,000 class A ordinary shares of US$0.00005 par value each of the Company (the **Class A Ordinary Shares**), plus an option to issue up to an additional 600,000 Class A Ordinary Shares granted to the underwriters (the **Underwriters**) to cover the over-allotment option (collectively, the **IPO Shares**).

There will also be a resale by certain shareholders of the Company as stated in the Registration Statement (the **Selling Shareholders**) of up to 2,000,000 Class A Ordinary Shares which are presently issued and outstanding (the **Resale Shares**).

We are furnishing this opinion as Exhibits 5.1 and 23.2 to the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents. A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.

---

| | | | |
|:---|:---|:---|:---|
| Ogier<br> Providing advice on British Virgin Islands,<br> Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> ogier.com | <br>Partners<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Justin Davis<br> Joanne Collett<br> Dennis Li | <br>Cecilia Li<br> Rachel Huang\*\*<br> Yuki Yan\*\*<br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup> | <br>\* admitted in New Zealand<br> \*\* admitted in England and Wales<br> ‡ not ordinarily resident in Hong Kong |

---

---

| | |
|:---|:---|
| **1** | **Documents examined** |

---

1.1 For
 the purposes of giving this opinion, we have examined originals, copies, or drafts of the
 following documents (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 constitutional documents and public records of the Company obtained from the Registry of
 Corporate Affairs in the British Virgin Islands on 20 February 2025 (the **Company Registry Record**), which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 certificate of incorporation of the Company dated 28 June 2023;

(ii) the
 memorandum and articles of association of the Company adopted upon incorporation;

(iii) the
 amended and restated memorandum and articles of association of the Company adopted by a resolution
 of members dated 30 May 2024 and filed with the Registry of Corporate Affairs in the British
 Virgin Islands on 3 July 2024; and

(iv) the
 second amended and restated memorandum and articles of association of the Company adopted
 by a resolution of members dated 15 January 2025 and filed with the Registry of Corporate
 Affairs in the British Virgin Islands on 5 February 2025 (the **Memorandum and Articles**);

---

| | |
|:---|:---|
| (b) | the public information revealed from a search of the electronic records of the Civil Division and the Commercial Division of the Registry of the High Court and of the Court of Appeal (Virgin Islands) Register, each from 1 January 2000, as maintained on the Judicial Enforcement Management System (the **High Court Database**) by the Registry of the High Court of the Virgin Islands on 20 February 2025 (the **Court Records**); |
|  | The Company Registry Record and the Court Records each as updated by update searches on 5 September 2025 (the Company Registry Record and the Court Records together, and as updated, the **Public Records**). |
| (c) | a certificate of good standing dated 5 September 2025 (the **Good Standing Certificate**) issued by the Registrar in respect of the Company; |
| (d) | the register of directors of the Company as at 10 July 2023 (the **ROD**); |
| (e) | the register of members of the Company as provided to us on 10 March 2025 (the **ROM**, and together with the ROD, the **Registers**); |
| (f) | a written resolution of the sole director of the Company dated 30 May 2024 approving, inter alia, the changes in the Company's authorised share capital & share allotments; |
| (g) | a written resolution of the sole director of the Company dated 10 October 2024 ratifying the appointment of officers of the Company; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 written resolution of the sole director of the Company dated 22 November 2024 approving the
 appointment of certain directors with effect from closing of the Offering;

(i) a
 written resolutions of the shareholders of the Company dated 15 January 2025 approving, inter
 alia, the adoption of the Memorandum and Articles;

(j) a
 written resolutions of the sole director of the Company dated 15 January 2025 approving,
 inter alia, the adoption of the Memorandum and Articles; and

(k) written
 resolutions of the sole director of the Company dated 8 September 2025 approving, inter alia,
 the application for Listing, submission of the Registration Statement and the Offering (the **IPO Resolutions**, together with items (f) to (j) above, the **Directors' Resolutions**);

(l) the
 Registration Statement; and

(m) the
 draft form of underwriting agreement to be entered by and among the Company and such underwriters
 appended as an exhibit to the Registration Statement (the **Underwriting Agreement**).

1.2 We
 have not made any enquiries or undertaken any searches concerning, and have not examined
 any other documents entered into by or affecting the Company or any other person, save for
 the examinations referred to in paragraph 1.1 above. In particular, but without limitation,
 we have not examined any documents referred to within the Registration Statement save as
 expressly referred to above and our opinion is limited accordingly.

---

| | |
|:---|:---|
| **2** | **Assumptions** |

---

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 original documents examined by us are authentic and complete;

(b) all
 copy documents examined by us (whether in facsimile, electronic or other form) conform to
 the originals and those originals are authentic and complete;

(c) all
 signatures, seals, dates, stamps and markings (whether on original or copy documents) are
 genuine;

(d) each
 of the Good Standing Certificate and the Registers is accurate and complete as at the date
 of this opinion;

(e) all
 copies of the Registration Statement are true and correct copies and the Registration Statement
 conform in every material respect to the latest drafts of the same produced to us and, where
 the Registration Statement has been provided to us in successive drafts marked-up to indicate
 changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Directors' Resolutions remain in full force and effect and have not been, and will
 not be, rescinded or amended, and each of the directors of the Company has acted in good
 faith with a view to the best interests of the Company and has exercised the standard of
 care, diligence and skill that is required of him or her in approving the Offering and the
 transactions set out in the Directors' Resolutions, and no director has a financial
 interest in or other relationship to a party of the transactions contemplated by the Offering
 which has not been properly disclosed in the Directors' Resolutions;

(g) neither
 the directors and shareholders of the Company have taken or will take any steps to wind up
 the Company or to appoint a liquidator of the Company and no receiver has been appointed
 over any of the Company's property or assets;

(h) upon
 the issuance of the IPO Shares, the Company will receive consideration for the full issue
 price thereof (which shall not be less than the par value of such IPO Share);

(i) the
 Underwriting Agreement has been, or will be, authorised and duly executed in the form as
 exhibited in the Registration Statement and unconditionally delivered by or on behalf of
 all relevant parties in accordance with all relevant laws and, in respect of the Company,
 in the manner authorised in the Board Resolutions;

(j) upon
 execution, the Underwriting Agreement will be legal, valid, binding and enforceable against
 all relevant parties in accordance with its terms under the laws of its governing law and
 all other relevant laws. If an obligation is to be performed in a jurisdiction outside the
 British Virgin Islands, its performance will not be contrary to an official directive, impossible
 or illegal under the laws of that jurisdiction;

(k) no
 invitation has been or will be made by or on behalf of the Company to the public in the British
 Virgin Islands to subscribe for any IPO Shares and none of the IPO Shares have been offered
 or issued to residents of the British Virgin Islands;

(l) the
 Company is, and after the allotment (where applicable) and issuance of the IPO Shares will
 be, able to pay its liabilities as they fall due;

(m) the
 information and each of the documents disclosed by the Public Records was and is accurate,
 up-to-date and remains unchanged as at the date hereof and there is no information or document
 which has been delivered for registration, or which is required by the laws of the British
 Virgin Islands to be delivered for registration, which was not included and available for
 inspection in the Public Records;

(n) there
 are no agreements, documents or arrangements (other than the documents expressly referred
 to in this opinion as having been examined by us) that materially affect or modify the Underwriting
 Agreement or transactions contemplated in the Registration Statement or restrict the powers
 and authority of the Company in any way from the issuance of the IPO Shares as described
 in the Registration Statement and under a duly authorised, executed and delivered Underwriting
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) there
 is no provision of the law of any jurisdiction, other than the British Virgin Islands, which
 would have any implication in relation to the opinions expressed herein; and

(p) the
 Company is not a land owning company for the purposes of Section 242 of the BCA meaning that
 neither it nor any of its subsidiaries has an interest in any land in the British Virgin
 Islands.

---

| | |
|:---|:---|
| **3** | **Opinion** |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company was a company duly incorporated with limited liability under the BCA on 28 June 2023,
 and is validly existing and in good standing with the Registrar of Corporate Affairs of the
 British Virgin Islands (the **Company Registrar**) as at the date of the Good Standing
 Certificate.

**Authorised Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 solely on the Memorandum and Articles, the Company is authorised to issue an unlimited number
 of shares of US$0.00005 par value each divided into five classes of shares as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) class
 A ordinary shares of US$0.00005 par value each (**Class A Ordinary Shares**);

(ii) class
 B ordinary shares of US$0.00005 par value each (**Class B Ordinary Shares**);

(iii) class
 A preferred shares of US$0.00005 par value each (**Class A Preferred Shares**);

(iv) class
 B preferred shares of US$0.00005 par value each (**Class B Preferred Shares**);

(v) class
 C preferred shares of US$0.00005 par value each (**Class C Preferred Shares** and together
 with the Class A Preferred Shares and the Class B Preferred Shares, being referred to as
 the **Preferred Shares**).

**Corporate authorisation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company has taken all requisite corporate action to authorise the issuance of the IPO Shares
 under the Registration Statement.

**Valid Issuance of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 IPO Shares to be offered and issued by the Company as contemplated by the Registration Statement
 have been duly authorised for issue and when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issued
 by the Company against payment in full of the consideration therefor in accordance with the
 terms set out in the Registration Statement and the underwriting agreement, the IPO Resolutions
 and the Company's then effective memorandum and articles association; and

(ii) such
 issuance of IPO Shares have been duly registered in the Company's register of members
 as fully paid shares, will
be validly issued, fully paid and non-assessable.

(e) The
 Resale Shares being proposed for resale by the Selling Shareholders have been validly issued.

**Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No
 taxes, stamp duties, other duties, fees or charges are payable (by assessment, withholding,
 deduction or otherwise) to the government of the British Virgin Islands in respect of the
 Offering.

(g) There
 is no withholding tax, capital gains tax, capital transfer tax, estate duty, inheritance
 tax, succession tax or gift tax in the British Virgin Islands and any dividends, interest,
 rents, royalties, compensations and other amounts paid by the Company are exempt from any
 taxation in the British Virgin Islands imposed under the British Virgin Islands Income Tax
 Ordinance (Cap 206). In particular, section 242 of the BCA provides the Company with a statutory
 exemption from all forms of taxation in the British Virgin Islands.

---

| | |
|:---|:---|
| **4** | **Limitations and Qualifications** |
| 4.1 | We offer no opinion: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 to any laws other than the laws of the British Virgin Islands, and we have not, for the purposes
 of this opinion, made any investigation of the laws of any other jurisdiction, and we express
 no opinion as to the meaning, validity, or effect of references in the Documents to statutes,
 rules, regulations, codes or judicial authority of any jurisdiction other than the British
 Virgin Islands; or

(b) except
 to the extent that this opinion expressly provides otherwise, as to the commercial terms
 of, or the validity, enforceability or effect of the Registration Statement, the accuracy
 of representations, the fulfilment of warranties or conditions, the occurrence of events
 of default or terminating events or the existence of any conflicts or inconsistencies among
 the Registration Statement and any other agreements into which the Company may have entered
 or any other documents.

4.2 Under
 the BCA an annual fee must be paid in respect of the Company to the Registry of Corporate
 Affairs. Failure to pay the annual fees by the relevant due date will render such Company
 liable to a penalty fee in addition to the amount of the outstanding fees. If the license
 fee and/or any penalty fee remains unpaid from the due date, such Company will be liable
 to be struck off and dissolved from the Register of Companies in the British Virgin Islands.

4.3 Under
 the BCA, a copy of the Company's register of directors which is complete must be filed
 by the Company at the Registry of Corporate Affairs. Failure to make this filing will render
 such Company liable to a penalty fee and if the filing is not made within the requisite time
 period or any penalty fee remains unpaid from the due date, such Company will be liable to
 be struck off and dissolved from the Register of Companies.

4.4 Under
 the BCA, an annual financial return, in the prescribed form, must be filed by the Company
 with its Registered Agent in respect of each year for which one is due within the timeframe
 prescribed by the BCA for that year (unless such Company is within one of the statutory exceptions
 to the obligation to file). Failure to make this filing when due will render such Company
 liable to a penalty fee and where such Company is liable to the maximum penalty and has not
 filed its annual return, the Company will be liable to be struck off and dissolved from the
 Register of Companies.

4.5 Under
 the BCA, unless the Company is within one of the statutory exceptions to the obligation to
 file and is compliant with any conditions for the relevant exception(s) to apply, a copy
 of the relevant Company's register of members which is complete and certain prescribed
 beneficial ownership information for the Company must be filed by the Company at the Registry
 of Corporate Affairs. Failure to make these filings will render the Company liable to penalty
 fees and if the filings are not made within the requisite time period or any penalty fee
 remains unpaid from the due date, the Company will be liable to be struck off and dissolved
 from the Register of Companies.

4.6 For
 the purposes of this opinion "in good standing" means only that as of the date
 of the Good Standing Certificate, the Registrar of Corporate Affairs has confirmed that she
 is satisfied that the Company (i) is on the Register of Companies; (ii) has paid all fees,
 annual fees and penalties due and payable; (iii) has filed with the Registrar of Corporate
 Affairs a copy of its registers of directors which is complete; and (iv) has filed its Annual
 Return in accordance with the requirements pursuant to the BCA by issuing a Certificate of
 Good Standing in respect of such Company under Section 235 of the BCA, which we assume remains
 correct and accurate as at the date of this opinion. We have made no enquiries into the Company's
 good standing with respect to any other filings or payment of fees, or both, that it may
 be required to make under the laws of the British Virgin Islands other than the BCA. We have
 made no enquiries into whether the copy of the register of directors, the copy of the register
 of members or such Company's beneficial ownership information filed at the Registry
 of Corporate Affairs matches the details set out on the Registered Agent's Certificate
 or whether the annual return filed by the Company with its registered agent is in the prescribed
 form as required pursuant to the BCA.

4.7 We
 have not undertaken any enquiry and express no view as to the compliance of the Company with
 the Substance Act.

4.8 The
 Public Records and our searches thereof may not reveal the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of the Company Registry Records, details of matters which have not been lodged for
 registration or have been lodged for registration but not actually registered at the time
 of our search or notifications made to the Registrar of Corporate Affairs by the Registered
 Agent of any failure by any Company to file its register of directors, register of members,
 beneficial ownership information and/or annual return as required and within the time frame
 prescribed by the BCA;

(b) in
 the case of the Court Records, details of proceedings which have been filed but not actually
 entered in the High Court Database at the time of our search;

(c) whether
 an application for the appointment of a liquidator or a receiver has been presented to the
 High Court of the British Virgin Islands or whether a liquidator or a receiver has been appointed
 out of court, or whether any out of court dissolution, reconstruction or reorganisation of
 the Company has been commenced; or

(d) any
 originating process (including an application to appoint a liquidator) in respect of the
 Company in circumstances where the High Court of the British Virgin Islands has prior to
 the issuance of such process ordered that such process upon issuance be anonymised (whether
 on a temporary basis or otherwise),

and the following points should also be noted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Court Records reflect the information accessible remotely on the High Court Database, we
 have not conducted a separate search of the underlying Civil Cause Book (the **Civil Cause Book**) or the Commercial Cause Book (the **Commercial Cause Book**) at the Registry
 of the High Court of the British Virgin Islands. Although the High Court Database should
 reflect the content of the Civil Cause Book and the Commercial Cause Book, neither the High
 Court Database nor the Civil Cause Book or Commercial Cause Book is updated every day, and
 for that reason neither facility can be relied upon to reveal whether or not a particular
 entity is a party to litigation in the British Virgin Islands;

(f) the
 High Court Database is not updated if third parties or noticed parties are added to or removed
 from the proceedings after their commencement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) while
 it is a requirement under Section 118 of the Insolvency Act that notice of the appointment
 of a receiver be registered with the Registry of Corporate Affairs, however, it should be
 noted that failure to file a notice of appointment of a receiver does not invalidate the
 receivership but gives rise to penalties on the part of the receiver and the absence of a
 registered notice of appointment of a receiver is not conclusive as to there being no existing
 appointment of a receiver in respect of the Company or its assets.

---

| | |
|:---|:---|
| **5** | **Governing Law of this Opinion** |

---

5.1 This
 opinion shall be governed by and construed in accordance with the laws of the British Virgin
 Islands and is limited to the matters expressly stated herein. This opinion is confined to
 and given on the basis of the laws and practice in the British Virgin Islands at the date
 hereof.

5.2 Unless
 otherwise indicated, a reference to any specific British Virgin Islands legislation is a
 reference to that legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| **6** | **Reliance** |

---

6.1 We
 hereby consent to the filing of this opinion as an exhibit to the Registration Statement
 and to the reference to our firm under the headings "*Enforceability of Civil Liabilities* "
 and "*Legal Matters*" of the Registration Statement.

6.2 This
 opinion may be used only in connection with the Offering while the Registration Statement
 is effective.

Yours faithfully

![](ex5-1_002.jpg)

**Ogier**

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the inclusion in this Registration Statement on Form F-1 of AI ASSETS LTD (the "Company") of our report dated October 15, 2024, relating to our audits of the consolidated financial statements of the Company as of and for each of the year ended June 30, 2024 and the period from June 28, 2023 (date of inception) through June 30, 2023, appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference of our Firm under the caption "Experts" in this Registration Statement.

---

| |
|:---|
| /s/ HTL International, LLC |
| HTL International, LLC |
| Houston, Texas |
| September 9, 2025 |

---

## Exhibit 99.6

**Exhibit 99.6**

**AI Assets Ltd**

**20 Cecil Street #14-01**

**PLUS**

**Singapore 049705**

**<u>Via EDGAR</u>**

Division of Corporation Finance

Office of Finance

U.S. Securities and Exchange Commission

100 F Street, NE

Washington, D.C., 20549

**AI Assets Ltd**

**Registration Statement on Form F-1**

**Filed on February 21, 2025**

**File No. 333-285112**

**Request for Waiver and Representation under Item 8.A.4 of Form 20-F**

The undersigned, AI Assets Ltd (the "Company"), a foreign private issuer organized under the laws of the British Virgin Islands, is submitting this letter via EDGAR to the Securities and Exchange Commission (the "Commission") in connection with the Company's filing on the date hereof of its registration statement on Form F-1 (the "Registration Statement") relating to a proposed initial public offering and listing in the United States of the Company's ordinary shares. The letter respectfully requests a waiver of the requirements of Item 8.A.4 of Form 20-F.

The Company has included in the Registration Statement its audited consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, as of and for the years ended June 30, 2024 and 2023, and unaudited interim condensed consolidated financial statements for the six months ended December 31, 2024 and 2023.

Item 8. A.4 of Form 20-F states that in the case of a company's initial public offering, the registration statement on Form F-1 must contain audited financial statements as of a date not older than 12 months from the date of the offering unless a representation is made pursuant to Instruction 2 to Item 8.A.4. The Company is making this representation pursuant to Instruction 2 to Item 8.A.4, as amended and in effect as of the date hereof, which provides that a company may instead comply with the 15-month requirement "if the company is able to represent that it is not required to comply with the 12-month requirement in any other jurisdiction outside the United States and that complying with the 12-month requirement is impracticable or involves undue hardship."

The Company hereby represents that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Company is not currently a public reporting company in any jurisdiction.

2. The
 Company is not required by any jurisdiction outside the United States to prepare, and has not prepared, financial statements audited
 under any generally accepted auditing standards for any interim period subsequent to June 30, 2024.

3. Compliance
 with Item 8.A.4 at present is impracticable and involves undue hardship for the Company.

4. The
 Company does not anticipate that its audited financial statements for the fiscal year ended June 30, 2025 will be available
 until October 2025.

5. In
 no event will the Company seek effectiveness of its Registration Statement if its audited financial statements are older than
 15 months at the time of the offering.

The Company is filing this representation as an exhibit to the Registration Statement pursuant to Instruction 2 to Item 8.A.4 of form 20-F.

---

| |
|:---|
| Very truly yours, |
| */s/ Yibin Xu* |
| Yibin Xu |
| Chief Executive Officer and Sole Director |

---