# EDGAR Filing Document

**Accession Number:** 0002064555
**File Stem:** 0001493152-25-017545
**Filing Date:** 2025-10
**Character Count:** 1532466
**Document Hash:** bc03ee820e822252d9cc88901b7383b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-017545.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0001493152-25-017545

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

**PUBLIC DOCUMENT COUNT**: 77

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ANGIE HOLDINGS Ltd
- **CENTRAL INDEX KEY:** 0002064555
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-APPAREL, PIECE GOODS & NOTIONS [5130]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290239
- **FILM NUMBER:** 251383953

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** RM 03, 11/F, HILDER CENTRE,
- **STREET 2:** 2 SUNG PING STREET, HUNG HOM, KOWLOON,
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** F4
- **ZIP:** NULL
- **BUSINESS PHONE:** 852 2777 7623

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** RM 03, 11/F, HILDER CENTRE,
- **STREET 2:** 2 SUNG PING STREET, HUNG HOM, KOWLOON,
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** F4
- **ZIP:** NULL

**As filed with the Securities and Exchange Commission on October 9, 2025.**

**Registration Statement No. 333-290239**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Amendment No. 2** 

**to**

**Form F-1**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**ANGIE HOLDINGS LIMITED**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **5130** | **Not Applicable** |
| (State or other jurisdiction of incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (IRS Employer Identification Number) |

---

**3/F., West Gate Tower**

**No. 7 Wing Hong Street**

**Lai Chi Kok, Kowloon Hong Kong**

**+852 2777 7623**

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

**Cogency Global Inc.**

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

**New York, NY 10168**

**Phone: +1 (800) 221-0102**

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

**Copies to:**

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| | |
|:---|:---|
| **Lawrence S. Venick, Esq.**<br> **Loeb & Loeb LLP** <br> **2206-19 Jardine House**<br> **1 Connaught Place, Central, Hong Kong SAR**<br> **+852 3923 1111** | <br>**Fang Liu, Esq.**<br> **VCL Law LLP** <br> **1945 Old Gallows Road, Suite 260**<br> **Vienna, VA 22182**<br> **(703) 919-7285**<br>|

---

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

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

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

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

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

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

If an emerging growth company that prepares its financial statements in accordance with accounting principles generally accepted in the United States ("**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 that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the registration statement shall become effective on such date as the Commission, acting pursuant to such Section 8(a), may determine.**

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

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

---

**1,500,000** **Ordinary Shares**

**Angie Holdings Limited**

This is the initial public offering on a firm commitment basis of the ordinary shares ("**IPO**"), par value US$0.0001 per share ("**Ordinary Shares**" or "**Shares**"), of Angie Holdings Limited ("**Angie**"), an exempted company with limited liability incorporated under the laws of the Cayman Islands, whose subsidiary is established in Hong Kong. We are offering 1,500,000 Ordinary Shares of Angie, representing 9.84% of the Ordinary Shares following completion of the offering of Angie. Following the offering, 9.84% of the Ordinary Shares will be held by shareholders for general trading, assuming the underwriter does not exercise the over-allotment option.

Prior to this offering, there has been no public market for our Ordinary Shares. The offering price of the Shares in this offering is expected to be between US$4.00 and US$6.00 per share. The offering is being made on a "firm commitment" basis by the underwriter. See "Underwriting". We have applied to list the Shares on the Nasdaq Capital Market under the symbol "AGIE." Listing of the Shares on Nasdaq is a condition to the offering. There is no assurance that such application will be approved, and if our application is not approved, this offering will be terminated.

**Investors are cautioned that you are buying shares of a Cayman Islands holding company with operations in Hong Kong by its Operating Subsidiary (as defined below).**

Angie is a Cayman Islands holding company with no material operations of its own, and we conduct our operations primarily in Hong Kong through our Operating Subsidiary. This holding structure involves unique risks to investors as the Chinese regulatory authorities could disallow this structure, which would likely result in a material change in our operations and/or a material change in the value of the securities which are registered for sale, including that it could cause the value of such securities to significantly decline or become worthless. Please refer to page 27 below for further details. References to the "Company", "we", "us", and "our" in the prospectus are to Angie, the Cayman Islands entity that will issue the Ordinary Shares being offered. This is an offering of the Ordinary Shares of Angie, the Cayman Islands holding company, and not of the shares of the Operating Subsidiary. Investors in this offering may never directly hold any equity interests in the Operating Subsidiary.

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

Our operations are primarily located in Hong Kong, a Special Administrative Region of the People's Republic of China ("**China**" or the "**PRC**"), with its own governmental and legal system that is independent from mainland China and has its own distinct rules and regulations. Due to long-arm provisions under the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws in China. We are subject to the risks of uncertainty about any future actions of the PRC government or authorities in Hong Kong in this regard. We may also be subject to unique risks due to the uncertainty of the interpretation and application of PRC laws and regulations.

Should the PRC government choose to exercise significant oversight and discretion over the conduct of our business, they may intervene in or influence our operations. Such governmental actions:

● could result in a material change in our operations or even significantly limit or completely hinder our ability to continue our operations;

● could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors; and

● may cause the value of our securities to significantly decline or be worthless.

The legal and operational risks associated in operating in the PRC also apply to the Operating Subsidiary's operations in Hong Kong, and we face the risks and uncertainties associated with the complex and evolving PRC laws and regulations and as to whether and how the PRC government statements and regulatory developments, such as those relating to data and cyberspace security, and anti-monopoly concerns, would be applicable to the Operating Subsidiary and us, given the substantial operations of the Operating Subsidiary in Hong Kong and the possibilities that Chinese government may exercise significant oversight over the conduct of business in Hong Kong. In the event that the Operating Subsidiary were to become subject to laws and regulations of the PRC, these risks could result in material costs to ensure compliance, fines, material changes in our operations and/or the value of the securities we are registering for sale, and/or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. For example, if the regulatory actions of the PRC government on data security, anti-monopoly or other data-related laws and regulations were to apply to us and/or our subsidiary, we and/or our subsidiary could become subject to certain anti-monopoly, cybersecurity and data privacy obligations, including the potential requirement to conduct a cybersecurity review for our public offerings on a foreign stock exchange, and the failure to meet such obligations could result in penalties and other regulatory actions against us and/or our subsidiary and may materially and adversely affect our subsidiary's business and our results of operations. As of the date of this prospectus, regulatory actions related to data security or anti-monopoly concerns in Hong Kong do not have a material impact on our ability to conduct business, accept foreign investment in the future, continue to list on a United States stock exchange or a foreign stock exchange. However, new regulatory actions related to data security or anti-monopoly concerns in Hong Kong may be taken in the future, and such regulatory actions may have a material impact on our ability to conduct business, accept foreign investment, continue to list on a United States stock exchange or foreign stock exchange. We believe that we and the Operating Subsidiary is not currently required to obtain permission from or complete filing procedure with any of the PRC and Hong Kong government authorities to list on a U.S. securities exchange and consummate this offering, including the permission requirement or complete filing procedure for any data security or anti-monopoly concerns. However, there is no guarantee that this will continue to be the case in the future in relation to the continued listing of our securities on a securities exchange in the United States, or even when such permission is obtained or such filing is completed, it will not be subsequently denied or rescinded. See "*Risk Factors — Risks Related to Doing Business in Hong Kong — Our key operations are in Hong Kong, a Special Administrative Region of the PRC. According to the long-arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of the Shares. The PRC government may intervene or impose restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the PRC government may also be quick with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.*" on page 17; and "*Risk Factors – Risks Related to Doing Business in Hong Kong — If the PRC government chooses to extend the oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless*" on page 21.

We are aware that the PRC government has initiated a series of regulatory actions and new policies to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a variable interest entity ("**VIE**") structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. See "*Prospectus Summary – Regulatory Development in the PRC*" beginning on page 9.

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

On December 28, 2021, the Cyberspace Administration of China (the "**CAC**"), jointly with the relevant authorities, formally published Measures for Cybersecurity Review (2021), which took effect on February 15, 2022, and replaced the former Measures for Cybersecurity Review (2020) issued on July 10, 2021. The Measures for Cybersecurity Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services, and online platform operators (together with the operators of critical information infrastructure, the ("**Operators**") carrying out data processing activities that affect or may affect national security, shall conduct a cybersecurity review, and any online platform operator who controls more than one million users' personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.

On February 17, 2023, the CSRC released the Trial Measures for Administration of Overseas Securities Offerings and Listings by Domestic Companies and five interpretive guidelines (collectively, the "**CSRC Filing Rules**"), which came into effect on March 31, 2023. Under the CSRC Filing Rules, a filing based regulatory system shall be applied to "indirect overseas offerings and listings" of PRC domestic companies, which refers to securities offerings and listings in an overseas market made under the name of an offshore entity but based on the underlying equity, assets, earnings, or other similar rights of a domestic company that operates its main business domestically. The CSRC Filing Rules state that any post-listing follow-on offering by an issuer in the same overseas market, including issuance of shares, convertible notes, and other similar securities, shall be subject to filing requirements within three business days after the completion of the offering.

Given the Company does not have any subsidiary which is incorporated in the PRC, we are of the view that the Company is not subject to the filing requirements under the CSRC Filing Rules.

The Operating Subsidiary may collect and store certain data (including certain personal information) from our clients, who may be mainland China individuals, in connection with our business and operations and for "Know Your Customers" purposes (to combat money laundering). The Measures for Cybersecurity Review (2021), PRC Data Security Law, the PRC Personal Information Protection Law, and the CSRC Filing Rules currently does not have an impact on our business, operations or this offering, nor are we or the Operating Subsidiary are covered by permission requirements from the CAC that is required to approve our Operating Subsidiary's operations and our offering, as our Operating Subsidiary will not be deemed to be an "Operator" or a "data processor" that required to file for cybersecurity review before listing in the United States, because: (i) the Operating Subsidiary was incorporated in Hong Kong and operate only in Hong Kong without any subsidiary or VIE structure in mainland China and each of the Measures for Cybersecurity Review (2021), the Personal Information Protection Law and the CSRC Filing Rules does not clearly provide whether it shall be applied to a company based in Hong Kong; (ii) as of date of this prospectus, the Operating Subsidiary has in aggregate collected and stored personal information of far less than one million users; (iii) all of the data the Operating Subsidiary has collected is stored in servers located in Hong Kong, and we and the Operating Subsidiary do not place any reliance on collection and processing of any personal information to maintain our business operation; (iv) as of the date of this prospectus, our Operating Subsidiary has not been informed by any PRC governmental authority of any requirement that it files for a CSRC review, nor has received any inquiry, notice, warning, or sanction in such respect initiated by the CAC or related governmental regulatory authorities; and (v) data processed in our business should not have a bearing on national security nor affect or may affect national security, and we and the Operating Subsidiary have not been notified by any authorities of being classified as an Operator. Moreover, pursuant to the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). Therefore, based on the PRC laws and regulations effective as of the date of this prospectus and subject to interpretations of these laws and regulations that may be adopted by mainland China authorities, neither we, nor the Operating Subsidiary in Hong Kong are currently required to obtain any permission or approval from the mainland China government authorities, including the CSRC and CAC, to operate our business or to offer the securities being registered to foreign investors. As of the date of this prospectus, neither we nor the Operating Subsidiary have ever applied for any such permission or approval.

However, given the uncertainties arising from the legal system in mainland China and Hong Kong, including uncertainties regarding the interpretation and enforcement of the PRC laws and regulations and the significant authority of the PRC government to intervene or influence the offshore holding company headquartered in Hong Kong, there remains significant uncertainty in the interpretation and enforcement of the CSRC Filing Rules, PRC Personal Information Protection Law, relevant mainland China data privacy, cybersecurity laws and other regulations. Since the CSRC Filing Rules are newly promulgated, their interpretation, application and enforcement remain unclear and there also remains significant uncertainty as to the enactment, interpretation and implementation of other regulatory requirements related to overseas securities offerings and other capital markets activities. If the CSRC Filing Rules become applicable to us or the Operating Subsidiary in Hong Kong, if the Operating Subsidiary is deemed to be an "Operator", or if the Measures for Cybersecurity Review (2021) or the PRC Personal Information Protection Law become applicable to the Operating Subsidiary in Hong Kong, the business operation of the Operating Subsidiary and the listing of our Ordinary Shares in the United States could be subject to the CAC's cybersecurity review or the CSRC Overseas Issuance and Listing review in the future. While we do not believe we are covered by the permission requirements from CSRC or CAC, investors of our company and our business may face potential uncertainty from actions taken by the PRC government affecting our business. If the applicable laws, regulations, or interpretations change and the Operating Subsidiary become subject to the CAC or CSRC review, we cannot assure you that the Operating Subsidiary will be able to comply with the regulatory requirements in all respects and our current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. If we were required to obtain such permissions or approvals in the future in connection with the listing or continued listing of our securities on a stock exchange outside of the PRC, it is uncertain how long it will take for us to obtain such approval, and, even if we obtain such approval, the approval could be rescinded. Any failure to obtain or a delay in obtaining the necessary permissions from the PRC authorities to conduct offerings or list outside of the PRC may subject us to sanctions imposed by the PRC regulatory authorities, which could include fines and penalties, proceedings against us, and other forms of sanctions, and our ability to conduct our business, invest into the mainland China as foreign investments or accept foreign investments, ability to offer or continue to offer Ordinary Shares to investors or list on the U.S. or other overseas exchange may be restricted, and the value of our Ordinary Shares may significantly decline or be worthless, our business, reputation, financial condition, and results of operations may be materially and adversely affected. See "*Risk Factors — Risks Related to Doing Business in Hong Kong — If the PRC government chooses to extend the oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless*" on page 21.

The PRC government may intervene or influence our operations at any time and may exert more control over offerings conducted overseas and foreign investment in Hong Kong-based issuers. The PRC government may also intervene or impose restrictions on our ability to move out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Furthermore, PRC regulatory authorities may in the future promulgate laws, regulations or implementing rules that require our company or our subsidiary to obtain regulatory approval from PRC authorities before this offering. These actions could result in a material change in our operations and could significantly limit or completely hinder our ability to complete this offering or cause the value of the Shares to significantly decline or become worthless. See "*Prospectus Summary — Regulatory Developments in the PRC*" beginning on page 9.

Furthermore, as more stringent criteria, including the Holding Foreign Companies Accountable Act (the "**HFCA Act**"), have been recently imposed by the U.S. Securities and Exchange Commission (the "**SEC**") and the Public Company Accounting Oversight Board ("**PCAOB**"), recently, the Shares may be prohibited from trading if our auditor cannot be fully inspected. Our auditor, WWC, P.C., the independent registered public accounting firm that issues the audit report included in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess WWC, P.C.'s compliance with applicable professional standards. WWC, P.C. is headquartered in San Mateo, California, and can be inspected by the PCAOB. As of the date of this prospectus, our auditor is not subject to the determinations announced by the PCAOB on December 16, 2021, relating to the PCAOB's inability to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong because of a position taken by one or more authorities in the PRC or Hong Kong. On August 26, 2022, CSRC, the Ministry of Finance of the PRC (the "**MOF**"), and the PCAOB signed a Statement of Protocol (the "**Protocol**"), governing inspections and investigations of audit firms based in China and Hong Kong. The Protocol remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB will consider the need to issue a new determination. See *"Risk Factors — Risks Relating to The Shares — Although the audit report included in this prospectus is prepared by PCAOB registered auditor who are currently inspectable by the PCAOB, there is no guarantee that future audit reports will be prepared by auditors inspectable by the PCAOB and, as such, in the future investors may be deprived of the benefits of the PCAOB inspection program. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act (the "**AHFCAA**") was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus reduced the time before the Shares may be prohibited from trading or delisted"* on page 22. We cannot assure you whether Nasdaq or other regulatory authorities will apply additional or more stringent criteria to us. Such uncertainty could cause the market price of the Shares to be materially and adversely affected.

Our management monitors the cash position of the Operating Subsidiary regularly and prepares budgets on a monthly basis to ensure it has the necessary funds to fulfil its obligations for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential liquidity issue, it will be reported to our Chief Financial Officer and subject to approval by our board of directors ("**Board of Directors**").

For Angie to transfer cash to its subsidiary, Angie is permitted under the laws of the Cayman Islands and its Amended and Restated Memorandum and Articles (as defined below) to provide to our subsidiary incorporated in Hong Kong through loans or capital contributions. Our Operating Subsidiary may transfer cash to Angie but is subject to the condition that, under the Companies Ordinance of Hong Kong, it may only make a distribution out of profits available for distribution. Other than the above, we did not adopt or maintain any cash management policies and procedures as of the date of this prospectus, As a holding company, Angie may rely on dividends and other distributions on equity paid by its subsidiary for its cash and financing requirements. If the Operating Subsidiary incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to Angie. We do not have any current intentions to distribute further earnings. If we decide to pay dividends on any of the Shares in the future, as a holding company, we will be dependent on receipt of funds from the Operating Subsidiary by way of dividend payments. See "Dividend Policy," "*Risk Factors — Risks Related to The Shares — We rely on dividends and other distributions on equity paid by the Operating Subsidiary to fund our cash and financing requirements, and any limitation on the ability of the Operating Subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business"* on page 27, and "Consolidated Statements of Change in Shareholders' Equity in the Report of Independent Registered Public Accounting Firm" for further details. During the years ended December 31, 2024 and 2023, the six months ended June 30, 2025 and up to the date of this prospectus, our Operating Subsidiary and Angie did not declare or pay any dividends and there was no transfer of assets between Angie and its Operating Subsidiary. However, our Operating Subsidiary paid constructive dividends, which are economic benefits conferred on a shareholder without a dividend being formally declared, of $971,427 in FY 2024, $1,190,621 in FY2023 and $208,952 in the six months ended June 30, 2025 to Ms. Fong. There is no tax implication in relation to the constructive dividends received by Ms. Fong in Hong Kong.

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

Upon the completion of this offering, 15,250,000 Ordinary Shares will be outstanding (assuming that the underwriter does not exercise any portion of the over-allotment Option). Angie will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering, Mr. Fong, the Controlling Shareholder will own 11,970,000 of the total issued and outstanding Ordinary Shares through Visionary Value Investments Limited and Nexus Capital Development Limited, representing approximately 78.49% of the total voting power. Mr. Fong is our Chief Executive Officer and Chairman of the Board of Directors. Mr. Fong will have the ability to control matters requiring shareholder approval, including the election of directors, amendment of organizational documents, and approval of major corporate transactions, such as a change in control, merger, consolidation, or sale of assets. In addition, given that Ms. Fong, an executive director and our Chief Operating Officer will own 665,000 of the total issued and outstanding Ordinary Shares through Stella Wealth Investments Limited, representing approximately 4.36% of the total voting power, is a sibling of Mr. Fong, such family relationship will further concentrate share ownership among company management.

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total<sup>(2)</sup>** |
| IPO price | $— | $— |
| Underwriting discounts<sup>(1)</sup> and commissions | $— | $— |
| Proceeds, before expenses, to us | $— | $— |

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(1) Represents
 underwriting discounts equal to 7.5% per Ordinary Share.

(2) Assumes
 that the underwriter does not exercise any portion of the over-allotment option.

We expect our total expenses for this offering (including expenses payable to the underwriter for its out-of-pocket expenses) to be approximately US$ exclusive of the above discounts. In addition, we will pay a non-accountable expense allowance and additional compensation in connection with this offering defined by the Financial Industry Regulatory Authority ("**FINRA**") as underwriting compensation. These payments will further reduce proceeds available to us before expenses. See full description in the section "Underwriting."

**Neither the Securities and Exchange Commission (as defined below) 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.**

This offering is being conducted on a firm commitment basis. The underwriter is obligated to take and pay for all of the Ordinary Shares offered by this prospectus. We have granted the underwriter an option for a period of forty-five (45) days after the closing date of this offering (the "**Closing Date**") to purchase up to 225,000 additional Ordinary Shares (equal to 15% of the Ordinary Shares sold in this offering) from us at the IPO price, less the underwriting discounts and commissions (the "**Over-Allotment Option**"). If the underwriter exercises the Over-Allotment Option in full, assuming the public offering price per Ordinary Share is US$ , the total underwriting discounts payable will be US$ and the total proceeds to us, before expenses, will be US$ .

The underwriter expects to deliver the Ordinary Shares against payment as set forth under "Underwriting" on or about , 2025.

**The date of this prospectus is , 2025.**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | Page |
| [Prospectus Summary](#a_001) | 1 |
| [Risk Factors](#a_002) | 15 |
| [Special Note Regarding Forward-Looking Statements](#a_003) | 35 |
| [Use of Proceeds](#a_005) | 36 |
| [Dividend Policy](#a_006) | 37 |
| [Capitalization](#a_007) | 38 |
| [Dilution](#a_008) | 39 |
| [Corporate History and Structure](#a_010) | 40 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_011) | 43 |
| [Industry](#a_004) | 48 |
| [Business](#a_012) | 62 |
| [Regulations](#a_013) | 70 |
| [Management](#a_014) | 77 |
| [Related Party Transactions](#a_015) | 82 |
| [Principal Shareholders](#a_016) | 83 |
| [Description of Share Capital](#a_017) | 84 |
| [Shares Eligible for Future Sale](#a_018) | 93 |
| [Material Income Tax Considerations](#a_019) | 95 |
| [Underwriting](#a_020) | 101 |
| [Expenses Related to this Offering](#a_021) | 102 |
| [Legal Matters](#a_022) | 103 |
| [Experts](#a_023) | 104 |
| [Enforceability of Civil Liabilities](#a_024) | 105 |
| [Where You Can Find Additional Information](#a_025) | 107 |
| [Index to Consolidated Financial Statements](#J_010) | F-1 |

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i

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

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

Angie is an exempted company with limited liability incorporated under the laws of the Cayman Islands and a majority of our outstanding Ordinary Shares are owned by non-U.S. residents. Under the rules of the SEC we currently qualify for treatment as a "foreign private issuer". As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Exchange Act.

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

ii

**CONVENTIONS THAT APPLY TO THIS PROSPECTUS**

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

● "Amended
 and Restated Memorandum and Articles" refers to the amended and restated memorandum
 and articles of association of our Company conditional upon
 and with effect from the date on which the Registration Statement becomes effective;

● "BVI"
 refers to the British Virgin Islands;

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

● "Company",
 "we", "us" and "Angie" refers to Angie Holdings Limited,
 an exempted Company with limited liability incorporated under the laws of the Cayman Islands
 on March 6, 2025, that will issue the Ordinary Shares being offered and does not include
 Angie International.

● "Controlling
 Shareholder" refers to Mr. Fong, our Chief Executive Officer and Chairman of the Board
 of Directors. See "Management" and "Principal Shareholders" for more
 information;

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

● "Group"
 refers to the Company and its subsidiary, Angie International;

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

● "HKRITA"
 refers to The Hong Kong Research Institute of Textiles and Apparel Limited, a company established
 under the funding of the Hong Kong Government's Innovation and Technology Commission
 and hosted by PolyU;

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

● "Independent
 Third Party" refers to a person or company who or which is independent of and is not
 a 5% owner of, does not control and is not controlled by or under common control with any
 5% owner and is not the spouse or descendant (by birth or adoption) of any 5% owner of the
 Company;

● "Memorandum
 and Articles" refers to the memorandum of association and the articles of association
 of our Company adopted on March 6, 2025;

● "Mr.
 Fong" refers to Mr. Wai Sing FONG, our Controlling Shareholder, an executive director,
 Chief Executive Officer and Chairman of the Board of Directors;

● "Ms.
 Fong" refers to Ms. Mei Yuk FONG, an executive director, our Chief Operating Officer
 and a
 sibling of
 Mr. Fong;

● "Nasdaq"
 refers to Nasdaq Stock Market LLC;

● "Operating
 Subsidiary" or "Angie International" refers to Angie International Limited,
 a company incorporated in Hong Kong with limited liability, a directly wholly-owned subsidiary
 of Angie Holdings Limited and our sole operating subsidiary in Hong Kong;

● "Ordinary
 Shares" or "Shares" refer to our ordinary shares, par value US$0.0001 per
 ordinary share;

● "our
 Group" or "the Group" refers to Angie Holdings Limited and the Operating
 Subsidiary;

● "PCAOB"
 refers to Public Company Accounting Oversight Board;

● "PolyU"
 refers to the Hong Kong Polytechnic University;

● "PRC"
 or "China" or "mainland China" refers to the People's Republic
 of China, excluding Hong Kong, Macau and Taiwan for the purposes of this prospectus;

iii

● "PRC
 government" or "PRC authorities" or variations of such words or similar
 expressions, refer to the central, provincial, and local governments of all levels in mainland
 China, including regulatory and administrative authorities, agencies and commissions, or
 any court, tribunal or any other judicial or arbitral body in mainland China;

● "PRC
 laws" refer to all applicable laws, statutes, rules, regulations, ordinances and other
 pronouncements having the binding effect of law in mainland China;

● "RMB"
 or "Renminbi" means Renminbi, the lawful currency of the PRC;

● "R&D"
 means research and development;

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

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

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

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

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

Angie is a holding company with operations conducted in Hong Kong through its key Operating Subsidiary in Hong Kong, Angie International. Angie International's reporting currency is Hong Kong dollars. This prospectus contains translations of Hong Kong dollars into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Hong Kong dollars to U.S. dollars and from U.S. dollars to Hong Kong dollars in this prospectus were calculated at the rate of US$1 = HK$7.8, representing the noon buying rate in The City of New York for cable transfers of HK$ as certified for customs purposes by the Federal Reserve Bank of New York on the last trading day of June 30, 2025. No representation is made that the HK$ amount represents or could have been, or could be converted, realized or settled into US$ at that rate, or at any other rate.

iv

**PROSPECTUS SUMMARY**

*The following summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in the Shares. You should read the entire prospectus carefully, including "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes thereto, in each case included in this prospectus. You should carefully consider, among other things, the matters discussed in the section of this prospectus titled "Business" before making an investment decision. Unless the context otherwise requires, all references to "Angie", "we", "us", "our", the "Company", and similar designations refer to Angie Holdings Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands.*

**Overview**

We are a holding company incorporated in the Cayman Islands with operations conducted in Hong Kong by our Operating Subsidiary, Angie International. We have been engaged in the provision of corporate uniforms with or without special functionalities and safety products in Hong Kong since 2015. As a supplier of corporate uniforms, we provide our customers not only with finished goods but also ancillary services, including design, tailoring and functionality counseling.

**Our Competitive Strengths**

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

● Established
 track record in the corporate uniform industry in Hong Kong;

● Complete
 but flexible and effective supply chain;

● Implementation
 of stringent quality assurance system;

● Collaboration
 with a reputable university in Hong Kong in R&D of new functional fabrics and mobile
 applications; and

● Experienced
 and professional management team.

**Our Strategies**

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

● Strengthening
 R&D capabilities;

● Expanding
 overseas presences; and

● Increasing
 spending on marketing and branding.

**Corporate History and Structure**

Angie was incorporated as an exempted company with limited liability under the laws of the Cayman Islands in March 2025. Angie's direct subsidiary is Angie International, which was incorporated as a company with limited liability under the laws of Hong Kong in June 2015.

The chart below illustrates our corporate structure and identifies our subsidiary as of the date of this prospectus:

![](formf-1a_002.jpg)

The chart below illustrates our corporate structure and identifies our subsidiary upon completion of this offering (assuming the underwriter does not exercise the over-allotment option):

![](formf-1a_003.jpg)

Upon the completion of this offering, 15,250,000 Ordinary Shares will be outstanding assuming the underwriter does not exercise the over-allotment option. Angie will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering, Mr. Fong, the Controlling Shareholder will own an aggregate of 11,970,000 issued and outstanding Ordinary Shares through Visionary Value Investments Limited and Nexus Capital Development Limited, representing approximately 78.49% of the total voting power. Mr. Fong is our Chief Executive Officer and Chairman of the Board of Directors. Mr. Fong will have the ability to control matters requiring shareholder approval, including the election of directors, amendment of organizational documents, and approval of major corporate transactions, such as a change in control, merger, consolidation, or sale of assets. In addition, given that Ms. Fong, an executive director and our Chief Operating Officer will own 665,000 of the total issued and outstanding Ordinary Shares through Stella Wealth Investments Limited, representing approximately 4.36% of the total voting power, is a sibling of Mr. Fong, such family relationship will further concentrate share ownership among company management.

**Holding Company Structure**

Angie is a Cayman Islands holding company with no material operations of its own, and we conduct our operations primarily in Hong Kong through the Operating Subsidiary. This is an offering of the Ordinary Shares of Angie, an exempted company with limited liability incorporated under the laws of the Cayman Islands, instead of the shares of the Operating Subsidiary. Investors in this offering will not directly hold any equity interests in the Operating Subsidiary.

As a result of our corporate structure, Angie's ability to pay dividends may depend upon dividends paid by the Operating Subsidiary. If our Operating Subsidiary or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. This holding structure involves unique risks to investors as the Chinese regulatory authorities could disallow this structure, which would likely result in a material change in our operations and/or a material change in the value of the securities which are registered for sale, including that it could cause the value of such securities to significantly decline or become worthless. Please refer to page 27 below for further details.

**Transfers of Cash To and From Our Subsidiary**

Our management monitors the cash position of the Operating Subsidiary regularly and prepares budgets on a monthly basis to ensure it has the necessary funds to fulfil its obligations for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential liquidity issue, it will be reported to our Chief Financial Officer and subject to approval by the board of directors.

No regulatory approval is required for Angie to transfer cash to its subsidiary. Angie is permitted under the laws of the Cayman Islands and its Amended and Restated Memorandum and Articles to provide funding to our Operating Subsidiary through loans or capital contributions. However, to the extent cash in the business is in Hong Kong or a Hong Kong entity, the funds may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of the Company and its subsidiaries by the PRC government to transfer cash.

The ability of our Operating Subsidiary to transfer cash to Angie is subject to the following condition: according to the Companies Ordinance of Hong Kong, our Operating Subsidiary may only make a distribution out of profits available for distribution. Other than the above, we did not adopt or maintain any cash management policies and procedures as of the date of this prospectus, hence no summary and setting out of the policies and the relevant procedures are available.

**During the years ended December 31, 2024 and 2023 and the six months ended June 30, 2025 and up to the date of this prospectus, our Operating Subsidiary and Angie did not declare or pay any dividends and there was no transfer of assets between Angie and its Operating Subsidiary. However, our Operating Subsidiary paid constructive dividends, which are economic benefits conferred on a shareholder without a dividend being formally declared, of $971,000 in FY 2024, $1,190,621 in FY2023 and $208,952 in the six months ended June 30, 2025 to Ms. Fong. There is no tax implication in relation to the constructive dividends received by Ms. Fong in Hong Kong (see F-24 below).**

If we determine to pay dividends on any of the Shares in the future, as a holding company, we will be dependent on receipt of funds from our Operating Subsidiary by way of dividend payments. Angie is permitted under the laws of Cayman Islands and its Amended and Restated Memorandum and Articles to provide funding to its subsidiary through loans or capital contributions. The Operating Subsidiary is permitted under the laws of Hong Kong to provide funding to Angie through dividend distributions without restrictions on the amount of the funds distributed.

We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. Subject to the Cayman Islands laws and our Amended and Restated Memorandum and Articles, our board of directors has complete discretion as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from the operating entities, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Any of these factors could have a material adverse effect on our business, financial position and results of operations, and hence there is no assurance that we will be able to pay dividends to our shareholders after the completion of the IPO.

The Cayman Islands does not impose a withholding tax on payments of dividends to shareholders in the Cayman Islands.

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

Since Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China, or the Basic Law, providing Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". The PRC laws and regulations do not currently have any material impact on transfer of cash from Angie to our Operating Subsidiary nor from our Operating Subsidiary to Angie and the investors in the U.S. There is currently no restriction or limitation under the laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer of cash between the ultimate holding company and our Operating Subsidiary in Hong Kong. However, the PRC government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and from the other entities within our organization or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our Operating Subsidiary in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact our ability to conduct our business could require us to change certain aspects of our business to ensure compliance; decrease demand for our services; reduce revenues; increase costs; require us to obtain more licenses, permits, approvals, or certificates; or subject us to additional liabilities. To the extent any new or more stringent measures are implemented, our business, financial condition, and results of operations could be adversely affected and the value of our Ordinary Shares could decrease or become worthless.

See "Dividend Policy", "Risk Factors — We rely on dividends and other distributions on equity paid by our subsidiary to fund any cash and financing requirements we may have, and any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business", "Risk Factors — Our key operations are in Hong Kong, a Special Administrative Region of the PRC. According to the long-arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of the Shares. The PRC government may intervene or impose restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the PRC government may also be quick with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain", and Consolidated Statements of Change in Shareholders' Equity in the audited financial statements contained in this prospectus for more information.

**Enforceability of Civil Liabilities**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands in order to enjoy the following benefits: (a) political and economic stability; (b) an effective judicial system; (c) a favorable tax system; (d) the absence of exchange control or currency restrictions; (e) and the availability of professional and support services. However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include: (a) the Cayman Islands has a less exhaustive body of securities laws than the United States and these securities laws provides less protection to investors; and (b) the Cayman Islands companies may not have standing to sue before the federal courts of the United States.

All of our assets are located in Hong Kong. In addition, all of our directors and officers are citizens and/or residents of Hong Kong and all or a substantial portion of their assets are located outside the United States. Due to the lack of reciprocity and treaties between the United States and Hong Kong, together with cost and time constraints, it may be difficult for investors to effect service of process within the United States upon us or the persons who are citizens or residents of Hong Kong, 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.

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

We have appointed Cogency Global Inc. as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

Ogier, our counsel as to the laws of the Cayman Islands, has advised us that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the Grand Court of the Cayman Islands will at common law enforce final and conclusive *in personam* judgments of state and/or federal courts of the United States of America (the "**Foreign Court**") of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or other charges of a like nature, a fine or other penalty (which may include a multiple damages judgment in an anti-trust action) or where enforcement would be contrary to public policy). The Grand Court of the Cayman Islands will also at common law enforce final and conclusive *in personam* judgments of the Foreign Court that are non-monetary against the Company, e.g., declaratory judgments ruling upon the true legal owner of shares in a Cayman Islands company. The Grand Court of the Cayman Islands will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within six years of the date of the judgment, and arrears of interest on a judgment debt cannot be recovered after six years from the date on which the interest was due. The courts of the Cayman Islands are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Such a determination has not yet been made by the Grand Court of the Cayman Islands. A court of the Cayman Islands may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The Grand Court of the Cayman Islands may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

Substantially all of our assets are located outside the United States. In addition, most of our directors and executive officers are nationals or residents of jurisdictions other than the United States and substantially all of their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States, or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our executive officers and directors.

---

| | | |
|:---|:---|:---|
| **Directors and Executive officers** | **Age** | **Position** |
| Wai Sing FONG | 39 | Chairman of the Board of Directors and Chief Executive Officer |
| Mei Yuk FONG | 36 | Director and Chief Operating Officer |
| Wing Hang CHAN | 48 | Chief Financial Officer |
| Yan Fai LEE | 41 | Independent Director Appointee |
| Pik Yin MOK | 52 | Independent Director Appointee |
| Ngo Yin TSANG | 51 | Independent Director Appointee |

---

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

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

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

It is also uncertain whether, in the future, the Hong Kong government will implement regulations and policies of the Chinese government or adopt regulations and policies of its own that are substantially similar to those of the Chinese government.

**Summary of Key Risks**

Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may materially and adversely affect our business, financial condition, results of operations, cash flows, and prospects that you should consider before making a decision to invest in the Shares. These risks are discussed more fully in "Risk Factors".

**Risks Related to Our Business and Industry**

● A significant portion of our revenue was generated from a limited number of customers, and any significant decrease in the revenue derived from our major customers may materially and adversely affect our financial condition and operating results.

● We have not entered into any long-term agreements with our customers, which expose us to the risk of uncertainty and potential volatility in respect of our revenue.

● We have not entered into any long-term agreements with third party factories and any disruption in the relationships with the third-party factories or their manufacturing operations could adversely affect our business.

● Fluctuation in the price, availability and quality of raw materials could affect our or our suppliers' production, which would then result in increased costs for us.

● Cash inflows and outflows may be irregular and, thus, may affect our net cash flow position.

● Our performance depends on market conditions and trends in the corporate uniform industry and if there is any slowdown of economy in Hong Kong, the demands for corporate uniforms and hence our revenue may decrease significantly.

● We face keen competition from other players in the market.

● Our Group is dependent on key personnel and there is no assurance that our Group can retain them.

● We have leased properties, and we may not be able to renew current leases or relocate for relevant leased properties.

● Product liability and product recall may adversely affect our Group's results or operations.

● Our insurance coverage may not be adequate to cover potential liabilities.

● Our business plans and strategies may not be successful or be achieved within the expected time frame or within the estimated budget.

● If we fail to comply with applicable anti-corruption and anti-bribery laws, our reputation may be harmed and we could be subject to penalties and significant expenses that have a material adverse effect on our business, financial condition and results of operations.

● We and the Operating Subsidiary are exposed to potential disruptions and risks from unforeseen disasters or crises.

● We may be a party to legal proceedings from time to time and we cannot assure you that such legal proceedings will not have a material adverse impact on our business.

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

● Our key operations are in Hong Kong, a Special Administrative Region of the PRC. According to the long-arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of the Shares. The PRC government may intervene or impose restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the PRC government may also be quick with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.

● There are uncertainties regarding the interpretation and enforcement of PRC and Hong Kong laws, rules, and regulations.

● Adverse regulatory developments in China may subject us to additional regulatory review, and additional disclosure requirements and regulatory scrutiny to be adopted by the SEC in response to risks related to regulatory developments in China may impose additional compliance requirements for companies like us with Hong Kong-based operations, all of which could increase our compliance costs and subject us to additional disclosure requirements.

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

● We may be subject to laws and regulations regarding data security in Hong Kong, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.

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

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

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

● The effect of the Hong Kong Autonomy Act ()"**HKAA**") and other U.S. government policies in response to the enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "**Hong Kong National Security Law**") could impact our Operating Subsidiary.

● If we become subject to the recent scrutiny, criticism, and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and/or defend the matter, which could harm our business operations, this offering, and our reputation and could result in a loss of your investment in the Shares, in particular if such matter cannot be addressed and resolved favorably.

● A downturn in the political and socioeconomic conditions in Hong Kong, mainland China, or the global economy, or a change in the economic and political policies of China, could materially and adversely affect our business and financial condition.

● Fluctuations in exchange rates could have a material adverse effect on our results of operations and the price of the Shares.

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

● The Hong Kong legal system embodies uncertainties that could limit the availability of legal protections.

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

● Changes in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in Hong Kong, where the majority of our clients reside.

**Risks Relating to our Ordinary Shares**

● There has been no public market for our Ordinary Shares prior to this offering; if an active trading market does not develop, you may not be able to resell the Shares at any reasonable price.

● The trading price of the Shares may be volatile, which could result in substantial losses to you.

● Volatility in our Ordinary Share price may subject us to securities litigation.

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

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

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

● Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud, which may affect the market for and price of the Shares.

● If we fail to meet applicable listing requirements, Nasdaq may delist the Shares from trading, in which case the liquidity and market price of the Shares could decline.

● If you purchase the Shares in this offering, you will incur immediate and substantial dilution in the book value of your Ordinary Shares.

● If a limited number of participants in this offering purchase a significant percentage of the offering, the effective public float may be smaller than anticipated and the price of the Shares may be more volatile than it otherwise would be.

● Our directors, officers, and principal shareholders have significant voting power and may take actions that may not be in the best interests of our other shareholders.

● The board of directors may decline to register the transfer of Ordinary Shares in certain circumstances.

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

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

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

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

● Certain judgments obtained against us by our shareholders may not be enforceable.

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

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

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

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

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

● There can be no assurance that we will not be a PFIC for U.S. federal income tax purposes for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. holders of the Shares.

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

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

● As a "controlled company" under the rules of the Nasdaq Capital Market, we may choose to exempt our Company from certain corporate governance requirements that could have an adverse effect on our public shareholders. In addition, the interests of our Controlling Shareholder, who is also our executive director and officer, may not be the same as or may even conflict with your interests.

**Regulatory Developments in the PRC**

Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law of the Hong Kong Special Administrative Region, or the Basic Law, which is a national law of the PRC and the constitutional document for Hong Kong. The Basic Law provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". However, there is no assurance that there will not be any changes in the economic, political and legal environment in Hong Kong in the future. If there is a significant change to current political arrangements between mainland China and Hong Kong, companies operating in Hong Kong may face similar regulatory risks as those operated in the PRC, including their ability to offer securities to investors, list their securities on a U.S. or other foreign exchange, and conduct their business or accept foreign investment. In light of PRC government's recent expansion of authority in Hong Kong, there are risks and uncertainties which we cannot foresee for the time being, and rules, regulations and the enforcement of laws in the PRC can change quickly with little or no advance notice. The PRC government may intervene or influence the current and future operations in Hong Kong at any time or may exert more oversight and control over offerings conducted overseas and/or foreign investment in issuers like ourselves. Any actions by the PRC government to exert more oversight and control over offerings (including of businesses whose primary operations are in Hong Kong) that are conducted overseas and/or foreign investments in Hong Kong-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. If there is a significant change to current political arrangements between mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and, in such event, if we are required to obtain such approvals in the future and we do not receive or maintain the approvals or is denied permission from mainland China or Hong Kong authorities, we will not be able to list our Ordinary Shares on a U.S. exchange, or continue to offer securities to investors, which would materially affect the interests of the investors and cause significant the value of our Ordinary Shares significantly decline or be worthless.

We are aware that, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. For example, on July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws. Also, on July 10, 2021, the CAC issued a revised draft of the Measures for Cybersecurity Review for public comments (the "**Revised Draft**"), which required that, in addition to "operators of critical information infrastructure", any "data processor" controlling personal information of no less than one million users that seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and it further elaborated the factors to be considered when assessing the national security risks of the relevant activities.

On December 24, 2021, the CSRC released the Administrative Provisions of the State Council Regarding the Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comments) (the "**Draft Administrative Provisions**") and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (together with the Draft Administrative Provisions, the "**Draft Rules Regarding Overseas Listing**"). The Draft Rules Regarding Overseas Listing lays out the filing regulation arrangement for both direct and indirect overseas listing and clarifies the determination criteria for indirect overseas listing in overseas markets. Among other things, if a domestic enterprise intends to indirectly offer and list securities in an overseas market, the record-filing obligation is with a major operating entity incorporated in the PRC, and such filing obligation shall be completed within three working days after the overseas listing application is submitted. The required filing materials for an IPO and listing shall include, but not be limited to: regulatory opinions, record filing, approval, and other documents issued by competent regulatory authorities of relevant industries (if applicable), and security assessment opinions issued by relevant regulatory authorities (if applicable). On December 27, 2021, the National Development and Reform Commission ("**NDRC**") and the Ministry of Commerce jointly issued the Special Administrative Measures for Entry of Foreign Investment (Negative List) (2021 Version) ("**Negative List**"), which became effective and replaced the previous version. Pursuant to the Negative List, if a PRC company, which engages in any business where foreign investment is prohibited under the Negative List, or prohibited businesses seeks an overseas offering or listing, it must obtain the approval from competent governmental authorities. Based on a set of Q&A published on the NDRC's official website, an NDRC official indicated that after a PRC company submits its application for overseas listing to the CSRC and where matters relating to prohibited businesses under the Negative List are implicated, the CSRC will consult the regulatory authorities having jurisdiction over the relevant industries and fields.

On January 4, 2022, the CAC, the NDRC, and several other administrations jointly adopted and published the revised Cybersecurity Review Measures ("**CRM**"), which took effect on February 15, 2022, and replaced the Revised Draft issued on July 10, 2021. Pursuant to the revised CRM, if a network platform operator holding personal information of over one million users seeks for "foreign" listing, it must apply for the cybersecurity review. In addition, operators of critical information infrastructure purchasing network products and services are also obligated to apply for the cybersecurity review for such purchasing activities. Although the CRM provides no further explanation on the extent of "network platform operator" and "foreign" listing, we do not believe we are obligated to apply for a cybersecurity review pursuant to the revised CRM, considering that (i) we are not in possession of or otherwise holding personal information of over one million users, and it is also very unlikely that we will reach such threshold in the near future; and (ii) as of the date of this prospectus, we have not received any notice or determination from applicable PRC governmental authorities identifying it as a critical information infrastructure operator.

On February 17, 2023, the China Securities Regulatory Commission, or the CSRC, as approved by the State Council, released the CSRC Filing Rules, which came into effect on March 31, 2023. Under the CSRC Filing Rules, a filing based regulatory system shall be applied to "indirect overseas offerings and listings" of PRC domestic companies, which refers to securities offerings and listings in an overseas market made under the name of an offshore entity but based on the underlying equity, assets, earnings or other similar rights of a domestic company that operates its main business domestically. The CSRC Filing Rules state that, any post-listing follow-on offering by an issuer in the same overseas market, including issuance of shares, convertible notes and other similar securities, shall be subject to filing requirements within three business days after the completion of the offering. We believe that we are not subject to the CSRC Filing Rules, because we are incorporated in the Cayman Islands and our subsidiary is incorporated in Hong Kong and operate in Hong Kong without any subsidiary or VIE structure in mainland China, and we do not have any business operations or maintain any office or personnel in mainland China. However, as the CSRC Filing Rules and the supporting guidelines are newly published, there exists uncertainty with respect to the implementation and interpretation of the principle of "substance over form". If our offering and listing is later deemed as "indirect overseas offering and listing by companies in mainland China" under the CSRC Filing Rules, we may need to complete the filing procedures for our offering and listing. If we are subject to the filing requirements, we cannot assure you that we will be able to complete such filings in a timely manner or even at all. Since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond or what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our daily business operations, its ability to accept foreign investments, and the listing of the Shares on a U.S. or other foreign exchange. There remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the CSRC Filing Rules become applicable to the Operating Subsidiary or if the Measures for Cybersecurity Review (2021) or the PRC Personal Information Protection Law becomes applicable to the Operating Subsidiary, the business operation of the Operating Subsidiary and the listing of the Shares in the United States could be subject to the CAC's cybersecurity review or CSRC Overseas Issuance and Listing review in the future. If the applicable laws, regulations, or interpretations change and the Operating Subsidiary becomes subject to the CAC or CSRC review, we cannot assure you that the Operating Subsidiary will be able to comply with the regulatory requirements in all respects, and our current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. If the Operating Subsidiary fails to receive or maintain such permissions or if the required approvals are denied, the Operating Subsidiary may become subject to fines and other penalties that may have a material adverse effect on our business, operations, and financial condition and may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of the Shares to significantly decline or be worthless.

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

We have been advised by TWSL Partners, our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, as of the date of this prospectus, the Operating Subsidiary has obtained all requisite licenses and approvals, namely, the business registration certificate, for its business operations in Hong Kong which remain in force and have not been denied, suspended or revoked. As of the date of this prospectus and according to our Hong Kong counsel, Angie is not required to obtain any permission or approval from Hong Kong authorities to issue the Shares to foreign investors. Our directors are of the view that we are also not required to obtain permissions or approvals from any PRC authorities before listing in the United States and to issue the Shares to foreign investors or operate our business as currently conducted, including the CSRC, the CAC, or any other governmental agency that is required to approve our operations. As at the date of this prospectus, the key operations of the Company are primarily conducted in Hong Kong through our Operating Subsidiary. The Company does not have any business operations, assets or customers located in the PRC. Accordingly, the Company has not engaged a PRC counsel on the matters aforementioned, hence no opinion is expressed. This is a view shared by our Hong Kong counsel and U.S. counsel.

As of the date of this prospectus, based on PRC laws and regulations effective as of the date of this prospectus, the Company is not required to obtain permissions or approvals from any PRC authorities before listing in the United States and to issue our Ordinary Shares to foreign investors or operate the business as currently conducted, including the CSRC, the CAC, or any other governmental agency that is required to approve our operations, because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this prospectus are subject to this regulation; and (ii) the Operating Subsidiary was established and operate in Hong Kong and is not included in the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC. Angie and the Operating Subsidiary are not required to obtain any permissions or approvals from any Chinese authorities to operate their business as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority.

Hong Kong is a Special Administrative Region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, which serves as Hong Kong's constitution (the "**Basic Law**"). The Basic Law provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". However, there is no assurance that there will not be any changes in the economic, political and legal environment in Hong Kong in the future. In the event that (i) the PRC government expanded the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC and that we are required to obtain such permissions or approvals, (ii) we inadvertently concluded that relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face similar regulatory risks as those operated in mainland China, including the ability to offer securities to investors, list their securities on a U.S. or other foreign exchanges, conduct their business or accept foreign investment or sanctions by the CSRC, the CAC, or other PRC regulatory agencies.

**Recent PCAOB Developments**

On May 20, 2020, the U.S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor's local jurisdiction. The U.S. House of Representatives passed the HFCA Act on December 2, 2020, and the HFCA Act was signed into law on December 18, 2020. Pursuant to the HFCA act, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor cannot be inspected by the PCAOB for three consecutive years, and this ultimately could result in the Shares being delisted.

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

On June 22, 2021, the U.S. Senate passed the AHFCAA, which was signed into law on December 29, 2022, reduced the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two years.

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act, which took effect on January 10, 2022. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions.

On December 16, 2021, PCAOB issued a Determination Report, which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.

Our auditor, WWC, P.C., the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is headquartered in San Mateo, California and is subject to inspection by the PCAOB. As of the date of this prospectus, our auditor is not subject to the determinations announced by the PCAOB on December 16, 2021 in mainland China or Hong Kong because of a position taken by one or more authorities in the PRC or Hong Kong.

On August 26, 2022, CSRC, the MOF, and the PCAOB signed the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong. The Protocol remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has an exemption from the rule that a majority of the board of directors must be independent directors; unfettered ability to transfer information to the SEC.

On December 29, 2022, the Consolidated Appropriations Act was signed into law by President Joseph Biden, which contained, among other things, an identical provision to AHFCAA and amended the Holding Foreign Companies Accountable Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the Shares may be prohibited from trading or delisted".

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

**Implication of Being a Controlled Company**

We are and will continue, following this offering, to be a "controlled company" within the meaning of the Nasdaq Stock Market Rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.

For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

● an exemption from the rule that a majority of our board of directors must be independent directors;

● an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

● an exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Although we do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption after we complete this offering. If 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 after we complete this offering.

**Implications of Being an Emerging Growth Company and a Foreign Private Issuer**

As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act (the "**JOBS Act**"), enacted in April 2012, and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

● being permitted to 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 in our filings with the SEC;

● not being required to comply with the auditor attestation requirements in the assessment of our internal control over financial reporting;

● reduced disclosure obligations regarding executive compensation in periodic reports, proxy statements, and registration statements; and

● exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

We may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the date of the first sale of the Shares pursuant to this offering. However, if certain events occur before the end of such five-year period, including if we become a "large accelerated filer", our annual gross revenues exceed US$1.235 billion, or we issue more than US$1 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company before the end of such five-year period.

In addition, Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. We have elected to take advantage of the extended transition period for complying with new or revised accounting standards and acknowledge such election is irrevocable pursuant to Section 107 of the JOBS Act.

We are a foreign private issuer as defined by the SEC. As a result, in accordance with the rules and regulations of The Nasdaq Stock Market LLC, we may comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

● Exemption from filing quarterly reports on Form 10-Q or provide current reports on Form 8-K disclosing significant events within four days of their occurrence.

● Exemption from Section 16 rules regarding sales of Ordinary Shares by insiders, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.

● Exemption from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption.

Furthermore, Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq's Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

**Corporate Information**

Our principal office is located at 3/F., West Gate Tower, No. 7 Wing Hong Street, Lai Chi Kok, Kowloon, Hong Kong. Our telephone number is (+852) 2777 7623. Our registered office in the Cayman Islands is located at the offices of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands.

Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168.

**The Offering**

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| | |
|:---|:---|
| Securities being offered | 1,500,000 Ordinary Shares.<br>|
| IPO price | We estimate the IPO price will be between US$4.00 and US$6.00 per Ordinary Share.<br>|
| Number of Ordinary Shares outstanding before this offering | 13,750,000 Ordinary Shares.<br>|
| Number of Ordinary Shares outstanding after this offering | 15,250,000 Ordinary Shares (or 15,475,000 Ordinary Shares if the underwriters exercise in full the option to purchase additional Ordinary Shares).<br>|
| Over-Allotment Option | We have granted the underwriter an option to purchase up to 225,000 additional Ordinary Shares from us at the public offering price less the underwriting discount within 45 days after the Closing Date to cover over-allotments.<br>|
| Use of proceeds | Based upon an assumed IPO price of US$5.00 per Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us, of approximately US$5,032,845 if the underwriter does not exercise the over-allotment option, and US$6,062,220 if the underwriter exercises the over-allotment option in full, after deducting the underwriting discounts and commissions, non- accountable expense allowance and estimated offering expenses payable by us. |

---

We plan to use the net proceeds of this offering as follows:

● Approximately
 25% for R&D of new functional materials;

● Approximately
 25% for R&D in using AI and/or software or mobile application to enhance automation of operation;

● Approximately 20% for branding and marketing;

● Approximately
 15% for setting up representative offices in foreign countries such as France, Singapore and Dubai; and

● The
 remaining 15% to fund working capital and for other general corporate purposes.

For more information on the use of proceeds, see "Use of Proceeds" on page 36.

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| | |
|:---|:---|
| Lock-up | We, our directors, officers, and holders of 5% or more of our Ordinary Shares as of the date of this prospectus have agreed with the underwriter, subject to certain exceptions, not to offer, issue, sell, transfer, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, directly or indirectly, any of the Shares or securities convertible into or exercisable or exchangeable for the Shares for a period of six (6) months after the Closing Date or the date of this prospectus. See "Shares Eligible for Future Sale" and "Underwriting" for more information.<br>|
| Proposed Nasdaq symbol | We have applied to list the Shares on the Nasdaq Capital Market under the symbol "AGIE". <br>|
| Transfer agent and registrar | Vstock Transfer, LLC |
| Risk factors | Investing in the Shares is highly speculative and involves a high degree of risk. As an investor you should be able to bear a complete loss of your investment. You should carefully consider the information set forth in the "Risk Factors" section beginning on page 15. |

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Unless otherwise indicated, all information contained in this prospectus assumes no exercise of the underwriter's over-allotment option and is based on 13,750,000 Ordinary Shares outstanding as of the date of this prospectus.

**RISK FACTORS**

*An investment in the Shares involves a high degree of risk. You should carefully consider the following information about these risks, together with the other information appearing elsewhere in this prospectus, before deciding to invest in the Shares. The occurrence of any of the following risks could have a material adverse effect on our business, financial condition, results of operations, and future growth prospects. In these circumstances, the market price of the Shares could decline, and you may lose all or part of your investment.*

**Risks Related to Our Business and Industry**

**A significant portion of our revenue was generated from a limited number of customers, and any significant decrease in the revenue derived from our major customers may materially and adversely affect our financial condition and operating results.**

A significant portion of our revenue was derived from a limited number of customers. Our five largest customers during the years December 31, 2024 and 2023, and the six months ended June 30, 2025 accounted for 23%, 26% and 31% of our total revenue, respectively.

There is no assurance that we will continue to be awarded with purchase orders from our major customers in the future. If there is a significant decrease in the revenue derived from our major customers, and we are unable to secure new purchase orders as replacements from other customers, our financial condition and operating results would be materially and adversely affected. In addition, if our major customers experience any financial difficulties or cash flow problems, this may result in delay or default in payments to us, in which case our business could be materially and adversely affected.

**We have not entered into any long-term agreements with our customers, which expose us to the risk of uncertainty and potential volatility in respect of our revenue.**

Generally, we do not enter into any long-term agreements with our customers as business is typically done on an order-by-order basis. Our customers are not obliged to place further orders with us. The orders from our customers may vary from period to period and our customers may even cancel or defer orders under exceptional circumstances. There is also no assurance that the volume or profit margin of our customers' orders will be consistent with our expectations when we plan our expenditures.

As our customers' orders may vary significantly from period to period, it is difficult for us to forecast future order quantities. We cannot assure you that any of our customers will continue to place orders with us in the future at the same volume, or at the same profit margin, as compared with prior periods, or at all. Consequently, our business operations and financial conditions may differ from time to time and may fluctuate significantly in the future. If any or a number of our customers cease to place orders with us and if we fail to secure alternative orders in a timely manner, our business and financial performance and results of operations would be materially and adversely affected.

**We have not entered into any long-term agreements with third party factories and any disruption in the relationships with the third-party factories or their manufacturing operations could adversely affect our business.**

During the years ended December 31, 2024 and 2023, the six months ended June 30, 2025 and up to the date of this prospectus, we outsourced the production of our apparel products to third party factories which are mainly located in the PRC. As such, our Group relies on the ability and efficiency of third-party factories to produce apparel products for our customers and therefore the third party factories play a vital role in the one-stop manufacturing services offered to our customers. In addition, our purchases from top three subcontractors accounted for 86% of our total purchase for the year ended December 31, 2024 which implies that we are substantially dependent on the top three subcontractors.

We do not enter into any long-term agreements with the third party factories as we engage them on a case by case basis depending on the requirements and specifications of our customers. There is no assurance that all or any of the third party factories will continue to produce apparel products for our Group at the desired quality and quantity, in a timely manner or on commercially acceptable terms. Any disruption in the third party factories' production may inevitably have a negative impact on their ability to produce the apparel products in line with the required schedule. If any of the third party factories terminates their business with our Group or if there are any changes to the current business arrangements, we may not be able to source stable and suitable products from comparable alternative third party factories in a timely manner or on commercially acceptable terms. Any of these events may result in production delay and would adversely affect our Group's ability to fulfil customers' orders and in turn affect our sales and profitability.

**Fluctuation in the price, availability and quality of raw materials could affect our or our suppliers' production, which would then result in increased costs for us.**

We and our suppliers must procure raw materials on a timely basis in order to meet the delivery date set by our customers as well as their expectation. Our business is dependent upon our suppliers' ability to source sufficient supply of raw materials that meet our and our customers' specifications, including good quality, satisfactory prices and delivery of products in a timely manner. The availability of raw materials may be affected by many factors beyond our control, including natural disasters such as droughts, floods and earthquakes, seasonal fluctuations, climate conditions, economic conditions, customer demand and governmental regulations. In addition, we generally do not enter into any long-term supply agreements with our suppliers and/or suppliers nominated by our customers for the supply of principal raw materials. As it is our Group's practice not to keep any inventory for the raw materials to be used before receiving customers' orders, we rely on the timely delivery of raw materials by our suppliers. A material shortage in the supply of raw materials will affect our production and delivery schedules and our customer's perception of our manufacturing and sourcing ability.

Raw material suppliers may take into account many factors including, among other things, demand and supply when fixing the prices of their raw materials. Increases in raw material prices will adversely affect our gross profit margin if such additional costs are passed on to us by our suppliers and we are unable to pass on such additional costs to our customers.

**Cash inflows and outflows may be irregular and, thus, may affect our net cash flow position.**

In general, we do not receive any full payment when we receive purchase orders from our customers. Nevertheless, we may incur various costs, including settlement of our subcontractors' fees, while payments from customers will be fully paid afterwards. Accordingly, the cash inflows and outflows for a particular purchaser order may fluctuate. If, during any particular period of time, there exists too many purchase orders that require substantial cash outflow but are not covered by sufficient cash inflows from trade receivables, our cash flow position may be adversely affected.

Further, we are subject to credit risks of our customers and our liquidity is dependent on our customers making prompt payments due to us. We rely on cash inflow from our customers to meet our payment obligation to our subcontractors, which is dependent on prompt settlement of bills by our customers. As such, we may record a significant cash outflow in the event that we take up too many purchase orders during a particular period of time.

We cannot assure you that we will be able to recover all or any part of the amounts due from our customers or we will be able to collect all or any part of the trade receivables from our customers within the agreed credit terms or at all. Further, in the event that disputes arise between us and customers, there is a possibility that we may take a longer time than the credit period offered to collect payments. Any failure by our customers to make payments on time and in full may lead to mismatch in our cash flows, which will negatively affect our cash flow position and affect our ability to repay our subcontractors. This will negatively affect our business operation and financial performance.

**Our performance depends on market conditions and trends in the corporate uniform industry and if there is any slowdown of the economy in Hong Kong, the demand for corporate uniforms and hence our revenue may decrease significantly.**

During the years ended December 31, 2024 and 2023, the six months ended June 30, 2025 and up to the date of this prospectus, the majority of our revenue was derived from our provision of corporate uniforms to customers. The future development of the corporate uniform industry depends largely on the demands from our customers, which in turn are dependent on their business performance and the overall economy in Hong Kong. If there is any slowdown of the economy in Hong Kong, demands from our customers would decrease significantly, and our business, financial position and prospect may be adversely and materially affected as a result.

**We face keen competition from other players in the market.**

The corporate uniform industry in Hong Kong is competitive. According to anecdotal evidence, there were more than 200 corporate uniform suppliers in Hong Kong as at the date of this prospectus. Some of our competitors may have certain advantages over us, including stronger brand names, greater access to capital, longer operating history, longer and more established relationship with customers, and greater marketing and other forms of resources. Further, some of the existing market players have been listed on stock exchanges, which may give them an edge in terms of financing capability and reputation. New participants may also enter the industry. Increased competition may result in lower operating margins and loss of market share, resulting in an adverse impact on our profitability and operating results.

**Our Group is dependent on key personnel and there is no assurance that our Group can retain them**

Our directors believe that our success is largely attributable to, among other things, the contribution of Mr. Fong, our executive director. Details of his expertise and experience are set out in the section headed "Management" in this prospectus. Our key personnel as well as their management experience in the corporate uniform industry in Hong Kong are crucial to our operation and financial performance. Although we enter into a service agreement with each of our executive directors, there could be an adverse impact on our operation should any of our executive directors terminate his service agreement with us or otherwise cease to serve our Group and appropriate persons could not be found to replace them. There is no assurance that we will be able to attract and retain capable staff in the future. In such event, the business and financial position and prospects of our Group could be materially and adversely affected.

**We have leased properties, and we may not be able to renew current leases or relocate for relevant leased properties.**

Currently, we leased properties for our business operations in Hong Kong. Our lease agreement had a term of 2 years and may be renewed upon mutual agreement. However, we cannot assure you that our rights to use these properties may not be challenged or that we will always be able to successfully renew such lease upon their expiry. If we are required to relocate our office, we may not be able to relocate in a timely manner or on reasonable commercial terms, which, in turn, may materially and adversely affect our operations. In addition, we would incur additional relocation costs, thereby affecting our business operations and financial condition. Moreover, due to rapid rental increases, we may not be able to renew the existing lease at reasonable price. Therefore, we may not be able to obtain new lease at desirable locations or renew our existing lease on acceptable terms, in a timely fashion or at all, resulting in the closure or relocation of the leased properties, which may materially and adversely affect their results, and, in turn could adversely affect our business and results of operations.

**Product liability and product recall may adversely affect our Group's results or operations.**

**Our insurance coverage may not be adequate to cover potential liabilities**

Certain risks disclosed elsewhere in this section such as risks in relation to customer concentration, our ability to retain and attract personnel, availability and performance of subcontractors and cost management, credit risk and liquidity risk, are generally not covered by insurance because they are either uninsurable or it is too expensive to insure against such risks. Insurance policies covering losses from acts of war, terrorism, or natural catastrophes are also either unavailable or cost prohibitive.

Further, we may be subject to liabilities against which we are not insured adequately or at all or liabilities against which cannot be insured. Should any significant liabilities arise due to accidents, natural disasters, or other events which are not covered or are inadequately covered by our insurance, our business may be adversely affected, potentially lead to a loss of assets, lawsuits, employee compensation obligations, or other forms of economic loss.

We cannot guarantee that our current levels of insurance are sufficient to cover all potential risks and losses. In addition, we cannot guarantee that we can renew our policies or, even if renewed, on similar or other acceptable terms as before. If we suffer from severe unexpected losses or the amount of losses far exceed the policy limits, it could have a material and adverse effect on our business, financial position, results of operations and prospect.

**Our business plans and strategies may not be successful or be achieved within the expected time frame or within the estimated budget**

We intend to further increase our capital reserve for financing our marketing activities, developing new functional materials and mobile application in order to cope with the expected increase in demand for our goods. However, our plans and strategies may be hindered by risks including but not limited to those mentioned elsewhere in this section. There is no assurance that we will be able to successfully maintain or increase our market share or grow our business successfully after deploying our management and financial resources. Any failure in maintaining our current market position or implementing our plans could materially and adversely affect our business, financial condition and results of operations.

**If we fail to comply with applicable anti-corruption and anti-bribery laws, our reputation may be harmed and we could be subject to penalties and significant expenses that have a material adverse effect on our business, financial condition and results of operations**

We are subject to the anti-corruption and anti-bribery laws of Hong Kong, which include but are not limited to the Prevention of Bribery Ordinance. Our procedures and controls to monitor anti-corruption and anti-bribery compliance may fail to protect us from reckless or criminal acts committed by our employees. If we, due to either our own deliberate or inadvertent acts or those of others, fail to comply with applicable anti- corruption and anti-bribery laws, our reputation could be harmed and we could incur criminal or civil penalties, other sanctions and/or significant expenses, which could have a material adverse effect on our business, including our financial condition, results of operations, cash flows and prospects.

**We and the Operating Subsidiary are exposed to potential disruptions and risks from unforeseen disasters or crises.**

The operations and business continuity of our Operating Subsidiary depend on its ability to operate its facilities and systems without significant interruption. Unforeseen events such as natural disasters, pandemics, power outages, or other catastrophic events could potentially disrupt their operations, leading to business interruption, financial loss, and damage to our reputation. While our Operating Subsidiary has in place business continuity plans, these plans might not be sufficient to mitigate against all potential disruptions. Furthermore, in the context of a global pandemic, our operations may be severely impacted due to government-imposed restrictions, widespread illness among the employees of the Operating Subsidiary, or disruptions in supply chain. There is no guarantee that the contingency plans could fully prevent or remediate the effects of such unforeseen disasters or crises. Thus, our financial condition, results of operations, and business prospects may be adversely affected.

**We may be a party to legal proceedings from time to time and we cannot assure you that such legal proceedings will not have a material adverse impact on our business.**

We may be involved in claims and litigations in respect of various matters from our customers, subcontractors, staff and other parties concerned with our business operations from time to time. Such claims may include in particular employees' compensation claims and other claims in relation to our products supplied. There is no assurance that we will not be involved in any claims or legal proceedings, nor can we assure you that any such claims or legal proceedings would not have a material adverse impact on our business. Should any claims against us fall outside the scope and/or limit of insurance coverage, our financial position may be adversely affected. Regardless of the merits of any outstanding and potential claims, we need to divert management resources and incur extra costs to handle these claims, which could affect our corporate image and reputation if they were published by the press. If the aforesaid claims were successfully made against us and are not covered by insurance policies, we may need to pay damages and legal costs, which in turn could adversely affect our results of operations and financial position.

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

**Our key operations are in Hong Kong, a Special Administrative Region of the PRC. According to the long- arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of the Shares. The PRC government may intervene or impose restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the PRC government may also be quick with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.**

Angie is a holding company and we conduct our operations in Hong Kong through our Operating Subsidiary. Hong Kong is a Special Administrative Region of the PRC. Although some of our customers are companies with shareholders and directors who live in mainland China, the Operating Subsidiary does not have any business operations in mainland China or is not regulated by any regulator in there. Furthermore, except for the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China ("**Basic Law**"), national laws of the PRC do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied locally by way of promulgation or through legislation enacted by Hong Kong's legislature. National laws that may be listed in Annex III are currently limited under the Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong. National laws and regulations relating to data protection, cybersecurity and the anti-monopoly have not been listed in Annex III and so do not apply directly to Hong Kong.

However, due to certain long-arm provisions in the current PRC laws and regulations, there remains regulatory and legal uncertainty with respect to the implementation and interpretation of laws in China as they may affect Hong Kong. As a result, there is no guarantee that the PRC government will not implement the PRC laws and regulations in Hong Kong and exercise significant direct influence and discretion over the operation of the Operating Subsidiary in the future and that, it will not have a material adverse impact on our business, financial condition and results of operations, due to changes in laws, political environment or other unforeseeable reasons. In the event that we or our Hong Kong Operating Subsidiary were to become subject to the PRC laws and regulations, it is possible that all the legal and operational risks associated with being based in and having operations in the PRC may also apply to the operations in Hong Kong in the future. Hence, we may face the risks and uncertainties associated with the PRC legal system, complex and evolving PRC laws and regulation, and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security and anti-monopoly concerns, would be applicable to a companies like the Operating Subsidiary and us, given the substantial operations of the Operating Subsidiary in Hong Kong and the Chinese government may exercise significant oversight over the conduct of business in Hong Kong.

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

In addition, these PRC laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, which may result in incompatibility with our current policies and practices. New laws, regulations, and other government directives in the PRC may also be costly to comply with, and such compliance, any associated inquiries or investigations, or any other government actions may:

● delay or impede our development;

● result in negative publicity or increase our operating costs;

● require significant management time and attention; and

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

We are aware that the PRC government has recently initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon the PRC legislative or administrative regulation making bodies will respond or what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, or what the potential impact that any such modified or new laws and regulations would have on our daily business operation, the ability to accept foreign investments and list on a U.S. or other foreign exchange.

The PRC government may intervene or influence our operations at any time and may exert more control over offerings conducted overseas and foreign investment in Hong Kong-based issuers, which may result in a material change in our operations and/or the value of the Shares. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact our ability to conduct our business could require us to change certain aspects of our business to ensure compliance; decrease demand for our services; reduce revenues; increase costs; require us to obtain more licenses, permits, approvals, or certificates; or subject us to additional liabilities.

For example, there is currently no restriction or limitation under the laws of Hong Kong on the conversion of HK dollar into foreign currencies and the transfer of currencies out of Hong Kong and the laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer of cash between the ultimate holding company and our Operating Subsidiary in Hong Kong. However, the PRC government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and from the other entities within our organization or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business outside of Hong Kong and may affect our ability to receive funds from our Operating Subsidiary in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact our ability to conduct our business could require us to change certain aspects of our business to ensure compliance; decrease demand for our services; reduce revenues; increase costs; require us to obtain more licenses, permits, approvals, or certificates; or subject us to additional liabilities. To the extent any new or more stringent measures are implemented, our business, financial condition, and results of operations could be adversely affected and the value of our Ordinary Shares could decrease or become worthless.

**There are uncertainties regarding the interpretation and enforcement of PRC and Hong Kong laws, rules, and regulations.**

Our operations are conducted in Hong Kong, a Special Administrative Region of China with its own governmental and legal system that is independent from mainland China and has its own distinct rules and regulations. However, the Operating Subsidiary may become subject to laws, rules, and regulations applicable to foreign investment in mainland China. The PRC legal system is a civil law system based on written statutes. Prior court decisions may be cited for reference but have limited precedential value, unlike the common law system applicable in Hong Kong. These laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement could be unpredictable with little advance notice, which could result in a material change in our operations and/or the value of the Shares.

In 1979, the PRC government began to promulgate a comprehensive system of laws, rules, and regulations governing economic matters in general. The overall effect of legislation over the past three decades has significantly enhanced the protections afforded to various forms of foreign investment in China. However, China has not developed a fully integrated legal system, and recently enacted laws, rules, and regulations may not sufficiently cover all aspects of economic activities in China or may be subject to significant degrees of interpretation by PRC regulatory agencies. In particular, because these laws, rules, and regulations are relatively new, and because of the limited number of published decisions and the non-binding nature of such decisions, and because the laws, rules, and regulations often give the relevant regulator significant discretion in how to enforce them, the interpretation and enforcement of these laws, rules, and regulations involve uncertainties and can be inconsistent and unpredictable. In addition, the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all, and which may have a retroactive effect. As a result, we may not be aware of our violation of these policies and rules until after the occurrence of the violation.

Any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management attention. Since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems.

**Adverse regulatory developments in China may subject us to additional regulatory review, and additional disclosure requirements and regulatory scrutiny to be adopted by the SEC in response to risks related to regulatory developments in China may impose additional compliance requirements for companies like us with Hong Kong-based operations, all of which could increase our compliance costs and subject us to additional disclosure requirements.**

Currently, Hong Kong has a separate legal system from mainland China, and it has its legislative framework and judiciary independent of that of the PRC government. Nonetheless, the regulatory developments in China, in particular with respect to restrictions on China-based companies raising capital offshore, may lead to additional regulatory review in China over our financing and capital raising activities in the United States. In addition, we may be subject to industry-wide regulations that may be adopted by the relevant PRC authorities, which may have the effect of limiting our service offerings, restricting the scope of our operations in Hong Kong, or causing the suspension or termination of our business operations in Hong Kong entirely. We may have to adjust, modify, or completely change our business operations in response to adverse regulatory changes or policy developments, and we cannot assure you that any remedial action adopted by us can be completed in a timely, cost efficient, or liability-free manner or at all.

On July 30, 2021, in response to the regulatory developments in China and actions adopted by the PRC government, the Chairman of the SEC issued a statement asking the SEC staff to seek additional disclosures from offshore issuers associated with China-based operating companies (including Hong Kong) before their registration statements will be declared effective. On August 1, 2021, the CSRC issued a statement saying that it had taken note of the new disclosure requirements announced by the SEC regarding the listings of Chinese companies and the regulatory development in China, and that both countries should strengthen communications on regulating China-related issuers. Since the Operating Subsidiary operate in Hong Kong, we cannot guarantee that we will not be subject to tightened regulatory review and be exposed to government interference from China.

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

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

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

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

On December 28, 2021, the CAC, jointly with the relevant authorities, formally published Measures for Cybersecurity Review (2021), which took effect on February 15, 2022, and replaced the former Measures for Cybersecurity Review (2020) issued on July 10, 2021. Measures for Cybersecurity Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services, and online platform operators (together with the operators of critical information infrastructure, the ("**Operators**") carrying out data processing activities that affect or may affect national security, shall conduct a cybersecurity review, and any online platform operator who controls more than one million users' personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.

On February 17, 2023, the CSRC released the Trial Measures for Administration of Overseas Securities Offerings and Listings by Domestic Companies and five interpretive guidelines (collectively, the "**CSRC Filing Rules**"), which came into effect on March 31, 2023. Under the CSRC Filing Rules, a filing based regulatory system shall be applied to "indirect overseas offerings and listings" of PRC domestic companies, which refers to securities offerings and listings in an overseas market made under the name of an offshore entity but based on the underlying equity, assets, earnings, or other similar rights of a domestic company that operates its main business domestically. The CSRC Filing Rules state that any post-listing follow-on offering by an issuer in the same overseas market, including issuance of shares, convertible notes, and other similar securities, shall be subject to filing requirement within three business days after the completion of the offering.

Our Operating Subsidiary may collect and store certain data (including certain personal information) from our clients, who may be individuals from mainland China, in connection with our business and operations and for "Know Your Customers" purposes (to combat money laundering). The Measures for Cybersecurity Review (2021), PRC Data Security Law, the PRC Personal Information Protection Law, and the CSRC Filing Rules currently does not have an impact on our business, operations or this offering, nor do we or our Operating Subsidiary are covered by permission requirements from the CAC that is required to approve Operating Subsidiary's operations and our Offering, as our Operating Subsidiary will not be deemed to be an "Operator" or a "data processor" that required to file for cybersecurity review before listing in the United States, because: (i) our Operating Subsidiary was incorporated in Hong Kong and operate only in Hong Kong without any subsidiary or VIE structure in mainland China and each of the Measures for Cybersecurity Review (2021), the Personal Information Protection Law and the CSRC Filing Rules do not clearly provide whether it shall be applied to a company based in Hong Kong; (ii) as of date of this prospectus, our Operating Subsidiary has in aggregate collected and stored personal information of far less than one million users; (iii) all of the data our Operating Subsidiary have collected is stored in servers located in Hong Kong, and we and our Operating Subsidiary do not place any reliance on collection and processing of any personal information to maintain our business operation; (iv) as of the date of this prospectus, our Operating Subsidiary has not been informed by any PRC governmental authority of any requirement that it files for a CSRC review, nor received any inquiry, notice, warning, or sanction in such respect initiated by the CAC or related governmental regulatory authorities; and (v) data processed in our business should not have a bearing on national security nor affect or may affect national security, and we and our Operating Subsidiary have not been notified by any authorities of being classified as an Operator. Moreover, pursuant to the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). Therefore, based on the PRC laws and regulations effective as of the date of this prospectus and subject to interpretations of these laws and regulations that may be adopted by mainland China authorities, neither we, nor our Operating Subsidiary in Hong Kong are currently required to obtain any permission or approval from the mainland China authorities, including the CSRC and CAC, to operate our business or to offer the securities being registered to foreign investors. As of the date of this prospectus, neither we nor our Operating Subsidiary have ever applied for any such permission or approval.

However, given the uncertainties arising from the legal system in mainland China and Hong Kong, including uncertainties regarding the interpretation and enforcement of the PRC laws and regulations and the significant authority of the PRC government to intervene or influence the offshore holding company headquartered in Hong Kong, there remains significant uncertainty in the interpretation and enforcement of the CSRC Filing Rules, PRC Personal Information Protection Law, relevant mainland China data privacy, cybersecurity laws and other regulations. It is highly uncertain how soon the legislative or administrative regulation-making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business operations of our Operating Subsidiary and the listing of our Ordinary Shares on the U.S. or other foreign exchanges.

If the PRC Personal Information Protection Law becomes applicable to the companies headquartered in Hong Kong, our business, or the operation of our Operating Subsidiary, there can be no assurance that we or our subsidiaries will be able to comply with the PRC Personal Information Protection Law. Our Operating Subsidiary's current practice of collecting and processing personal information may be required to be rectified or terminated by regulatory authorities. Failure to comply with any applicable requirements may subject our Operating Subsidiary to fines and other penalties which may have a material adverse effect on its business, operations, and financial condition. Furthermore, if the CSRC Filing Rules become applicable to our Operating Subsidiary in Hong Kong, if any of our Operating Subsidiary is deemed to be an "Operator", or if the Measures for Cybersecurity Review (2021) or the PRC Personal Information Protection Law become applicable to our Operating Subsidiary in Hong Kong, the business operation of our Operating Subsidiary and the listing of our Ordinary Shares in the United States could be subject to the CAC's cybersecurity review or the CSRC Overseas Issuance and Listing review in the future. If the applicable laws, regulations, or interpretations change and our Operating Subsidiary become subject to the CAC or CSRC review, we cannot assure you that our Operating Subsidiary will be able to comply with the regulatory requirements in all respects and our current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. Compliance with these laws and regulations could significantly increase the cost to us of providing our service offerings, require significant changes to our operations or even prevent us from providing certain service offerings in jurisdictions in which our Operating Subsidiary currently operate or in which we or our Operating Subsidiary may operate in the future.

Additionally, as our Operating Subsidiary is based in Hong Kong without mainland China operation and subsidiaries, under the currently effective PRC laws and regulations, we and our Operating Subsidiary are not required to seek approval from the CSRC, or any other PRC governmental authorities, for our overseas listing plan, nor have we or our Operating Subsidiary received any inquiry, notice, warning or sanctions regarding our planned overseas listing from the CSRC or any other PRC governmental authorities as of the date of this prospectus. However, since the CSRC Filing Rules were newly promulgated, its interpretation, application and enforcement remain unclear and there also remains significant uncertainty as to the enactment, interpretation and implementation of other regulatory requirements related to overseas securities offerings and other capital markets activities. If there is a significant change to the current political arrangements between mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and/or if we were required to obtain such permissions or approvals in the future in connection with the listing or continued listing of our securities on a stock exchange outside of the PRC, it is uncertain how long it will take for us to obtain such approval, and, even if we obtain such approval, the approval could be rescinded. Any failure to obtain or a delay in obtaining the necessary permissions from the PRC authorities to conduct offerings or list outside of the PRC may subject us to sanctions imposed by the CSRC, CAC, or other PRC regulatory authorities. It could include fines and penalties, proceedings against us, and other forms of sanctions, and our ability to conduct our business, invest into the mainland China as foreign investments or accept foreign investments, ability to offer or continue to offer Ordinary Shares to investors or list on the U.S. or other overseas exchange may be restricted, and the value of our Ordinary Shares may significantly decline or be worthless, our business, reputation, financial condition, and results of operations may be materially and adversely affected. The CSRC, the CAC, or other PRC regulatory agencies also may take actions advising or requiring us to halt this offering before settlement and delivery of our Ordinary Shares. Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery, you do so at the risk that settlement and delivery may not occur. In addition, if the CSRC, the CAC, or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement could have a material adverse effect on the trading price of our securities.

***We may be subject to laws and regulations regarding data security in Hong Kong, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.***

We may be subject to a variety of laws and other obligations regarding data protection in Hong Kong. The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (the "PDPO") which came into force on December 20, 1996 states that any person who controls the collection, holding, processing or use of personal data (the "Data User") shall not do any act, or engage in a practice, that contravenes any of the data protection principles set out in Schedule 1 to the PDPO (the "Data Protection Principles") unless the act or practice, as the case may be, is required or permitted under the PDPO. Personal data means any data (a) relating directly or indirectly to a living individual; (b) from which it is practicable for the identity of the individual to be directly or indirectly ascertained; and (c) in a form in which access to or processing of the data is practicable.

The Data Protection Principles sets out that (1) personal data must be collected in a lawful and fair way, for a purpose directly related to a function or activity of the Data User. Data subjects must be notified of the purpose for which the data is to be used and the classes of persons to whom the data may be transferred. Data collected should be adequate but not excessive; (2) personal data must be accurate and should not be kept for a period longer than necessary for the fulfillment of the purpose for which the data is or is to be used; (3) personal data must be used for the purpose for which the data is collected or for a directly related purpose unless voluntary and explicit consent with a new purpose is obtained from the data subject; (4) a Data User shall take practicable steps to safeguard any personal data held against unauthorized or accidental access, processing, erasure, loss or use; (5) a Data User shall take practicable steps to ensure that its policies and practices in relation to personal data, the kind of personal data it holds and the main purposes for which the personal data is or is to be used for are made known to the public; and (6) a data shall be entitled to request access to personal data and must be allowed to correct the personal data if it is inaccurate.

We are of the view that we are not likely to be in breach of the PDPO as we possess a minimum amount of personal information, if any, in our business operations. Nonetheless, we are subject to laws and regulations relating to the collection, storage, use, processing, transmission, retention, security and transfer of personal information and other data. In addition, new laws or regulations related to data security in Hong Kong may be enacted or promulgated in the future, or the scope of our business operations in Hong Kong may change in the future, and such laws and regulations may have a material impact on our business in Hong Kong.

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

Recent statements, laws and regulations by the PRC government, including the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law and the Draft Rules on Overseas Listing published by CSRC on December 24, 2021 have also shown an intention to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in mainland China-based issuers. It remains uncertain as to the enactment, interpretation, and implementation of regulatory requirements related to overseas securities offering and other capital markets activities and due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

It remains uncertain whether the PRC government will adopt additional requirements or extend the existing requirements to apply to our Operating Subsidiary. It is also uncertain whether the Hong Kong government will be mandated by the PRC government, despite the constitutional constraints of the Basic Law, to control offerings conducted overseas and/or foreign investment of entities in Hong Kong, including our Operating Subsidiary. Any actions by the PRC government to exert more oversight and control over offerings (including of businesses whose primary operations are in Hong Kong) that are conducted overseas and/or foreign investments in Hong Kong-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. If there is a significant change to current political arrangements between mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and, in such event, if we are required to obtain such approvals in the future and we do not receive or maintain the approvals or is denied permission from mainland China or Hong Kong authorities, we will not be able to list our Ordinary Shares on a U.S. exchange, or continue to offer securities to investors, which would materially affect the interests of the investors and cause significant the value of our Ordinary Shares significantly decline or be worthless.

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

WWC, P.C. is a firm registered with the PCAOB and is subject to inspections by the PCAOB. However, if there is significant change to current political arrangements between mainland China and Hong Kong, companies operated in Hong Kong like us may face similar regulatory risks as those operated in mainland China, and we cannot assure you that our current auditor's work will continue to be able to be inspected by the PCAOB. As part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law, in particular mainland China's, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress that, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit work performed by a foreign public accounting firm completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges ("**EQUITABLE**") Act prescribes increased disclosure requirements for these issuers and, beginning in 2025, the delisting from U.S. national securities exchanges, such as the Nasdaq, of issuers included on the SEC's list for three consecutive years, thus reducing the time period for triggering the prohibition on trading. It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations within the U.S. government regarding potentially limiting or restricting China- based companies from accessing U.S. capital markets. On May 20, 2020, the U.S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor's local jurisdiction. The U.S. House of Representatives passed the HFCA Act on December 2, 2020, and the HFCA Act was signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President's Working Group on Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB, or other federal agencies and departments with respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in the United States. In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and their implications to U.S. investors) associated with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based issuers make regarding such risks. On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA Act. We will be required to comply with these rules if the SEC identifies us as having a "non- inspection" year (as defined in the interim final rules) under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described above. Under the HFCA Act, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years, and this ultimately could result in the Shares being delisted. Furthermore, on June 22, 2021, the U.S. Senate passed the AHFCAA, which, if enacted, would amend the HFCA Act and require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period for triggering the prohibition on trading. On September 22, 2021, the PCAOB adopted a final rule implementing the AHFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the AHFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On November 5, 2021, the SEC approved the PCAOB's Rule 6100, Board Determinations under the Holding Foreign Companies Accountable Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the AHFCAA, whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the AHFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16, 2021, the SEC announced that the PCAOB designated mainland China and Hong Kong as the jurisdictions where the PCAOB is not allowed to conduct full and complete audit inspections as mandated under the HFCA Act. On August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the PRC MOF in respect to cooperation on the oversight of PCAOB- registered public accounting firms based in mainland China and Hong Kong. Pursuant to the Statement of Protocol, the PCAOB conducted inspections on select registered public accounting firms subject to the Determination Report in Hong Kong between September 2022 and November 2022. On December 15, 2022, the PCAOB announced that it has completed the inspections, determined that it had complete access to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, and voted to vacate the Determination Report. As a result of the announcement, any companies audited by registered public accounting firms headquartered in mainland China and Hong Kong would not face immediate threat of trading prohibitions at this time. However, if any regulatory change or step taken by PRC regulators in the future precludes the PCAOB from accessing auditing papers of registered public accounting firms in mainland China and Hong Kong, or the PCAOB re-evaluates its determination as a result of any obstruction with the implementation of the Statement of Protocol in the future, then the companies audited by those registered public accounting firms may be subject to a trading prohibition on U.S. markets pursuant to the HFCA Act. On December 29, 2022, the Consolidated Appropriations Act, 2023 (the "**CAA**") was signed into law by President Biden. The CAA contained, among other things, an identical provision to the AHFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two.

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

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

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

On May 20, 2020, the U.S. Senate passed the HFCA Act, which requires a foreign company to certify that it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited to trade on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the HFCA Act. On June 22, 2021, the U.S. Senate passed the AHFCAA, which was signed into law on December 29, 2022, reduced the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two years.

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

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

**The effect of the Hong Kong Autonomy Act ("HKAA") and other U.S. government policies in response to the enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our Operating Subsidiary.**

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

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

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

If we become the subject of any such scrutiny, whether any allegations are true or not, we may have to expend significant resources to investigate such allegations and/or defend the Company's name. Such investigations or defense would be costly and time consuming and would likely distract our management from our normal business and could result in our reputation being harmed. Our stock price could decline because of such allegations, even if the allegations are false.

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

Our business may be influenced to a significant degree by political, economic, and social conditions in Hong Kong and China generally. The Chinese economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level of development, growth rate, control of foreign exchange, and allocation of resources. While the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall Chinese economy, but they may have a negative effect on us.

Economic conditions in Hong Kong and China are sensitive to global economic conditions. If there is any significant decline in the global economy, our profitability and business prospects will be materially affected. Although we mainly operate our business through our Operating Subsidiary in Hong Kong, our clients principally comprise of listed companies as well as IPO listing applicants in Hong Kong and abroad. As such, the demand for our IPO sponsorship services*,* corporate finance and capital market advisory services and placing and underwriting services may be dependent on the global economy. Major market disruptions and adverse changes in market conditions and uncertainty in the regulatory climate worldwide may adversely affect our business and industry or impair our ability to borrow or make any future financial arrangements. The credit and financial markets have experienced extreme volatility and disruptions due to the current conflict between Ukraine and Russia, which could result in protracted and/or severe damage to the global economy. The conflict is expected to have further global economic consequences, including, but not limited to, the possibility of severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in inflation rates, and uncertainty about economic and political stability. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict, but they could be substantial, even though we do not have any direct exposure to Russia or the adjoining geographic regions. Rising tension between the U.S. and China may have an adverse effect on global economic conditions. On August 9, 2023, an executive order was issued by President Biden to direct the Department of Treasury to issue regulations to restrict outbound investment in key technology sectors by U.S. persons to China, with a view to bolstering U.S. national security and curtailing investment in sectors that may advance China's military, intelligence, surveillance or cyber-enabled capabilities. Although we are not involved in the technology sector, any restrictions on investments could also affect our operations. We will closely monitor the developments and potential implications of these regulations to assess any potential indirect effects on our operations.

**Fluctuations in exchange rates could have a material adverse effect on our results of operations and the price of the Shares.**

Our business is conducted in Hong Kong through our Operating Subsidiary; our books and records are reported in Hong Kong dollars, which is the currency of Hong Kong; and the financial statements that we file with the SEC and provide to our shareholders are presented in U.S. dollars.

Since 1983, Hong Kong dollars have been pegged to U.S. dollars at the rate of approximately HK$7.80 to US$1.00. Changes in the exchange rate between the Hong Kong dollar and U.S. dollar affect the value of our assets and the results of our operations in U.S. dollars. The value of the Hong Kong dollar against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in Hong Kong's political and economic conditions and perceived changes in the economy of Hong Kong and the United States. Any significant revaluation of the Hong Kong dollar may materially and adversely affect our cash flows, revenue, and financial condition.

We cannot assure you that the current policy of pegging Hong Kong dollars to U.S. dollars will not be changed in the future. If the pegging system collapses and Hong Kong dollars suffer devaluation, the Hong Kong dollar cost of our expenditures denominated in foreign currency may increase. This would, in turn, adversely affect the operations and profitability of our business.

Most of our clients are domiciled in Hong Kong while our purchases are from China. Since the US economy may enter a downward cycle of the interest rate, any future interest rate cut in the US may lead to a depreciation of the US dollars, which, in turn, will lead to an appreciation of the Renminbi and an increase of our cost. Any significant depreciation of the US dollars against the Renminbi in the near future may materially and adversely affect the operating and financial results of the Company.

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

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

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

**The Hong Kong legal system embodies uncertainties that could limit the availability of legal protections.**

Hong Kong is a Special Administrative Region of the PRC. After British colonial rule for 155 years from 1842 to 1997, China assumed sovereignty over Hong Kong under the "one country, two systems" principle. The Basic Law, Hong Kong Special Administrative Region's constitutional document, ensures that the current political situation in Hondg Kong will remain in effect for 50 years. The laws previously in force in Hong Kong, that is, the common law, rules of equity, ordinances, subordinate legislation and customary law are maintained. Hong Kong has enjoyed the freedom to function with a high degree of autonomy for its affairs, including currencies, immigration and customs operations, and its independent judiciary system and parliamentary system. The Special Administrative Region of Hong Kong is responsible for its own domestic affairs including, but not limited to, the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition. Hong Kong continues using the English common law system.

On July 14, 2020, the then President of the United States, Donald Trump, signed an executive order to end the special status enjoyed by Hong Kong post-1997. As the autonomy currently enjoyed may be compromised, it could potentially impact Hong Kong's common law legal system and may, in turn, cause uncertainty in, e.g., the enforcement of our contractual rights. This could, in turn, materially and adversely affect our business and operations. Additionally, intellectual property rights and confidentiality protections in Hong Kong may not be as effective as in the United States or other countries. Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including our ability to enforce agreements with our clients.

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

Currently, all of our operations are conducted in Hong Kong outside the United States, and all of our assets are located outside the United States. Almost all of our directors and officers are residents in Hong Kong and a substantial portion of their assets are located in Hong Kong outside the United States. You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management named in the prospectus, as judgments entered in the United States can be enforced in Hong Kong only at common law. If you want to enforce a judgment of the United States in Hong Kong, it must be a final judgment conclusive upon the merits of the claim, for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. In addition, the PRC does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the Cayman Islands and many other countries and regions. Therefore, recognition and enforcement in the PRC of judgments of a court in any of these non-PRC jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult or impossible. For more information regarding the relevant laws of the Cayman Islands and Hong Kong, see "Enforceability of Civil Liabilities".

**Changes in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in Hong Kong, where the majority of our clients reside.**

Political events, international trade disputes, and other business interruptions could harm or disrupt international commerce and the global economy. Although almost all of our goods are supplied to our clients for their uses in Hong Kong such that recent worldwide tariffs may not have a direct impact on our goods, they could have a material adverse effect on our clients, our service providers, and our other partners. For example, tariffs could increase the cost of operations of our clients, which could affect clients' investment decisions. Tariffs could also increase the costs of operations of our service providers, which in return may partly shift such costs to us by increasing their fees. In addition, political uncertainty surrounding international trade disputes and the potential of their escalation to trade war and global recession could have a negative effect on client confidence, which could materially and adversely affect our business. We also may have access to fewer business opportunities, and our operations may be negatively impacted as a result. In addition, the current and future actions or escalations by either the United States or China that affect trade relations may cause global economic turmoil and potentially have a negative impact on our markets, our business, or our results of operations, as well as the financial condition of our clients, and we cannot provide any assurances as to whether such actions will occur or the form that they may take.

**Risks Related to The Shares**

**There has been no public market for our Ordinary Shares prior to this offering; if an active trading market does not develop, you may not be able to resell the Shares at any reasonable price.**

The offering under this prospectus is an IPO of our Shares. Prior to the closing of the offering, there was no public market for the Shares. While we plan to list the Shares on the Nasdaq Capital Market, our listing application may not be approved. We may also not complete the offering if we otherwise determine that we will not be able to secure the listing of the Shares on the Nasdaq Capital Market. In addition, an active trading market may not develop following the closing or, if developed, may not be sustained. The lack of an active market may impair your ability to sell the Shares at the time you wish to sell them or at a price that you consider reasonable. An inactive market may also impair our ability to raise capital by selling the Shares and may impair our ability to acquire other companies by using the Shares as consideration.

**The trading price of the Shares may be volatile, which could result in substantial losses to you.**

The trading prices of the Shares are likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen due to a number of broad market and industry factors, such as performance and fluctuation in the market prices or underperformance or deteriorating financial results of other listed companies based in Hong Kong and China. The securities of some of these companies have experienced significant volatility after their IPOs, including, in some cases, substantial declines in the trading prices of their securities. The trading performances of the securities of other Hong Kong and PRC companies' after their offerings may affect the attitudes of investors toward Hong Kong-based, U.S.-listed companies, which consequently may affect the trading performance of the Shares, regardless of our actual operating performance. In addition, any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure, or matters of other Hong Kong and Chinese companies may also negatively affect the attitudes of investors toward Hong Kong and Chinese companies in general, including us, regardless of whether we have engaged in any inappropriate activities. Furthermore, securities markets may from time to time experience significant price and volume fluctuations that are unrelated to our operating performance.

In addition to the above factors, the price and trading volume of the Shares may be highly volatile because of, amongst others:

● regulatory developments affecting us or our industry;

● variations in our revenues, profit, and cash flow;

● changes in the economic performance or market valuations of other financial services firms;

● actual or anticipated fluctuations in our quarterly results of operations and changes or revisions of our expected results;

● changes in financial estimates by securities research analysts;

● detrimental negative publicity about us, our products, our officers, directors, our business partners, or our industry;

● announcements by us or our competitors of new product offerings, acquisitions, strategic relationships, joint ventures, capital raisings, or capital commitments;

● additions to or departures of our senior management;

● litigation or regulatory proceedings involving us, our officers, or directors;

● release or expiry of lock-up or other transfer restrictions on our outstanding Ordinary Shares; and

● sales or perceived potential sales of additional Ordinary Shares.

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.

**Volatility in our Ordinary Share price may subject us to securities litigation.**

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

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

In addition to the risks addressed above in "— The trading price of the Shares may be volatile, which could result in substantial losses to you.", our Ordinary Shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. Recently, companies with comparable public floats and initial public offering sizes have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price volatility was seemingly unrelated to the respective company's underlying performance. Although the specific cause of such volatility is unclear, our anticipated public float may amplify the impact the actions taken by a few shareholders have on the price of our Ordinary Shares, which may cause our share price to deviate, potentially significantly, from a price that better reflects the underlying performance of our business. Should our Ordinary Shares experience run-ups and declines that are seemingly unrelated to our actual or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly changing value of our Ordinary Shares. In addition, investors of our Ordinary Shares may experience losses, which may be material, if the price of our Ordinary Shares declines after this offering or if such investors purchase shares of our Ordinary Shares prior to any price decline.

Holders of our 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 of trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. Furthermore, the potential extreme volatility may confuse the public investors of the value of our stock, distort the market perception of our stock price and our Company's financial performance and public image and negatively affect the long-term liquidity of our Ordinary Shares, regardless of our actual or expected operating performance. If we encounter such volatility, including any rapid stock price increases and declines seemingly unrelated to our actual or expected operating performance and financial condition or prospects, prospective investors may find it difficult and confusing to assess the rapidly changing value of our Ordinary Shares and understand the value thereof.

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

Our pre-IPO shareholders, may be able to sell their Ordinary Shares under Rule 144 after completion of this offering, subject to certain lock-up agreements. See "Underwriting." Because these shareholders have paid a lower price per Ordinary Share than participants in this offering, they may be more willing to accept a lower sales price than the IPO price. This fact could impact the trading price of the stock following completion of the offering, to the detriment of participants in this offering.

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

Angie is a holding company, and we rely on dividends and other distributions on equity paid by our subsidiary for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and to service any debt we may incur. This holding structure involves unique risks to investors as the Chinese regulatory authorities could disallow this structure, which would like result in a material change in our operations and/or a material change in the value of the securities which are registered for sale, including that it could cause the value of such securities to significantly decline or become worthless. We do not expect to pay cash dividends in the foreseeable future. We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. If our Operating Subsidiary incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.

According to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available for distribution. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect to dividends paid by us. Any limitation on the ability of our Operating Subsidiary to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.

**Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud, which may affect the market for and price of the Shares.**

Prior to filing the registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and other resources for internal control over financial reporting. For example, our management has not completed an assessment of the effectiveness of our internal control over financial reporting, and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. We have identified certain material weakness in our internal control over financial reporting. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses identified are related to (i) inadequate segregation of duties for certain key functions due to limited staff and resources, and (ii) a lack of independent directors and an audit committee. We intend to address the underlying causes of these material weaknesses, including (i) recruiting employees (including a qualified chief financial officer) with knowledge of accounting and SEC financial reporting requirements, and (ii) appointing independent directors, establishing an audit committee, and strengthening corporate governance. We intend to implement the above measures prior to the listing. However, we cannot assure you that these measures may fully address the material weakness in our internal control over financial reporting or that we will not identify additional material weaknesses or significant deficiencies in the future.

We will be subject to the requirement that we maintain internal controls and that management perform periodic evaluation of the effectiveness of our internal controls. Effective internal control over financial reporting is important to prevent fraud. As a result, our business, financial condition, results of operations, and prospects, as well as the market for and trading price of the Shares, may be materially and adversely affected if we do not have effective internal controls. We may not discover any problems in a timely manner, and in such an event, our shareholders could lose confidence in our financial reporting, which would harm our business and the trading price of the Shares. The absence of internal controls over financial reporting may inhibit investors from purchasing the Shares and may make it more difficult for us to raise funds in a debt or equity financing. Additional material weaknesses or significant deficiencies may be identified in the future. If we identify such issues or if we are unable to produce accurate and timely financial statements, our stock price may decline and we may be unable to maintain compliance with the Nasdaq listing rules.

**If we fail to meet applicable listing requirements, Nasdaq may delist the Shares from trading, in which case the liquidity and market price of the Shares could decline.**

Assuming our shares are listed on the Nasdaq Capital Market, we cannot assure you that we will be able to meet the continued listing standards of Nasdaq in the future. If we fail to comply with the applicable listing standards and Nasdaq delists the Shares, we and our shareholders could face significant material adverse consequences, including**:**

● a limited availability of market quotations for the Shares;

● reduced liquidity for the Shares;

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

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

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

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

**If you purchase the Shares in this offering, you will incur immediate and substantial dilution in the book value of your Ordinary Shares.**

If you purchase Shares in this offering, you will pay substantially more than our net tangible book value per Share. As a result, you will experience immediate and substantial dilution of US$4.53 per Share, representing the difference between our pro forma as adjusted net tangible book value per Share of US$0.47 as of June 30, 2025, 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 US$5.00 per share (the midpoint of the price range set forth on the cover page of this prospectus). 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.

**If a limited number of participants in this offering purchase a significant percentage of the offering, the effective public float may be smaller than anticipated and the price of the Shares may be more volatile than it otherwise would be.**

As a company conducting a relatively modest public offering, we are subject to the risk that a small number of investors may hold a high percentage of the Shares sold in this offering, even if the initial sales by the underwriter are designed to comply with the Nasdaq listing requirements. If this were to happen, investors could find our shares to be more volatile than they might otherwise anticipate. Companies that experience such volatility in their stock price may be more likely to be the subject of securities litigation. In addition, if a large portion of our public float were to be held by a few investors, smaller investors may find it more difficult to sell their shares and we may cease to meet the Nasdaq public stockholder requirements.

**Our directors, officers and principal shareholders have significant voting power and may take actions that may not be in the best interests of our other shareholders.**

As of the date of this prospectus, Mr. Fong, our Controlling Shareholder holds approximately 87.05% of our Ordinary Shares, which in conjunction with his sister, Ms. Fong who holds approximately 4.84% of our Ordinary Shares, the management of our Company holds in aggregate 91.89% or more of our Ordinary Shares. We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering, our Controlling Shareholder will own 11,970,000 of our total issued and outstanding Ordinary Shares through Visionary Value Investments Limited and Nexus Capital Development Limited, representing approximately 78.49% of the total voting power. In addition, given that Ms. Fong, an executive director and our Chief Operating Officer will own 665,000 of the total issued and outstanding Ordinary Shares through Stella Wealth Investments Limited, representing approximately 4.36% of the total voting power, is a sibling of Mr. Fong, such family relationship will further concentrate share ownership among company management.

The interests of these shareholders may not be the same as or may even conflict with your interests. For example, these shareholders could attempt to delay or prevent a change in control of us, even if such change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity to receive a premium for their Ordinary Shares as part of a sale of us or our assets and might affect the prevailing market price of our Ordinary Shares due to investors' perceptions that conflicts of interest may exist or arise. As a result, this concentration of ownership may not be in the best interests of our other shareholders.

**The Board of Directors may decline to register the transfer of Ordinary Shares in certain circumstances.**

Where the Ordinary Shares in question are not listed on or subject to the rules of the Nasdaq Capital Market, our board of directors may in its absolute discretion, decline to register any transfer of any Ordinary Share which has not been fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless: (i) the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer; (ii) the instrument of transfer is in respect of only one class of shares; (iii) the instrument of transfer is properly stamped, if required; (iv) the Ordinary Share transferred is fully paid and free of any lien in favor of us; (v) in the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four; and (vi) a fee of such maximum sum as the Nasdaq Capital Market may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof. If our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, on 14 days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year.

**Because the amount, timing, and whether or not we distribute dividends at all is entirely at the discretion of the Board of Directors, you must rely on price appreciation of the Shares for return on your investment.**

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

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

To the extent (i) we raise more money from this offering than required for the purposes explained in the section entitled "Use of Proceeds", or (ii) we determine that the proposed uses set forth in that section are not no longer in the best interests of our Company, we cannot specify with any certainty the particular uses of such net proceeds that we will receive from this offering. Our management will have broad discretion in the application of such net proceeds, including working capital, possible acquisitions, and other general corporate purposes, and we may spend or invest these proceeds in a way with which our shareholders disagree. The failure by our management to apply these funds effectively could harm our business and financial condition. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.

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

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

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

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

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

**Certain judgments obtained against us by our shareholders may not be enforceable.**

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

Ogier, our counsel as to the laws of the Cayman Islands, has advised us that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the Grand Court of the Cayman Islands will at common law enforce final and conclusive *in personam* judgments of the Foreign Court of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or other charges of a like nature, a fine or other penalty (which may include a multiple damages judgment in an anti-trust action) or where enforcement would be contrary to public policy). The Grand Court of the Cayman Islands will also at common law enforce final and conclusive *in personam* judgments of the Foreign Court that are non-monetary against the Company, e.g., declaratory judgments ruling upon the true legal owner of shares in a Cayman Islands company. The Grand Court of the Cayman Islands will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within six years of the date of the judgment, and arrears of interest on a judgment debt cannot be recovered after six years from the date on which the interest was due. The courts of the Cayman Islands are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Such a determination has not yet been made by the Grand Court of the Cayman Islands. A court of the Cayman Islands may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The Grand Court of the Cayman Islands may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

Our counsel as to the laws of Hong Kong has advised us that there is uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States, or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States. A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty), and (2) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud, (b) the proceedings in which the judgment was obtained were opposed to natural justice, (c) its enforcement or recognition would be contrary to the public policy of Hong Kong, (d) the court of the United States was not jurisdictionally competent, or (e) the judgment was in conflict with a prior Hong Kong judgment. Hong Kong has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of U.S. courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any state or territory within the United States. See "Enforceability of Civil Liabilities".

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

We are an exempted company with limited liability incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by the provisions of our Amended and Restated Memorandum and Articles, and by the provisions of the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders, and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands.

The rights of shareholders and the fiduciary duties of our directors and officers under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in the United States, and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to obtain copies of the register of members or inspect corporate records (other than the memorandum and articles of association and any special resolutions passed by such companies, and the register of mortgages and charges of such companies) of the company. Our directors have discretion under our Amended and Restated Memorandum and Articles that will become effective immediately prior to completion of this offering to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, or members of the board of directors than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, see "*Description of Share Capital — Differences in Corporate Law*".

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

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (2024 Revision) (the "**ES Act**") together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. Under the Cayman Islands ES Act, if a company is considered to be a "relevant entity" and is conducting one or more of the nine "relevant activities" then that company will be required to comply with the economic substance requirements in relation to the relevant activity from 1 July 2019. All companies whether a relevant entity or not is required to file an annual report in the Cayman Islands with the Companies Registry confirming whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test. If the only business activity that the Company carries on is to hold equity participation in other entities and only earns dividends and capital gains, then based on the current interpretation of the ES Act, the Company is a "pure equity holding company" and will therefore only subject to the minimum substance requirements, which require us to (i) comply with the all applicable requirements under the Companies Act and (ii) have adequate human resources and adequate premises in the Cayman Islands for holding and managing equity participations in other entities. However, there can be no assurance that we will not be subject to more requirements under the ES Act. Uncertainties over the interpretation and implementation of the ES Act may have an adverse impact on our business and operations.

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

Because we qualify as 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 with the SEC of quarterly reports on Form 10- Q or current reports on Form 8-K;

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

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

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

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

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

As a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq rules that allow us to follow our home country law for certain governance matters. Certain corporate governance practices in our home country, the Cayman Islands, may differ significantly from corporate governance listing standards, except for general fiduciary duties and duties of care, Cayman Islands law has no corporate governance regime which prescribes specific corporate governance standards. Currently, we do not intend to rely on home country practices with respect to our corporate governance after we complete this offering. However, if we choose to follow home country practices in the future, our shareholders may be afforded less protection than they would otherwise enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.

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

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

**There can be no assurance that we will not be a PFIC for U.S. federal income tax purposes for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. holders of the Shares.**

A non-U.S. corporation will be a PFIC for any taxable year if either (i) at least 75% of its gross income for such year consists of certain types of "passive" income, or (ii) at least 50% of the value of its assets (based on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income (the "**asset test**"). Based on our current and expected income and assets (taking into account the expected cash proceeds and our anticipated market capitalization following this offering), we do not presently expect to be a PFIC for the current taxable year or the foreseeable future. However, no assurance can be given in this regard because the determination of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition of our income and assets. In addition, there can be no assurance that the Internal Revenue Service ("**IRS**") will agree with our conclusion or that the IRS would not successfully challenge our position. Fluctuations in the market price of the Shares may cause us to become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test may be determined by reference to the market price of the Shares. The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. If we were to be or become a PFIC for any taxable year during which a U.S. holder holds the Shares, certain adverse U.S. federal income tax consequences could apply to such U.S. holder. See "*Material Tax Income Consideration — Material U.S. Federal Income Tax Considerations for U.S. Holders — PFIC Consequences*".

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

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

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

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

Upon consummation of this offering, we will incur significant legal, accounting, and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley Act of 2002 ("**Sarbanes- Oxley**"), as well as rules subsequently implemented by the SEC, impose various requirements on the corporate governance practices of public companies. We are an "emerging growth company," as defined in the JOBS Act and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least US$1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of the Shares that is held by non-affiliates exceeds US$700 million as of the end of any second fiscal quarter before that time; and (2) the date on which we have issued more than US$1 billion in non-convertible debt during the prior three-year period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay the adoption of new or revised accounting standards until such time as those standards apply to private companies.

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

**As a "controlled company" under the rules of the Nasdaq Capital Market, we may choose to exempt our Company from certain corporate governance requirements that could have an adverse effect on our public shareholders. In addition, the interests of our Controlling Shareholder, who is also our executive director and officer, may not be the same as or may even conflict with your interests.**

Our Controlling Shareholder, who is also our executive director and chief executive officer, beneficially owns a majority of the voting power of our issued and outstanding Ordinary Shares. Under Rule 4350(c) of the Nasdaq Capital Market, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirement that a majority of our directors be independent, as defined in the Nasdaq Capital Market Rules, and the requirement that our compensation and nominating and corporate governance committees consist entirely of independent directors. Although we 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. If we elect 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. Accordingly, during any time while we remain a controlled company relying on the exemption and during any transition period following a time when we are no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq Capital Market corporate governance requirements. Our status as a controlled company could cause our Ordinary Shares to be less attractive to certain investors or otherwise harm our trading price.

In addition, the interests of our Controlling Shareholder may not be the same as or may even conflict with your interests. For example, our Controlling Shareholder will have the ability to control matters requiring shareholders' approval, including the election of directors, amendments of organizational documents, and approval of major corporate transactions, such as a change in control, merger, consolidation, or sale of shares. Similarly, our Controlling Shareholder could attempt to delay or prevent a change in control of us, even if such change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity to receive a premium for their Ordinary Shares as part of a sale of us or our assets and might affect the prevailing market price of our Ordinary Shares due to investors' perceptions that conflicts of interest may exist or arise. As a result, this concentration of ownership may not be in the best interests of our other shareholders.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by the words "may", "might", "will", "could", "would", "should", "expect", "intend", "plan", "goal", "objective", "anticipate", "believe", "estimate", "predict", "potential", "continue" and "ongoing" or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained in this prospectus are based upon information available to us as of the date of this prospectus and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Forward-looking statements include statements about:

● timing of the development of future business;

● capabilities of our business operations;

● expected future economic performance;

● competition in our market;

● continued market acceptance of our products;

● changes in the laws that affect our operations;

● inflation and fluctuations in foreign currency exchange rates;

● our ability to obtain and maintain all necessary government certifications, approvals, and/or licenses to conduct our business;

● continued development of a public trading market for our securities;

● the cost of complying with current and future governmental regulations and the impact of any changes in the regulations on our operations;

● managing our growth effectively;

● projections of revenue, earnings, capital structure, and other financial items;

● fluctuations in operating results;

● dependence on our senior management and key employees; and

● other factors set forth under "Risk Factors".

You should refer to the section titled "Risk Factors" for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this prospectus will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

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 forms a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

**USE OF PROCEEDS**

Based upon an assumed IPO price of US$5.00 per Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we estimate that we will receive net proceeds from this offering of approximately US$5,032,845, if the underwriter does not exercise the over-allotment option, or US$6,062,220, if the underwriter exercises the over-allotment option in full, after deducting the underwriting discounts and commissions, non-accountable expense allowance, and estimated offering expenses payable by us.

Each US$1.00 increase (decrease) in the assumed IPO price of US$5.00 per Ordinary Share would increase (decrease) the net proceeds to us from this offering by approximately US$1,372,500, assuming that the number of Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and commissions, non-accountable expense allowance and estimated offering expenses payable by us. An increase (decrease) of 1 million in the number of Shares we are offering would increase (decrease) the net proceeds to us from this offering by approximately US$4,575,000, assuming the assumed IPO price remains the same, and after deducting the underwriting discounts and commissions, non-accountable expense allowance, and estimated offering expenses payable by us.

The primary purpose of this offering is to create a public market for the Shares for the benefit of all shareholders. We plan to use the net proceeds of this offering as follows:

● Approximately 25% for R&D of new functional materials;

● Approximately 25% for R&D in using AI and/or software or mobile application to enhance automation of operation;

● Approximately 20% for branding and marketing;

● Approximately 15% for setting up representative offices in foreign countries such as France, Singapore and Dubai; and

● The remaining 15% to fund working capital and for other general corporate purposes.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this registration statement. We reserve the right to change the use of proceeds that we presently anticipate and describe in this prospectus.

To the extent that the net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing bank deposits or debt instruments.

**DIVIDEND POLICY**

We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business, and we do not anticipate declaring or paying any dividends in the foreseeable future.

During the years ended December 31, 2024 and 2023, the six months ended June 30, 2025 and up to the date of this prospectus, Angie did not declare or pay any dividends and there was no transfer of assets among Angie and its subsidiary.

During the years ended December 31, 2024 and 2023, the six months ended June 30, 2025 and up to date of this prospectus, our Operating Subsidiary did not declare or pay any dividends, but paid constructive dividends of $971,427 in FY2024, $1,190,621 in FY2023 and $208,952 in the six months ended June 30, 2025.

Subject to the Cayman Islands laws and our Amended and Restated Memorandum and Articles, our board of directors has complete discretion as to whether to distribute dividends. Our Company may only pay dividends out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business.

In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Even if our board of directors decides to pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiary, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Please see the section entitled "Material Income Tax Considerations — Cayman Islands Taxation" of this prospectus for information on the potential tax consequences of any cash dividends declared.

As we are a holding company incorporated in the Cayman Islands, we rely on dividends paid to us by our subsidiary for our cash requirements, including funds to pay any dividends and other cash distributions to our shareholders, service any debt we may incur, and pay our operating expenses. Our ability to pay dividends to our shareholders will depend on, among other things, the availability of dividends from our subsidiary. According to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available for distribution. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect to dividends paid by us.

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

**CAPITALIZATION**

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

● an actual basis; and

● a pro forma as adjusted basis to give effect to the sale of 1,500,000 Ordinary Shares in this offering at the assumed IPO price of US$5.00 per Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus) after deducting the underwriting discounts and commissions, non-accountable expense allowance, and estimated offering expenses payable by us, assuming the underwriter does not exercise the over-allotment option.

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

---

| | | |
|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Actual** | **Adjusted<sup>(1)</sup>** |
|  | US$ | **US$** |
| **Indebtedness** |  |  |
| Bank borrowings | 824230 | 824230 |
| **Equity** |  |  |
| Ordinary Shares, US$0.0001 par value per share: 200,000,000 shares authorized; 13,750,000 shares issued and outstanding; 15,250,000 shares issued and outstanding pro forma | 1375 | 1375 |
| Subscription receivable | (1375) | (1375) |
| Additional paid-in capital | - | 5032845 |
| Retained earnings | 2208769 | 2208769 |
| Total shareholders' equity | 2208769 | 7241614 |
| Total capitalization | 2208769 | 7241614 |

---

(1) Reflects
 the sale of Ordinary Shares in this offering at an assumed IPO of US$5.00 per Ordinary
 Share (the midpoint of the price range set forth on the cover page of this prospectus), after
 deducting the underwriting discounts and commissions, non-accountable expense allowance,
 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 IPO 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 and commissions (underwriting
 discount equal to 7.5% per Ordinary Share), non-accountable expense allowance,
 and estimated offering expenses payable by us (US$1,829,655). We estimate that such
 net proceeds will be approximately US$5,032,845. For an itemization of an estimation
 of the total offering expenses payable by us, see "Expenses Related to this Offering".

**DILUTION**

If you invest in the Shares in this offering, your interest will be immediately diluted to the extent of the difference between the IPO price per Ordinary Share in this offering and the net tangible book value per Ordinary Share after this offering. Dilution results from the fact that the IPO price per Ordinary Share is substantially in excess of the net tangible book value per Ordinary Share. As of June 30, 2025, we had a historical net tangible book value of US$2,208,769, or US$0.16 per Ordinary Share. Our net tangible book value per Ordinary Share represents total tangible assets less intangible asset, all divided by the number of Ordinary Shares outstanding as of June 30, 2025.

After giving effect to the sale of Ordinary Shares in this offering at the assumed IPO price of US$5.00 per Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we will have 15,250,000 Ordinary Shares outstanding, and after deducting the underwriting discounts and commissions, non-accountable expense allowance, and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value at June 30, 2025, would have been US$7,241,614, or US$0.47 per Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$0.31 per Ordinary Share to existing investors and immediate dilution of US$4.53 per Ordinary Share to new investors. The following table illustrates this dilution to new investors purchasing Ordinary Shares in this offering:

---

| | | |
|:---|:---|:---|
|  | Post-Offering<sup>(1)</sup> | Full Exercise of<br> over-allotment<br> option<sup>(2)</sup> |
| Assumed IPO price per Ordinary Share | $5.00 | $5.00 |
| Net tangible book value per Ordinary Share as of June 30, 2025 | $0.16 | $0.16 |
| Increase in pro forma as adjusted net tangible book value per Ordinary Share attributable to new investors purchasing Ordinary Shares in this offering | $0.31 | $0.37 |
| Pro forma as adjusted net tangible book value per Ordinary Share after this offering | $0.47 | $0.53 |
| Dilution per Ordinary Share to new investors in this offering | $4.53 | $4.47 |

---

(1) Assumes
 gross proceeds from the offering of 15,250,000 Ordinary Shares, and assumes that the
 over-allotment option has not been exercised.

(2) Assumes
 gross proceeds from the offering of 15,475,000 Ordinary Shares, and assumes that the
 over-allotment option has been exercised in full.

Each US$1.00 increase (decrease) in the assumed IPO price of US$5.00 per Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) our pro forma as adjusted net tangible book value as June 30, 2025, after this offering by approximately US$0.09 per Ordinary Share, and would increase (decrease) dilution to new investors by US$0.91 per Ordinary Share, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and commissions, non-accountable expense allowance, and estimated offering expenses payable by us.

If the underwriter exercises the over-allotment option in full, the pro forma as adjusted net tangible book value per Ordinary Share after this offering would be US$0.53, the increase in net tangible book value per Ordinary Share to existing shareholders would be US$0.37, and the immediate dilution in net tangible book value per Ordinary Share to new investors in this offering would be US$4.47.

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

The following table summarizes, on a pro forma basis as of June 30, 2025, the differences between the existing shareholders and the new investors with respect to the number of Ordinary Shares purchased from us in this offering, the total consideration paid, and the average price per Ordinary Share paid at the assumed IPO price of US$5.00 per Ordinary Shares, the midpoint of the price range set forth on the cover page of this prospectus, before deducting estimated underwriting discounts and estimated offering expenses. The total number of Ordinary Shares does not include the over-allotment option.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Shares purchased** | **Ordinary Shares purchased** | **Ordinary Shares purchased** | **Total consideration** | **Total consideration** | **Average price per** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Ordinary Share** |
| Existing shareholders | 13750000 | 90.16% | $1375 | 0.018% | $0.0001 |
| New investors | 1500000 | 9.84% | $7500000 | 99.982% | $5.00 |
| Total | 15250000 | 100% | $7501375 | 100% | $0.492 |

---

**CORPORATE HISTORY AND STRUCTURE**

**Corporate History and Structure**

We are a holding company incorporated in the Cayman Islands with operations conducted in Hong Kong by our Operating Subsidiary, Angie International. We have been engaged in the provision of corporate uniforms with or without special functionalities and safety products in Hong Kong since 2015. As a supplier of corporate uniforms, we provide our customers not only with finished goods but also provide them with ancillary services including design, tailoring and functionality counseling.

Our Operating Subsidiary, Angie International Limited, was incorporated as a company with limited liability under the laws of Hong Kong in June 2015.

Angie was incorporated as an exempted company with limited liability under the laws of the Cayman Islands in March 2025.

On March 6, 2025, one (1) Ordinary Share was allotted and issued as fully paid to Ogier Global Subscriber (Cayman) Limited, an initial subscriber and an independent third party, which was subsequently transferred to Mr. Fong on March 12, 2025. On April 11, 2025, Mr. Fong transferred one (1) Ordinary Share to Visionary Value Investments Limited. On April 14, 2025, 11,754,999 Ordinary Shares, 665,000 Ordinary Shares and 1,330,000 Ordinary Shares were allotted and issued as fully paid to Visionary Value Investments Limited, Stellar Wealth Development Limited and Nexus Capital Development Limited for considerations of US$1,175.4999, US$66.5 and US$133, respectively.

On April 15, 2025, Ms. Fong sold, and Angie purchased from Ms. Fong, a total of 10,000 ordinary shares in the Operating Subsidiary (representing the entire issued share capital of the Operating Subsidiary), for a consideration of HK$10,000. After the acquisition, Angie became the sole shareholder of the Operating Subsidiary.

On April 16, 2025, Visionary Value Investments Limited transferred 665,000 Ordinary Shares to Quantum Value Investments Limited for a consideration of US$66.5.

On April 17, 2025, Visionary Value Investments Limited transferred 450,000 Ordinary Shares to Jaxton Ocean Capital Development Limited for a consideration of US$45.

Our principal office is located at 3/F., West Gate Tower, No. 7 Wing Hong Street, Lai Chi Kok, Kowloon, Hong Kong. Our telephone number is (+852) 2777 7623. Our registered office in the Cayman Islands is located at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands.

Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168.

The chart below illustrates our corporate structure and identifies our subsidiary as of the date of this prospectus:

![](formf-1a_004.jpg)

The chart below illustrates our corporate structure and identifies our subsidiary upon completion of this offering (assuming the underwriter does not exercise the over-allotment option):

![](formf-1a_005.jpg)

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| | | |
|:---|:---|:---|
| **Name** | **Background** | **Ownership** |
| Angie International Limited | - A Hong Kong company<br> - Incorporated on June 11, 2015<br> - Issued share capital of HK$10,000 | 100% owned by Angie Holdings Limited |

---

We are offering 1,500,000 Ordinary Shares of Angie, our Cayman Islands holding company, representing 9.84% of the Ordinary Shares following completion of the offering of Angie, assuming the underwriter does not exercise the over-allotment option.

We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering, our Controlling Shareholder will own in aggregate 11,970,000 of our total issued and outstanding Shares, representing approximately 78.49% of the total voting power. In addition, given that Ms. Fong, an executive director and our Chief Operating Officer will own 665,000 of the total issued and outstanding Ordinary Shares through Stella Wealth Investments Limited, representing approximately 9.84% of the total voting power, is a sibling of Mr. Fong, such family relationship will further concentrate share ownership among company management.

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

**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.*

I. Comprehensive Overview of Business Operations

Angie is a provider of integrated apparel solutions headquartered in Hong Kong, offering end-to-end services that span product design, raw material sourcing, production oversight and quality assurance. The Company's clientele includes public and corporate entities seeking customised apparel products. Most of our revenues was generated in Hong Kong and our sales are primarily settled in Hong Kong dollar which is pegged to the US dollars at the rate of approximately HK$7.80 to US$1.00. On the other hand, our purchases were from China which was settled in Renminbi, any depreciation of the US dollar in the near future would lead to an increase of our cost. To maintain our competitive position, the Company will continue to reassess its business model to ensure sustainable growth and profitability such as setting up offices overseas to replicate the success of the Hong Kong market, and to deploy sufficient resources to R&D to ensure our products are at the leading edge of the industry in terms of quality and sustainability at all times.

**Strategic Positioning and Market Challenges**

The apparel industry in Hong Kong remains highly competitive, with margins compressed by rising labor costs, fluctuating raw material prices, and the growing influence of low-cost manufacturing hubs in Southeast Asia. Angie's strengths lie in its ability to deliver high-quality, customized apparel with rapid turnaround times, a value proposition that has historically attracted premium clients. However, the Company's reliance on a concentrated customer base and lack of geographic diversification have exposed it to volatility, as evidenced by the 7.4% year-over-year (YoY) revenue decline in FY 2024 and a slight increase in revenue in 1H2025 of 0.8% compared to 1H2024.

**Financial Snapshot and Key Performance Metrics**

The table below summarizes Angie's financial performance for the years/periods:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** |
| <br>**Metric** |<br>**FY 2024** |<br>**FY 2023** |<br>**YoY Change** | **2025** | **2024** | **Change** |
| **Total Revenue** | $10315926 | $11140034 | (7.4)% | 4539156 | 4504244 | 0.8% |
| **Gross Profit** | $3206754 | $3493118 | (8.2)% | 1474616 | 1381784 | 6.7% |
| **Net Income** | $1717358 | $1720331 | (0.2)% | 486920 | 581522 | (16.3)% |
| **EBITDA** | $2075041 | $2107403 | (1.5)% | 581957 | 707825 | (17.8)% |

---

Note: EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is a non-GAAP measure used to assess operational efficiency.

Reconciliation from net income to EBITDA as below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** |
| <br>**Metric** |<br>**FY 2024** |<br>**FY 2023** | **2025** | **2024** |
| **Net Income** | $1717358 | $1720331 | $486920 | $581522 |
| **Interest expense** | $38469 | $45646 | $21399 | $22043 |
| **Interest income** | $(1228) | $(1523) | $(217) | $(709) |
| **Income tax expense** | $290852 | $313360 | $71688 | $90174 |
| **Depreciation expense** | $29590 | $29589 | $2167 | $14795 |
| **EBITDA** | $**2075041** | $**2107403** | $**581957** | $**707825** |

---

II. Detailed Analysis of Results of Operations

**A. Revenue Performance and Market Dynamics**

**1. Revenue Composition** 

Revenue decreased from $11.14 million in FY 2023 to 10.32 million in FY 2024, which was primarily caused by two key customers, who together contributed 17% of FY 2023's revenue, reducing their order volumes in FY2024, which contributed 11% of FY2024's revenue. These two customers attributed the decrease in purchases to inventory overstocking and diminished consumer demand for apparel in Hong Kong's post-pandemic economy.

Revenue increased slightly by 0.8% from 1H2024 to 1H2025, driven by robust demand for custom uniforms from Hong Kong's public and corporate sectors, such as schools and government entities, aligning with post-COVID recovery in institutional spending,

**Customer Concentration Risks**

The Company's revenue is generated from a diverse range of customers. In FY 2024, the top five customers of the Company accounted for 23% of its total revenue (down from 26% in FY 2023), with the largest single client contributing to 10% of its sales. While this represents a marginal improvement in diversification, the loss of any top client could materially impair Angie's financial stability. In 1H2025, top five customers accounted for 31% of its total revenue.

**Table 1: Customer Revenue Contribution (%)**

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| | | | |
|:---|:---|:---|:---|
| **Customer Ranking** | **FY 2024** | **FY 2023** | **For the six-month period ended June 30, 2025** |
| Top 1 | 10% | 11% | 16% |
| Top 2–5 | 13% | 15% | 15% |
| Others | 77% | 74% | 69% |

---

**2. Pricing Strategy and Competitive Pressures**

Angie's average selling price (ASP) per unit in 2023 was $5.54, which remained consistent at $5.26 in FY 2024 and $6.05 in 1H 2025, which evidenced the Company's desire to maintain premium pricing amidst competitive market pressures. Nonetheless, this approach has restricted the Company's capacity to penetrate price-sensitive markets or secure volume-based discounts from suppliers. Management recognizes the need to balance ASP stability with volume growth, particularly now that competitors in Mainland China and Vietnam can offer comparable quality at lower prices due to economies of scale.

**B. Cost of Sales and Gross Margin Consistency**

**1. Material Cost Optimization**

In FY2024, Angie reported a cost of sales of $7.11 million, which dropped from FY2023's $7.65 million. This decline corresponds with reduced revenues, following the cost containment initiatives implemented in fiscal year 2024, gross profit (GP) for 2024 stood at $3.21 million, down by 8.2% from FY2023's $3.49 million, revenue dropped by 7.4% ($10.3 million in FY2024 vs. $11.1 million in FY2023). The gross profit margin slightly decreased from 31.4% in 2023 to 31.1% in FY2024. Uniforms, which contributed to 98% of the Company's revenue, maintained a steady 31% margin, while safety tools, including safety hamlets, boots and gloves, saw a slight increase from 27% to 28%. Despite a rise of 55.5% in inventory, operational cash flow improved from $0.86 million in FY2023 to $1.42 million in FY2024, indicating better working capital management.

Cost of sales dropped 1.9% from 1H2024 to 1H2025, even though the slight increase in sales of 0.8%, showing improvement of operational efficiency, The decrease is attributed to optimized raw material sourcing from China, the cost reduction aligns with the apparel industry's trend of supply chain optimization to counter competition from low-cost Southeast Asian manufacturers. Negotiations with long-term relationship vendors would help on securing better pricing, leveraging closer supplier networks or consolidated shipments to maintain cost competitiveness in a price-sensitive market.

**C. Operating Expense Management and Improved Efficiency**

**1. Selling, General, and Administrative (SG&A) Expenses**

Total operating expenses decreased from $1.42 million in FY 2023 to $1.26 million in FY 2024, representing an improvement of 10.6%, which was driven by stringent cost-control measures, including:

● 46.1% Reduction in Selling & Marketing Expenses: The Company phased out traditional advertising campaigns in favor of digital marketing, reducing expenses from $0.38 million to $0.21 million.

● 10.1% Reduction in staff salaries: Headcount was reduced by 8% through attrition, saving $84,750 annually.

In 1H2025, similar trend is found, total operating expenses in 1H2025 (excluding one-off legal and professional fees incurred for listing related expenses), the total was $0.63 million compared to $0.69 million in 1H2024. The improvement in operating expense mainly attributable from the changes in provision of expected credit loss, in 1H2025, the collection in accounts receivable of the Company improved compare to that in 1H2024, and there is a reversal in provision of expected credit loss $37,233 in 1H2025 while an expense in provision of expected credit loss of $33,869 in 1H2024.

**2. Legal and Professional Fees**

Legal and professional fees skyrocketed by 1,221% to $0.10 million in FY 2024 and $0.26 million in 1H2025, reflecting costs associated with the audit fee. This one-time expense is expected to normalize post-listing.

**3. Operating Income and Margin Resilience**

In FY2024 and FY2023, despite lower revenue, operating income declined by only 2.4% to $1.94 million, with operating margin improving from 18.5% to 18.8%. This margin resilience underscores management's success in aligning costs with revenue trends.

**Table 3: Major Operating Expense Breakdown**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** | |
| <br>**Major Expense Category** |<br>**FY 2024** |<br>**FY 2023** |<br>**Change (%)** | **2025** | **2024** |<br>**Change (%)** |
| Selling & Marketing | $205064 | $380140 | (46.0)% | 101905 | 88108 | 15.7% |
| Staff Salaries & Benefits | $755944 | $840694 | (10.1)% | 403653 | 365726 | 10.4% |
| Legal & Professional Fees | $100228 | $7585 | +1,221% | 263497 |  | N/A |
| **Total SG&A** | $**1264793** | $**1415432** | **(10.6)%** | **894826** | **688754** | 29.9% |

---

**D. Net Income and Bottom-Line Performance**

**1. Net Income Stability**

Angie reported only a slight decrease in net income, from $1.72 million in 2023 to $1.72 million in 2024, despite a 7.4% decline in revenue (from $11.1 million to $10.3 million). This resilience was due to strategic cost management and a one-time gain from government subsidy. Gross profit remained stable at 31% of revenue, indicating consistent pricing or cost controls. Operating expenses decreased by 10.6% from $1.42 million in 2023 to $1.26 million in 2024, mainly driven by reductions in selling and marketing costs (-46%) and lease expenses (-36%), highlighting efficiency improvements. However, legal and professional fees rose significantly to $0.10 million (compared to $7,585 in 2023), which was related to audit fee. A significant contributor to the financial performance was the receipt of $0.10 million in government subsidies, which was not granted in 2023, effectively offsetting the decline in revenue. Additionally, lower interest expenses (-16%) and a slight reduction in the tax rate (from 15.4% to 14.5%) further supported profitability.

The net income of the Company reported a slight decrease from $0.58 million to $0.49 million from 1H2024 to 1H2025, with the stable sales and gross margin, the drop in net income mainly attributable to the one-off legal and professional fee related to listing amounted to $0.26 million, without this one-off nature legal and professional fee, the net income would have been an increase.

**2. Profitability Metrics**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Metric** | **FY 2024** | **FY 2023** | **Change (%)** | **For the six-month period ended June 30, 2025** |
| Net Profit Margin | 16.6% | 15.4% | +1.2% | 10.7% |
| Return on Equity (ROE) | 88.9% | 145.2% | -56.3% | 22.0% |
| Return on Assets (ROA) | 46.7% | 65.8% | -19.1% | 11.9% |

---

Despite a decline of 7.4% in revenue from $11.14 million (2023) to $10.32 million (2024), Angie maintained stable profitability in 2024. Gross profit margins were stable at 31.1% (2024) and 31.4% (2023), which showed effective cost management. Costs aligned with reduced sales volumes preserved gross profitability.

Operating expenses fell from $1.42 million in 2023 to $1.26 million in 2024, representing a decline of 10.6%, mainly due to reduced selling/marketing costs (-46.1%) and staff costs (-10.1%). This boosted operating income margins from 18.7% in 2023 to 18.9% in 2024. Net income was nearly unchanged at $1.72 million in 2024 versus $1.72 million in 2023, supported by a one-off government subsidy of $102,533. Net profit margins improved slightly from 15.4% to 16.6%, which was attributable to vigorous control of expenses. During 1H2025, net profit margin was 10.7%, due to one-time professional fee incurred for listing, this one-time expense accounted for 5.8% of net profit margin reduction in 1H2025. During 1H2025, a reduction in constructive dividend of $0.21 million, compared to $0.97 million and $1.19 million in FY2024 and FY2023 respectively, hence the ROA and ROE had a reducing trend in 1H2025 since the Company retained more cash resources and equity compared to FY2024 and FY2023.

Key liquidity metrics showed strong cash generation from operations at $1.42 million in 2024, but cash reserves fell to $0.17 million due to debt repayments and $0.97 million in constructive dividends. Retained earnings increased by 63.0% to $1.93 million, indicating reinvestment capacity.

**III. Liquidity, Capital Resources, and Cash Flow Dynamics**

A. Cash Flow Statement Analysis

The cash flow statement is segmented into operating, investing, and financing activities. Below is a comparative analysis of key metrics for years/periods:

---

| | | | |
|:---|:---|:---|:---|
| Category | 2024 (USD) | 2023 (USD) | Key Observations |
| Net Cash from Operations | 1421442 | 864715 | 64% increase due to improved working capital management. |
| Net Cash outflow in Financing | (1482560) | (1268608) | Stable outflow, driven by debt repayments and dividend distributions. |
| Net Change in Cash | (61118) | (403893) | Reduced outflow in 2024, reflected stronger operational cash generation. |
| Ending Cash Balance | 167246 | 228364 | Declined liquidity highlights potential risk if operational cash flow weakens. |

---

---

| | | | |
|:---|:---|:---|:---|
|  | For the six-month periods ended June 30, | For the six-month periods ended June 30, | For the six-month periods ended June 30, |
| Category | 2025 | 2024 | Key Observations |
| Net Cash from Operations | 529251 | 915411 | Reduced net cash from operations mainly due to decrease in EBITDA and cash locked in working capital for operations. |
| Net Cash outflow in Financing | (421672) | (882958) | Changes mainly due to proceeds from bank borrowing during 1H2025 |
| Net Change in Cash | 107579 | 32453 | Improved inflow in 1H2025, reflecting stronger operational cash generation. |
| Ending Cash Balance | 274825 | 260817 | Stablized cash resources management resulted in similar ending cash balance in both period ends. |

---

**1.** **Operating Activities** 

The Company generated $1.42 million in net cash from operations in 2024 versus $0.86 million in 2023. This growth was primarily driven by stable net income ($1.72 million in both years) and improved management of working capital. Key adjustments included $0.13 million in non-cash expenses (depreciation and lease amortization) and a rise in expected credit loss provisions ($62,277 in 2024 vs. $18,855 reversal in 2023), reflecting heightened credit risk in accounts receivable. However, operational efficiency was partially offset by increased cash outflows from rising receivables ($0.76 million outflow in 2024) and inventory buildup ($90,362 outflow). A notable positive feature was the $0.22 million inflow from delayed payments to suppliers (accounts payable), which bolstered liquidity. Overall, profitability remained steady.

The Company generated $0.51 million and $0.92 million in net cash from operations in 1H2025 and 1H2024. The reduction was mainly attributable to decrease in EBITDA from 1H2024 to 1H2025, from $709,211 to $0.59 million. Moreover, an increase to outflow on account payables from $87,476 to $206,000 also reduced the overall net cash from operations in 1H2025 compare to 1H2024.

**2.** **Investing Activities** 

No material cash flows were reported for investing activities in 1H2025, 2024 or 2023, indicating no significant capital expenditures, asset sales, or acquisitions by the Company. However, a non-cash transaction of $0.20 million was recorded in 2024, representing new lease liabilities for office space. This implies the company prioritized leasing over outright asset purchases, aligning with its capital-light strategy. The absence of traditional investing activities (e.g., equipment purchases) showed that the Company's focus was on leveraging existing resources rather than expanding physical infrastructure.

**3.** **Financing Activities** 

Financing activities resulted in a net cash outflow of $0.41 million in 1H2025, $1.48 million in 2024, consistent with an outflow of $1.27 million in 2023. Key drivers included:

● Loan Proceeds and Repayments: A new loan was raised during 1H2025 with an inflow of $0.46 million, while the Company repaid $0.29 million of bank borrowings in 2024, with $0.52 million still outstanding, continuing its trend of deleveraging (vs. $0.39 million repaid in 2023, with $0.80 million still outstanding).

● Shareholder Returns: Dividend payouts continued, with $0.21 million and $0.97 million distributed as dividends in 1H2025 and FY2024 (vs. $1.19 million in FY2023), which took up a significant portion of retained earnings.

● Lease Obligations: Minor finance lease repayments ($4,689) had a negligible impact.

The consistent outflow highlights the Company's dependence on operational cash flow to fund shareholder returns and debt reduction. While this strategy reduces leverage, the declining cash reserves ($0.17 million at year-end 2024, down 26.7% YoY) signalled potential liquidity risks if operational performance falters.

Our primary sources of liquidity include cash, cash equivalents, and cash generated by our operations. As of June 30, 2025 and December 31, 2024, we had $0.28 million and $0.17 million in cash and cash equivalents and $1.4 million of net cash generated from operating activities for the year ended December 31, 2024. We believe that we have sufficient liquidity to meet our operating requirements for at least the next twelve months and thereafter for the foreseeable future. We continuously evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance future capital requirements.

IV. Capital Expenditures

Capital expenditures totalled $0.11 million in FY2024, down 67% from $0.34 million in FY 2023. Key investments included:

● **IT Infrastructure**: $45,000 for cloud-based ERP software to enhance supply chain visibility.

● **Leasehold Improvements**: $65,628 to upgrade maintenance facilities in Hong Kong.

V. Critical Accounting Policies and Estimates

**<u>Critical Accounting Policies</u>**

**A. Revenue Recognition**

The Company currently generates its revenue by the following source:

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Sale of corporate uniform products* 

The Company recognizes revenue from the sale of corporate uniform products. It offers customized design and manufacturing services to customers. The Company typically receives purchase orders from the customers, which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfil in order to recognize revenue. There is only one performance obligation as a series of services on this revenue stream are interrelated and are not separable or distinct as our customers cannot benefit from the standalone task (i.e. customers do not obtain any benefits other than the finished products). The Company's sales are recorded as revenue at a point in time and the shipping term is freight on board destination. The key performance obligation is the delivery of the finished product to the customer at their specified location at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer acceptance indicating receipt of the product. The Company has not adjusted the transaction price for significant financing since the time period between the transfer of goods and payment is less than one year. The Company has elected the practical expedient to not disclose the consideration allocated to remaining performance obligations and an explanation of when those amounts are expected to be recognized as revenue since the duration of the contracts is less than one year. Typical payment terms set forth in the purchase order range from 30 to 90 days from invoice date and no deposits are required.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Sale of safety tools* 

The Company recognizes revenue from the sale of safety tools. It sources and sells safety tools to customers. The Company typically receives purchase orders from the customers, which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfil in order to recognize revenue. The Company's sales are recorded as revenue at a point in time and the shipping term is freight on board destination. The performance obligation is the delivery of safety tools to the customer at their specified location at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer acceptance indicating receipt of the product. The Company determined that the Company is the principal to the transaction for its goods and services and revenue is recognized on a gross basis based on the transfer of control to the customer. The Company is primarily responsible for fulfilling the promise to deliver the product and bears risk of loss while the inventory is in-transit to the customer. The Company has not adjusted the transaction price for significant financing since the time period between the transfer of goods and payment is less than one year. The Company has elected the practical expedient to not disclose the consideration allocated to the remaining performance obligations and an explanation of when those amounts are expected to be recognized as revenue since the duration of the contracts is less than one year. Typical payment terms set forth in the purchase order range from 30 to 90 days from invoice date and no deposits are required.

The Company elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense if the amortization period of the asset would have been one year or less. Costs that relate directly to a contract include cost of purchasing of products from suppliers. We elected to treat shipping and handling costs undertaken by the Company after the customer has obtained control of the related goods as a fulfilment activity and present as transportation costs in selling and marketing expenses. Costs associated with the production of advertising, such as writing, printing, and other costs, are expensed as incurred. Costs associated with communicating advertising that has been produced are expensed when the advertising event takes place.

The Company does not have a sale refund policy and does not accept any return of products; the transaction price does not include variable consideration provision for the right of return. Instead, the Company offers exchange of defective products. For the years ended December 31, 2024 and 2023 and the six-month period ended 2025, the Company is not aware of any material claims against the Company in relation to the goods sold.

**B. Inventory Valuation**

Inventories, representing finished goods for sale, are stated at the lower of cost or net realizable value, using the first-in-first-out method. The Company evaluates the need for impairment associated with obsolete, slow-moving, and non-saleable inventory by reviewing net realizable value on a periodic basis but at least annually. Only defective products are eligible for returning to our materials suppliers.

**C. Lease Accounting**

<u>Operating leases</u>

ROU assets represent the right to use underlying assets for the lease terms and lease liabilities represent the obligation to make lease payments arising from the leases. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. If the implicit rate is not readily determinable for the operating leases, the Company generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected not to separate non-lease components from lease components; therefore, it will account for lease components and the non-lease components as a single lease component when there is only one vendor in the lease contract for the office leases. Lease payments are fixed.

For operating leases, lease expense is recognized on a straight-line basis in operations over the lease term.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU asset and lease liabilities on the consolidated balance sheets.

<u>Finance leases</u>

The Company classify a lease as a finance lease when the lease meets any of the following criteria at lease commencement:

● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;

● The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise;

● The lease term is for a major part of the remaining economic life of the underlying asset;

● The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments in accordance with ASC 842 paragraph 842-10-30-5(f) equals or exceeds substantially all of the fair value of the underlying asset;

● The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

The lease term includes rental holidays and options to extend or terminate the lease when we are reasonably certain that it will exercise that option, if any. We do not recognize finance lease assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. The lease assets for finance leases consist of the amount of the measurement of the lease liabilities and any prepaid lease payments. The finance lease expense, including interest and amortization expense of finance lease are presented separately. Interest expense is determined by using the effective interest method. Amortization expense is recorded on a straight-line basis of the finance lease assets. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.

<u>Critical accounting estimates</u>

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates include, but not limited, to allowance for credit losses and useful lives of property and equipment. We believe the following accounting policies involve the most significant judgments and estimates used in the preparation of our financial statements.

***Expected credit losses***

We determine the adequacy of allowance for expected credit losses based on historical collection trend. We establish a provision for expected credit losses when there is objective evidence that we may not be able to collect the amounts due. The allowance is based on management's best estimate of the provision on historical trends of collections. Actual amounts received may differ from management's estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for credit losses after management has determined that the likelihood of collection is not probable.

As of June 30, 2025, December 31, 2024 and 2023, we have recorded the allowance for expected credit losses of $92,971, $130,204 and $67,927, respectively, on our consolidated balance sheets and recorded the provision for expected credit losses of $62,277 and reversal of provision for expected credit losses of $18,855 on our consolidated statements of income and comprehensive income for the fiscal years ended December 31, 2024 and 2023, respectively and a reversal of provision for expected credit losses of $37,233 for the six-month period ended June 30, 2025. We estimated that a 10% unfavorable change in our assumptions and estimates would have decreased our pre-tax income by $6,228 and $1,886 for the fiscal years ended December 31, 2024 and 2023, respectively and $3,723 for the six-month period ended June 30, 2025.

**INDUSTRY**

All the information and data presented in this section, unless otherwise noted, have been derived from an industry report entitled "Corporate Uniform with Special Functionality Market Study" (the "Frost & Sullivan Report"), which is prepared by Frost & Sullivan Limited ("Frost & Sullivan") and commissioned by us. Frost & Sullivan has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. The following discussion contains projections for future growth, which may not occur at the rates that are projected or at all. Also, the market data and estimates used in the Frost & Sullivan Report are based on a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates.

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

**OVERVIEW OF HONG KONG'S MACRO ECONOMIC ENVIRONMENT**

**Nominal GDP and Growth Rate**

With economic recovery in Europe and North America, Hong Kong's domestic demand has increased and trade performance improved. The nominal GDP in Hong Kong registered steady growth, from HK$2,675.8 billion in 2020 to HK$3,177.0 billion in 2024. Owing to the outbreak of COVID-19 in 2020, the Nominal GDP plunged to HK$2,675.8 billion in 2020, a CAGR of approximately 4.4% was recorded from 2020 to 2024. During the same period, the real GDP in Hong Kong recorded a slight increase at a CAGR of 4.6%.

Moving forward, according to the International Monetary Fund ("IMF"), Hong Kong's economy is set to regain its momentum along with the recovery of tourism and consumption, the nominal GDP of Hong Kong is expected to recover and grow from HK$3,291.9 billion in 2025 to HK$3,936.1 billion in 2029, representing a CAGR of approximately 4.6%. The real GDP in Hong Kong is expected to rise a CAGR of 2.4% from 2025 to 2029.

![](formf-1a_006.jpg)

*Source: International Monetary Fund, The Frost & Sullivan Report*

**Nominal GDP Per Capita and Growth Rate**

Nominal GDP per capita in Hong Kong increased at a CAGR of 4.0%, from approximately HK$360.3 thousand in 2020 to approximately HK$421.7 thousand in 2024. The real GDP in Hong Kong increased from HK$368.9 thousand in 2020 to HK$394.6 thousand in 2024, at a CAGR of 1.7%.

The significant drop of nominal GDP per capita in 2020 is caused by the negative impact brought by COVID-19 on the economy. However, with the recovery of the economy, the GDP per capita is expected to reach HK$508.6 thousand in 2029, with a CAGR of 4.0% during the period of 2025 to 2029. The real GDP in Hong Kong is expected to increase at a CAGR of 1.8% from 2025 to 2029.

![](formf-1a_007.jpg)

*Source: International Monetary Fund, The Frost & Sullivan Report*

**Total Population and Growth Rate**

The population in Hong Kong has slightly increased from 7.43 million in 2020 to 7.53 million in 2024, representing a CAGR of 0.3%, which is mainly attributed to the continuous dropping in birth rate and immigration. According to the IMF, population growth is forecast to rebound slightly and reach 7.74 million by the end of 2029, representing a CAGR of 0.6% from 2025 to, mainly due to the Hong Kong government's proactive approach in attracting more outside talent to settle in Hong Kong and fostering a supportive environment for raising families.

![](formf-1a_008.jpg)

*Source: International Monetary Fund, The Frost & Sullivan Report*

**OVERVIEW OF HONG KONG CORPORATE UNIFORM WITH SPECIAL FUNCTIONALITY MARKET** 

**Definition and Classification**

Functional apparel refers to clothing designed with improved aesthetics, comfort, and protective features. Common types include athleisure, seamless wear, sports-functional, and medical-functional garments. These items are typically made from synthetic materials like nylon, viscose, and polyester, which offer properties such as temperature regulation, water and oil resistance, anti-static qualities, quick-drying capabilities, and enhanced performance. They protect the wearer from harsh winds, extreme temperatures, chemicals, microbes, and ultraviolet (UV) rays. Additionally, these garments enhance fabric breathability, moisture-wicking, grip, and stretch, contributing to better blood circulation and reduced muscle fatigue and cramping. Consequently, they are extensively used in the production of geotextiles, personal protective equipment, and apparel for medical, military, sports, and leisure activities.

Corporate Uniform with Special Functionality refers to attire designed for employees of a company that not only identifies them as part of the organization but also incorporates specific features or technologies to enhance performance, safety, or comfort.

![](formf-1a_009.jpg)

**Value Chain**

![](formf-1a_010.jpg)

*Source: The Frost & Sullivan Report*

The upstream of the value chain of the corporate uniforms industry mainly consists of raw material suppliers such as cotton suppliers or linen manufacturers or distributors and equipment suppliers including loom machine and spinning machine manufacturers or distributors and so forth. Raw material such as cotton, are made into yarns after cleaning, dyeing and spinning.

Textile fabric manufacturers and textile products manufacturers constitute the middle stream of the value chain of the corporate uniforms industry.

Corporate uniforms manufacturers may source textile fabrics from textile fabric manufacturers or would manufacture by themselves. The production of textile fabric usually includes a series of steps including weaving, knurling, printing and dyeing and others. Services scope of textile products manufacturers depend on a series of factors, namely, target consumer market, production technology and capacity, downstream application so forth. Generally, manufacturers produce textile products based on different requests from downstream customers.

The downstream is corporates who are the end users.

**Asset-light business Model**

Corporate uniforms with special functionality services providers often assign production tasks to Original Equipment Manufacturers (OEM) who specialize in production and design, allowing corporate uniforms companies to leverage their expertise in quality control and design processes. The advantages of outsourcing to OEMs include, but are not limited to, the following.

● *Specialization*: OEMs
 specialize in manufacturing and design, allowing corporate uniform companies to leverage their expertise in production processes and
 quality control.

● *Cost Reduction*: Corporate
 uniforms providers can reduce labor and operational costs, as these manufacturers often have established facilities and workforce efficiencies.

● *Scalability*: Collaborating
 with OEMs enables corporate uniform companies to scale production up or down based on demand without the need for significant investments
 in infrastructure.

● *Faster Time-to-Market*:
 OEMs can accelerate production timelines, allowing corporate uniform brands to bring new designs to market quickly and respond to fashion
 trends more effectively.

● *Access to Advanced Technology*:
 Many OEMs invest in the latest manufacturing technologies, providing corporate uniform companies with access to innovative production
 techniques without the need for direct investment.

● *Focus on Core Activities*:
 By outsourcing production, corporate uniform providers can concentrate on their core competencies, such as branding, marketing, and
 customer engagement, rather than getting bogged down in manufacturing logistics.

● *Risk Management*: Partnering
 with multiple OEMs allows corporate uniform companies to diversify their supply chains, reducing dependency on a single manufacturer
 and mitigating risks associated with production disruptions.

**Market Size** 

The corporate uniform with special functionality market in Hong Kong experienced a steady boom from HK$10,701.5 million in 2020 to HK$11,893.2 million in 2025 at a CAGR of 2.7% from 2020 to 2024, pushed by the expansion of corporates sectors in Hong Kong and the rising awareness of employee safety and comfort.

Growing focus on branding and corporate identity and demand for sustainability and eco-pleasant design would continue to drive market growth. Hence, this market in Hong Kong is expected to reach HK$13,935.2 million in 2029, at a CAGR of 3.2% from 2025 to 2029.

![](formf-1a_011.jpg)

*Source: The Frost & Sullivan Report*

**Market Drivers and Trends Analysis**

***Expanding Corporate Sectors****:* Corporate uniforms with special functionality play a vital role in the hospitality and service sectors, including hotels, restaurants, and airlines, by enhancing professionalism and creating a cohesive experience for customers. Corporate uniforms contribute to a strong first impression and reinforce brand identity, while fostering team unity among staff, which in turn improves service quality and customer satisfaction. The development of these industries further drives the uniform market, as new establishments require uniforms for their employees, leading to diverse offerings that cater to various roles and environments. As the hospitality and service sectors continue to grow, the corporate uniform market will adapt to meet evolving industry needs, balancing trends in fashion and sustainability.

***Rising Awareness of Employee Safety and Comfort****:* The growing emphasis on work place protection across industries serve as the driver to the corporate uniforms with specialty functions. It is a rising trend for companies to adopt workwear designed to shield their personnel from hazards, such as chemical publicity, health, or bodily harm. Workwear is often equipped with safety functions such as flame-resistant substances, excessive-visibility elements, and anti-slip footwear, ensuring compliance with safety regulations and decreasing work place injuries. In particular, safety helmets are used to prevent head injuries from falling objects, high-visibility clothing are designed to enhance visibility in low-light conditions, typically in bright colors with reflective strips. Besides the need for safety, workwear should also be comfortable, which would, in turn, result in better productivity. Advanced fabrics that provide breathability, moisture-wicking capabilities, and durability are becoming increasingly popular. They enhance the overall experience for workers, allowing them to perform their tasks effectively without being hindered by uncomfortable clothing.

***Growing Focus on Branding and Corporate Identity****:* With growing focus on branding and corporate identity, the need for companies to maintain a professional and consistent image is another driver to the corporate uniforms with special functionalities industry. Corporate uniforms create a sense of unity among workers, fostering team spirit and collaboration and present a professional image to clients and the public. Customized corporate uniforms, which include specific pockets, tools, and features tailored to the job requirements to improve efficiency, further enhances branding, team unity, and employee satisfaction while ensuring functionality and compliance with safety standards. Customized corporate uniforms are widely used across various industries, including healthcare, hospitality, construction, retail, transportation, education, sports, corporate sectors, food service, and security. These uniforms often feature company logos, specific colors, and personalized details that enhance brand identity and professionalism.

***Sustainability and Eco-pleasant Design****:* Sustainability and eco-friendly design are increasingly important in the production of corporate uniforms, which reduces environmental impact, enhances brand image, and improves employee satisfaction. The adoption of recycled and organic substances, alongside improvements in biodegradable fabrics, offers sizable possibilities for increase within the market. In particular, biodegradable materials, including organic cotton, bamboo fabric, Tencel, hemp, and biodegradable polyester blends, are incorporated into corporate uniforms. Ethical production practices ensure fair labor conditions, and thoughtful design features, such as versatile styles and recyclability, further contribute to sustainability. Companies are increasingly seeking alternatives to corporate uniforms that reduce environmental impact, while aligning with their corporate social responsibility desires and responding to demand for greener products. As the awareness of sustainability continues to grow, there are market opportunities for corporate uniform manufacturers to capitalize on this trend by introducing more eco-conscious designs and solutions, attracting groups devoted to sustainability.

**Market Opportunities Analysis**

***Need for Customization and Fit Sizing****:* Ensuring that garments offer the right fit and customization options for employees is a major concern in the corporate uniforms with special functionality market. Corporate uniforms are required to accommodate a diverse range of body types, sizes, and personal preferences. Additionally, customization for branding is essential while maintaining comfort and functionality. Companies may encounter sizing issues, particularly when employees wear workwear for long shifts or undertake physically demanding roles, leading to comfort concerns that can affect overall productivity. Producing tailored uniforms with specific designs, logos, and color schemes while maintaining quality and ensuring timely delivery is a distinguishable asset in the market. Artificial Intelligence has been increasingly incorporated into corporate uniforms sizing that use algorithms to analyze customer data and preferences for recommendations on sizes and styles, which increases the likelihood of a good fit.

***Integration of Technology****:* The integration of AI, RFID and smart fabrics and wearable technology opens up new opportunities for innovation and product differentiation. Corporate uniforms with built-in sensors health monitoring capabilities, or communication features have the potential to revolutionize the market. AI is transforming garment sizing by enhancing both the customer experience and manufacturing processes. Employee data are analysed by AI algorithms, including measurements, body types, and previous purchase histories, to recommend the best sizes and styles for individual employees. By understanding variances in sizing across brands, AI helps customers find garments that are more likely to fit well, reducing the likelihood of returns. Radio Frequency Identification (RFID) technology has also enhanced garment inventory management in the corporate uniforms industry. RFID tags attached to garments allow for real-time tracking of inventory levels. This automation reduces manual counting errors and provides instant visibility on stock levels. Companies can quickly identify discrepancies between recorded and actual inventory, leading to more accurate stock management.

**Market Challenge Analysis** 

***Supply Chain Disruptions****:* The procurement of raw materials, labor, and transportation are one of the market challenges to the growth of the corporate uniforms industry. The production of corporate uniforms with special functionalities requires advanced materials, such as fire-resistant and antimicrobial fabrics, which could be expensive and time-consuming in supply chain management. The supply chain is subject to market disruptions, such as those resulting from geopolitical events like the Russia-Ukraine conflict or the ongoing effects of the COVID-19 pandemic, have led to delays and shortages of both materials and finished products, further driving up costs and affecting timely delivery.

***Popularity of Casual Work Attire****:* The trend of companies, e.g., technical start-ups, to embrace casual dress codes, opting for more relaxed dress standards has decreased the demand for traditional corporate uniforms and present a challenge to uniform manufacturers. In response to such market change, manufacturers pivot from producing traditional uniforms to offering more casual and versatile clothing options that align with modern workplace expectations, e.g., designs incorporating casual styles, breathable fabrics, and customizable options.

**Market Size of School Uniform in Hong Kong**

The school uniform market in Hong Kong has grown steadily from HK$82.4 million in 2020 to HK$88.9 million in 2024, at a CAGR of 1.9%., and is driven by greater public awareness of the advantages of uniforms, and rising demand for high-quality, reasonably priced school supplies. In addition, many manufacturers and retailers are now providing a wide range of uniform options to meet the diverse needs of students, increasing competition in the school uniform market. As a result, school uniforms have become more comfortable, durable, and stylish due to advancements in design, materials, and technology. The school uniform market in Hong Kong is expected to increase at a CAGR of 2.2% from 2025 to 2029.

![](formf-1a_012.jpg)

*Source: The Frost & Sullivan Report*

**Market Size of Jersey in Hong Kong**

The jersey market size in Hong Kong increased from HK$21.0 million in 2020 to HK$24.0 million in 2024, at a CAGR of 3.4%. Fuelled by the increasing interest in sports and fitness activities shown by the local population, the demand for both official team jerseys and casual sportswear has expanded. There is also a growing trend towards personalized and customized jerseys, with consumers seeking unique designs that reflect their individual style or support for particular teams. The market size of jersey in Hong Kong is expected to rise at a CAGR of 3.6% from 2025 to 2029, reaching HK$28.6 million in 2029.

![](formf-1a_013.jpg)

*Source: The Frost & Sullivan Report*

**Market Size of Laundry Services in Hong Kong**

The market size of laundry services in Hong Kong was estimated at HK$25.5. billion in 2024 and grew at a CAGR of 4.8% from 2020 to 2024. In the wake of the COVID-19 pandemic, the local population has become increasingly aware of the need to maintain hygiene and sanitation, which has boosted the demand for laundry services. This trend stems from a heightened focus on maintaining stringent cleanliness standards in environments where infection control is critical, such as hospitals, nursing homes, and fitness centers. Solutions providers are focusing on creating products that offer superior cleaning power but also address the growing need for sustainability, efficiency, and tailored solutions. Going forward, the market is expected to reach HK$32.6 billion in 2029, at a CAGR of 4.9% from 2025 to 2029.

![](formf-1a_014.jpg)

*Source: The Frost & Sullivan Report*

**Market Size of Laundry Services Worldwide**

The global laundry services market size was US$64.2 billion in 2020 and is forecasted to rise at a CAGR of 6.6% from 2025 to 2029. The commercial services sector represents one of the largest customer groups for laundry services. This includes hospitality, industrial workers, factory and warehouse employees, healthcare facilities, beauty salons, and spas, all of which generate significant amounts of soiled items like tablecloths, upholstery, uniforms, sheets, and towels at the end of each week. To meet the growing demand from this sector, laundry service providers have upgraded their commercial equipment to enhance energy efficiency and attract environmentally conscious customers. Additionally, the convenience and accessibility of on-demand laundry service featuring app-based booking, digital payment options, real-time tracking, and scheduled delivery have made them increasingly popular among users.

![](formf-1a_015.jpg)

*Source: The Frost & Sullivan Report*

**COMPETITION OVERVIEW**

**Competition Overview of Corporate Uniform Market in Hong Kong** 

In 2024, there were more than 200 active suppliers in the Hong Kong's corporate uniform market, serving a wide range of customers in diverse industries such as hospitality, catering, aviation, healthcare, education and corporate.

In terms of industrial characteristics, the market is primarily segmented into integrated uniform suppliers and industry-specific uniform providers. The former, with their primary skills of scalable production capacity and one-stop services covering design, manufacturing, and logistics, tend to be local businesses which have entered the market early and established factories in Mainland China or Southeast Asia. Players such as the Group, iGift, K&S Uniform Company Limited, and Antonhill Company Limited, e.g., have established track records, customer cooperation networks in a variety of industries, and strong market recognition due to their first-mover advantage. Industry-specific uniform providers are typically small and medium-sized businesses (SMEs) that focus on niche markets to create professional distinctions, such as Easy-Order (medical uniforms), and Workwear (industrial uniforms).

However, as competition intensifies, market players are likely to be driven to enhance their advantages through mergers and acquisitions or technological upgrades. New entrants will inevitably face challenges in terms of upfront capital investment, technical and design threshold, lack of track record, and supply chain management.

**Competition Overview of Corporate Uniform Market in Macau**

In 2024, the corporate uniform market in Macau is significantly smaller than that of Hong Kong, due to a limited customer base and a relatively underdeveloped local manufacturing sector. There are fewer than 30 active suppliers, primarily comprising small enterprises, individual studios, and local branches of uniform suppliers from Hong Kong or Mainland China. The majority of market participants are primarily engaged in design and order acquisition, while production are mostly outsourced to factories in cities in mainland China, such as Zhuhai or Zhongshan. Only a limited number of integrated suppliers, like MCSPORTSWEAR & UNIFORM, Group, iGift, Beverley Apparel, etc., have the capability for local quick prototyping and further mass production.

**Ranking and Market Share**

In 2024, the top 5 players accounted for the market share of 4.2% in terms of revenue in the corporate uniform market in Hong Kong.

The Group was ranked the 3rd with a market share of 0.7% in terms of revenue in this market. Meanwhile, the Group is one of the largest corporate uniform providers in the construction sector in Hong Kong.

![](formf-1a_016.jpg)

*Source: The Frost & Sullivan Report*

**Entry Barriers**

***Upfront Capital Investment****: New entrants to the Hong Kong corporate uniform market must invest in production equipment, including automatic cutting and digital printing machines. Enterprises must also* incur essential operational and labor expenses, including the recruitment of design teams and rentals for office and factory. Moreover, market participants must have a flexible inventory management system to accommodate the varied requirements of consumers, including small and medium-sized caterers who necessitate placing multiple orders of little quantities. Moreover, the rising land and labor expenses in Hong Kong have led to increased local production costs. Many companies choose to outsource manufacturing to mainland China *or Southeast Asia,* and incur *cross-border shipping and quality control* expenses*. New entrants* with inadequate budgets will encounter substantial obstacles.

***Technical and Design Threshold****:* The conventional uniform market is defined by intense homogenization and competition, while high-end clients are increasingly demanding technology-integrated products, including smart wearable devices and functional, eco-friendly textiles. New entrants offering solely standardized products will encounter a saturated market with low-margin. To penetrate the high value-added sector; however, they must spend in R&D, acquire patents, and establish partnerships with technology firms or design entities, which are obstacles to new market entrants.

***Lack of Track Record****:* Hong Kong businesses depend significantly on suppliers' track record in purchasing uniforms, particularly in the premium sector, including airlines and five-star hotels. Major corporate clients typically mandate that suppliers must possess years of industry expertise and customer references. New entrants may find it challenging to acquire sizable bids. However, for small and medium-sized clients who generally possess a lower standard of requirements often have established robust long-term partnerships with suppliers utilizing low-pricing techniques. Therefore, new entrants without sufficient project experience may find customer acquisition challenging.

***Supply Chain Management Ability****:* The fragmentation of the uniform supply sector in Hong Kong poses challenges to new entrants. Group customers expect quick shipping, with orders frequently comprising small quantities, various sizes, and customization. Leading manufacturers usually have developed vertically integrated supply chain systems, covering fabric procurement to automated warehousing, facilitating rapid response and reduced unit costs, meanwhile, enhancing efficiency through digital integration. However, new entrants frequently lack expertise in supply chain management during their initial phase, potentially constraining their capacity to secure orders and profit margins.

**OVERVIEW OF OVERSEAS CORPORATE UNIFORM WITH SPECIAL FUNCTIONALITY MARKET** 

**Market Size in France**

The corporate uniform market in France is shaped by its strong industrial base, strict workplace safety regulations, and growing demand for sustainability in textiles. France's economy is driven by key sectors such as aerospace, automotive, manufacturing, and healthcare, which require uniforms with advanced functionalities such as flame resistance, chemical protection, and antimicrobial properties. Additionally, the country's focus on sustainability has encouraged the adoption of eco-friendly materials, such as recycled fabrics and biodegradable textiles, making France a leader in high-quality, durable, and environmentally conscious workwear. The emphasis on compliance with EU safety standards and the growing focus on corporate branding in customer-facing roles like retail and hospitality further contribute to the development of this market.

In terms of market size, the corporate uniform market with special functionality in France has grown from US$1,582.3 in 2020 to US$1,748.0 in 2024, representing a CAGR of approximately 2.5% during the period. From 2025 to 2029, the market is expected to grow at a CAGR of 3.0%, reaching $2,032.3 million USD by 2029, driven by increasing industrialization, stricter safety regulations, and the adoption of advanced, sustainable workwear.

![](formf-1a_017.jpg)

*Source: The Frost & Sullivan Report*

**Market Size in United Kingdom**

The corporate uniform market in the United Kingdom is characterized by its highly developed service sector, robust industrial base, and a growing emphasis on worker safety and sustainability. The UK economy is driven by key industries such as healthcare, construction, manufacturing, hospitality, and retail, all of which require specialized workwear designed for safety, functionality, and professional branding. The healthcare sector, in particular, plays a significant role in the demand for antimicrobial uniforms and scrubs, while the construction and industrial sectors prioritize flame-resistant, waterproof, and high-visibility workwear to comply with strict UK Health and Safety Executive regulations. Additionally, the rise of corporate branding in customer-facing roles, particularly in retail and hospitality, has driven demand for stylish yet functional uniforms.

The corporate uniform market with special functionality in the UK grew from US$1,938.2 million in 2020 to US$2,239.0 million in 2024, reflecting a CAGR of 3.7% over this period. Looking forward, the market is projected to grow at a CAGR of 2.9% from 2025 to 2029, reaching US$2,600.6 million by 2029, driven by increasing industrial activity, stricter workplace safety regulations, and rising demand for sustainable and branded workwear.

![](formf-1a_018.jpg)

*Source: The Frost & Sullivan Report*

**Market Size in Singapore**

The corporate uniform market in Singapore reflects the country's advanced economy, high standards of workplace professionalism, and growing emphasis on sustainability. As a global hub for finance, technology, logistics, and healthcare, Singapore's demand for corporate uniforms is heavily influenced by its service-oriented industries. Singapore's renowned hospitality and retail industries prioritize stylish and branded uniforms to enhance customer-facing roles. Sustainability is an emerging trend in the market, with businesses increasingly adopting eco-friendly and ethically sourced uniforms to align with the city-state's broader green initiatives and environmental goals.

The corporate uniform market with special functionality in Singapore grew from US$119.5 million in 2020 to US$153.6 million in 2024, representing a CAGR of 6.5% over this period, while slightly disrupted by the outbreak of the COVID-19 in 2020. The market is projected to grow at a CAGR of 5.6% from 2025 to 2029, reaching US$201.3 million by 2029, driven by the continued expansion of Singapore's healthcare, logistics, and hospitality industries, along with a rising focus on sustainability and innovation in workwear materials.

![](formf-1a_019.jpg)

*Source: The Frost & Sullivan Report*

**Market Size in Taiwan**

The corporate uniform market in Taiwan is driven by the country's strong manufacturing sector, advanced technology industry, and growing emphasis on workplace safety and sustainability. Taiwan's industrial base, which includes electronics, machinery, and chemicals, generates significant demand for highly functional workwear with features such as flame resistance, chemical protection, and high durability to meet stringent safety standards.

In terms of market size, the corporate uniform market with special functionality in Taiwan grew from US$417.7 million in 2020 to US$471.3 million in 2024, reflecting a CAGR of 3.1% during this period. Unlike many other markets, Taiwan's corporate uniform market was unaffected by the COVID-19 pandemic, as its industrial, healthcare, and technology sectors continued to operate robustly throughout the period. The market is projected to grow at a CAGR of 5.2% from 2025 to 2029, reaching US$604.9 million by 2029, fueled by continued expansion in Taiwan's manufacturing and technology sectors, rising workplace safety awareness, and increasing investments in sustainable workwear solutions.

![](formf-1a_020.jpg)

*Source: The Frost & Sullivan Report*

**Market Size in Macau**

The corporate uniform market in Macau is closely tied to the region's dominant industries, particularly hospitality, gaming, and tourism, which account for a significant portion of uniform demand. As a global entertainment and tourism hub, Macau's hospitality and gaming sectors emphasize stylish and branded uniforms that enhance the customer experience while maintaining functionality and comfort. Additionally, sectors like retail and healthcare contribute to the demand for uniforms, with healthcare focusing on easy-to-maintain fabrics and hygiene, while retail prioritizes professional and branded attire.

The corporate uniform market with special functionality in Macau grew robustly from US$7.4 million in 2020 to US$12.2 million in 2024, reflecting a CAGR of 13.3% over this period. The market was heavily impacted by the COVID-19 pandemic, with a sharp decline in 2020, as the market size contracted to US$7.4 million due to reduced tourism and the temporary closure of casinos and hospitality services. The market is projected to grow significantly at a CAGR of 5.8% from 2025 to 2029, reaching US$16.6 million by 2029, driven by the expedite recovery and expansion of Macau's gaming and hospitality sectors since 2024, along with increasing demand for high-quality, branded uniforms that reflect professionalism and enhance customer-facing roles.

![](formf-1a_021.jpg)

*Source: The Frost & Sullivan Report*

**Market Size in Greece**

The corporate uniform market in Greece is influenced by the country's reliance on key sectors such as tourism, shipping, construction, and agriculture, which drive demand for specialized workwear. The tourism and hospitality industries, in particular, play a significant role due to Greece's status as one of the world's top travel destinations, requiring uniforms that balance functionality with professional branding. Meanwhile, the construction and shipping sectors demand durable, high-performance uniforms with features like flame resistance, waterproofing, and high visibility to meet safety standards.

The corporate uniform market with special functionality in Greece grew from US$242.8 million in 2020 to US$286.6 million in 2024, representing a CAGR of 4.2% during this period. Looking ahead, the market is expected to grow at a CAGR of 2.8% from 2025 to 2029, reaching US$329.7 million by 2029, driven by the continued recovery of Greece's tourism industry, increased investments in infrastructure and construction, and rising awareness of workplace safety standards.

![](formf-1a_022.jpg)

*Source: The Frost & Sullivan Report*

**Market Size in Australia**

The corporate uniform market in Australia is shaped by the country's diverse economy, strong industrial base, and high workplace safety standards. Key sectors driving demand include mining, construction, healthcare, agriculture, and hospitality. The mining and construction industries, in particular, are major contributors due to Australia's extensive natural resource extraction and infrastructure projects, requiring durable uniforms with functionalities such as flame resistance, high visibility, and durability to comply with strict safety regulations. Meanwhile, the healthcare and hospitality sectors contribute significantly to the demand for professional uniforms, with a focus on antimicrobial and easy-to-maintain fabrics.

The corporate uniform market with special functionality in Australia grew from US$841.6 million in 2020 to US$961.1 million in 2024, representing a CAGR of 3.4% over this period. Unlike many other countries, the COVID-19 pandemic had minimal impact on Australia's corporate uniform market, as the country's mining, agriculture, and healthcare sectors remained resilient and operational during the crisis. Looking ahead, the market is projected to expand at a CAGR of 5.8% from 2025 to 2029, reaching US$1,272.3 million by 2029.

![](formf-1a_023.jpg)

*Source: The Frost & Sullivan Report*

**Market Size in Middle East** 

The corporate uniform market in the Middle East, encompassing major countries such as Saudi Arabia, the United Arab Emirates (UAE), Qatar, Kuwait, Oman, Bahrain, Egypt, Jordan, and Iraq, is shaped by the region's strong industrial base, expanding service sectors, and growing focus on safety and functionality in workwear. Key industries driving demand include oil and gas, construction, healthcare, hospitality, and retail. The oil and gas sector, a cornerstone of the Middle Eastern economy, generates significant demand for specialized uniforms such as flame-resistant and high-visibility workwear. Meanwhile, the rapid growth of the hospitality and retail sectors in countries like the UAE, Saudi Arabia, and Qatar contributes to the need for professional and branded uniforms. The construction industry, fueled by large-scale infrastructure projects, also remains a major consumer of corporate workwear, particularly safety-oriented uniforms.

The corporate uniform market in the Middle East grew from US$5,276.4 million in 2020 to US$6,568.4 million in 2024, representing a CAGR of 5.6% over this period. The market was impacted by the COVID-19 pandemic, with a sharp decline in 2020 as the market contracted by a year-on-year rate of 8.1%. The market is projected to grow at a CAGR of 4.9% from 2025 to 2029, reaching US$8,279.6 million by 2029, propelled by the continued expansion of industries such as oil and gas, construction, and healthcare, alongside the recovery and growth of the hospitality and retail sectors. Increasing investment in workplace safety and the adoption of advanced materials, such as flame-resistant, antimicrobial, and moisture-wicking fabrics, are expected to further drive demand.

<br> ![](formf-1a_024.jpg)

*Source: The Frost & Sullivan Report*

**BUSINESS**

**Overview**

We are a holding company incorporated in the Cayman Islands with operations conducted in Hong Kong by our Operating Subsidiary, Angie International. We have been engaged as a supplier of corporate uniforms with or without special functionalities and safety products in Hong Kong since 2015. As a supplier of corporate uniforms, we provide our customers not only with finished goods but also ancillary services, including design, tailoring and functionality counseling.

Our customers include building and construction contractors, security and building management companies, cleaning companies, governmental departments, public utility companies such as electric power companies and mass transit railways, retail chain shops and airlines. We take pride in the quality of goods and services which we deliver and have developed stable relationship with a majority of our customers over the years.

**Our Competitive Strengths**

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

*Established track record in the corporate uniform industry in Hong Kong*

Since the inception of our Operating Subsidiary in 2015, we have been striving to provide corporate uniforms to our customers and in our operating history of over nine years, we have built up our expertise in corporate uniform industry as well as our reputation as a dedicated corporate uniform supplier in Hong Kong. Our ability to consistently achieve customer satisfaction has helped build our customers' confidence in our products and in turn, created more business engagement opportunities for us. Leveraging on our proven track record and our established customer network, we are confident that the demand for our products will continue to grow in the future and that we will be able to achieve consistent business growth, which will in turn strengthen our competitiveness in the corporate uniform industry in Hong Kong.

*Complete but flexible and effective supply chain*

In order to reduce our risk and maintain our competitiveness, we maintain a complete and effective supply chain. We outsource all of the manufacturing works to our subcontractors in order to maintain an asset-light business model without owning factories with heavy machineries or bearing the costs of workers. In addition, we require our subcontractors to purchase all of the principal raw materials from suppliers nominated and approved by us. We have generally established stable relationships with our suppliers and subcontractors. For each of the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, we have engaged seven subcontractors. We consider that the above nomination of suppliers and our good track record of timely payment to our subcontractors allows us to maintain a strong network of suppliers and subcontractors and allows us to maintain long-term and stable relationship with them. For the years ended December 31, 2024 and 2023 and the six months ended June 30, 2025, our trade receivables turnover days were approximately 100, 70 and 106 days, respectively, while our trade payables turnover days were approximately 19, 7 and 10 days, respectively.

We believe that the above nomination of suppliers and our good track record of timely payment helps us to attract and retain high quality subcontractors and suppliers. Based on our established relationships with these subcontractors and suppliers, we believe that not only can we undertake more purchase orders with different requirements of different customers, but also ensure stable and timely delivery of materials and products from our suppliers and subcontractors, respectively.

*Implementation of stringent quality assurance system*

We have also implemented a stringent quality control system to regulate our products' quality. We emphasize quality control in all aspects of our business to protect the image of our Group. In order to monitor the production quality and ensure that our products meet benchmarks and specifications of our customers and ourselves, we have implemented various quality-control checks into our production process. We believe that our stringent quality control system helps separate us from other competitors and solidifies our position as a reliable corporate uniform supplier, which is crucial to our customer retention and business growth.

*Collaboration with reputable university in Hong Kong*

In order to maintain competitiveness and build up R&D capability, we have been collaborating with PolyU in certain areas including new functional materials and mobile applications. Through such collaboration, we have provided funding to PolyU for selected subjects and, in return, have been granted the rights to be licensed or a first right of refusal to acquire the results. Leveraging on such R&D results, we have gained extensive knowledge of new functional materials, which further expands the product portfolio available to our customers.

We believe that our strong R&D capabilities and efforts have improved our operation efficiency, diversified our products to meet customers' different requirements.

*Experienced and professional management team*

Our management team has extensive industry knowledge and experience in the corporate uniform industry in Hong Kong. Mr. Fong, our executive director and our Controlling Shareholder, has over 15 years of experience in the corporate uniform industry in Hong Kong and Ms. Fong has been overseeing administrative work of Angie International for 10 years. Mr. Fong and Ms. Fong are jointly responsible for the overall management, formulation of business strategies and day-to-day management of the operations of our Group. Mr. Fong's and Ms. Fong's qualifications and leadership have facilitated us in formulating business strategies and developing new products with special functionalities that are essential in securing new business. Their technical know-how and industry knowledge acquired and accumulated over the years have also assisted us in carrying out efficient management of our business operations and in coping with uncertainties encountered during deliveries of new products. We believe that our experienced and professional management team is an invaluable asset and will continue to contribute to our business development and future prospects.

**Our Strategies**

Our primary business objective is to further solidify our market position and increase our market share in the Hong Kong corporate uniform industry. We intend to achieve our business objective by expanding our scale of operation through the implementation of the following strategies:

*Consolidating R&D capabilities*

We believe that R&D is the core driving force for the success of our business and crucial to the sustainability of our future developments. We will continue to strengthen our R&D capabilities through undertaking more R&D projects. We will continue to pay attention to the market needs and trends, and continuously improve our existing products based on the feedback of our customers, so as to enhance the performance and competitiveness of our products and meet the diversified needs of the market. At the same time, we will also intensify our efforts to develop new functional materials so as to optimize our product portfolio and expand the available functions and application areas of our products, so as to launch more products that meet the market demand and further enhance our market share and reputation.

*Expanding overseas presence*

Our business is generally dependent on (a) replacement orders from our existing customers; (b) our existing or new customers for tender invitation; and (c) the fact that we do not engage in any active marketing of our business. In order to expand our business, we are prepared to extend our business coverage to countries in Europe, South East Asia and Middle East such as France, Singapore and Dubai by setting up representative offices in those countries. We believe that not only would such marketing strategies help improve our market presence, but would also help diversify our customer base and reduce our customer concentration.

*Developing mobile application for uniform cleaning*

We understand that the highest expense that some of our customers have incurred is from regularly cleaning company uniforms and distributing such uniforms to their employees, and not from purchasing uniforms for them.

In order to help customers solve the abovementioned mis-issuance problem and save human resources, we have been able to add wireless identification devices (RFIDs) to uniforms. In addition, we are also developing mobile application to assist customers with large-scale uniform cleaning. Through the mobile application, customers can register their uniforms to be cleaned using near field connection on their mobile phones. After registration, the mobile application will send a signal to the courier company to arrange for the uniforms to be collected and delivered to the designated laundry contractor for cleaning. The laundry contractor uses the same mobile application to summon a courier company to return the laundry to the customer after cleaning. Due to the presence of identity recognition components on the uniform, customers do not need to worry about the uniform being lost or mistakenly sent to other employees.

**OUR BUSINESS OPERATIONS**

The following diagram illustrates the typical key processes of our corporate uniform business:

![](formf-1a_025.jpg)

The following table sets out a breakdown of our revenue by categories of our products and services for the years ended December 31, 2024 and 2023 and the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type of revenue** | ***Sales for the year ended December 31, 2024 (US$)*** | **%** | ***Sales for the year ended December 31, 2023 (US$)*** | **%** | ***Sales for the six months ended June 30, 2025***<br> ***(US$)*** | **%** |
| Sales of normal corporate uniforms | 3013533 | 29.21 | 3578165 | 32.12 | 1730579 | 38.13 |
| Sales of corporate uniforms with special functionalities | 7151276 | 69.32 | 7413957 | 66.55 | 2789871 | 61.46 |
| Others including sale of safety products | 151117 | 1.47 | 147912 | 1.33 | 18706 | 0.41 |
| ***Total:*** | 10315926 | *100 %* | 11140034 | *100 %* | 4539156 | *100 %* |

---

**OUR PRODUCTS AND CUSTOMERS**

Our product portfolio consists mainly of normal corporate uniforms and corporate uniforms with special functionalities. Special functionalities add values by including anti-bacteria, anti-odor, UV protection, moisture management and anti-radiation features, etc. We provide normal corporate uniforms to customers such as airlines and hotels and corporate uniforms with special functionalities such as reflective, flame-retardant, wind-resistant, water-resistant, anti-UV and anti-radiation, etc. to customers including building and construction contractors, mass transit railways and electric power companies For the years ended December 31, 2024 and 2023 and the six months ended June 30, 2025, our revenue derived from normal corporate uniforms and corporate uniforms with special functionalities were US$10,164,809, US$10,992,122 and US$4,520,450, respectively.

The pictures below show some of our normal corporate uniform products and special uniform products with special functionalities.

---

| | |
|:---|:---|
| ![](formf-1a_026.jpg) | ![](formf-1a_027.jpg) |
| *Normal corporate uniform for airlines* | *Normal corporate uniform for airlines* |

---

---

| | |
|:---|:---|
| ![](formf-1a_028.jpg) | ![](formf-1a_029.jpg) |
| *Normal corporate uniform for hotels* | *Normal corporate uniform for cleaning companies* |

---

---

| | |
|:---|:---|
| ![](formf-1a_030.jpg) | ![](formf-1a_031.jpg) |

---

<u>*Corporate uniform with wind and water resistant functionality*</u> <u>*Corporate uniform with reflective functionality*</u>

---

| | |
|:---|:---|
| ![](formf-1a_032.jpg) | ![](formf-1a_033.jpg) |
| *Corporate uniform with anti-heat stress functionality* | *Corporate uniform with flame retardant functionality* |

---

For the years ended December 31, 2024 and 2023, the six months ended June 30, 2025 and as of the date of this prospectus, we did not have any uncollectible accounts receivable from our major customers and we received timely payment from such major customers pursuant to the agreed payment schedule. Our management monitors the movements in our accounts receivable to ensure timely collection and maintain healthy cash flow. This includes regularly reviewing outstanding invoices, analyzing payment patterns, and identifying any potential issues with customer creditworthiness.

For the years ended December 31, 2024 and 2023 and the six months ended June 30, 2025, almost all of our customers were located in Hong Kong and the majority of orders were from Hong Kong and our sales were denominated in Hong Kong dollars.

**PRICING STRATEGY**

The price we charge customers for our products varies depending on the negotiations with them. We typically determine prices of our products on a cost-plus basis by reference to a number of factors, including production costs and expected profit margins.

**SALES AND MARKETING**

Our business opportunities arose mainly from (i) invitation for quotations or tenders by our existing customers; (ii) purchase orders from existing customers for replacement purposes; and (iii) cold calls made by our sales and marketing team to potential customers. We strive to maintain an open dialogue with our customers so that we understand their latest business needs and also allows us to collect vital market information, thereby allowing us to keep track of the latest market demand on pricing, product range and quality. We would also receive tender invitations through referrals from our new customers, which we believe are attributable to our well-established presence in the corporate uniform industry in Hong Kong and our good customer and supplier relationships.

The following table sets out a breakdown of our revenue by types of business of our customers for the years ended December 31, 2024 and 2023 and the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type of business of customers** | ***Sales for the year ended December 31, 2024***<br> ***(US$)*** | **%** | ***Sales for the year ended December 31, 2023***<br> ***(US$)*** | **%** | ***Sales for the six months ended June 30, 2025***<br> ***(US$)*** | **%** |
| Building and construction contractors | 6143751 | 59.56 | 6424481 | 57.67 | 2511757 | 55.34 |
| Security and building management companies | 651347 | 6.31 | 404599 | 3.63 | 362159 | 7.98 |
| Cleaning companies | 883457 | 8.56 | 917538 | 8.24 | 290166 | 6.39 |
| Governmental departments and public utility companies | 693148 | 6.72 | 776423 | 6.97 | 251072 | 5.53 |
| Retail chain shops | 254804 | 2.47 | 398950 | 3.58 | 122207 | 2.69 |
| Others | 1689419 | 16.38 | 2218043 | 19.91 | 1001795 | 22.07 |
| ***Total:*** | 10315926 | *100 %* | 11140034 | *100 %* | 4539156 | *100 %* |

---

For the year ended December 31, 2024, our two key clients were main contractors in Hong Kong and our sales to them accounted for approximately 13.41% of our total revenue.

We enter into agreements with some of our clients. For those clients who have not entered into contracts with us, such clients place orders with us through purchase orders, whether or not they have entered into definite agreements with us. We would then issue invoices to our such clients which constitute our contracts with them.

One of our key clients has entered into contracts with us, the major contract terms of which are summarized as follows:

● Description of products. This would typically include a description and/or specifications of the relevant goods to be supplied by us, together with the quantity and unit price.

● Contract period. This refers to the period for which contract is effective particularly in respect of the unit prices of relevant goods and such period is typically one to three years.

● Delivery. The ordered goods are usually delivered by third party logistics service providers hired by us to the designated receiving location of the client.

● Payment terms. Our client shall settle the purchase amount in accordance with the relevant contract, with the credit period granted generally of 60 days.

**SUPPLIERS AND SUBCONTRACTORS**

In order to reduce our risk and maintain our competitiveness, we maintain a complete and effective supply chain. We outsource all of the manufacturing works to our subcontractors in order to maintain an asset-light business model without owning factories with heavy machineries or bearing the costs of workers. In addition, we require our subcontractors to purchase all of the principal raw materials from suppliers nominated and approved by us. For the years ended December 31, 2024 and 2023 and the six months ended June 30, 2025, our subcontractors were located in the PRC and our purchases were mainly denominated in RMB.

**Suppliers of materials**

All major materials are sourced from independent suppliers and generally there are no requirements of minimum purchase amount from the suppliers. The primary materials which our subcontractors source from our suppliers are fabrics. We place orders to our subcontractors after receiving new purchase orders from our customers, which in turn place orders to the suppliers for the materials in order to ensure stable supply.

We strive to ensure consistency in the materials that we use. We select our suppliers based on the: (i) quality of materials, (ii) timeliness of delivery, (iii) previous experience and length of partnership with the supplier, (iv) competitiveness of the price offered, and (v) reputation of the supplier. We have generally maintained good business relationship with our suppliers of materials. We understand that the materials which our subcontractors source directly affect the quality of the products which we supply and as such, we conduct thorough inspections of the materials sourced and request immediate replacement if our quality control department considers that the qualities of the materials fail to comply with the necessary specifications or standards.

**Subcontractors**

We generally outsource our manufacturing works to different subcontractors in order to maintain an asset-light business model without owning factories with heavy machineries or bearing the costs of workers. Our customers generally consent to our use of subcontractors and do not specify which subcontractors we should use. Our subcontractors are apparel manufacturing or factories located in the PRC. We conduct a thorough evaluation of potential subcontractors, considering various factors to ensure their suitability for our products. The relevant factors which we take into account include their background, technical capabilities, experience, service quality, track records, available labor resources, ability to meet delivery lead times and reputation. We send our quality control personnel to the production facilities of our subcontractors to conduct quality check during the subcontracting process. We also perform quality control tests on the semi-finished/finished products processed by our subcontractors before further using them in our production process and/or delivering the finished products to us.

We have entered into subcontracting agreements with our major subcontractors including the top three subcontractors which accounted for 86% of our total purchase for the year ended December 31, 2024.

The major contract terms with our suppliers are summarized as follows:

● Description of products. This would typically include a description and/or specifications of the relevant goods to be supplied by the subcontractor, together with the quantity and unit price.

● Delivery. The ordered goods are usually collected by third party logistics service providers hired by us, which will collect finished products the subcontractor to the warehouses, and then deliver the same to our customers directly.

● Payment terms. We usually need to settle the purchase amount in accordance with the relevant contract, with the credit period granted of 90 days after monthly statement.

● Termination. Each party may terminate the agreement by giving 1-year prior notice to the other party.

● Liability. The defaulting party shall pay liquidated damages equivalent to 10% of the total sum of the relevant purchase order to the non-defaulting party together with such damages and losses as may be suffered by the non-defaulting party as a result therefrom.

● Minimum purchase quantity. No minimum purchase quantity is required.

We are liable to our customers for the products manufactured by our subcontractors. As such, our subcontractors are not allowed to further subcontract parts of the manufacturing works without our permission. In the event that our permission has not been obtained, we have the absolute discretion to terminate their contracts immediately and our subcontractor shall be liable for our damages incurred therefrom. We require our subcontractors to follow our in-house rules in relation to work quality, occupational safety and environmental protection. In general, our quality control department will supervise our subcontractors on a continuing basis to ensure that they comply with our in-house rules.

During the years ended December 31, 2024 and 2023, the six months ended June 30, 2025 and up to date of this prospectus, we did not experience any difficulties in procuring services from subcontractors, nor have we encountered any material delay in the provision of services by our subcontractors which caused material disruption to our operations.

**RESEARCH & DEVELOPMENT**

We believe that establishing research collaboration with research institutions is an effective way to enhance our R&D efforts. Our collaboration with PolyU mainly focuses on development of new functional materials and mobile applications, respectively.

**New functional materials**

In 2016, we started our collaboration with PolyU by entering into a sub-licence agreement with Construction Industry Council (as sub-licensor), pursuant to which we were granted the non-exclusive licence to use the proprietary data, information, design, know-how, processes, methods, materials and specifications owned or controlled by PolyU related to anti-heat stress work-wear for construction workers from 6 June 2016 to 31 March 2025. Through such sub-licence agreement, the research effort of PolyU was successfully commercialized after we successfully built the anti-heat stress materials on the surface of the fabrics which our products were manufactured. The successful commercialisation of this technology entails the expansion of our product offering which further expands our possible customer base and enhances overall competitiveness. The said sub-licence agreement expired on 31 March 2025 without extension as its principal purpose, namely, commercialization of the research effort of PolyU had been fulfilled.

Since then, we have continuously worked with PolyU to leverage on their expertise in the synthesis of fine chemicals with a view to developing certain new functional materials suitable to be added to our corporate uniform products with value-added features. For each R&D project, we would enter into a separate agreement with PolyU such that we would provide funding for PolyU in return for the transfer of or license for the findings and results of the research from PolyU to us. To avoid any possible contention on the intellectual right of the research findings, such agreement would expressly delineate the rights and obligations of each party in the conduct of the research works and confer the ownership or license of the findings or results of the researches to us.

In 2021, we collaborated with HKRITA by providing funding to HKRITA in the development of functional Chitosan fiber blended knitted fabrics. Chitosan is a linear polysaccharide made by treating the chitin shells of shrimp and other crustaceans with an alkaline substance, which is used as medicine and in drug manufacturing. The said collaboration was a project to research on the application of Chitosan as fiber used in blended fabrics with anti-bacterial function. As a result of successful completion of the research project, Angie International entered into a license agreement with HKRITA on 28 October 2024, whereby the invention and intellectual property rights associated therewith was licensed to Angie International for a period of ten years unless terminated pursuant to the license agreement. Pursuant to the license agreement, HKRITA as licensor granted to Angie International as licensee to use Chitosan and the authorized logo "HKRITA" for manufacturing, selling, supplying, marketing and distributing products for certain annual license fee. As at the date of this prospectus, the said license agreement is still in effect.

**Mobile application**

*3D tailor mobile application*

We provide uniforms to employees of customers. Due to the different body shapes of each employee, we also have to provide tailored services to ensure that the relevant uniforms are fit and comfortable. We need to assign relevant personnel to the customers' premises to tailor for each employee, which requires a significant amount of manpower. To improve our efficiency and save our customers' time, we considered that it was necessary for us to develop a 3D customization mobile application for such purposes.

As a result, we conveyed our idea to PolyU and a project of developing a business platform for uniform ordering and manufacturing, was agreed to be jointly launched by us and HKRITA, a company established under the funding of the Hong Kong Government's Innovation and Technology Commission and hoisted by PolyU. On 28 March 2022, we entered into an agreement with HKRITA whereby we agree to provide funding to HKRITA for the project in return for the grant of rights by HKRITA in respect of the deliverables under the project such as authorship, products, inventions and creations, including but not limited to, data, models, programming codes, diagrams and drawings and intellectual property rights thereof. The project would envisage a 3D tailor mobile application installed on mobile phones with a view to improving the workflow of manufacturers so as to largely reduce the manpower and better manage the inventory according to the availability of big data and analytics.

The customers' employees only need to download and install the mobile application on their respective mobile phones and use their mobile phones to aim at different angles of their body. The relevant body measurements data and employee identity can be immediately sent to our server for sorting and statistics. Afterwards, the customers can send us purchase orders based on their statistical results. After receiving the purchase order, our receiving end will fold and disassemble different parts of the uniform to make sewing paper patterns for cutting fabrics, so that each part of the uniform can be produced in batches for mass production and then combined into a uniform.

As at the date of this prospectus, the project has been completed and the relevant mobile application is at the trial run stage. As at the date of this prospectus, the said agreement is still in effect.

Up to the date of this prospectus, as a result of our collaboration with PolyU, PolyU completed the above two (2) projects, the technology of each of which was authorized for our use pursuant to separate agreements.

For the years ended December 31, 2024 and 2023 and the six months ended June 30, 2025, we provided funding of approximately US$38,500, nil and nil, respectively, to PolyU in the development of new functional materials and mobile applications. The Directors believe that the Group's commitment to R&D is a differentiating factor compared to our competitors.

**QUALITY CONTROL**

**Product quality**

We emphasize quality control in all aspects of our business to protect the image of our Group. We strictly control the quality of our operations. In order to monitor the production quality and ensure that our products meet benchmarks and specifications of our customers and ourselves, we have implemented various quality-control checks into our production process.

Our quality control department is responsible for ensuring that the raw materials used and finished products produced by our subcontractors pass through our quality control process and meet customers' standards. We also communicate regularly with our customers to obtain feedback on the quality of our products.

**Incoming Quality Control**

To ensure our product quality, we require our subcontractors to purchase materials from our approved suppliers which have maintained satisfactory records of quality and on-time delivery. For new suppliers, we evaluate, among others, their production capacity, quality and reliability before our subcontractors commence business relationships with them. In addition, we conduct random sample checks on incoming raw materials to ensure that they meet our quality requirements. If the quality of the supply does not meet our standards, our suppliers will return it to the suppliers for replacement or refund. Only raw materials with samples which have passed our incoming quality control will be utilized by our subcontractors

**Out-going Quality Control**

Finished goods are inspected on a random sampling basis to further minimize the risk of selling defective products to customers. Sample checks on each batch of finished products will be conducted by inspecting the goods produced by subcontractors against the specifications as stated in the supply agreement entered into between us and the subcontractors before packaging and delivery to our customers. We also conduct factory visit regularly to sample check the products of subcontractors and monitor the production process.

**WAREHOUSE AND LOGISTIC**

We believe an effective logistics management system is essential to our business performance. We hire independent third party logistics service providers to provide us with warehouse and delivery services, which will collect finished products from our subcontractors to the warehouses, and then deliver the same to our customers directly. Our logistics service providers bear our insurance expenses and risks during transportation and are responsible for all damages resulting from delayed delivery and indemnify us against all claims and losses arising out of the conduct of their drivers and employees. In addition, the logistics service providers are not allowed to subcontract the work to third parties without our prior written consent. Our logistics service providers typically bear the risks and losses arising from delivery services.

**COMPETITION**

The corporate uniform industry in Hong Kong is considered relatively fragmented in terms of number of market participants. According to anecdotal evidence, there were more than 200 suppliers of corporate uniforms in Hong Kong as at the date of this prospectus. Nevertheless, there are a number of market entry barriers which include, but is not limited to, the following: (i) reputation and industry experience, (ii) customer and supplier connections, (iii) sufficiency of working capital, and (iv) technical know-how and experienced management team. Our main competitors include primarily private companies in Hong Kong which are engaged in the provision of corporate uniforms as suppliers or traders. We believe that our proven track record shows that we are able to successfully compete against our competitors and even if the competition intensifies in the future, we are confident of our ability to outperform our competitors by relying on our competitive strengths described above.

**INTELLECTUAL PROPERTY**

As at the date of this prospectus, we own the following trademark and domain:

*Trademark*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Trademark** | **Name of Owner** | **Registration Number** | **Country of registration** | **Class(es)** | **Registration Date** | **Expiry Date** |
| ![](trademark_001.jpg) | Angie International Limited | 304557015 | Hong Kong | 25 | June 8, 2018 | June 7, 2028 |

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*Domain*

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| | | |
|:---|:---|:---|
| **Domain name** | **Registrant** | **Expiry Date** |
| <u>www.angieuniform.com</u> | Angie International Limited | August 29, 2025 |

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**INSURANCE**

We maintain employees' compensation insurance for our executive directors and employees at our office. In addition, we have taken out business insurance policy regarding assets in our principal office, our raw materials and our stocks in trade (including finished and semi-finished products). We believe that our insurance coverage is adequate and consistent with the industry norm having regard to our current operations and the prevailing industry practice.

**FACILITIES**

We do not own any real property.

Our principal executive office is located at 3/F., West Gate Tower, No. 7 Wing Hong Street, Lai Chi Kok, Kowloon, Hong Kong. The said office (with a gross floor area of approximately 4,500 sq. feet.) is leased from an independent landlord for a term of two years from January 11, 2024 to January 10, 2026 at a monthly rent of HK$36,600 (equivalent to approximately US$4,692). We believe that our facilities are adequate to meet our needs for the immediate future and that suitable additional space will be available on commercially reasonable terms to accommodate any expansion of our operations.

**EMPLOYEES**

As at December 31, 2024, 2023 and 2022 and June 30, 2025, our Operating Subsidiary had a total number of 15, 17, 17 and 17 employees in Hong Kong, respectively. All of our employees were stationed in Hong Kong. The following table sets out a breakdown of our employees by function:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2023** | **As of December 31, 2022** | **As of June 30, 2025** |
| Management team | 2 | 2 | 1 | 2 |
| Sales and business development | 11 | 13 | 11 | 11 |
| Administrative staff | 2 | 2 | 5 | 4 |
| **Total** | 15 | 17 | 17 | 17 |

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We believe that our Operating Subsidiary maintains a good working relationship with its employees, and that it has not experienced any significant problems with our employees or any disruption to our operations due to labor disputes, nor have we experienced any material difficulties in the recruitment and retention of experienced core staff or skilled personnel during the years ended December 31, 2024 and 2023, the six months ended June 30, 2025 and up to the date of this prospectus. There has not been any trade union set up for our employees.

We review the performance of our employees from time to time in order to determine salary adjustments and promotion opportunities.

**LEGAL PROCEEDINGS**

As of the date of this prospectus, we are not a party to, and we are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our business, financial condition, or operations.

**ENVIRONMENTAL PROTECTION**

Our operations are subject to certain environmental requirements pursuant to the laws in Hong Kong, including primarily those in relation to air pollution control, water pollution control, noise control and waste disposal during the years ended December 31, 2024 and 2023, the six months ended June 30, 2025 and up to the date of this prospectus. For details of the regulatory requirements, please refer to the section headed "Regulations" in this prospectus.

For the years ended December 31, 2024 and 2023, the six months ended June 30, 2025 and up to the date of this prospectus, we did not record any material non-compliance with the applicable environmental requirements that resulted in prosecution, conviction or penalty being brought against us.

**REGULATIONS**

The section sets forth a summary of the principal Hong Kong laws and regulations relevant to our business and operations in Hong Kong.

**LAWS AND REGULATIONS IN RELATION TO BUSINESS**

For the years ended December 31, 2024 and 2023, the six months ended June 30, 2025 and up to the date of this prospectus, we were subject to the following laws and regulations.

**Sale of Goods Ordinance (Chapter 26 of the Laws of Hong Kong)**

The Sale of Goods Ordinance implies various conditions or warranties to contracts of sale of goods and provides the rules on liability in relation to delivery.

When there is a contract for the sale of goods by description, there is an implied condition that the goods shall correspond with the description, and if the sale is by sample and by description, it is not sufficient that the bulk of the goods corresponds with the sample if the goods do not also correspond with the description.

Where the seller sells goods in the course of a business, there is an implied condition that the goods supplied under the contract are of merchantable quality, except that there is no such condition (a) as regards defects specifically drawn to the buyer's attention before the contract is made; or (b) if the buyer examines the goods before the contract is made, as regards defects which that examination ought to reveal; or (c) if the contract is a contract for sale by sample, regarding the defects which would have been apparent on a reasonable examination of the sample.

"Merchantable quality" is defined in Section 2(5) of the Sale of Goods Ordinance to mean: (a) as fit for the purpose or purposes for which goods of that kind are commonly bought; (b) of such standard of appearance and finish; (c) as free from defects (including minor defects); (d) as safe; and (e) as durable, as it is reasonable to expect having regard to any description applied to them, the price (if relevant) and all the other relevant circumstances; and any reference in the Ordinance to unmerchantable goods shall be construed accordingly.

Where the seller sells goods in the course of a business and the buyer, expressly or by implication, makes known to the seller any particular purpose for which the goods are being bought, there is an implied condition that the goods supplied under the contract are reasonably fit for that purpose, whether or not that is a purpose for which such goods are commonly supplied, except where the circumstances show that the buyer does not rely, or that it is unreasonable for him to rely, on the seller's skill or judgment.

In relation to delivery, the Sale of Goods Ordinance presumes that the risk of loss, damage or deterioration of the good remains at the seller until the property therein is transferred to the buyer; if property has been transferred to the buyer, the goods are at the buyer's risk whether or not physical deliver has been made. Provided that where delivery has been delayed through the fault of either seller or buyer, the goods are at the risk of the party in fault in relation to any loss which might not have occurred but for such fault.

The goods need to be ascertained before property in the goods is transferred to the buyer. Generally, goods are ascertained when they are physically separated from the bulk.

Where there is a contract for the sale of specific goods, or where goods are subsequently appropriate to the contract, the seller may, by the terms of the contract or appropriation, reserve the right of disposal of the goods until certain conditions are fulfilled. In such case, notwithstanding the delivery of the goods to the buyer, or to a carrier or other bailee for the purpose of transmission to the buyer until the conditions imposed by the seller are fulfilled.

After goods have been ascertained, the property in them is transferred to the buyer at such time as the parties to the contract intend it to be transferred, taking into account the terms of the contract, the conduct of the parties, and the circumstances of the case.

For delivery by a carrier, the Sale of Goods Ordinance provides that the seller's delivery to the carrier is prima facie deemed to be delivery of the goods to the buyer. The seller must make reasonable contract with the carrier having regard to the nature of the goods and the other circumstances of the case. If the seller omits to do so, and the goods are lost or damaged in the course of transit, the buyer may decline to treat the delivery to the carrier as a delivery to himself, or may hold the seller responsible in damages. The seller's duty is to ensure that the transit of the goods is reasonably safe and smooth, that the goods will not be lost or damaged in the ordinary course of event.

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

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

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

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

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

**LAWS AND REGULATIONS IN RELATION TO LABOUR, HEALTH AND SAFETY**

**Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong)**

The Factories and Industrial Undertakings Ordinance provides for the safety and health protection to workers in an industrial undertaking. Under the Factories and Industrial Undertakings Ordinance, it is the duty of a proprietor of an industrial undertaking to take care of, so far as is reasonably practicable, the health and safety at work of all persons employed by him at the industrial undertaking. The duties of a proprietor extend to include:

● providing
 and maintaining plant and work systems that do not endanger safety or health;

● making
 arrangements for ensuring safety and health in connection with the use, handling, storage
 and transport of articles and substances;

● providing
 all necessary information, instructions, training and supervision for ensuring safety and
 health;

● providing
 and maintaining safe access to and egress from the workplaces; and

● providing
 and maintaining a safe and healthy working environment.

A proprietor who contravenes any of these duties commits an offence and is liable to a fine of HK$500,000. A proprietor who contravenes any of these requirements wilfully and without reasonable excuse commits an offence and is liable to a fine of HK$500,000 and to imprisonment for six months.

Matters regulated under the subsidiary regulations of the Factories and Industrial Undertakings Ordinance, including the Construction Sites (Safety) Regulations (Chapter 59I of the Laws of Hong Kong), include (i) the prohibition of employment of persons under 18 years of age (save for certain exceptions); (ii) the maintenance and operation of hoists; (iii) the duty to ensure safety of places of work; (iv) prevention of falls; (v) safety of excavations; (vi) the duty to comply with miscellaneous safety requirements; and (vii) provision of first aid facilities. Non-compliance with any of these rules is an offence and different levels of penalty will be imposed and a contractor guilty of the relevant offence could be liable to a fine up to HK$200,000 and imprisonment up to 12 months. In addition, under the Factories and Industrial Undertakings (Safety Management) Regulation (Chapter 59AF of the Laws of Hong Kong), any contractor (i) in relation to construction work with a contract value of HK$100 million or more; or (ii) in relation to construction work having an aggregate of 100 or more workers in a day working in a single construction site; or (iii) in relation to construction work having an aggregate of 100 or more workers in a day working in two or more construction sites is obliged to appoint a safety auditor to conduct a safety audit to collect, assess and verify information on the efficiency, effectiveness and reliability of its safety management system and consider improvements to the system at least once in every six months. Further, any contractor (i) in relation to construction work having an aggregate of 50 or more but less than 100 workers in a day working in a single construction site; or (ii) in relation to construction work having an aggregate of 50 or more but less than 100 workers in a day working in two or more construction sites is obliged to appoint a person, being a person who is capable of competently carrying out a safety review, to be the safety review officer to conduct a safety review to review the effectiveness of its safety management system and consider improvements to the effectiveness of the system at least once in every six months. Any person who contravenes these requirements commits an offence and is liable on conviction to a fine of HK$200,000 and to imprisonment of six months.

According to the Factories and Industrial Undertakings (Safety Management) Regulation, the safety auditor shall (i) be a registered safety officer under the Factories and Industrial Undertakings (Safety Officers and Safety Supervisors) Regulations (Chapter 59Z of the Laws of Hong Kong); (ii) have not less than three years' full-time experience, in the five years period immediately preceding the application for registration with the Labour Department, in a managerial post responsible for industrial safety and health matters in respect of an industrial undertaking; (iii) occupy, at the time of the application for registration with the Labour Department, the managerial post or a like post; (iv) have successfully completed a scheme conducted by a registered scheme operator; and (v) understand the requirements under legislation in Hong Kong relating to industrial safety and health matters. Pursuant to the Code of Practice on Safety Management issued by the Labour Department, a safety auditor should (i) understand his task and be competent to carry it out; (ii) be familiar with the industry and the processes being carried out in the relevant industrial undertaking; (iii) have a good knowledge of the safety management practices in the industry; and (iv) have the necessary experience and knowledge to enable him to evaluate performance and identify deficiencies effectively, while a safety review officer should (i) have a good understanding of the operation of the relevant industrial undertaking in respect of which he conducts the safety review; (ii) have a good understanding of the legal requirements in force in Hong Kong relating to industrial safety and health; and (iii) have received appropriate training in how to review the effectiveness of a safety management system with a view to improving it.

**Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong)**

The Occupational Safety and Health Ordinance provides for the safety and health protection to employees in workplaces, both industrial and non-industrial.

Employers must as far as reasonably practicable ensure the safety and health in their workplaces by:

● providing and maintaining plant and systems of work that are safe and without risks to health;

● making arrangements for ensuring safety and absence of risks to health in connection with the use, handling, storage or transport of plant or substances;

● as regards any workplace under the employer's control:

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| |
|:---|
| maintenance of the workplace in a condition that is safe and without risks to health; and |
| provision and maintenance of means of access to and egress from the workplace that are safe and without any such risks; |

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● providing all necessary information, instructions, training and supervision for ensuring safety and health; and

● providing and maintaining a working environment for the employer's employees that is safe and without risks to health.

Failure to comply with any of the above provisions constitutes an offence and the employer is liable on conviction to a fine of HK$200,000. An employer who fails to do so intentionally, knowingly or recklessly commits an offence and is liable on conviction to a fine of HK$200,000 and to imprisonment for six months.

The Commissioner for Labour may also issue an improvement notice against non-compliance of the Occupational Safety and Health Ordinance or the Factories and Industrial Undertakings Ordinance or suspension notice against activity or condition of workplace which may create imminent risk of death or serious bodily injury. Failure to comply with such notice without reasonable excuse constitutes an offence punishable by a fine of HK$200,000 and HK$500,000 respectively and imprisonment of up to 12 months.

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

The Employees' Compensation Ordinance establishes a no-fault and non-contributory employee compensation system for work injuries and lays down the rights and obligations of employers and employees in respect of injuries or death caused by accidents arising out of and in the course of employment, or by prescribed occupational diseases.

Under the Employees' Compensation Ordinance, if an employee sustains an injury or dies as a result of an accident arising out of and in the course of his employment, his employer is in general liable to pay compensation even if the employee might have committed acts of faults or negligence when the accident occurred. Similarly, an employee who suffers incapacity arising from an occupational disease is entitled to receive the same compensation as that payable to employees injured in occupational accidents.

According to section 15(1A) of the Employees' Compensation Ordinance, employer shall report work injuries of its employee to the Commissioner of Labour not later than 14 days after the accident, irrespective of whether the accident gives rise to any liability to pay compensation.

According to section 24 of the Employees' Compensation Ordinance, a principal contractor shall be liable to pay compensation to subcontractors' employees who are injured in the course of their employment to the subcontractor. The principal contractor is, nonetheless, entitled to be indemnified by the subcontractor who would have been liable to pay compensation to the injured employee. The employees in question are required to serve a notice in writing on the principal contractor before making any claim or application against such principal contractor.

Pursuant to section 40 of the Employees' Compensation Ordinance, all employers (including contractors and subcontractors) are required to take out insurance policies to cover their liabilities both under the Employees' Compensation Ordinance and at common law for injuries at work in respect of all their employees (including full-time and part-time employees). Under section 40(1B) of the Employees' Compensation Ordinance, where a principal contractor has undertaken to perform any construction work, it may take out an insurance policy for an amount not less than HK$200 million per event to cover his liability and that of his subcontractor(s) under the Employees' Compensation Ordinance and at common law. Where a principal contractor has taken out a policy of insurance under section 40(1B) of the Employees' Compensation Ordinance, the principal contractor and a subcontractor insured under the policy shall be regarded as having complied with section 40(1) of the Employees' Compensation Ordinance.

An employer who fails to comply with the Employees' Compensation Ordinance to secure an insurance cover is liable on conviction upon indictment to a fine at level 6 (currently at HK$100,000) and to imprisonment for two years.

**Limitation Ordinance (Chapter 347 of the Laws of Hong Kong)**

Under the Limitation Ordinance, the time limit for an applicant to commence common law claims for personal injuries is three years from the date on which the cause of action accrued.

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

A principal contractor shall be subject to the provisions on subcontractor's employees' wages in the Employment Ordinance. According to section 43C of the Employment Ordinance, a principal contractor or a principal contractor and every superior subcontractor jointly and severally is/are liable to pay any wages that become due to an employee who is employed by a subcontractor on any work which the subcontractor has contracted to perform, and such wages are not paid within the period specified in the Employment Ordinance. The liability of a principal contractor and superior subcontractor (where applicable) shall be limited to (a) the wages of an employee whose employment relates wholly to the work which the principal contractor has contracted to perform and whose place of employment is wholly on the site of the building works; and (b) the wages due to such an employee for two months (such months shall be the first two months of the period in respect of which the wages are due).

An employee who has outstanding wage payments from subcontractor must serve a notice in writing on the principal contractor within 60 days after the wage due date. A principal contractor and superior subcontractor (where applicable) shall not be liable to pay any wages to the employee of the subcontractor if that employee fails to serve a notice on the principal contractor.

Upon receipt of such notice from the relevant employee, a principal contractor shall, within 14 days after receipt of the notice, serve a copy of the notice on every superior subcontractor to that subcontractor (where applicable) of whom he is aware. A principal contractor who without reasonable excuse fails to serve notice on the superior subcontractor(s) shall be guilty of an offence and shall be liable on conviction to a fine at level 5 (currently at HK$50,000).

Pursuant to section 43F of the Employment Ordinance, if a principal contractor or superior subcontractor pays to an employee any wages under section 43C of the Employment Ordinance, the wages so paid shall be a debt due by the employer of that employee to the principal contractor or superior subcontractor, as the case may be. The principal contractor or superior subcontractor who pays an employee any wages under section 43C of the Employment Ordinance may either (i) claim contribution from every superior subcontractor to the employee's employer or from the principal contractor and every other such superior subcontractor as the case may be, or (ii) deduct by way of set-off the amount paid by him from any sum due or may become due to the subcontractor in respect of the work that he has subcontracted.

**Occupiers Liability Ordinance (Chapter 314 of the Laws of Hong Kong)**

The Occupiers Liability Ordinance regulates the obligations of a person occupying or having control of premises on injury resulting to persons or damage caused to goods or other property on the land.

The Occupiers Liability Ordinance imposes a common duty of care on an occupier of premises to take such care as in all the circumstances of the case is reasonable to see that the visitor will be reasonably safe in using the premises for the purposes for which he is invited or permitted by the occupier to be there.

**Immigration Ordinance (Chapter 115 of the Laws of Hong Kong)**

According to section 38A of the Immigration Ordinance, a construction site controller (i.e. the principal or main contractor and includes a subcontractor, owner, occupier or other person who has control over or is in charge of a construction site) shall take all practicable steps to (i) prevent having illegal immigrants from being on site or (ii) prevent illegal workers who are not lawfully employable from taking employment on site.

Where it is proved that (i) an illegal immigrant was on a construction site or (ii) such illegal worker who is not lawfully employable took employment on a construction site, the construction site controller commits an offence and is liable to a fine of HK$350,000.

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

The Minimum Wage Ordinance provides for a prescribed minimum hourly wage rate (set at HK$42.1 per hour as of the date of this prospectus) during the wage period for every employee engaged under a contract of employment under the Employment Ordinance. Section 15 of the Minimum Wage Ordinance provides that any provision of an employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee by the Minimum Wage Ordinance is void.

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

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

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

**LAWS AND REGULATIONS IN RELATION TO ENVIRONMENTAL PROTECTION**

We are subject to the following laws and regulations in connection with the environmental protection.

**Noise Control Ordinance (Chapter 400 of the Laws of Hong Kong)**

The Noise Control Ordinance controls, among others, the noise from construction, industrial and commercial activities. A contractor shall comply with the Noise Control Ordinance and its subsidiary regulations in carrying out construction works. For construction activities that are to be carried out during the restricted hours and for percussive piling during the daytime, not being a general holiday, construction noise permits are required from the Director of the Environmental Protection Department in advance.

Under the Noise Control Ordinance, construction works that produce noises and the use of powered mechanical equipment (other than percussive piling) are not allowed between 7:00 p.m. and 7:00 a.m. or at any time on general holidays, unless prior approval has been granted by the Director of the Environmental Protection Department through the construction noise permit system. The use of certain equipment is also subject to restrictions. Hand-held percussive breakers and air compressors must comply with noise emissions standards and be issued with a noise emission label from the Director of the Environmental Protection Department.

Any person who carries out any construction work except as permitted is liable on first conviction to a fine of HK$100,000 and on subsequent convictions to a fine of HK$200,000, and in any case to a fine of HK$20,000 for each day during which the offence continues.

**Water Pollution Control Ordinance (Chapter 358 of the Laws of Hong Kong)**

The Water Pollution Control Ordinance controls the effluent discharged from all types of industrial, commercial, institutional and construction activities into public sewers and public drain. For any industry/trade generating wastewater discharge (except domestic sewage or unpolluted water that are discharged into communal sewer or communal drain), they are subject to licensing control by the Director of the Environmental Protection Department. All discharges, other than domestic sewage or unpolluted water to communal sewer or communal drain, must be covered by an effluent discharge licence. The licence specifies the permitted maximum allowable quantity and effluent standards of the effluent. The general guidelines are that the effluent does not damage sewers or pollute inland or inshore marine waters.

According to the Water Pollution Control Ordinance, unless being licensed under the Water Pollution Control Ordinance, a person who discharges any waste or polluting matter into the waters of Hong Kong in a water control zone or discharges any matter, other than domestic sewage and unpolluted water, into a communal sewer or communal drain in a water control zone commits an offence and is liable to imprisonment for six months and (a) for a first offence, a fine of HK$200,000; (b) for a second or subsequent offence, a fine of HK$400,000, and (c) in addition, if the offence is a continuing offence, a fine of HK$10,000 for each day during which it is proved to the satisfaction of the court that the offence has continued.

**Waste Disposal Ordinance (Chapter 354 of the Laws of Hong Kong)**

The Waste Disposal Ordinance controls the production, storage, collection and disposal including treatment, reprocessing and recycling of wastes. At present, livestock waste and chemical waste are subject to specific controls whilst unlawful deposition of waste is prohibited. Import and export of waste is generally controlled through a permit system.

A contractor shall observe and comply with the Waste Disposal Ordinance and its subsidiary regulations, including without limitation the Waste Disposal (Charges for Disposal of Construction Waste) Regulation (Chapter 354N of the Laws of Hong Kong) and the Waste Disposal (Chemical Waste) (General) Regulation (Chapter 354C of the Laws of Hong Kong).

Under the Waste Disposal (Charges for Disposal of Construction Waste) Regulation, construction waste can only be disposed at designated prescribed facilities and a main contractor who undertakes construction work with a value of HK$1 million or above will be required, within 21 days after being awarded the contract, to establish a billing account in respect of that particular contract with the Director of the Environmental Protection Department to pay any disposal charges for the construction waste generated from the construction work under that contract.

Under the Waste Disposal (Chemical Waste) (General) Regulation, a person who produces chemical waste or causes it to be produced has to register as a chemical waste producer. Any chemical waste produced must be packaged, labeled and stored properly before disposal. Only a licensed waste collector can transport the waste to a licensed chemical waste disposal site for disposal. Chemical waste producers also need to keep records of their chemical waste disposal for inspection by the Environmental Protection Department.

**Public Health and Municipal Services Ordinance (Chapter 132 of the Laws of Hong Kong)**

Pursuant to section 127 of the Public Health and Municipal Services Ordinance, where a nuisance notice is served on the person by reason of whose act, default or sufferance the nuisance arose or continues, or if that person cannot be found, on the occupier or owner of the premises or vessel on which the nuisance exists, then if either the nuisance to which the notice relates arose by reason of the wilful act or default of that person, or that person fails to comply with any of the requirements of the notice within the period specified therein, that person shall be guilty of an offence.

Emission of dust from any building under construction or demolition in such manner as to be a nuisance is actionable under the Public Health and Municipal Services Ordinance. The maximum penalty of section 127 as mentioned above is a fine at level 3 (currently HK$10,000) upon conviction with a daily fine of HK$200.

Discharge of muddy water etc. from a construction site is actionable under the Public Health and Municipal Services Ordinance. The maximum fine is level 5 (currently HK$50,000) upon conviction.

Any accumulation of water on any premises found to contain mosquito larvae or pupae is actionable under the Public Health and Municipal Services Ordinance. The maximum penalty is a fine at level 4 (currently at HK$25,000) upon conviction and a daily fine of HK$450.

Any accumulation or deposit which is a nuisance or injurious to health is actionable under the Public Health and Municipal Services Ordinance. The maximum penalty is level 3 (currently at HK$10,000) upon conviction and a daily fine of HK$200.

Any premises in such a state as to be a nuisance or injurious to health is actionable under the Public Health and Municipal Services Ordinance. The maximum penalty is a fine of level 3 (currently at HK$10,000) upon conviction and a daily fine of HK$200.

**OTHERS**

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

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

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

Under the Inland Revenue Ordinance, where an employer commences to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than three months after the date of commencement of such employment. Where an employer ceases or is about to cease to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than one month before such individual ceases to be employed in Hong Kong.

**Tax on dividends**

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect to dividends paid by the Company.

**Capital gains and profit tax**

No tax is imposed in Hong Kong in respect to capital gains from the sale of shares. However, trading gains from the sale of shares by persons carrying on a trade, profession, or business in Hong Kong, where such gains are derived from or arise in Hong Kong, will be subject to Hong Kong profits tax, which is imposed at the rates of 8.25% on assessable profits up to HKD2,000,000 and 16.5% on any part of assessable profits over HKD2,000,000 on corporations from the year of assessment commencing on or after April 1, 2018. Certain categories of taxpayers (e.g., financial institutions, insurance companies, and securities dealers) are likely to be regarded as deriving trading gains rather than capital gains unless these taxpayers can prove that the investment securities are held for long-term investment purposes.

**Stamp Duty Ordinance (Chapter 117 of the Laws of Hong Kong)**

Under the Stamp Duty Ordinance (Chapter 117 of the Laws of Hong Kong), the Hong Kong stamp duty currently charged at the ad valorem rate of 0.1% on the higher of the consideration for or the market value of the shares, will be payable by the purchaser on every purchase and by the seller on every sale of Hong Kong shares (in other words, a total of 0.2% is currently payable on a typical sale and purchase transaction of Hong Kong shares). In addition, a fixed duty of HKD5 is currently payable on any instrument of transfer of Hong Kong shares. Where one of the parties is a resident outside Hong Kong and does not pay the ad valorem duty due by it, the duty not paid will be assessed on the instrument of transfer (if any) and will be payable by the transferee. If no stamp duty is paid on or before the due date, a penalty of up to ten times the duty payable may be imposed.

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

The Personal Data (Privacy) Ordinance ("**PDPO**") imposes a statutory duty on data users to comply with the requirements of the six data protection principles (the "**Data Protection Principles**") contained in Schedule 1 to the PDPO. The PDPO provides that a data user shall not do an act, or engage in a practice, that contravenes a Data Protection Principle unless the act or practice, as the case may be, is required or permitted under the PDPO. The six Data Protection Principles are:

● Principle 1 — purpose and manner of collection of personal data;

● Principle 2 — accuracy and duration of retention of personal data;

● Principle 3 — use of personal data;

● Principle 4 — security of personal data;

● Principle 5 — information to be generally available; and

● Principle 6 — access to personal data.

Non-compliance with a Data Protection Principle may lead to a complaint to the Privacy Commissioner for Personal Data (the "**Privacy Commissioner**"). The Privacy Commissioner may serve an enforcement notice to direct the data user to remedy the contravention and/or instigate prosecution actions. A data user who contravenes an enforcement notice commits an offense that may lead to a fine and imprisonment.

The PDPO also gives data subjects certain rights, *inter alia*:

● the right to be informed by a data user whether the data user holds personal data of which the individual is the data subject;

● if the data user holds such data, to be supplied with a copy of such data; and

● the right to request correction of any data the individual considers to be inaccurate.

The PDPO criminalizes, including, but not limited to, the misuse or inappropriate use of personal data in direct marketing activities, non-compliance with a data access request, and the unauthorized disclosure of personal data obtained without the relevant data user's consent. An individual who suffers damage, including injured feelings, by reason of a contravention of the PDPO in relation to his or her personal data may seek compensation from the data user concerned.

**MANAGEMENT**

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| | | |
|:---|:---|:---|
| **Directors and Executive officers** | **Age** | **Position** |
| Mr. Wai Sing FONG | 39 | Chairman of the Board of Directors and Chief Executive Officer |
| Ms. Mei Yuk FONG | 35 | Director and Chief Operating Officer |
| Mr. Wing Hang CHAN | 48 | Chief Financial Officer |
| Ms. Ngo Yin TSANG | 51 | Independent Director Appointee\* |
| Mr. Yan Fai LEE | 41 | Independent Director Appointee\* |
| Ms. Pik Yin MOK | 52 | Independent Director Appointee\* |

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***\**** Has agreed to act as our independent director upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

***Mr. Wai Sing FONG ("Mr. Fong"****)* has served as our director since March 2025 and is the chairman of the board of directors and chief executive officer of the Company. Mr. Fong is also one of the founders of our Operating Subsidiary, Angie International, and has been assisting Ms. Fong in running its operations since 2015. Under the influence of globalization and liberalization, Angie International has established innovation and breakthroughs as its core competitive advantages for continuous advancement. In 2015, Mr. Fong led Angie International to collaborate with PolyU in the apparel business, focusing on the development of heat-resistant clothing. This innovative achievement earned Angie International an international invention award, making it the first authorized manufacturer of heat-resistant clothing in Hong Kong.

Angie International has long-term collaborations with the construction industry, earning the trust of many leading enterprises. Mr. Fong's vision extends beyond the apparel industry. He recognized the potential of engineering and construction safety as a highly concerned and rapidly developing field. He pays close attention to the development trends and safety issues in the engineering and construction sector, expanding the business to focus on providing safety solutions for the industry. The R&D efforts emphasize smart clothing and intelligent systems that collaborate with smart construction sites, actively promoting the application of technology in engineering and construction safety. This has brought a positive impact on the industry's development. By integrating high technology into clothing and engineering construction safety management systems, the safety standards of the engineering and construction industry have been significantly improved, along with time and cost efficiency.

Mr. Fong obtained an executive master degree of business administration (EMBA) from the City University of Hong Kong in 2025. In 2023, Mr. Fong was awarded with the Outstanding Global Chinese Leadership Award by the Global Academy of Innovative Enterprises (GAIE).

***Ms. Mei Yuk FONG ("Ms. Fong"****)* has served as our director since September 1, 2025 and is our chief operating officer. Ms. Fong completed her matriculation in Hong Kong in 2008 and then started her career by serving the service industry in Hong Kong since then. She founded Angie International in 2015 with the assistance of Mr. Fong and has all along been its director and overseeing its administrative work. Ms. Fong is the sibling of Mr. Fong, our Controlling Shareholder and a director of the Company.

***Mr. Wing Hang CHAN ("Mr. Chan")*** is our chief financial officer and has served Angie since September 1, 2025. Mr. Chan has over 25 years of experience in accounting, corporate finance, compliance, company secretarial and investor relations. Mr. Chan was the chief financial officer and company secretary of HKE Holdings Limited, a company listed on the Hong Kong Stock Exchange from September 2019 to December 2022. Before that, Mr. Chan served as the chief financial officer and company secretary for Huajun International Group Limited, a company listed on the Hong Kong Stock Exchange from December 2015 to January 2019. From August 2011 to March 2015, Mr. Chan was an independent non-executive director of China Regenerative Medicine International Limited, a company listed on the Hong Kong Stock Exchange, where he also held position as financial controller. Earlier in Mr. Chan's career, he served as the chief financial officer and company secretary for Sijia Group Company Limited (now China Longevity Group Company Limited) and was the financial controller and joint company secretary for China National Materials Company Limited, both being companies listed on the Hong Kong Stock Exchange. Mr. Chan holds a master's degree in business administration from The University of Hull and a bachelor of business administration in accountancy from City University of Hong Kong. Mr. Chan is a Fellow of the Association of Chartered Certified Accountants and a Member of the Hong Kong Institute of Certified Public Accountants.

***Ms. Ngo Yin TSANG ("Ms. Tsang")*** will serve as our independent director upon effectiveness of our registration statement on Form F-1 of which this prospectus is a part and will be the chairwoman of the audit committee and a member of the nominating and corporate governance committee and compensation committee of Angie. Ms. Tsang has over 20 years of experience in regulatory compliance, corporate finance projects, internal control, auditing and financial management. Ms. Tsang is a member of the Hong Kong Institute of Certified Public Accountants and a member of the American Institute of Certified Public Accountants. Ms. Tsang is currently an independent non-executive director of Fu Shek Financial Holdings Limited and Sunway International Holdings Limited and is the joint company secretary of HG Semiconductor Limited, all being companies listed on the Hong Kong Stock Exchange. Ms. Tsang is also an independent non-executive director of Fuxing China Group Limited, a company listed on the Singapore Stock Exchange. Ms. Tsang graduated from Simon Fraser University with a bachelor of business administration degree and further obtained a bachelor of laws degree from Tsinghua University and a master of laws degree in international corporate and financial law from University of Wolverhampton.

***Mr. Yan Fai LEE ("Mr. Lee")*** will serve as our independent director upon effectiveness of our registration statement on Form F-1 of which this prospectus is a part and will be the chairman of the compensation committee and a member of the audit committee and nominating and corporate governance committee of Angie. Mr. Lee has around 20 years of experience in the auditing, accounting and corporate finance. Since February 2017, Mr. Lee has been the managing partner of SFAI (HK) CPA Limited. Mr. Lee is also currently independent non-executive directors of TS Wonders Holding Limited and Colour Life Services Group Co., Limited, both being companies listed on the Hong Kong Stock Exchange. Mr. Lee has over 10 years of experience in several accounting firms and was the financial controller of Bisu Technology Group International Limited from August 2015 until December 2018 and Sino Golf Holdings Limited from September 2015 until December 2018, both being companies listed on the Hong Kong Stock Exchange. Mr. Lee obtained his bachelor of accounting degree from the Napier University in January 2008 and subsequently obtained his master of professional accounting from the Hong Kong Polytechnic University in September 2018. Mr. Lee is a practicing certified public accountant in Hong Kong, a fellow of the Hong Kong Institute of Certified Public Accountants and an associate of The Institute of Chartered Accountants in England and Wales.

***Ms. Pik Yin MOK ("Ms. Mok")*** will serve as our independent director upon effectiveness of our registration statement on Form F-1 of which this prospectus is a part, and will be the chairwoman of the nominating and corporate governance committee and a member of the audit committee and compensation committee of Angie. Ms. Mok is a trailblazer in AI-driven design technologies for fashion and a passionate advocate for innovation and entrepreneurship. Ms. Mok joined the Division of Integrative Systems and Design at the Hong Kong University of Science and Technology in March 2025, following two decades at The Hong Kong Polytechnic University, where she played a key role in transforming the Institute of Textiles and Clothing into an independent school. Ms. Mok's impact is rooted in her pioneering research across 2D/3D CAD, digital human modeling, XR interaction design, pose estimation, and smart healthcare applications. Since 2012, Ms. Mok has secured 38 funded projects and holds 7 patents, 6 software copyrights, 3 licenses, and 1 trademark—many of which have been translated into real-world applications. Ms. Mok's innovations have earned a number of international invention awards and have significantly influenced the fashion tech industry. Beyond research, Ms. Mok actively contributes to the society, serving on vetting and steering committees for Hong Kong SAR government and industry bodies focused on smart innovation and AI. Ms. Mok continues to champion the fusion of design, technology, and business to drive meaningful change.

**Family Relationships**

Save for the fact that Mr. Fong and Ms. Fong are siblings, none of our directors or executive officers have a family relationship as defined in Item 401 of Regulation S-K.

**Employment Agreements and Indemnification Agreements**

We intend to enter into employment agreements with each of our executive officers. Under these agreements, each of our executive officers will be employed for a specified time period. We may terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. We may also terminate an executive officer's employment without cause upon 30 days' advance written notice. In such case of termination by us, we will provide severance payments to the executive officer as expressly required by applicable law of the jurisdiction where the executive officer is based. The executive officer may resign at any time with 30 days' advance written notice.

Each executive officer has agreed to hold, at all times during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information, or the confidential or proprietary information disclosed to the executive officer by or obtained by the executive officer from us either directly or indirectly in writing, orally, or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential.

We intend to enter into agreements with all directors whose service will begin upon the effectiveness of the registration statement of which this prospectus forms a part. Pursuant to the agreements, each director has agreed to attend and participate in such number of meetings of the Board of Directors and of the committees of which he or she may become a member as regularly or specially called and will agree to serve as a director for a year and be up for re-election each year at our annual shareholder meeting. The directors' services will be compensated by cash under the agreement in an amount determined by the board of directors.

We intend to enter into indemnification agreements with each of our executive directors and executive officers. Under these agreements, we agree to indemnify them against certain liabilities and expenses that they incur in connection with claims made by reason of their being a director or officer of our Company. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past ten years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

**Board of Directors**

The board of directors will consist of five directors, comprising two executive directors and three independent directors, upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. A director is not required to hold any shares in our Company to serve as a director. Subject to making appropriate disclosures to the board of directors in accordance with our Amended and Restated Memorandum and Articles, a director may vote with respect to any contract, proposed contract, or arrangement in which he or she is interested; in voting in respect to any such matter, such director should take into account his or her directors duties. A director may exercise all the powers of the company to borrow money; mortgage its business, property, and uncalled capital; and issue debentures or other securities whenever money is borrowed or as security for any obligation of the Company or of any third party.

**Board Diversity**

We seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our board of directors, including, but not limited to, gender, skills, age, professional experience, knowledge, cultural, education background, ethnicity, and length of service. The ultimate decision of the appointment will be based on merit and the contribution that the selected candidates will bring to our board of directors.

Our directors have a balanced mix of knowledge and skills. We will have three independent directors with different industry backgrounds, representing a majority of the members of our board of directors. Our board of directors is well balanced and diversified in alignment with our business development and strategy.

**Committees of the Board of Directors**

We have to establish an audit committee, a compensation committee, and a nominating and corporate governance committee under the board of directors and have adopted a charter for each of the three committees. Each committee's members and functions are described below.

*Audit Committee*

Concurrent with the listing of the Shares on Nasdaq, our audit committee will consist of Ms. Ngo Yin Tsang, Mr. Yan Fai LEE and Ms. Pik Yin MOK, and will be chaired by Ms. Ngo Yin Tsang. We have determined that each of these three director nominees satisfies the "independence" requirements of the Nasdaq listing rules and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Lui qualifies as an "audit committee financial expert". The audit committee will oversee our accounting and financial reporting processes and the audits of our financial statements. The audit committee will be responsible for, among other things:

● selecting the independent registered public accounting firm and pre-approving all auditing and non- auditing services permitted to be performed by the independent registered public accounting firm;

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

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

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

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

● annually reviewing and reassessing the adequacy of our audit committee charter;

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

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

● reporting regularly to the board of directors.

*Compensation Committee*

Concurrent with the listing of the Shares on Nasdaq, our compensation committee will consist of Ms. Ngo Yin Tsang, Mr. Yan Fai LEE and Ms. Pik Yin MOK, and it will be chaired by Mr. Yan Fai LEE. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq listing rules. The compensation committee assists the board of directors in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our Chief Executive Officer may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee will be responsible for, among other things:

● reviewing and approving, or recommending to the board of directors for its approval, the compensation for our Chief Executive Officer and other executive officers;

● reviewing and recommending to the board of directors for determination with respect to the compensation of our non-employee directors;

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

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

*Nominating and Corporate Governance Committee*

Concurrent with the listing of the Shares on Nasdaq, our nominating and corporate governance committee will consist of Ms. Ngo Yin Tsang, Mr. Yan Fai LEE and Ms. Pik Yin MOK, and it will be chaired by Ms. Pik Yin MOK. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq listing rules. The nominating and corporate governance committee assists the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board of directors and its committees. The nominating and corporate governance committee will be responsible for, among other things:

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

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

● selecting and recommending to the board of directors the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself;

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

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

**Board Oversight of Cybersecurity Risks**

The board of directors plays an active role in monitoring cybersecurity risks and is committed to the prevention, timely detection, and mitigation of the effects of any such incidents on our operations. In addition to regular reports from each of the board's committees, the board receives regular reports from our management on material cybersecurity risks and the degree of our exposure to those risks, including in connection with our clients, service suppliers and other service providers. While the board of directors oversees our cybersecurity risk management, management is responsible for day-to-day risk management processes. Management also works with third party service providers, i.e., software companies who provide software and antivirus support to the Company to ensure appropriate controls are in place and to regularly monitor network activities. We believe this division of responsibilities is the most effective approach for addressing our cybersecurity risks and that our board leadership structure supports this approach.

**Foreign Private Issuer Exemption**

We are a "foreign private issuer", as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

● Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four days of their occurrence, and from the disclosure requirements of Regulation FD.

● Exemption from Section 16 rules regarding sales of Ordinary Shares by insiders, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.

● Exemption from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption.

Furthermore, Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq's Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640), and that we have an audit committee that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2) (A)(ii). If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to our Company, including a duty of loyalty, a duty to act honestly, and a duty to act in good faith in what they consider to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also have a duty to exercise the skills they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances.

In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association as may be amended from time to time. Our Company has a right to seek damages against any director who breaches a duty owed to us.

The functions and powers of our Board of Directors include, among others:

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

● declaring dividends and distributions;

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

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

**Terms of Directors and Officers**

Our officers are elected by and serve at the discretion of the board of directors. Our directors are not subject to a term of office and hold office until their resignation, death or incapacity, or until their respective successors have been elected and qualified or until his or her office is otherwise vacated in accordance with our amended and restated articles of association.

A director will also be removed from office automatically if, among other things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors, (ii) dies or is found to be or becomes of unsound mind, (iii) resigns his office by notice in writing, (iv) without special leave of absence from our board of directors, is absent from meetings of our board of directors for a continuous period of six months, or (v) is removed from office pursuant to any other provisions of our Amended and Restated Memorandum and Articles.

**Interested Transactions**

Interested director transactions are governed by the terms of a company's Amended and Restated Memorandum and Articles.

A director may, subject to any separate requirement for audit committee approval under applicable law, the Amended and Restated Memorandum and Articles or the Nasdaq listing rules, or disqualification by the chairman of the relevant board meeting, vote in respect of certain contract or transaction in which he or she is interested, provided that the nature of the interest of any directors in such contract or transaction is disclosed by him or her at or prior to its consideration and any vote in that matter.

**Limitation on Liability and Other Indemnification Matters**

Cayman Islands law allows us to indemnify our directors, officers and auditors acting in relation to any of our affairs against actions, costs, charges, losses, damages and expenses incurred by reason of any act done or omitted in the execution of their duties as our directors, officers and auditors.

Under our Amended and Restated Memorandum and Articles, we may indemnify our directors and officers to, among other persons, our directors and officers from and against all actions, costs, charges, losses, damages and expenses which they or any of them may incur or sustain by reason of any act done, concurred in or omitted in or about the execution of their duty or supposed duty in their respective offices or trusts, except such (if any) as they shall incur or sustain through their own fraud or dishonesty.

**Compensation of Directors and Executive Officers**

For the fiscal years ended December 31, 2024 and 2023 and the six months ended June 30, 2025, we paid an aggregate of HK$668,000 (approximately US$85,641), HK$563,000 (approximately US$72,180) and HK$308,000 (approximately US$39,615), respectively, in cash (including salaries and mandatory provident fund) to our directors and executive officers. Angie International also paid constructive dividends of US$971,427 in FY2024, $1,190,621 in FY2023 and $208,952 in the six months ended June 30, 2025 to our director. The Operating Subsidiary is required by law to contribute amounts equal to certain percentages of each employee's salary for his or her mandatory provident fund. We have not made any agreements with our directors or executive officers to provide benefits upon termination of employment.

**Equity Compensation Plan Information**

We have not adopted any equity compensation plans.

**Outstanding Equity Awards at Fiscal Year-End**

As of December 31, 2024 and 2023 and June 30, 2025, we had no outstanding equity awards.

**RELATED-PARTY TRANSACTIONS**

Before the completion of this offering, we intend to adopt an audit committee charter, which will require the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the audit committee.

Set forth below are the related party transactions of the Company that occurred during the past three fiscal years up to the date of this prospectus.

**Relationships with related parties**

---

| | |
|:---|:---|
| **Name** | **Relationship** |
| Ms. Fong | Director of the Company |
| International Safety Equipment Limited | Entity controlled by the spouse of Mr. Fong |
| Angie International (Macau) Limited | Entity controlled by Ms. Fong |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the six months ended June 30** |
| Name | Nature | **2024** | **2023** | **2022** | **2025** |
| Ms. Fong | Constructive dividend | $971427 | $1190621 |  | $208952 |
| International Safety Equipment Limited | Sale of products | $270662 |  |  | $18706 |
| Angie International (Macau) Limited | Sale of products | $17300 |  |  | $9104 |

---

Constructive dividend refers to the economic benefits conferred on Ms. Fong for her deemed contribution, through offsetting the amount due from Ms. Fong during the years ended December 31, 2024, 2023 and the six months ended June 30, 2025 and up to the date of this prospectus.

Sale of products refers to the sale of uniforms and/or safety tools to the related parties, namely International Safety Equipment Limited and Angie International (Macau) Limited during the year ended December 31, 2024 and the six months ended June 30, 2025, in which both companies are related parties of the Company.

Bank loan of $516,048, $802,932 and $824,230 as of December 31, 2024 and 2023 and 30 June 2025 respectively, were supported by personal guarantee by Ms. Fong with guarantee amount of unlimited extend.

**Related party balance consists of the following:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of June 30,** |
| Name | Nature | **2024** | **2023** | **2022** | **2025** |
| Ms. Fong | Share transfer for reorganization | $(1282) | $(1282) | $(1282) | $(1282) |
| International Safety Equipment Limited | Receivables from customer | $231669 |  |  | $18706 |
| Angie International (Macau) Limited | Receivables from customer |  |  |  | $9104 |

---

**Policies and Procedures for Related-Party Transactions**

Our board of directors has created an audit committee in connection with this offering that will be tasked with review and approval of all related-party transactions.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information regarding the beneficial ownership of our Ordinary Shares as of the date of this prospectus by our officers, directors, and 5% or greater beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Ordinary Shares. The following table assumes that none of our officers, directors, or 5% or greater beneficial owners of our Ordinary Shares will purchase shares in this offering. In addition, the following table assumes that the over-allotment option has not been exercised. Holders of our Ordinary Shares are entitled to one vote per share and vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him or her, subject to applicable community property laws.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary Shares beneficially owned prior to this offering** | **Ordinary Shares beneficially owned prior to this offering** | **Ordinary Shares beneficially held immediately after this offering** | **Ordinary Shares beneficially held immediately after this offering** |
| <br>**Name of Beneficial Owner** | **Number of Ordinary Shares** | **Approximate percentage of**<br> **outstanding Ordinary Shares** | **Number of Ordinary Shares** | **Approximate percentage of**<br> **outstanding Ordinary Shares** |
| Directors, director nominees, and executive officers |  |  |  |  |
| Mr. Fong<sup>(1)(3)(4)</sup> | 11970000 | 87.05% | 11970000 | 78.49% |
| Ms. Fong<sup>(1)(3)(5)</sup> | 665000 | 4.84% | 665000 | 4.36% |
| Mr. Wing Hang Chan <sup>(1)</sup> |  |  |  |  |
| Mr. Yan Fai Lee <sup>(1)(2)</sup> |  |  |  |  |
| Ms. Pik Yin Mok <sup>(1)(2)</sup> |  |  |  |  |
| Ms. Ngo Yin Tsang <sup>(1)(2)</sup> |  |  |  |  |
| 5% or greater shareholders |  |  |  |  |
| Mr. Fong<sup>(4)</sup> | 11970000 | 87.05% | 11970000 | 78.49% |
| Visionary Value Investments Limited<sup>(4)</sup> | 10640000 | 77.38% | 10640000 | 69.77% |
| Nexus Capital Development Limited<sup>(4)</sup> | 1330000 | 9.67% | 1330000 | 8.72% |

---

As of the date of this prospectus, none of our outstanding Ordinary Shares are held by record holders in the United States.

(1) Except
 as otherwise indicated below, the business address for our directors and executive officers
 is at 3/F., West Gate Tower, No. 7 Wing Hong Street, Lai Chi Kok, Kowloon, Hong Kong.

(2) Each
 of Ms. Ngo Yin TSANG, Mr. Yan Fai LEE, and Ms. Pik Yin MOK will serve as our
 director upon the effectiveness of our registration statement on Form F-1 of which this prospectus
 is a part.

(3) Mr.
 Fong and Ms. Fong, our executive directors, are siblings. Mr. Fong and Mr. Fong do not share
 the same household nor beneficial ownership over the Ordinary Shares the other owns.

(4) Each
 of Visionary Value Investments Limited and Nexus Capital Development Limited is controlled
 by Mr. Fong. Pursuant to Section 13(d) of the Exchange Act and the rules promulgated thereunder,
 Mr. Fong may be deemed to have voting and investment power with respect to the 11,970,000
 Ordinary Shares held by Visionary Value Investments Limited and Nexus Capital Development
 Limited in aggregate. The registered address of each of Visionary Value Investments Limited
 and Nexus Capital Development Limited is Ritter House, Wickhams Cay II, P.O. Box 3170, Road
 Town, Tortola VG1110, British Virgin Islands.

(5) Ms.
 Fong, a director of the Company, owns 100% of the equity interests in Stellar Wealth Development
 Limited. Stellar Wealth Development Limited is controlled by Ms. Fong. Pursuant to Section
 13(d) of the Exchange Act and the rules promulgated thereunder, Ms. Fong may be deemed to
 have voting and investment power with respect to the 665,000 Ordinary Shares held by Stellar
 Wealth Development Limited. The registered address of Stellar Wealth Development Limited
 is Ritter House, Wickhams Cay II, P.O. Box 3170, Road Town, Tortola VG1110, British Virgin
 Islands.

**DESCRIPTION OF SHARE CAPITAL**

A copy of our Amended and Restated Memorandum and Articles is filed as an exhibit to the registration statement of which this prospectus is a part.

We are an exempted company with limited liability incorporated under the laws of the Cayman Islands and, upon the effective date of the Registration Statement, our affairs will be governed by our Amended and Restated Memorandum and Articles, the Companies Act and the common law of the Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$20,000 divided into 200,000,000 Ordinary Shares, par value US$0.0001 each.

As of the date immediately prior to this offering, 13,750,000 Ordinary Shares of par value US$0.0001 per share were issued, fully paid and outstanding. Upon completion of this offering, we will have 15,250,000 Ordinary Shares issued and outstanding, assuming the underwriter does not elect to exercise the option to purchase additional Ordinary Shares from us.

**Our Amended and Restated Memorandum and Articles**

We have adopted our Amended and Restated Memorandum and Articles on September 30, 2025, which will become effective and replace our current memorandum and articles of association in its entirety on the effective date of the Registration Statement. The following description of our share capital and provisions of our Amended and Restated Memorandum and Articles are summaries and do not purport to be complete.

**Objectives of Our Company**

Under our Amended and Restated Memorandum and Articles, the objects of our Company are unrestricted and we have the full power and authority to carry out any object not prohibited by the law of the Cayman Islands.

**Ordinary Shares**

Our Ordinary Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

**Dividends**

The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. In addition, our shareholders may declare dividends by ordinary resolution, but no dividend shall exceed the amount recommended by our directors. Our Amended and Restated Memorandum and Articles provide that the directors may, before recommending or declaring any dividend, set aside out of the funds legally available for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the directors, be applicable for meeting contingencies or for equalizing dividends or for any other purpose to which those funds may be properly applied. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or the credit standing in our Company's share premium account or as otherwise permitted by the Companies Act, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business immediately following the date on which the distribution or dividend is paid.

**Voting Rights**

Subject to any rights and restrictions attached to any shares, on a show of hands every shareholder present in person and every person representing a shareholder by proxy shall, at a general meeting of the Company, each have one vote and on a poll every shareholder and every person representing a shareholder by proxy shall have one vote for each ordinary share of which he or the person represented by proxy is the holder. At any general meeting a resolution put to the vote of the meeting shall be decided by a poll.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the outstanding Ordinary Shares at a meeting. A special resolution will be required for important matters such as a change of name or making changes to our Amended and Restated Memorandum and Articles. Holders of the Ordinary Shares may, among other things, divide or combine their shares by ordinary resolution.

**General Meetings of Shareholders**

As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our Amended and Restated Memorandum and Articles provide that we may (but are not obliged to) in each year hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors.

Shareholders' general meetings may be convened by a majority of our board of directors. Advance notice of at least seven calendar days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of at least one shareholder present or by proxy, representing not less than one-third of all votes attaching to all of our shares in issue and entitled to vote.

The Companies Act provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Amended and Restated Memorandum and Articles provide that upon the requisition of shareholders representing, as at the date of the deposit of the requisition, in aggregate not less than one-third of the votes attaching to the issued and outstanding shares of our Company that as at the date of the deposit entitled to vote at general meetings, our chairman or board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting.

**Transfer of Ordinary Shares**

Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors.

**Liquidation**

On the winding up of our Company, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our Company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay the whole of the share capital, the assets will be distributed so that the losses are borne by our shareholders in proportion to the par value of the shares held by them.

**Calls on Shares and Forfeiture of Shares**

Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 calendar days prior to the specified time or times of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

**Redemption, Repurchase and Surrender of Shares**

We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. We may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors or by an ordinary resolution of our shareholders. Under the Companies Act, the redemption or repurchase of any share may be paid out of our profits, out of the share premium account, or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) if our Company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration.

**Variations of Rights of Shares**

If at any time our share capital is divided into different classes or series of shares, the rights attached to any class or series of shares (unless otherwise provided by the terms of issue of the shares of that class or series), whether or not our Company is being wound-up, may be varied with the consent in writing of the holders of at least two-thirds of the issued shares of that class or series or with the sanction of an ordinary resolution passed at a separate meeting of the holders of the shares of the class or series. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu with such existing class of shares.

**Issuance of Additional Shares**

Our amended and restated memorandum of association authorizes our board of directors to issue additional Ordinary Shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

**Declaration of Interest**

Pursuant to our Amended and Restated Memorandum and Articles, a director who is in any way, whether directly or indirectly, interested in a contract or transaction or proposed contract or transaction with our Company shall declare the nature of his interest at a meeting of the directors. A general notice given to the directors by any director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made or transaction so consummated. Subject to the listing rules of the designated stock exchange and disqualification by the chairman of the relevant board meeting, a director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration.

**Compensation**

Under the Amended and Restated Memorandum and Articles, the remuneration of the directors may be determined by our directors.

**Borrowing Powers**

Our directors may from time to time at their discretion exercise all the powers of the Company to raise or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof, to issue debentures, debenture stock, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of our Company or of any third party.

**Qualification of directors**

There is no shareholding qualification for directors nor is there any specified age limit for directors.

**Inspection of Books and Records**

Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our corporate records (except for the Amended and Restated Memorandum and Articles of Association of our Company, any special resolutions passed by our Company and the register of mortgages and charges of our Company). However, we will provide our shareholders with annual audited financial statements.

**Certain Cayman Islands Company Considerations**

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue negotiable or bearer shares or shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as a limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

**Differences in Corporate Law**

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

**Mergers and Similar Arrangements**

The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (i) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (ii) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provide the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by a majority in number representing seventy-five per cent in value of the creditors or class of creditors, or is approved by seventy-five per cent in value of the shareholders or class of shareholders, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of not less than 90.0% in value of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, a dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

**Shareholders' Suits**

In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

● those who control the company are perpetrating a "fraud on the minority".

**Indemnification of Directors and Executive Officers and Limitation of Liability**

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Amended and Restated Memorandum and Articles provide that we shall indemnify our officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such directors or officer, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we intend to enter into indemnification agreements with our directors and executive officers prior to the completion of this offering, that provide such persons with additional indemnification beyond that provided in our Amended and Restated Memorandum and Articles.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Directors' Fiduciary Duties**

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self- dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party, and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

**Shareholder Action by Written Resolution**

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. Our articles of association provide that any ordinary or special resolution of shareholders and any other action that may be taken by the shareholders at a meeting may also be taken by a resolution consented to in writing, without the need for any notice, by all shareholders who would have been entitled to attend and vote at a meeting called for the purpose of passing such a resolution or taking any other action.

**Shareholder Proposals**

Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act provides shareholders with only limited rights to requisition a general meeting. However, these rights may be provided in a company's articles of association. Our articles of association allow our shareholders holding at the date of deposit of requisition shares which carry in aggregate not less than one- third of all votes attaching to the issued and outstanding shares of our Company that as at the date of the deposit entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our chairman or board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. As an exempted Cayman Islands company, we may but are not obliged by law to call shareholders' annual general meetings. See "Our Memorandum and Articles of Association-General Meetings of Shareholders" for more information on the rights of our shareholders' rights to put proposals before the annual general meeting.

**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 for a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

**Removal of Directors**

Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our articles of association, directors may be removed by the affirmative vote of two-thirds of the directors then in office (except with regard to the removal of the chairman, who may be removed from office by the affirmative vote of all directors) or by an ordinary resolution (except with regard to the removal of the chairman, who may be removed from office by special resolution) of our shareholders. In addition, a director's office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; or (iv) is removed from office pursuant to any other provisions of our Amended and Restated Memorandum and Articles.

**Transactions with Interested Shareholders**

The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

**Dissolution; Winding up**

Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our articles of association, our Company may be dissolved, liquidated or wound up by a special resolution of our shareholders.

**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 Cayman Islands law and our articles of association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class with the written consent of the holders of two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class.

**Amendment of Governing Documents**

Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under the Companies Act and our Amended and Restated Memorandum and Articles, our memorandum and articles of association may only be amended by a special resolution of our shareholders.

**Rights of Non-resident or Foreign Shareholders**

There are no limitations imposed by our Amended and Restated Memorandum and Articles of on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our post-offering memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

**Anti-money Laundering — Cayman Islands**

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 may also 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 exemption applies under the Anti-Money Laundering (Amendment) Regulations of the Cayman Islands, as amended and revised from time to time (the "**Regulations**"). Depending on the circumstances of each application, a detailed verification of identity might not be required where:

● the subscriber makes the payment for its investment from an account held in the subscriber's name at a recognized financial institution; or

● the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized jurisdiction; or

● the application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying investors.

For the purposes of these exceptions, recognition of a financial institution, regulatory authority, or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

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.

We also reserve the right to refuse to make any redemption payment to a shareholder if our directors or officers suspect or are advised that the payment of redemption proceeds to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

If any person resident in the Cayman Islands knows or suspects or has reason for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of their business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) a nominated officer (appointed in accordance with the Proceeds of Crime Act (Revised) of the Cayman Islands) or the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised), if the disclosure relates to criminal conduct or money laundering or (ii) to a police constable or a nominated officer (pursuant to the Terrorism Act (Revised) of the Cayman Islands) or the Financial Reporting Authority, pursuant to the Terrorism Act (Revised), if the disclosure relates to involvement with terrorism or terrorist financing and terrorist property. 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.

**Data Protection in the Cayman Islands — Privacy Notice**

This privacy notice explains the manner in which we collect, process, and maintain personal data about our investors pursuant to the Data Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice, or orders promulgated pursuant thereto (the "**DPA"**).

We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the DPA as a "data controller", whilst certain of our service providers, affiliates, and delegates may act as "data processors" under the DPA. These service providers may process personal information for their own lawful purposes in connection with services provided to us.

By virtue of your investment in our Company, we and certain of our service providers may collect, record, store, transfer, and otherwise process personal data by which individuals may be directly or indirectly identified.

Your personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for us to perform a contract to which you are a party or for taking pre-contractual steps at your request, (b) where the processing is necessary for compliance with any legal, tax, or regulatory obligation to which we are subject, or (c) where the processing is for the purposes of legitimate interests pursued by us or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact you.

We anticipate that we will share your personal data with our service providers for the purposes set out in this privacy notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting, and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion, and financial crime or compliance with a court order).

Your personal data shall not be held by our Company for longer than necessary with regard to the purposes of the data processing.

We will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that data.

We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction, or damage to the personal data.

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation to your investment into our Company, this will be relevant for those individuals and you should inform such individuals of the content.

You have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy notice fulfils our obligation in this respect), (b) the right to obtain a copy of your personal data, (c) the right to require us to stop direct marketing, (d) the right to have inaccurate or incomplete personal data corrected, (e) the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data, (f) the right to be notified of a data breach (unless the breach is unlikely to be prejudicial), (g) the right to obtain information as to any countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer, or wish to transfer your personal data, general measures we take to ensure the security of personal data, and any information available to us as to the source of your personal data, (h) the right to complain to the Office of the Ombudsman of the Cayman Islands, and (i) the right to require us to delete your personal data in some limited circumstances.

If you believe your personal data has not been handled correctly, or you are not satisfied with our responses to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman. The Ombudsman can be contacted by calling +1 (345) 946-6283 or by email at info@ombudsman.ky.

**Cayman Islands Economic Substance**

The Cayman Islands enacted the ES Act together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. Under the ES Act, if a company is considered to be a "relevant entity" and is conducting one or more of the nine "relevant activities" then that company will be required to comply with the economic substance requirements in relation to the relevant activity from July 1, 2019. All companies whether a relevant entity or not is required to file an annual report in the Cayman Islands with the Companies Registry confirming whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

**Listing**

We have applied to list the Shares on the Nasdaq Capital Market under the symbol "AGIE". We cannot guarantee that we will be successful in listing our Ordinary Shares on the Nasdaq Capital Market; however, we will not complete this offering unless we are listed on the Nasdaq Stock Market.

**Transfer Agent**

The transfer agent of our Ordinary Shares is Vstock Transfer, LLC at 18 Lafeyette Place, Woodmere, New York 11593.

**History of Securities Issuance**

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Securities/Purchaser** | **Date of Issuance** | **Number of Securities** | <br>**Consideration** | <br>**Consideration** |
| **Ordinary Shares** |  |  |  |  |
| Ogier Global Subscriber (Cayman) Limited | March 12, 2025 | 1 | USD | 0.0001 |
| Visionary Value Investments Limited | April 14, 2025 | 11754999 | USD | 1175.4999 |
| Stellar Wealth Development Limited | April 14, 2025 | 665000 | USD | 66.5 |
| Nexus Capital Development Limited | April 14, 2025 | 1330000 | USD | 133 |

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**SHARES ELIGIBLE FOR FUTURE SALE**

Before this offering, there was no established public market for our Ordinary Shares, and while we intend to apply to list the Shares on the Nasdaq Capital Market, we cannot assure you that a liquid trading market for the Ordinary Shares will develop or be sustained after this offering. Future sales of substantial amounts of our Ordinary Shares in the public markets after this offering, or the perception that such sales may occur, could adversely affect market prices prevailing from time to time. As described below, only a limited number of our Ordinary Shares currently outstanding will be available for sale immediately after this offering due to contractual and legal restrictions on resale. Nevertheless, after these restrictions lapse, future sales of substantial amounts of our Ordinary Shares, including Ordinary Shares issued upon exercise of outstanding options, in the public market in the United States, or the possibility of such sales, could negatively affect the market price in the United States of our Ordinary Shares and our ability to raise equity capital in the future.

Upon the Closing Date, we will have 15,250,000 outstanding Ordinary Shares, assuming no exercise of the underwriter's over-allotment option. Of that amount, 1,500,000 Ordinary Shares will be publicly held by investors participating in this offering, and Ordinary Shares will be held by our existing shareholders, some of whom may be our affiliates as that term is defined in Rule 144 under the Securities Act. As defined in Rule 144, an affiliate of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the issuer.

All of the Ordinary Shares sold in this offering will be freely transferable by persons other than our affiliates in the United States without restriction or further registration under the Securities Act. Ordinary Shares purchased by one of our affiliates may not be resold, except pursuant to an effective registration statement or an exemption from registration, including an exemption under Rule 144 under the Securities Act described below.

The Ordinary Shares issued and outstanding prior to this offering are restricted securities, as that term is defined in Rule 144 under the Securities Act. These restricted securities may be sold in the United States only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act. These rules are described below.

**Rule 144**

In general, persons who have beneficially owned restricted Ordinary Shares for at least six months, and any affiliate of the Company who owns either restricted or unrestricted securities, are entitled to sell their securities without registration with the SEC under an exemption from registration provided by Rule 144 under the Securities Act.

*Non-Affiliates*

Any person who is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a seller may sell an unlimited number of restricted securities under Rule 144 if:

● the restricted securities have been held for at least six months, including the holding period of any prior owner other than one of our affiliates;

● we have been subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale; and

● we are current in our Exchange Act reporting at the time of sale.

Any person who is not deemed to have been an affiliate of ours at the time of, or at any time during the three months preceding, a sale and has held the restricted securities for at least one year, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell an unlimited number of restricted securities without regard to the length of time we have been subject to Exchange Act periodic reporting or whether we are current in our Exchange Act reporting.

*Affiliates*

Persons seeking to sell restricted securities who are our affiliates at the time of, or any time during the three months preceding, a sale, would be subject to the restrictions described above. They are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three months period only that number of securities that does not exceed the greater of either of the following:

● 1% of the number of Ordinary Shares then outstanding, which will equal approximately 152,500 Ordinary Shares immediately after the closing of this offering, assuming the underwriter does not exercise its option to purchase additional Ordinary Shares; or

● the average weekly trading volume of our Ordinary Shares in the form of Ordinary Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Additionally, persons who are our affiliates at the time of, or any time during the three months preceding, a sale may sell unrestricted securities under the requirements of Rule 144 described above, without regard to the six months holding period of Rule 144, which does not apply to sales of unrestricted securities.

**Rule 701**

Rule 701 under the Securities Act, as in effect on the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain restrictions of Rule 144, including the holding period requirement. If any of our employees, executive officers, or directors purchase shares under a written compensatory plan or contract, they may be entitled to rely on the resale provisions of Rule 701, but all holders of Rule 701 shares would be required to wait until 90 days after the date of this prospectus before selling any such shares. However, the Rule 701 shares would remain subject to lock-up arrangements as described below and would only become eligible for sale when the lock-up period expires.

**Regulation S**

Regulation S under the Securities Act provides an exemption from registration requirements in the United States for offers and sales of securities that occur outside the United States. Rule 903 of Regulation S provides the conditions to the exemption for a sale by an issuer, a distributor, their respective affiliates, or anyone acting on their behalf. Rule 904 of Regulation S provides the conditions to the exemption for a resale by persons other than those covered by Rule 903. In each case, any sale must be completed in an offshore transaction, as that term is defined in Regulation S, and no directed selling efforts, as that term is defined in Regulation S, may be made in the United States.

We are a foreign issuer as defined in Regulation S. As a foreign issuer, securities that we sell outside the United States pursuant to Regulation S are not considered to be restricted securities under the Securities Act, and, subject to the offering restrictions imposed by Rule 903, are freely tradable without registration or restrictions under the Securities Act, unless the securities are held by our affiliates. We are not claiming the potential exemption offered by Regulation S in connection with the offering of newly issued shares outside the United States and will register all of the newly issued shares under the Securities Act.

Subject to certain limitations, holders of our restricted shares who are not our affiliates or who are our affiliates by virtue of their status as our officer or director of may resell their restricted shares in an "offshore transaction" under Regulation S if:

● none of the shareholder, its affiliate, nor any person acting on their behalf engages in directed selling efforts in the United States, and

● in the case of a sale of our restricted shares by an officer or director who is our affiliate solely by virtue of holding such position, no selling commission, fee, or other remuneration is paid in connection with the offer or sale other than the usual and customary broker's commission that would be received by a person executing such transaction as agent.

Additional restrictions are applicable to a holder of our restricted shares who will be our affiliate other than by virtue of his or her status as our officer or director.

**Lock-up Agreements**

We have agreed, for a period of six (6) months from the closing of this offering, we and any successors of us will not, without the prior written consent of the underwriter, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; (ii) file or cause to be filed any registration statement with the SEC relating to the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; or (iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital shares of our Company whether any such transaction described above is to be settled by delivery of shares or such other securities, in cash or otherwise.

Each of our directors and officers and holders of 5% or more of our Ordinary Shares as of the date of this prospectus, have agreed or are otherwise contractually restricted for a period of six (6) months after the date of this prospectus, without the prior written consent of the underwriter, not to (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital shares of our Company whether any such transaction described above is to be settled by delivery of shares or such other securities, in cash or otherwise. See "Underwriting".

**MATERIAL INCOME TAX CONSIDERATIONS**

The following summary of the material Cayman Islands, Hong Kong and U.S. federal income tax consequences of an investment in the Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in the Shares, such as the tax consequences under state, local and other tax laws. The discussion is not intended to be, nor should it be construed as, legal or tax advice to any particular prospective purchaser. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Ogier, our Cayman Islands counsel. To the extent that the discussion relates to matters of Hong Kong tax law, it represents the opinion of our Hong Kong counsel.

**Cayman Islands Taxation**

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation, and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company levied by the Government of the Cayman Islands save for certain stamp duties which may be applicable, from time to time, on certain instruments.

No stamp duty is payable in the Cayman Islands on transfer of shares of Cayman Islands companies except for those which hold interests in land in the Cayman Islands. The Cayman Islands enacted the ES Act together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. Under the ES Act, if a company is considered to be a "relevant entity" and is conducting one or more of the nine "relevant activities" then that company will be required to comply with the economic substance requirements in relation to the relevant activity from 1 July 2019. All companies whether a relevant entity or not is required to file an annual report in the Cayman Islands with the Companies Registry confirming whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

**Hong Kong Profits Taxation**

Our Operating Subsidiary, which is a company incorporated in Hong Kong, was subject to 16.5% Hong Kong profits tax on their taxable income assessable profits generated from operations arising in or derived from Hong Kong for the year of assessment of 2023/2024 and 2022/2023. As from year of assessment of 2020/2021 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to HK$2,000,000 and 16.5% on any part of assessable profits over HK$2,000,000. Under Hong Kong tax laws, our Operating Subsidiary is exempted from Hong Kong income profits tax on its foreign-derived income profits. In addition, payments of dividends from our Operating Subsidiary to us are not subject to any tax withholding in Hong Kong.

**Certain Mainland China Tax Laws and Regulations Considerations**

*The Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income ("**Double Tax Avoidance Arrangement**")*

The National People's Congress of the PRC enacted the Enterprise Income Tax Law, which became effective on January 1, 2008 and last amended on December 29, 2018. According to Enterprise Income Tax Law and the Regulation on the Implementation of the Enterprise Income Tax Law, or the Implementing Rules, which became effective on January 1, 2008 and further amended on April 23, 2019, dividends generated after January 1, 2008 and payable by a foreign-invested enterprise in Mainland China to its foreign enterprise investors are subject to a 10% withholding tax, unless any such foreign enterprise investor's jurisdiction of incorporation has a tax treaty with the PRC that provides for a preferential withholding arrangement. According to the Notice of the SAT on Negotiated Reduction of Dividends and Interest Rates issued on January 29, 2008, revised on February 29, 2008, and the Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income, or Double Tax Avoidance Arrangement, the withholding tax rate in respect of the payment of dividends by a Mainland China enterprise to a Hong Kong enterprise may be reduced to 5% from a standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the Mainland China enterprise and certain other conditions are met, including: (i) the Hong Kong enterprise must directly own the required percentage of equity interests and voting rights in the Mainland China resident enterprise; and (ii) the Hong Kong enterprise must have directly owned such required percentage in the Mainland China resident enterprise throughout the 12 months prior to receiving the dividends. However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties issued on February 20, 2009 by the SAT, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such Mainland China tax authorities may adjust the preferential tax treatment; and based on the Announcement on Certain Issues with Respect to the "Beneficial Owner" in Tax Treaties issued by the SAT on February 3, 2018 and effective from April 1, 2018, if an applicant's business activities do not constitute substantive business activities, it could result in the negative determination of the applicant's status as a "beneficial owner", and consequently, the applicant could be precluded from enjoying the above-mentioned reduced income tax rate of 5% under the Double Tax Avoidance Arrangement.

We conduct our operations solely in Hong Kong through the Operating Subsidiary incorporated in Hong Kong, without any operation, subsidiary or VIE structure in Mainland China. Our Operating Subsidiary does not directly or indirectly hold any interests in any enterprises in Mainland China, and all of our revenues and profits are generated by the Operating Subsidiary in Hong Kong. We believe that, neither the Company, nor its subsidiary, is subject to Enterprise Income Tax Law, Double Tax Avoidance Arrangement or any Mainland Chinese taxation law and regulations, nor these law and regulations have any impact on our business, operations or this offering.

*Enterprise Income Tax Law*

The Enterprise Income Tax Law and the Implementing Rules impose a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises in Mainland China, except where tax incentives are granted to special industries and projects. Under the Enterprise Income Tax Law, an enterprise established outside PRC with "de facto management bodies" within Mainland China is considered a "resident enterprise" for Mainland China enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. The Notice Regarding the Determination of Chinese- Controlled Offshore Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies promulgated by the SAT and last amended on December 29, 2017 and the Announcement of the State Administration of Taxation on Issues concerning the Determination of Resident Enterprises Based on the Standards of Actual Management Institutions promulgated by the SAT on January 29, 2014 set out the standards used to classify certain Chinese invested enterprises controlled by Mainland China enterprises or Mainland China enterprise groups and established outside of China as "resident enterprises", which also clarified that dividends and other income paid by such Mainland China "resident enterprises" will be considered Mainland China source income and subject to Mainland China withholding tax, currently at a rate of 10%, when paid to non-Mainland China enterprise shareholders. This notice also subjects such Mainland China "resident enterprises" to various reporting requirements with the Mainland China tax authorities. Under the Implementing Rules, a "de facto management body" is defined as a body that has material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise.

On October 17, 2017, the SAT issued the Bulletin on Issues Concerning the Withholding of Non-PRC Resident Enterprise Income Tax at Source, or Bulletin 37, which replaced the Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers by Non-PRC Resident Enterprises, issued by the SAT, on December 10, 2009, and partially replaced and supplemented by the rules under the Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident Enterprises, or Bulletin 7, issued by the SAT, on February 3, 2015. Under Bulletin 7, an "indirect transfer" of assets, including equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax. In respect of an indirect offshore transfer of assets of a Mainland China establishment, the relevant gain is to be regarded as effectively connected with the Mainland China establishment and therefore included in its enterprise income tax filing, and would consequently be subject to enterprise income tax at a rate of 25%. Where the underlying transfer relates to the immoveable properties in China or to equity investments in a PRC resident enterprise, which is not effectively connected to a Mainland China establishment of a non-resident enterprise, a PRC enterprise income tax at 10% would apply, subject to available preferential tax treatment under applicable tax treaties or similar arrangements, and the party who is obligated to make the transfer payments bears the withholding obligation. Pursuant to Bulletin 37, the withholding party shall declare and pay the withheld tax to the competent tax authority in the place where such withholding party is located within 7 days from the date of occurrence of the withholding obligation. Both Bulletin 37 and Bulletin 7 do not apply to transactions of sale of shares by investors through a public stock exchange where such shares were acquired from a transaction through a public stock exchange.

We conduct our operations solely in Hong Kong through the Operating Subsidiary incorporated in Hong Kong, without any operation, subsidiary or VIE structure in Mainland China. Our Operating Subsidiary does not directly or indirectly hold any interests in any enterprises in Mainland China, and all of our revenues and profits are generated by the Operating Subsidiary in Hong Kong. We believe that, neither the Company, nor its subsidiary, is subject to Enterprise Income Tax Law, Double Tax Avoidance Arrangement or any Mainland Chinese taxation law and regulations, nor these law and regulations have any impact on our business, operations or this offering.

**Material U.S. Federal Income Tax Considerations for U.S. Holders**

The following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of the Shares by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase the Shares pursuant to this offering and hold the Shares as capital assets. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended, U.S. Treasury regulations promulgated thereunder, and administrative and judicial interpretations thereof, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as certain financial institutions; insurance companies; dealers or traders in securities or other persons that generally mark their securities to market for U.S. federal income tax purposes; tax-exempt entities or governmental organizations; retirement plans; regulated investment companies; real estate investment trusts; grantor trusts; brokers, dealers, or traders in securities, commodities, currencies, or notional principal contracts; certain former nationals or long-term residents of the United States; persons who hold our Ordinary Shares as part of a "straddle", "hedge", "conversion transaction", "synthetic security" or integrated investment; persons that have a "functional currency" other than the U.S. dollar; persons that own directly, indirectly, or through attribution 10% or more of the voting power of our Ordinary Shares; corporations that accumulate earnings to avoid U.S. federal income tax; partnerships and other pass-through entities; and investors in such pass-through entities). This discussion does not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift, or alternative minimum tax consequences.

As used in this discussion, the term "U.S. Holder" means a beneficial owner of our Ordinary Shares who is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the United States; (ii) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia; (iii) an estate, the income of which is subject to U.S. federal income tax regardless of its source; or (iv) a trust (x) with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons has the authority to control all of its substantial decisions, or (y) that has elected under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes.

If an entity treated as a partnership for U.S. federal income tax purposes holds our Ordinary Shares, the U.S. federal income tax consequences relating to an investment in such Ordinary Shares will depend in part upon the status and activities of such entity and the particular partner. Any such entity should consult its own tax advisor regarding the U.S. federal income tax consequences applicable to it and its partners of the purchase, ownership, and disposition of our Ordinary Shares.

Persons considering an investment in the Shares should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership, and disposition of our Ordinary Shares, including the applicability of U.S. federal, state, and local tax laws and non-U.S. tax laws.

**Passive Foreign Investment Company ("PFIC") Consequences**

In general, a corporation organized outside the United States will be treated as a PFIC for any taxable year in which either (i) at least 75% of its gross income is "passive income" ("**PFIC income test**"), or (ii) on average at least 50% of its assets, determined on a quarterly basis, are assets that produce passive income or are held for the production of passive income ("**PFIC asset test**"). Passive income for this purpose generally includes, among other things, dividends, interest, royalties, rents, and gains from the sale or exchange of property that gives rise to passive income. Assets that produce or are held for the production of passive income generally include cash (even if held as working capital or raised in a public offering) marketable securities, and other assets that may produce passive income. Generally, in determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.

Although PFIC status is determined on an annual basis and generally cannot be determined until the end of a taxable year, based on the nature of our current and expected income and the current and expected value and composition of our assets, we do not presently expect to be a PFIC for our current taxable year or the foreseeable future. However, there can be no assurance given in this regard because the determination of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition of our income and assets. In addition, there can be no assurance that the IRS will agree with our conclusion or that the IRS would not successfully challenge our position.

If we are a PFIC in any taxable year during which a U.S. Holder owns our Ordinary Shares, the U.S. Holder could be liable for additional taxes and interest charges under the "PFIC excess distribution regime" upon (i) a distribution paid during a taxable year that is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder's holding period for our Ordinary Shares; and (ii) any gain recognized on a sale, exchange, or other disposition, including a pledge, of our Ordinary Shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime, the tax on such distribution or gain would be determined by allocating the distribution or gain ratably over the U.S. Holder's holding period for our Ordinary Shares. The amount allocated to the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized) and any year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income earned in the current taxable year. The amount allocated to other taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as applicable, to ordinary income for each such taxable year, and an interest charge, generally applicable to underpayments of tax, will be added to the tax.

If we are a PFIC for any year during which a U.S. Holder holds our Ordinary Shares, we must generally continue to be treated as a PFIC by that holder for all succeeding years during which the U.S. Holder holds such Ordinary Shares, unless we cease to meet the requirements for PFIC status and the U.S. Holder makes a "deemed sale" election with respect to our Ordinary Shares. If the election is made, the U.S. Holder will be deemed to sell our Ordinary Shares it holds at their fair market value on the last day of the last taxable year in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution regime. After the deemed sale election, the U.S. Holder's Ordinary Shares would not be treated as shares of a PFIC unless we subsequently become a PFIC.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and one of our non-U.S. subsidiaries is also a PFIC (i.e., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions or dispositions. Any of our non-U.S. subsidiaries that have elected to be disregarded as entities separate from us or as partnerships for U.S. federal income tax purposes would not be corporations under U.S. federal income tax law and, accordingly, cannot be classified as lower-tier PFICs. However, non-U.S. subsidiaries that have not made the election may be classified as a lower-tier PFIC if we are a PFIC during your holding period and the subsidiary meets the PFIC income test or PFIC asset test. Each U.S. Holder is advised to consult its tax advisors regarding the application of the PFIC rules to any of our non-U.S. subsidiaries.

If we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized on our Ordinary Shares if a valid "mark-to-market" election is made by the U.S. Holder for our Ordinary Shares. An electing U.S. Holder generally would take into account, as ordinary income each year, the excess of the fair market value of our Ordinary Shares held at the end of such taxable year over the adjusted tax basis of such Ordinary Shares. The U.S. Holder would also take into account, as an ordinary loss each year, the excess of the adjusted tax basis of such Ordinary Shares over their fair market value at the end of the taxable year, but only to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result of the mark-to-market election. The U.S. Holder's tax basis in our Ordinary Shares would be adjusted to reflect any income or loss recognized as a result of the mark-to-market election. Any gain from a sale, exchange, or other disposition of our Ordinary Shares in any taxable year in which we are a PFIC would be treated as ordinary income, and any loss from such sale, exchange, or other disposition would be treated first as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter as capital loss. If, after having been a PFIC for a taxable year, we cease to be classified as a PFIC because we no longer meet the PFIC income test or PFIC asset test, the U.S. Holder would not be required to take into account any latent gain or loss in the manner described above, and any gain or loss recognized on the sale or exchange of the Ordinary Shares would be classified as a capital gain or loss.

A mark-to-market election is available to a U.S. Holder only for "marketable stock". Generally, stock will be considered marketable stock if it is "regularly traded" on a "qualified exchange" within the meaning of applicable U.S. Treasury regulations. A class of stock is regularly traded during any calendar year during which such class of stock is traded, other than in *de minimis* quantities, on at least 15 days during each calendar quarter.

The Shares will be marketable stock as long as they remain listed on the Nasdaq Capital Market and are regularly traded. A mark-to-market election will not apply to the Ordinary Shares for any taxable year during which we are not a PFIC, but it will remain in effect with respect to any subsequent taxable year in which we become a PFIC. Such election will not apply to any of our non-U.S. subsidiaries. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier PFICs notwithstanding the U.S. Holder's mark-to-market election for the Ordinary Shares.

Our Company and all distributions, interest, and other amounts paid by us in respect to our shares to persons who are not resident in the Cayman Islands are exempt from all provisions of the Income Tax Ordinance in the Cayman Islands. No estate, inheritance, succession, or gift tax, rate, duty, levy, or other charge is payable by persons who are not resident in the Cayman Islands with respect to any of our shares, debt obligations, or other securities. All instruments relating to transactions in respect to our shares, debt obligations, or other securities and all instruments relating to other transactions relating to our business are exempt from payment of stamp duty in the Cayman Islands, except for those that hold interests in land in the Cayman Islands. There are currently no withholding taxes or exchange control regulations in the Cayman Islands applicable to us or our shareholders.

The tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make a valid qualified electing fund ("**QEF**") election. As we do not expect to provide U.S. Holders with the information necessary for a U.S. Holder to make a QEF election, prospective investors should assume that a QEF election will not be available.

The U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own tax advisors with respect to the impact of PFIC status on the purchase, ownership, and disposition of our Ordinary Shares, the consequences to them of an investment in a PFIC, any elections available with respect to the Ordinary Shares, and the IRS information reporting obligations with respect to the purchase, ownership, and disposition of Ordinary Shares of a PFIC.

**Distributions**

Subject to the discussion above under "PFIC Consequences", a U.S. Holder that receives a distribution with respect to our Ordinary Shares generally will be required to include the gross amount of such distribution in gross income as a dividend when actually or constructively received to the extent of the U.S. Holder's pro rata share of our current and/or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend because it exceeds the U.S. Holder's pro rata share of our current and accumulated earnings and profits, it will be treated first as a tax- free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder's Ordinary Shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder's Ordinary Shares, the remainder will be taxed as capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect all distributions to be reported to them as dividends.

Distributions on our Ordinary Shares that are treated as dividends generally will constitute income from sources outside the United States for foreign tax credit purposes and generally will constitute passive category income. Such dividends will not be eligible for the "dividends received" deduction generally allowed to corporate shareholders with respect to dividends received from U.S. corporations. Dividends paid by a "qualified foreign corporation" to certain non-corporate U.S. Holders may be eligible for taxation at a reduced capital gains rate rather than the marginal tax rates generally applicable to ordinary income, provided that a holding period requirement (more than 60 days of ownership, without protection from the risk of loss, during the 121-day period beginning 60 days before the ex-dividend date) and certain other requirements are met. Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends to its particular circumstances. However, if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year (see discussion above under "PFIC Consequences"), we will not be treated as a qualified foreign corporation, and therefore, the reduced capital gains tax rate described above will not apply.

Dividends will be included in a U.S. Holder's income on the date of the depositary's receipt of the dividend. The amount of any dividend income paid in Cayman Islands dollars will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect to the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.

A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) generally will be considered to be a qualified foreign corporation with respect to any dividend it pays on Ordinary Shares that are readily tradable on an established securities market in the United States.

**Sale, Exchange or Other Disposition of Our Ordinary Shares**

Subject to the discussion above under "PFIC Consequences", a U.S. Holder generally will recognize capital gain or loss for U.S. federal income tax purposes upon the sale, exchange, or other disposition of our Ordinary Shares in an amount equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value of any property received) on the sale, exchange, or other disposition and such U.S. Holder's adjusted tax basis in the Ordinary Shares. Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for non-corporate U.S. Holders or long-term capital loss if, on the date of sale, exchange, or other disposition, the Ordinary Shares were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder that is not long-term capital gain is taxed at ordinary income rates. The deductibility of capital losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of our Ordinary Shares will generally be gain or loss from sources within the United States for U.S. foreign tax credit purposes.

**Medicare Tax**

Certain U.S. Holders that are individuals, estates, or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition of our Ordinary Shares. If you are a U.S. person that is an individual, estate, or trust, you are encouraged to consult your tax advisor regarding the applicability of this Medicare tax to your income and gains in respect to your investment in our Ordinary Shares.

**Information Reporting and Backup Withholding**

U.S. Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our Ordinary Shares, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described above under "PFIC Consequences", each U.S. Holder who is a shareholder of a PFIC must file an annual report containing certain information. U.S. Holders paying more than $100,000 for our Ordinary Shares may be required to file IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be imposed upon a U.S. Holder that fails to comply with the required information reporting.

Dividends on and proceeds from the sale or other disposition of our Ordinary Shares may be reported to the IRS unless the U.S. Holder establishes a basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (i) fails to provide an accurate U.S. taxpayer identification number or otherwise establish a basis for exemption, or (ii) is described in certain other categories of persons. However, U.S. Holders that are corporations generally are excluded from these information reporting and backup withholding tax rules.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or a credit against a U.S. Holder's U.S. federal income tax liability if the required information is furnished by the U.S. Holder on a timely basis to the IRS.

U.S. Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.

**EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN THE SHARES IN LIGHT OF THE INVESTOR'S OWN CIRCUMSTANCES.**

Prospective investors should consult their professional advisers on the possible tax consequences of buying, holding, or selling any Ordinary Shares under the laws of their country of citizenship, residence, or domicile.

**UNDERWRITING**

Subject to the terms and conditions of an underwriting agreement between us and Cathay Securities, Inc., the underwriter of our IPO, we have agreed to sell to the underwriter, and the underwriter has agreed to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus, the number of Ordinary Shares listed next to its name in the following table:

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| | | |
|:---|:---|:---|
| **Underwriter** | **Number of<br> Shares** | **Number of<br> Shares** |
| Cathay Securities, Inc. | | 1,500,000 |

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The underwriting agreement provides that the obligations of the underwriter to pay for and accept delivery of the Ordinary Shares offered by this prospectus are subject to various conditions and representations and warranties, including the approval of certain legal matters by its counsel and other conditions specified in the underwriting agreement. The Ordinary Shares are offered by the underwriter, subject to prior sale, when, as and if issued to and accepted by it. The underwriter reserves the right to withdraw, cancel or modify the offer to the public and to reject orders in whole or in part. The underwriter is obligated to take and pay for all of the Ordinary Shares offered by this prospectus if any such Ordinary Shares are taken, other than those Ordinary Shares covered by the over-allotment option described below.

We have agreed to indemnify the underwriter against specified liabilities, including liabilities under the Securities Act, and to contribute to payments the underwriter may be required to make in respect thereof.

**Over-Allotment Option**

We have granted to the underwriter a 45-day option following the closing of this offering to purchase up to 225,000 additional Ordinary Shares at the initial public offering price of $ per share, less the underwriting discounts and commissions, solely to cover over-allotments, if any, made in connection with the offering contemplated by this prospectus. If any of these additional shares are purchased, the underwriter will offer the additional Shares on the same terms as those on which the Ordinary Shares are being offered.

**Discounts and Expenses**

The underwriter proposes initially to offer the Ordinary Shares to the public at the public offering price set forth on the cover page of this prospectus and to dealers at those prices less a concession not in excess of $ per Ordinary Share. If all of the Ordinary Shares offered by us are not sold at the public offering price, the underwriter may change the offering price and other selling terms by means of a supplement to this prospectus.

The following table shows the public offering price, underwriting discounts and commissions and proceeds before expenses to us. The information assumes either no exercise or full exercise of the over-allotment option we granted to the underwriters.

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| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total<br> Without<br> Over-Allotment** | **Total<br> With<br> Over-Allotment** |
| IPO price | $| $| $|
| Underwriting discounts and commissions | $| $| $|
| Proceeds, before expenses, to us<sup>(1)</sup> | $| $| $|

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes
 (i) expenses and fees payable to the underwriter described elsewhere in this section, (ii)
 deferred IPO costs, expenses incurred by us in this offering, and anticipated offering expenses
 that will be incurred for completion of the IPO.

In addition to the underwriting discount and commissions to be paid by us, we have agreed to reimburse the underwriter for certain of its out-of-pocket expenses incurred in connection with this offering, in an aggregate amount up to $240,000. As of the date of the prospectus, we paid approximately US$60,000 to the underwriter for its actual out-of-pocket expenses. Any expense deposits will be returned to us to the extent the underwriter's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We have also agreed to pay a non-accountable expense allowance to the underwriter equal to 1% of the gross proceeds received at the closing of the offering.

**Lock-Up Agreements**

We have agreed, for a period of six (6) months from the closing of this offering, we and any successors of us will not, without the prior written consent of the underwriter, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; (ii) file or cause to be filed any registration statement with the SEC relating to the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; or (iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital shares of our Company whether any such transaction described above is to be settled by delivery of shares or such other securities, in cash or otherwise.

Each of our directors and officers and holders of 5% or more of our Ordinary Shares as of the date of this prospectus, have agreed or are otherwise contractually restricted for a period of six (6) months after the date of this prospectus, without the prior written consent of the underwriter, not to (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital shares of our Company whether any such transaction described above is to be settled by delivery of shares or such other securities, in cash or otherwise.

The underwriter, in its sole discretion, may release the Ordinary Shares subject to the lock-up agreements described above in whole or in part at any time.

**Determination of offering price**

The public offering price of the Ordinary Shares we are offering was negotiated between us and the underwriter. Factors considered in determining the public offering price of the Ordinary Shares include the history and prospects of the Company, the stage of development of our business, our business plans for the future and the extent to which they have been implemented, an assessment of our management, general conditions of the securities markets at the time of the offering and such other factors as were deemed relevant.

**Right of First Refusal**

We have agreed to grant the underwriter a right of first refusal, exercisable at the sole discretion of the underwriter for twelve months from the closing day of this offering, to provide investment banking service to us on an exclusive basis and terms that are the same or more favorable to us comparing to terms offered to us by other underwriters or placement agents (the "**Right of First Refusal**"). For these purposes, the investment banking service includes, 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 underwriter shall notify us of its intention to exercise the Right of First Refusal within fifteen (15) business days following notice in writing by us. Any decision by the underwriter to act in any such capacity shall be contained in separate agreements, which agreements would contain, among other matters, provisions for customary fees for transactions of similar size and nature, as may be mutually agreed upon, and indemnification of the underwriter and shall be subject to general market conditions. In compliance with FINRA Rule 5110(g)(6)(A), in no circumstances the Right of First Refusal shall have a duration of more than three years from the commencement of sales of the public offering or the termination date of the engagement between the Company and the Representative. If the underwriter declines to exercise the Right of First Refusal or is unable to provide same or more favorable terms to us under reasonable standard, we shall have the right to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person or persons than the terms presented to and declined by the underwriter. The Right of First Refusal granted hereunder may be terminated by us for "Cause," which shall mean a material breach by the underwriter of the engagement letter or a material failure by the underwriter to provide the services as contemplated by the engagement letter.

**Price Stabilization, Short Positions and Penalty Bids**

In connection with this offering, the underwriter may engage in transactions that stabilize, maintain or otherwise affect the price of our Ordinary Shares. Specifically, the underwriter may over-allot in connection with this offering by selling more shares than are set forth on the cover page of this prospectus. This creates a short position in our Ordinary Shares for its own account. The short position may be either a covered short position or a naked short position. In a covered short position, the number of Ordinary Shares over-allotted by the underwriter is not greater than the number of Ordinary Shares that they may purchase in the over-allotment option. In a naked short position, the number of Ordinary Shares involved is greater than the number of Ordinary Shares in the over-allotment option. To close out a short position, the underwriter may elect to exercise all or part of the over-allotment option. The underwriter may also elect to stabilize the price of our Ordinary Shares or reduce any short position by bidding for, and purchasing, Ordinary Shares in the open market.

The underwriter may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing Ordinary Shares in this offering because the underwriter repurchases the Ordinary Shares in stabilizing or short covering transactions.

These activities may stabilize or maintain the market price of our Ordinary Shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriter is not required to engage in these activities and may discontinue any of these activities at any time without notice. These transactions may be effected on the national securities exchange on which our Ordinary Shares are traded, in the over-the-counter market, or otherwise.

**Electronic Distribution**

A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering and one or more of the underwriters participating in this offering may distribute prospectuses electronically. The representatives may agree to allocate a number of Ordinary Shares to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters that may make Internet distributions on the same basis as other allocations.

**Other**

From time to time, the underwriter and/or its affiliates may in the future provide, various investment banking and other financial services for us for which they may receive customary fees. In the course of their businesses, the underwriter and its affiliates may actively trade our securities or loans for their own account or for the accounts of customers, and, accordingly, the underwriter and its affiliates may at any time hold long or short positions in such securities or loans. Except for services provided in connection with this offering, the underwriter has not provided any investment banking or other financial services to us during the 180-day period preceding the date of this prospectus.

**Selling Restrictions**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of our Ordinary Shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or our Ordinary Shares in any jurisdiction where action for that purpose is required. Accordingly, our Ordinary Shares may not be offered or sold, directly or indirectly, and this prospectus or any other offering material or advertisements in connection with our Ordinary Shares may be distributed or published, in or from any country or jurisdiction, except in compliance with any applicable rules and regulations of any such country or jurisdiction.

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding the underwriting discounts and commissions and non-accountable expense allowance, that are expected to be incurred in connection with the sale of Ordinary Shares in this offering. With the exception of the registration fee payable to the SEC, the Nasdaq Capital Market listing fee, and the filing fee payable to FINRA, all amounts are estimates.

---

| | | |
|:---|:---|:---|
| SEC registration fee | US$ | 1585 |
| The Nasdaq Capital Market listing fee | US$ | 50000 |
| FINRA filing fee | US$ | 2750 |
| Printing and engraving expenses | US$ | 15000 |
| Legal fees and expenses | US$ | 322000 |
| Accounting fees and expenses | US$ | 566000 |
| Miscellaneous expenses | US$ | 872320 |
| **Total** |  | 1829655 |

---

**LEGAL MATTERS**

We are being represented by Loeb & Loeb LLP with respect to certain legal matters of U.S. federal securities. We may rely upon TWSL Partners with respect to matters governed by Hong Kong law. The validity of the Shares and certain other matters of Cayman Islands law will be passed upon for us by Ogier. Certain legal matters as to United States federal securities and New York State law are being passed on for the underwriter by VCL Law LLP.

**EXPERTS**

The consolidated financial statements as of and for the fiscal years ended December 31, 2024 and 2023 and the six months ended June 30, 2025, included in this prospectus have been so included in reliance on the report of WWC, P.C., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The registered business address of WWC, P.C. is located at 2010 Pioneer Court, San Mateo, CA 94403.

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands in order to enjoy the following benefits: (a) political and economic stability; (b) an effective judicial system; (c) a favorable tax system; (d) the absence of exchange control or currency restrictions; (e) and the availability of professional and support services. However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include: (a) the Cayman Islands has a less exhaustive body of securities laws than the United States and these securities laws provides less protection to investors; and (b) the Cayman Islands companies may not have standing to sue before the federal courts of the United States.

All of our assets are located in Hong Kong. In addition, all of our directors and officers are citizens and/or residents of Hong Kong and all or a substantial portion of their assets are located outside the United States. Due to the lack of reciprocity and treaties between the United States and Hong Kong, together with cost and time constraints, it may be difficult for investors to effect service of process within the United States upon us or the persons who are citizens or residents of Hong Kong, 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.

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

We have appointed Cogent Global Inc. as our agent to receive service of process with respect to any action brought against us in the United States in connection with this offering under the federal securities laws of the United States or of any state in the United States.

*Enforceability*

Ogier, our counsel as to the laws of the Cayman Islands has advised us that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the Grand Court of the Cayman Islands will at common law enforce final and conclusive in *personam* judgments of the Foreign Court of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or other charges of a like nature, a fine or other penalty (which may include a multiple damages judgment in an anti-trust action) or where enforcement would be contrary to public policy). The Grand Court of the Cayman Islands will also at common law enforce final and conclusive in *personam* judgments of the Foreign Court that are non-monetary against the Company, e.g., declaratory judgments ruling upon the true legal owner of shares in a Cayman Islands company. The Grand Court of the Cayman Islands will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within six years of the date of the judgment, and arrears of interest on a judgment debt cannot be recovered after six years from the date on which the interest was due. The courts of the Cayman Islands are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Such a determination has not yet been made by the Grand Court of the Cayman Islands. A court of the Cayman Islands may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The Grand Court of the Cayman Islands may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

Substantially all of our assets are located outside the United States. In addition, most of our directors and executive officers are nationals or residents of jurisdictions other than the United States and substantially all of their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States, or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our executive officers and directors.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Nationality** | **Residence** |
| Mr. Wai Sing FONG | Chairman of the Board of Directors and Chief Executive Officer | Chinese | Hong Kong |
| Ms. Mei Yuk FONG | Director and Chief Operating Officer | Chinese | Hong Kong |
| Mr. Wing Hang CHAN | Chief Financial Officer | Chinese | Hong Kong |
| Mr. Yan Fai LEE | Independent Director Appointee | Chinese | Hong Kong |
| Ms. Pik Yin MOK | Independent Director Appointee | Chinese | Hong Kong |
| Ms. Ngo Yin TSANG | Independent Director Appointee | Chinese | Hong Kong |

---

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

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

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

It is also uncertain whether, in the future, the Hong Kong government will implement regulations and policies of the Chinese government or adopt regulations and policies of its own that are substantially similar to those of the Chinese government.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which forms a part of the registration statement, does not contain all of the information included in the registration statement and the exhibits and schedules to the registration statement. Certain information is omitted, and you should refer to the registration statement and its exhibits and schedules for that information. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

Upon completion of this offering, we will be subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. Those reports may be inspected without charge at the locations described above. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as

U.S. companies whose securities are registered under the Exchange Act.

The registration statements, reports and other information so filed can be obtained electronically by means of the SEC's website at *http://www.sec.gov*. The information on that website is not a part of this prospectus.

**ANGIE HOLDINGS LIMITED**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Pages** |
| [Report of Independent Registered Public Accounting Firm](#xc_001) (PCAOB ID: 1171) | F-2 |
| [Unaudited Interim Condensed Consolidated Balance Sheet as of June 30, 2025 and Consolidated Balance Sheet as of December 31, 2024](#xc_002) | F-3 |
| [Unaudited Interim Condensed Consolidated Statements of Income and Comprehensive Income for the Six-month Periods Ended June 30, 2025 and 2024](#xc_003) | F-4 |
| [Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity for the Six-month Periods Ended June 30, 2025 and 2024](#xc_004) | F-5 |
| [Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Six-month Periods Ended June 30, 2025 and 2024](#xc_005) | F-6 |
| [Notes to Unaudited Interim Condensed Consolidated Financial Statements](#xc_006) | F-7 |

---

---

| | |
|:---|:---|
|  | **Pages** |
| [Report of Independent Registered Public Accounting Firm](#SL_01) (PCAOB ID: 1171) | F-27 |
| [Consolidated Balance Sheets as of December 31, 2024 and 2023](#SL_02) | F-28 |
| [Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2024 and 2023](#SL_03) | F-29 |
| [Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 2024 and 2023](#SL_04) | F-30 |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023](#SL_05) | F-31 |
| [Notes to Consolidated Financial Statements](#SL_06) | F-32 |

---

![](fin_004.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To: The Board of Directors and Shareholders of <br> Angie Holdings Limited

**Results of Review of Interim Financial Information**

We have reviewed the unaudited interim condensed consolidated balance sheet of Angie Holdings Limited and its subsidiaries (collectively the "Company") as of June 30, 2025, and the related unaudited interim condensed consolidated statements of income and comprehensive income, changes in shareholders' equity, and cash flows for the six-month periods ended June 30, 2025 and 2024, and the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, and the related statements of income and comprehensive income, changes in shareholders' equity and cash flows for the year then ended (not presented herein); and in our report dated May 27, 2025, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the balance sheet from which it has been derived.

**Basis for Review Results**

These interim financial statements are the responsibility of the Company's management. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. 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.

![](fin_005.jpg)

WWC, P.C.

Certified Public Accountants

PCAOB ID: 1171

We have served as the Company's auditor since 2024.

San Mateo, California

September 12, 2025

![](fin_006.jpg)

**ANGIE HOLDINGS LIMITED**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**AS OF JUNE 30, 2025 AND DECEMBER 31, 2024**

**(Amount in U.S. dollar, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **Jun 30, 2025**<br> **(Unaudited)** | **December 31, 2024**<br> **(Audited)** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $274825 | $167246 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 2634136 | 2604072 |
| &nbsp;&nbsp;&nbsp;Accounts receivable – related parties, net | 27810 | 231669 |
| &nbsp;&nbsp;&nbsp;Deposits, prepayments and other receivables, net | 86847 | 35289 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 238644 | 253219 |
| **Total current assets** | 3262262 | 3291495 |
| **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 2166 | 4333 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 55107 | 106295 |
| &nbsp;&nbsp;&nbsp;Rental deposits | 17538 | 17538 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 30072 | 35098 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 737994 | 219560 |
| **Total non-current assets** | 842877 | 382824 |
| **TOTAL ASSETS** | $4105139 | $3674319 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Bank borrowings | $824230 | $516048 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 162620 | 369220 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 206234 | 136843 |
| &nbsp;&nbsp;&nbsp;Amount due to a related party | 1282 | 1282 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 643321 | 612071 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | 2119 | 4587 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 56564 | 103467 |
| **Total current liabilities** | 1896370 | 1743518 |
| **TOTAL LIABILITIES** | 1896370 | 1743518 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **Shareholders' equity** |  |  |
| Ordinary shares $0.0001 par value per share; 200,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 13,750,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024\* | 1375 | 1375 |
| Subscription receivable | (1375) | (1375) |
| Retained earnings | 2208769 | 1930801 |
| **Total shareholders' equity** | 2208769 | 1930801 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $4105139 | $3674319 |

---

\* Retrospectively restated for the effect of share reorganization (see Note 1).

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**ANGIE HOLDINGS LIMITED**

**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

**FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024**

**(Amount in U.S. dollar, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** |
|  | **2025** | **2024** |
| **Revenues** |  |  |
| – External | $4511346 | $4328298 |
| – Related parties | 27810 | 175946 |
| &nbsp;&nbsp;&nbsp;**Total revenues** | 4539156 | 4504244 |
| **Cost of revenues** | (3064540) | (3122460) |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 1474616 | 1381784 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | 101905 | 88108 |
| &nbsp;&nbsp;&nbsp;Staff salaries and welfares | 403653 | 365726 |
| &nbsp;&nbsp;&nbsp;Lease expenses | 51188 | 47241 |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 263497 |  |
| &nbsp;&nbsp;&nbsp;Depreciation expenses | 2167 | 14795 |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | 72416 | 172884 |
| **Total expenses** | 894826 | 688754 |
| **Other income (expenses)** |  |  |
| &nbsp;&nbsp;&nbsp;Bank interest income | 217 | 709 |
| &nbsp;&nbsp;&nbsp;Interest expense | (21399) | (22043) |
| **Total other income (expenses), net** | (21182) | (21334) |
| **Income before income tax expense** | 558608 | 671696 |
| **Income tax expense** | (71688) | (90174) |
| **Net income** | $486920 | $581522 |
| Basic and diluted net income per share\* | $0.04 | $0.04 |
| Weighted average number of shares outstanding - basic and diluted\* | 13750000 | 13750000 |

---

\* Retrospectively restated for the effect of share reorganization (see Note 1).

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**ANGIE HOLDINGS LIMITED**

**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

**FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024**

**(Amount in U.S. dollar, except for share and per share data, or otherwise noted)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares** | **Ordinary shares** | | | |
|  | **Number of** **shares\*** | **Amount** |<br>**Subscription receivable** |<br>**Retained** **earnings** |<br>**Total shareholders' equity** |
| Balance as of January 1, 2024 | 13750000 | $1375 | $(1375) | $1184870 | $1184870 |
| Net income |  |  |  | 581522 | 581522 |
| Constructive dividend |  |  |  | (739714) | (739714) |
| Balance as of June 30, 2024 | 13750000 | $1375 | $(1375) | $1026678 | $1026678 |
| Balance as of January 1, 2025 | 13750000 | $1375 | $(1375) | $1930801 | $1930801 |
| Net income |  |  |  | 486920 | 486920 |
| Constructive dividend |  |  |  | (208952) | (208952) |
| Balance as of June 30, 2025 | 13750000 | $1375 | $(1375) | $2208769 | $2208769 |

---

\* Retrospectively restated for effect of share reorganization (see Note 1).

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**ANGIE HOLDINGS LIMITED**

**UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024**

**(Amount in U.S. dollar, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income | $486920 | $581522 |
| Adjustment to reconcile net income to cash generated from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 2167 | 14795 |
| &nbsp;&nbsp;&nbsp;(Reversal of) provision for allowance of expected credit losses | (37233) | 33869 |
| &nbsp;&nbsp;&nbsp;Provision for (reversal of) unused annual leave | 229 | (7726) |
| &nbsp;&nbsp;&nbsp;Provision for (reversal of) long service payment | 5014 | (3708) |
| &nbsp;&nbsp;&nbsp;Deferred tax expense (credit) | 5026 | (5019) |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 211028 | 448890 |
| &nbsp;&nbsp;&nbsp;Inventories | 14575 | (10478) |
| &nbsp;&nbsp;&nbsp;Deposits, prepayments and other receivables | (51558) | (148511) |
| &nbsp;&nbsp;&nbsp;Accounts payable | (206600) | (87476) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 64148 | (5516) |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 4285 | 2473 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 31250 | 102296 |
| **Net cash generated from operating activities** | 529251 | 915411 |
| **Cash flows from investing activities** |  |  |
| **Net cash generated from investing activities** |  |  |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from bank borrowings | 462662 |  |
| &nbsp;&nbsp;&nbsp;Repayment of bank borrowings | (154480) | (138555) |
| &nbsp;&nbsp;&nbsp;Finance lease | (2468) | (4689) |
| &nbsp;&nbsp;&nbsp;Constructive dividend | (208952) | (739714) |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | (518434) |  |
| **Net cash used in financing activities** | (421672) | (882958) |
| **Net change in cash and cash equivalents** | 107579 | 32453 |
| Cash and cash equivalents at the beginning of the period | 167246 | 228364 |
| **Cash and cash equivalents at the end of the period** | $274825 | $260817 |
| **Supplementary cash flows information** |  |  |
| Cash paid for interest expense | $21399 | $22043 |
| Cash paid for income taxes expense | $35412 | $— |
| **Supplemental schedule of non-cash investing and financing activities:** |  |  |
| Initial recognition of operating lease liabilities related to right-of-use assets | $— | $199757 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**ANGIE HOLDINGS LIMITED**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

***Business***

Angie Holdings Limited (the "Company"), through its wholly-owned subsidiary, is engaged in one-stop corporate uniform solution services, offering a full suite of services in the corporate uniform supply chain, including product design and development, raw material sourcing and quality control in Hong Kong.

<u>Corporate Structure</u>

The Company's wholly-owned subsidiary, Angie International Limited ("Angie International"), is a company incorporated in Hong Kong with limited liability in June 2015. The equity interest of Angie International was ultimately 100% held as to by Ms. Mei Yuk Fong ("Ms. Fong"), Director and Chief Operating Officer of the Company, prior to the Group Reorganization (see below).

<u>Group Reorganization</u>

In connection with its proposed initial public offering, the Company undertook a reorganization of its legal structure (the "Reorganization"). The Reorganization involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On
 March 6, 2025, the Company was incorporated in the Cayman Islands with limited liability and an authorized share capital of $20,000
 divided into 200,000,000 of a par value of $0.0001 each. From March 12, 2025 to April 11, 2025, one ordinary share was allotted,
 issued and transferred to Visionary Value Investments Limited, a company controlled by Mr. Wai Sing Fong ("Mr. Fong"),
 Chairman and Chief Executive Officer of the Company, and the sibling of Ms. Fong, through a series of transactions.

(2) On
 April 15, 2025, Ms. Fong sold, and the Company purchased from Ms. Fong, a total of 10,000 ordinary shares of Angie International
 (representing the entire issued share capital of Angie International), for a consideration of HK$10,000. After the acquisition, the
 Company became the sole shareholder of Angie International.

The Company, together with its wholly-owned subsidiary, is effectively controlled by the same shareholder group, Mr. Fong and Ms. Fong, at 100% before the Reorganization and ultimately held as to 92% after the Reorganization. As such, the Reorganization is considered as a recapitalization of entities under common control. The Company has retroactively restated all shares and per share data for all the periods presented.

In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 805-50-25, the Reorganization has been accounted for as a recapitalization among entities under common control since the same shareholders controlled all these entities prior to and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. The results of operations for the period presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period. By eliminating the effects of intra-entity transactions in determining the results of operations for the period before the Reorganization, those results will be substantially the same as the results of operations for the period after the date of Reorganization.

The effects of all inter-company transactions are eliminated in consolidation. Furthermore, ASC 805-50-45-5 indicates that the financial statements and financial information presented for prior years also shall be retrospectively adjusted to furnish comparative information.

Upon the Group Reorganization and as of the date of these financial statements, details of the subsidiary company are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Place of**<br> **incorporation** | **Date of**<br> **incorporation** | **Business**<br> **engaged in** | **Effective**<br> **ownership as**<br> **of June 30, 2025** | **Effective**<br> **ownership as**<br> **of December 31,**<br> **2024** |
| Angie International Limited | Hong Kong | June 11, 2015 | Design and trading of corporate uniform products | 100% | 100% |

---

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u>Basis of presentation</u>

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") for information pursuant to the rules and 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 June 30, 2025, and results of operations and cash flows for the six-month periods ended June 30, 2025 and 2024. The audited consolidated balance sheet as of December 31, 2024 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 years ended December 31, 2024 and 2023, and related notes included in the Company's audited consolidated financial statements.

<u>Principles of consolidation</u>

The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

<u>Use of estimates</u>

The preparation of unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from the estimates and assumptions that were used.

<u>Foreign currency translation and transaction and convenience translation</u>

The Company uses United States dollar ("$") as reporting currency. The functional currency of the Company incorporated in the Cayman Islands and its subsidiaries incorporated in BVI is $, and the functional currency of its subsidiary in Hong Kong is Hong Kong dollar ("HK$"). The determination of the respective functional currency is based on the criteria of Accounting Standards Codification ("ASC") Topic 830, Foreign Currency Matters.

The Company's assets and liabilities are translated into $ from HK$ at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. Exchange gains and losses resulting from currency translation are recorded as other comprehensive income (losses) in the unaudited interim condensed consolidated statements of income and comprehensive income.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| Year-end spot rate |  | 7.8499 |  | 7.7677 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six-month periods ended <br> June 30,** | **For the six-month periods ended <br> June 30,** | **For the six-month periods ended <br> June 30,** | **For the six-month periods ended <br> June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Average rate |  | 7.8499 |  | 7.8083 |

---

<u>Cash and cash equivalents</u>

Cash and cash equivalents consist of deposit placed with banks, which are unrestricted as to withdrawal and use. The Company does not have any cash equivalents as of June 30, 2025 and December 31, 2024. The Company's cash is held at well capitalized financial institutions, but they are not FDIC insured; however, management believes that the Company is not exposed to any significant credit risk on cash and cash equivalents.

<u>Accounts receivable, net</u>

Accounts receivable, net are recorded at the net invoice amount less estimates for expected credit losses. Management regularly reviews outstanding accounts and provides a provision for credit loss accounts. The Company grants credit to customers, without collateral, under normal payment terms. When collection of the original invoice amounts is no longer probable, the Company will either partially or fully write-off the balance against the allowance for expected credit losses.

In establishing the required provision for expected credit loss accounts, management considers historical collection experience, aging of the receivables, the economic environment, industry trend analysis, and the credit history and financial conditions of the customers. Management reviews its receivables on a regular basis to determine if the allowance for the expected credit loss is adequate and adjusts the allowance when necessary. Delinquent account balances are written-off against the allowance for expected credit losses after all means of collection have been exhausted and that the likelihood of collection is not probable.

<u>Allowance for expected credit losses</u>

ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires entities to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial assets may be recorded and presented, and that expand disclosures. The Company adopted the new standard effective January 1, 2023, the first day of the Company's fiscal year and applied to Accounts receivable and other financial instruments. The adoption of this guidance did not materially impact on the net earnings and financial position and had no impact on the cash flows.

<u>Deposits, prepayments and other receivables, net</u>

Deposits, prepayments and other receivables, net consist of rental and other deposits. Accrued sales mainly referring to goods delivered to customers without issuance of invoices. These advances are unsecured and reviewed periodically to determine whether their carrying value has become impaired.

<u>Deferred offering costs</u>

The Company complies with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering". Pursuant to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. Deferred offering costs consist of professional and registration fees that are directly related to the Proposed Public Offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the unaudited interim condensed consolidated statements of income and comprehensive income. As of June 30, 2025 and December 31, 2024, the Company has incurred deferred offering costs of $737,994 and $219,560, respectively.

<u>Inventories, net</u>

Inventories, representing finished goods for sale, are stated at the lower of cost or net realizable value, using the first-in-first-out method. The Company evaluates the need for impairment associated with obsolete, slow-moving, and non-saleable inventory by reviewing net realizable value on a periodic basis but at least annually. Only defective products are eligible for returning to our materials suppliers.

<u>Property and equipment, net</u>

Property and equipment, net are stated at cost net of accumulated depreciation and impairment losses. Depreciation is provided over the estimated useful lives of the assets using the straight-line method from the time the assets are placed in service. Estimated useful lives are as follows:

<u>Classification</u> <u>Estimated useful life</u> <br> Office equipment 5 years <br> Motor vehicles 5 years

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the unaudited interim condensed consolidated statements of income and comprehensive income. Expenditures on maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized.

<u>Impairment of long-lived assets</u>

Long-lived assets, representing property and equipment with finite lives, are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of June 30, 2025 and December 31, 2024, no impairment of long-lived assets was recognized.

<u>Fair value measurement</u>

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of input that may be used to measure fair value:

● Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

● Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

● Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Based on the short-term nature of cash and cash equivalents, accounts receivable, accounts payable, and other payables have determined that the carrying value approximates their fair values. The carrying amount of operating lease liabilities and finance lease liabilities approximate their fair values since they bear an interest rate which approximates market interest rates. The fair value of the Company's short-term and long-term debt approximated the carrying value as of June 30, 2025 and December 31, 2024, as the weighted average interest rate on these short term and long-term debts approximated the market rate for similar debts.

<u>Operating leases</u>

ROU assets represent the right to use underlying assets for the lease terms and lease liabilities represent the obligation to make lease payments arising from the leases. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. If the implicit rate is not readily determinable for the operating leases, the Company generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected not to separate non-lease components from lease components; therefore, it will account for lease components and the non-lease components as a single lease component when there is only one vendor in the lease contract for the office leases. Lease payments are fixed.

For operating leases, lease expense is recognized on a straight-line basis in operations over the lease term.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU asset and lease liabilities on the unaudited interim condensed consolidated balance sheets.

<u>Finance leases</u>

The Company classify a lease as a finance lease when the lease meets any of the following criteria at lease commencement:

● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;

● The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise;

● The lease term is for a major part of the remaining economic life of the underlying asset;

● The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments in accordance with ASC 842 paragraph 842-10-30-5(f) equals or exceeds substantially all of the fair value of the underlying asset;

● The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

The lease term includes rental holidays and options to extend or terminate the lease when the Company is reasonably certain that it will exercise that option, if any. The Company does not recognize finance lease assets or lease liabilities for renewal periods unless it is determined that the Company is reasonably certain of renewing the lease at inception or when a triggering event occurs. The lease assets for finance leases consist of the amount of the measurement of the lease liabilities and any prepaid lease payments. The finance lease expense, including interest and amortization expense of finance lease are presented separately. Interest expense is determined by using the effective interest method. Amortization expense is recorded on a straight-line basis of the finance lease assets. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.

<u>Bank borrowings</u>

Borrowings are initially recognized at fair value, net of upfront fees incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.

<u>Accounts payable</u>

Accounts payable represent trade payables to vendors.

<u>Accrued expenses and other payables</u>

Accrued expenses and other payables primarily include, accrued salary, long service payment provision, unused annual leave, accrued expenses, and other payables for the operation in the ordinary course of business.

<u>Revenue recognition</u>

The Company adopted ASC Topic 606, "Revenue from Contracts with Customers*"*, and all subsequent ASUs that modified ASC 606 on April 1, 2017, using the full retrospective method which requires us to present the financial statements for all periods as if Topic 606 had been applied to all prior periods. The Company derives revenue principally from sales of corporate uniform products. Revenue from contracts with customers is recognized using the following five steps:

Revenue from contracts with customers is recognized using the following five steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. identify
 the contract(s) with a customer;

2. identify
 the performance obligations in the contract;

3. determine
 the transaction price;

4. allocate
 the transaction price to the performance obligations in the contract; and

5. recognize
 revenue when (or as) the entity satisfies a performance obligation.

The unit of account for revenue recognition is a performance obligation (a good or service). A contract may contain one or more performance obligations. Performance obligations are accounted for separately if they are distinct. A good or service is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and the good or service is distinct in the context of the contract. Otherwise, performance obligations are combined with other promised goods or services until we identify a bundle of goods or services that is distinct. Promises in contracts which do not result in the transfer of a good or service are not performance obligations, as well as those promises that are administrative in nature, or are immaterial in the context of the contract. The Company has addressed whether various goods and services promised to the customer represent distinct performance obligations.

Transaction price is the amount of consideration in the contract to which the Company expect to be entitled in exchange for transferring the promised goods or services. The transaction price is fixed and is adjusted for time value of money if the contract includes a significant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the customer. Revenue is recognized at a point in time. Typically, performance obligation for products where the process is described as below, the performance obligation is satisfied at point in time.

The Company currently generates its revenue by the following source:

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Sale of corporate uniform products* 

The Company recognizes revenue from the sale of corporate uniform products. It offers customized design and manufacturing services to customers. The Company typically receives purchase orders from the customers, which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfil in order to recognize revenue. There is only one performance obligation as a series of services on this revenue stream are interrelated and are not separable or distinct as our customers cannot benefit from the standalone task (i.e. customers do not obtain any benefits other than the finished products). The Company's sales are recorded as revenue at a point in time and the shipping term is freight on board destination. The key performance obligation is the delivery of the finished product to the customer at their specified location at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer acceptance indicating receipt of the product. The Company has not adjusted the transaction price for significant financing since the time period between the transfer of goods and payment is less than one year. The Company has elected the practical expedient to not disclose the consideration allocated to remaining performance obligations and an explanation of when those amounts are expected to be recognized as revenue since the duration of the contracts is less than one year. Typical payment terms set forth in the purchase order range from 30 to 90 days from invoice date and no deposits are required.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Sale of safety tools* 

The Company recognizes revenue from the sale of safety tools. It sources and sells safety tools to customers. The Company typically receives purchase orders from the customers, which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfil in order to recognize revenue. The Company's sales are recorded as revenue at a point in time and the shipping term is freight on board destination. The performance obligation is the delivery of safety tools to the customer at their specified location at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer acceptance indicating receipt of the product. The Company determined that the Company is the principal to the transaction for its goods and services and revenue is recognized on a gross basis based on the transfer of control to the customer. The Company is primarily responsible for fulfilling the promise to deliver the product and bears risk of loss while the inventory is in-transit to the customer. The Company has not adjusted the transaction price for significant financing since the time period between the transfer of goods and payment is less than one year. The Company has elected the practical expedient to not disclose the consideration allocated to the remaining performance obligations and an explanation of when those amounts are expected to be recognized as revenue since the duration of the contracts is less than one year. Typical payment terms set forth in the purchase order range from 30 to 90 days from invoice date and no deposits are required.

The Company elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense if the amortization period of the asset would have been one year or less. Costs that relate directly to a contract include cost of purchasing of products from suppliers. The Company elected to treat shipping and handling costs undertaken by the Company after the customer has obtained control of the related goods as a fulfilment activity and present as transportation costs in selling and marketing expenses. Costs associated with the production of advertising, such as writing, printing, and other costs, are expensed as incurred. Costs associated with communicating advertising that has been produced are expensed when the advertising event takes place.

The Company does not have a sale refund policy and does not accept any return of products; the transaction price does not include variable consideration provision for the right of return. Instead, the Company offers exchange of defective products. For the six-month periods ended June 30, 2025 and 2024, the Company is not aware of any material claims against the Company in relation to the goods sold.

<u>Cost of revenues</u>

Cost of revenues consists of material costs, and other indirect costs.

<u>Selling and marketing expenses</u>

Selling and marketing expenses primarily consist of freight cost, advertising and promotion expenses.

<u>General and administrative expenses</u>

General and administrative expenses primarily consist of personnel-related compensation expenses, including salaries and related social insurance costs, depreciation, professional services fees, utilities, office expense, and expenses related to general operations.

<u>Shipping, handling and insurance costs</u>

Shipping and handling costs are expensed as incurred. Outbound shipping, handling and insurance costs associated with shipping and delivery of the products to customers are recorded in selling and marketing expenses.

<u>Bank interest income</u>

Bank interest income is mainly generated from savings deposits with a period of less than one year and is recognized on an accrual basis using the effective interest method.

<u>Interest expenses</u>

Interest expenses represent bank loan interest expenses for supporting general business operation.

<u>Income taxes</u>

The Company accounts for income taxes pursuant to ASC Topic 740, Income Taxes ("ASC 740"). Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, is dependent upon future earnings, if any, of which the timing and amount are uncertain.

The Company adopted ASC 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions, and prescribes a threshold condition that a tax position must meet any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions.

The Company's policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense. No significant penalties or interest relating to income taxes have been incurred during the six-month periods ended June 30, 2025 and 2024.

<u>Employee benefits</u>

Payments to the Mandatory Provident Fund Scheme ("MPF scheme") under the Hong Kong Mandatory Provident Fund Schemes Ordinance are recognized as an expense when employees have rendered service entitling them to the contributions. An employer is required to make regular mandatory contributions of at least 5% of the employee's monthly income and HK$1,500 of the employee's monthly income over HK$30,000.

The Company is obligated to make severance payments and long service payments for its employees on cessation of employment in certain circumstances under the Ordinance. The Ordinance currently allows employers to offset the severance or long service payments to an employee against accrued benefits derived from the contributions it has made to the employee in the MPF Scheme.

However, the Legislative Council has passed the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2023 on June 9, 2023 to abolish the use of the accrued benefits of employers' mandatory contributions under the MPF System to offset severance payment and long service payment. The Hong Kong government has announced that the abolition will take effect on May 1, 2025. Accrued benefits derived from employers' voluntary MPF contributions as well as gratuities based on length of service can continue to be used to offset severance payment and long service payment. Expected contributions to the long service payment obligation by the Company as of June 30, 2025 and December 31, 2024 are $83,110 and $78,096, respectively, in the accrued expenses and other payables of unaudited interim condensed consolidated balance sheets.

<u>Related parties</u>

The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

<u>Comprehensive income</u>

The Company presents comprehensive income in accordance with ASC Topic 220, Comprehensive Income, ("ASC 220"). ASC 220 states that all items that are required to be recognized under accounting standards as components of comprehensive income be reported in the unaudited interim condensed consolidated financial statements. Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that are recorded as an element of shareholders' equity but are excluded from net income. Other comprehensive income consists of a foreign currency translation adjustment resulting from the Company's subsidiaries not using the $ as the Company's functional currency.

<u>Subscription receivable</u>

Subscription receivable from shareholders is recorded as a contra- equity.

<u>Commitments and contingencies</u>

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. There were no material commitments or contingencies as of June 30, 2025 and December 31, 2024.

<u>Segment reporting</u>

ASC 280, Segment Reporting, ("ASC 280"), 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 chief operating decision maker ("CODM") has been identified as the Company's Chief Executive Officer. The CODM has determined that the Company operates as a single operating segment and uses net income (loss) and operating income (loss) as measures of profit or loss on a consolidated basis when making decisions regarding resource allocation and performance assessment. The Company's key financial metrics used by the CODM help make key operating decisions, include significant acquisitions and allocation of budget between cost of revenues, sales and marketing, general and administrative and research and development expenses.

Information regarding the Company's net income (loss) and operating income (loss) is disclosed in the unaudited interim condensed Consolidated Statements of Comprehensive Income. Segment expenses and other items are reviewed by the CODM on the same basis as presented in the unaudited interim condensed Consolidated Statements of Comprehensive Income. The CODM does not separately evaluate performance or allocate resources based on segment assets. As a result, asset information by segment is not presented.

<u>Earnings per share</u>

The Company computes earnings per share ("EPS") in accordance with ASC Topic 260, Earnings per Share ("ASC 260"). ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the six-month periods ended June 30, 2025 and 2024, there were no dilutive shares.

<u>Recently issued accounting pronouncements</u>

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard-setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU 2023-09 on its unaudited interim condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.

In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The FASB issued ASU 2024-03 on November 4, 2024. ASU 2024-03 states that the amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of ASU 2024-03, the FASB was asked to clarify the initial effective date for entities that do not have an annual reporting period that ends on December 31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar year-end entity may have concluded that it would be required to initially adopt the disclosure requirements in ASU 2024-03 in an interim reporting period, rather than in an annual reporting period. The FASB's intent in the basis for conclusions of ASU 2024-03 is clear that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"), which provides guidance on the measurement of credit losses for accounts receivable and contract assets. The standard aims to improve the accuracy of credit loss estimates by requiring entities to consider historical loss experience, current conditions, and reasonable and supportable forecasts. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of ASU 2025-05 on its unaudited interim condensed consolidated financial statements.

Except for the above-mentioned pronouncements, there are no new recently issued accounting standards that will have a material impact on the unaudited interim condensed consolidated balance sheets, statements of income and comprehensive loss, and statements of cash flows.

**3. SEGMENT INFORMATION**

The Company has one reportable segment: sale of corporate uniform products. Segment was identified based on the Company's internal reporting and how the chief operating decision maker ("CODM", the Chief Executive Officer of the Company) assesses the performance of the business. The sale of corporate uniform products segment generated revenue by customized design and manufacturing services and delivery of the finished product to the customer at their specified location. All assets of the Company are located in Hong Kong.

Geographical revenue is based on the final location where the Company sells the product or where the customer/partner is located.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Hong Kong | $4525375 | 98% | $4466829 | 98% |
| Macau | 12527 | 1% | 35398 | 1% |
| Taiwan | 1254 | 1% | 2017 | 1% |
| Total | $4539156 | 100% | $4504244 | 100% |

---

Key financial performance measures of the segments are as follows:

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| | | |
|:---|:---|:---|
|  | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** |
|  | **2025** | **2024** |
| **Revenues** |  |  |
| – External | $4511346 | $4328298 |
| – Related parties | 27810 | 175946 |
| &nbsp;&nbsp;&nbsp;**Total revenues** | 4539156 | 4504244 |
| **Cost of revenues** | (3064540) | (3122460) |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 1474616 | 1381784 |
| **Operating expenses** |  |  |
| Selling and marketing expenses | (101905) | (88108) |
| Staff salaries and welfares | (403653) | (365726) |
| Lease expenses | (51188) | (47241) |
| Legal and professional fees | (263497) |  |
| Depreciation expenses | (2167) | (14795) |
| Other general and administrative expenses | (72416) | (172884) |
| **Total expenses** | (894826) | (688754) |
| **Other income (expenses)** |  |  |
| Bank interest income | 217 | 709 |
| Interest expense | (21399) | (22043) |
| &nbsp;&nbsp;&nbsp;**Total other income (expenses), net** | (21182) | (21334) |
| **Income before income tax expense** | $558608 | $671696 |

---

---

| | | |
|:---|:---|:---|
|  | **As of June 30, 2025** | **As of December 31, 2024** |
| Total assets | $4105139 | $3674319 |
| Total liabilities | (1896370) | (1743518) |
| Net assets | $2208769 | $1930801 |

---

**4. ACCOUNTS RECEIVABLE, NET**

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Accounts receivable | $2727107 | $2734276 |
| Allowance for expected credit losses | (92971) | (130204) |
| Total accounts receivable, net | $2634136 | $2604072 |

---

Movements of allowance for expected credit losses were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Balance, beginning of the period/year | $130204 | $67927 |
| Expected credit losses (reversed) recognized | (37233) | 62277 |
| Balance, end of the period/year | $92971 | $130204 |

---

**5. INVENTORIES, NET**

Inventories, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Finished goods | $238644 | $253219 |

---

Inventory write-down expense was nil and nil for the six-month periods ended June 30, 2025 and 2024, respectively.

**6. PROPERTY AND EQUIPMENT**, **NET**

Property and equipment, net consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Motor vehicles | $147948 | $147948 |
| Less: accumulated depreciation | (145782) | (143615) |
| Property and equipment, net | $2166 | $4333 |

---

Depreciation expenses for the six-month periods ended June 30, 2025 and 2024, were $2,167 and $14,795, respectively.

**7. BANK BORROWINGS**

Bank borrowings were analyzed as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Bank borrowings – secured | $824230 | $516048 |

---

Bank borrowings as of June 30, 2025 and December 31, 2024 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Balance as of** | **Balance as of** |
| <br>**Lender** | <br>**Type** | <br>**Maturity**<br> **date** |<br>**Currency** |<br>**Weighted average interest rate as of<br> June 30, 2025** |<br>**Weighted average interest rate as of<br> December 31,<br> 2024** | **June 30, 2025** | **December 31, 2024** |
| The Bank of East Asia ("BEA") <br> (Note 1) | Term loan | June 4, 2026 or on demand | HK$ | 3.56% | 3.56% | $27299 | $40634 |
| BEA <br> (Note 2) | Term loan | July 19, 2028 or on demand | HK$ | 3.63% | 3.63% | 244902 | 282513 |
| Standard Chartered Bank (Hong Kong) Limited <br> (Note 3) | Term loan | March 21, 2030 or on demand | HK$ | 4.56% |  | 462662 |  |
| OCBC Wing Hang Bank Limited <br> ("OCBC") <br> (Note 4 and Note 6) | Term loan | February 22, 2025 or on demand | HK$ |  | 6.81% |  | 33371 |
| Standard Chartered Bank (Hong Kong) Limited <br> (Note 4) | Term loan | September 30, 2025 or on demand | HK$ | 4.08% | 4.08% | 14008 | 40379 |
| Bank of China (Hong Kong) Limited <br> (Note 5) | Term loan | April 23, 2026 or on demand | HK$ | 5.69% | 5.69% | 75359 | 119151 |
| Total |  |  |  |  |  | $824230 | $516048 |

---

Notes:

(1) The banking facility was secured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) HK$1,000,000
 personal guarantee by Ms. Fong; and

(b) Guaranteed
 under the SME Financing Guarantee Scheme, which is fully guaranteed by HKMC Insurance Limited ("HKMC").

(2) The banking facility was secured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) HK$3,000,000
 personal guarantee by Ms. Fong; and;

(b) Guaranteed
 under the SME Financing Guarantee Scheme, which is fully guaranteed by HKMC.

(3) The banking facility was secured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) HK$3,756,571 personal guarantee by Ms. Fong; and;

(b) Guaranteed
 under the SME Financing Guarantee Scheme, which is fully guaranteed by HKMC.

(4) The banking facility was secured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) HK$1,700,000
 personal guarantee by Ms. Fong; and;

(b) Guaranteed
 under the SME Financing Guarantee Scheme, which is fully guaranteed by HKMC.

(5) The banking facility was secured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Personal
 guarantee by Ms. Fong with guarantee amount of unlimited extend; and;

(b) Guaranteed
 under the SME Financing Guarantee Scheme, which is fully guaranteed by HKMC.

(6) The loan is fully repaid at its maturity date.

**8. ACCRUED EXPENSES AND OTHER PAYABLES**

Accrued expenses and other payables consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Accrued salaries | $56529 | $— |
| Accrued long service payment provision | 83110 | 78096 |
| Accrued unused annual leave | 8976 | 8747 |
| Others | 57619 | 50000 |
| Total | $206234 | $136843 |

---

**9. RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES**

The Company entered into leases for uses of corporate office in Hong Kong.

The Company's operating ROU assets and lease liabilities recognized in the unaudited interim condensed consolidated balances sheets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Operating lease ROU assets |  |  |
| Cost | $633167 | $633167 |
| Less: accumulated amortization | (578060) | (526872) |
| Total | $55107 | $106295 |

---

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Operating lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Current portion | $56564 | $103467 |
| &nbsp;&nbsp;&nbsp;Non-current portion |  |  |
| Total | $56564 | $103467 |

---

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Operating leases: |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average remaining lease term (years) | 0.53 | 1.03 |
| &nbsp;&nbsp;&nbsp;Weighted average discount rate (Note) | 3.5% | 3.5% |

---

Note: The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments as the implicit rate cannot be readily determined.

During the six-month periods ended June 30, 2025 and 2024, the Company incurred operating lease expenses of approximately $51,188 and $47,241, respectively.

**10. FINANCE LEASE LIABILITIES**

On November 11, 2020, the Company entered into a finance lease agreement with a financial institution in Hong Kong to lease a motor vehicle for 60 months for $21,667. The lease required monthly lease payments of $431 from December 13, 2020 through November 13, 2025. The Company placed this vehicle into service in September 2020; accordingly, it has been capitalized.

The Company's finance lease ROU assets and lease liabilities recognized in the unaudited interim condensed consolidated balances sheets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Finance lease assets: |  |  |
| Cost | $21667 | $21667 |
| Less: accumulated amortization | (19501) | (17694) |
|  | $2166 | $3973 |

---

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Finance lease liabilities: |  |  |
| Current finance lease obligation | $2119 | $4587 |

---

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Finance lease: |  |  |
| Weighted average remaining lease term (years) | 0.53 | 1.03 |
| Weighted average discount rate | 3.85% | 3.85% |

---

For the six-month periods ended June 30, 2025 and 2024, the Company incurred finance lease expenses of approximately $417 and $417, respectively.

**11. DISAGGREGATED REVENUES**

The following table sets forth a breakdown of gross profit and gross profit margin for the six-month periods ended June 30, 2025 and 2024, respectively:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** |
| | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| <br>**Category** | **Revenues** | **Cost of revenues** | **Gross profit** | **Gross profit margin** | **Revenues** | **Cost of revenues** | **Gross profit** | **Gross profit**<br> **margin** |
| Uniforms | $4520450 | $(3050209) | $1470241 | 33% | $4429546 | $(3067302) | $1362244 | 31% |
| Safety tools | 18706 | (14331) | 4375 | 23% | 74698 | (55158) | 19540 | 26% |
| Total | $4539156 | $(3064540) | $1474616 | 32% | $4504244 | $(3122460) | $1381784 | 31% |

---

**12. INCOME TAX**

<u>Cayman Islands</u>

The Company is incorporated in the Cayman Islands and is not subject to tax on income or capital gains under current Cayman Islands law. In addition, no Cayman Islands withholding tax will be imposed upon payments of dividends by this entity to its shareholders.

<u>Hong Kong</u>

Angie International Limited is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.

The income tax provision consists of the following components:

---

| | | |
|:---|:---|:---|
|  | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** |
|  | **2025** | **2024** |
| Current tax expenses | $66662 | $95193 |
| Deferred income tax expenses (credit) | 5026 | (5019) |
| Total income taxes expenses | $71688 | $90174 |

---

A reconciliation of the provision for income taxes determined at the Hong Kong statutory income tax rate to the Company's effective income tax rate is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** |
|  | **2025** | % | **2024** | % |
| Income before income tax expense | $558608 |  | $671696 |  |
| Income tax rate in the Cayman Islands, permanent tax holiday |  | 0.0% |  | 0.0% |
| Tax at Hong Kong statutory tax rate of 16.5% | 92170 | 16.5% | 110830 | 16.5% |
| Tax effect on non-deductible expenses | 708 | 0.1% | 615 | 0.0% |
| Tax effect on non-taxable income | (36) | (0.0)% | (117) | (0.0)% |
| Tax effect on tax concession | (21154) | (3.8)% | (21154) | (3.1)% |
| Income tax expense | $71688 | 12.8% | $90174 | 13.4% |

---

<u>Deferred tax assets</u>

Movements of deferred tax assets, which arisen from temporary differences of allowance for expected credit losses and provision for employee benefits were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Allowance for expected credit losses** | **Provision for employee benefits** | **Valuation<br> allowance** | **Total** |
| As of January 1, 2024 | $11207 | $16216 | $— | $27423 |
| Recognized in statements of income and comprehensive income | 5589 | (2817) |  | 2772 |
| As of June 30, 2024 | $16796 | $13399 | $— | $30195 |
| As of January 1, 2025 | $21484 | $14329 | $— | $35813 |
| Recognized in statements of income and comprehensive income | (6144) | 760 |  | (5384) |
| As of June 30, 2025 | $15340 | $15089 | $— | $30429 |

---

The Company did not recognize any valuation allowance against its deferred tax assets as management believes the Company will be able to fully utilize the assets in the foreseeable future.

As of June 30, 2025 and December 31, 2024, the Group had no tax loss carry forwards.

<u>Deferred tax liabilities</u>

Movements of deferred tax liabilities, which arisen from temporary difference of depreciation allowance were as follows:

---

| | |
|:---|:---|
|  | **Depreciation allowance** |
| As of January 1, 2024 | $5.403 |
| Recognized in statements of income and comprehensive income | (2247) |
| As of June 30, 2024 | $3156 |
| As of January 1, 2025 | $715 |
| Recognized in statements of income and comprehensive income | (358) |
| As of June 30, 2025 | $357 |
| Deferred tax assets, net |  |
| As of June 30, 2024 | $27039 |
| As of June 30, 2025 | $30072 |

---

**13. RELATED PARTY BALANCES AND TRANSACTIONS**

**Relationships with related parties**

---

| | |
|:---|:---|
| **Name** | **Relationship** |
| Ms. Fong | Director of the Company |
| International Safety Equipment Limited | Entity controlled by the spouse of Mr. Fong |
| Angie International (Macau) Limited | Entity controlled by Ms. Fong |

---

Related party transaction consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **For the six-month period ended June 30,** | **For the six-month period ended June 30,** |
| Name | Nature | **2025** | **2024** |
| Ms. Fong | Constructive dividend | $208952 | $739714 |
| International Safety Equipment Limited | Sale of products | $18706 | $158646 |
| Angie International (Macau) Limited | Sale of products | $9104 | $17300 |

---

Related party balance consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of** | **As of** |
| Name | Nature | **June 30, 2025** | **December 31, 2024** |
| International Safety Equipment Limited | Receivables from customer | $18706 | $231669 |
| Angie International (Macau) Limited | Receivables from customer | 9104 |  |
| Ms. Fong | Share transfer for reorganization | $(1282) | $(1282) |

---

Remuneration to key management for the six-month periods ended June 30, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | **For the six-month periods ended June 30,** | **For the six-month periods ended June 30,** |
|  | **2025** | **2024** |
| Salaries and other short term employee benefits | $38461 | $44872 |
| Payments to defined contribution pension schemes | 1154 | 1154 |
| Total | $39615 | $46026 |

---

**14. RISKS AND UNCERTAINTIES**

<u>Credit risk</u>

The Company's assets that are potentially subject to a significant concentration of credit risk primarily consist of bank balances, and accounts receivable.

*<u>Bank balances</u>*

The Company believes that there is no significant credit risk associated with cash in Hong Kong, which were held by reputable financial institutions in the jurisdiction where the Company's Hong Kong subsidiary is located.

*<u>Accounts receivable</u>*

The Company has designed credit policies with an objective to minimize their exposure to credit risk. The accounts receivable is short term in nature and the associated risk is minimal. The Company conducts credit evaluations of customers and generally requires certain amounts of deposits after signing the contract. The Company periodically evaluates the creditworthiness of the existing customers by determining an allowance for expected credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific customers.

<u>Concentration risk</u>

*<u>Customer concentrations</u>*

The following table summarizes customers comprising 10% or more of revenue for the six-month periods ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Customer B | 16% | – % |

---

Except for this, no other customers accounted for more than 10% of revenue for the six-month periods ended June 30, 2025 and 2024.

The following table summarizes customers comprising 10% or more of accounts receivable as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Customer B | 24% |  |
| Customer A | \* | 13% |

---

Except for this, no other customers accounted for more than 10% of accounts receivable as of June 30, 2025 and December 31, 2024.

\*As of June 30, 2025, customer A accounted for less than 10% of total balance of accounts receivable.

*<u>Vendor concentrations</u>*

The following table summarizes vendors comprising 10% or more of total purchase for the six-month periods ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Vendor C | 31% | 32% |
| Vendor B | 34% | 22% |
| Vendor A | 21% | 29% |
| Vendor D | \* | 13% |

---

Except for these, no other vendors accounted for more than 10% of total purchase for the six-month periods ended June 30, 2025 and 2024.

\*Vendor D accounted for less than 10% of total purchase for the period ended June 30, 2025.

The following table summarizes vendors comprising 10% or more of accounts payable as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Vendor D | \* | 61% |
| Vendor A | 20% | 22% |
| Vendor C | 14% | 11% |
| Vendor B | 23% |  |
| Vendor E | 26% |  |

---

Except for these, no other vendors accounted for more than 10% of accounts payable as of June 30, 2025 and December 31, 2024.

\* As of June 30, 2025, vendor D accounted for less than 10% of total balance of accounts payable.

<u>Interest rate risk</u>

The Company is exposed to cash flow interest rate risk through changes in interest rates related mainly to the Company's bank borrowings and bank balances. The Company currently does not have any interest rate hedging policy in relation to fair value interest rate risk and cash flow interest rate risk. The directors monitor the Company's exposures on an ongoing basis and will consider hedging the interest rate should the need arise.

<u>Foreign currency risk</u>

Currency risk arises from the possibility that fluctuations in foreign exchange rates will impact on the financial instruments. The Company is not exposed to significant transactional foreign currency risk since almost all of its transactions, assets and liabilities are denominated in HK$ which is the functional currency of the operating subsidiary.

<u>Liquidity risk</u>

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of twelve months, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

<u>Market and geographic risk</u>

The Company's major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong's economy may influence the Company's business, financial condition, and results of operations.

**15. SHAREHOLDERS' EQUITY**

<u>Ordinary shares</u>

The Company was established under the laws of the Cayman Islands on March 6, 2025.

For the sake of undertaking a public offering of the Company's ordinary shares, the Company completed a re-organizing transaction resulting in 13,750,000 ordinary shares outstanding that have been retroactively restated to the beginning of the first period presented.

<u>Constructive dividend</u>

The Company declared a constructive dividend of $208,952 and $739,714 for the six-month periods ended June 30, 2025 and 2024, respectively.

**16. SUBSEQUENT EVENTS**

The Company evaluated all events and transactions that occurred after June 30, 2025 up through September 12, 2025, which is the date that these unaudited interim condensed consolidated financial statements are available to be issued. There were no other material subsequent events that require disclosure in these unaudited interim condensed consolidated financial statements.

**17. PARENT COMPANY ONLY FINANCIAL INFORMATION**

The following presents condensed parent company only financial information of Angie Holdings Limited.

<u>Condensed balance sheets</u>

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| **Non-current assets:** |  |  |
| Deferred offering costs | $50000 | $— |
| Interests in a subsidiary | 1282 | 1282 |
| **Total non-current assets** | 51282 | 1282 |
| **TOTAL ASSETS** | $51282 | $1282 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| Amount due to a subsidiary | $51600 | $— |
| Amount due to a related party | 1282 | 1282 |
| **Total current liabilities** | 52882 | 1282 |
| **TOTAL LIABILITIES** | 52882 | 1282 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **Shareholders' equity** |  |  |
| Ordinary shares $0.0001 par value per share; 200,000,000 shares authorized; 13,750,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024\* | 1375 | 1375 |
| Subscription receivable | (1375) | (1375) |
| Retained earnings | (1600) |  |
| **Total shareholders' equity** | (1600) |  |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $51282 | $1282 |

---

\* Retrospectively restated for effect of share reorganization (see Note 1)

<u>Condensed statements of loss</u>

---

| | | |
|:---|:---|:---|
|  | **For the six-month periods ended**<br> **June 30,** | **For the six-month periods ended**<br> **June 30,** |
|  | **2025** | **2024** |
| General and administrative expenses | $(1600) | $— |
| Income tax expense |  |  |
| **Net loss** | $(1600) | $— |

---

<u>Condensed statements of cash flows</u>

---

| | | |
|:---|:---|:---|
|  | **For the six-month periods ended**<br> **June 30,** | **For the six-month periods ended**<br> **June 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(1600) | $— |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Amount due to a subsidiary | 51600 |  |
| **Cash provided by operating activities** | 50000 |  |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Deferred offering cost | (50000) |  |
| **Cash used in financing activities** | (50000) |  |
| **Net change in cash, cash equivalents** |  |  |
| Cash, cash equivalents at beginning of the period |  |  |
| **Cash, cash equivalents at the end of the period** | $— | $— |

---

---

| | |
|:---|:---|
| (i) | Basis of Presentation |
|  | The Company was incorporated under the laws of the Cayman Islands as a limited company on March 6, 2025 and as a holding company. |
|  | In the condensed parent company only financial statements, the Company's investment in subsidiary stated at cost of acquisition in Angie International Limited. Those condensed parent company only financial statements should be read in connection with the unaudited interim condensed consolidated financial statements and notes hereto. |
|  | The condensed parent company only financial statements are presented as if the incorporation of the Company and its acquisition of subsidiaries had taken place. |
| (ii) | Restricted Net Assets |
|  | Schedule I of Rule 5-04 of Regulation S-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.). |
|  | The condensed parent company only financial statements have to be prepared in accordance with Rule 12-04, Schedule I of Regulation S-X if the restricted net assets of the subsidiaries of Angie Holdings Limited exceed 25% of the consolidated net assets of Angie Holdings Limited. The Company generates revenues from its wholly owned subsidiary in Hong Kong. The abilities of the Company's subsidiaries in Hong Kong to pay dividends is not restricted. In this connection, the restricted net assets of the subsidiaries of Angie Holdings Limited do not exceed 25% of the consolidated net assets of Angie Holdings Limited and accordingly the above condensed parent company only financial information of Angie Holdings Limited is presented for supplementary reference. |
|  | As of June 30, 2025 and December 31, 2024, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stock or guarantees of the Company, except for those that have been separately disclosed in the unaudited interim condensed consolidated financial statements, if any. |

---

![](fin_001.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To: The Board of Directors and Shareholders of <br> Angie Holdings Limited

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Angie Holdings Limited and its subsidiaries (collectively the "Company") as of December 31, 2024 and 2023 and the related consolidated statements of income and comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on our financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](fin_002.jpg)

WWC, P.C.

Certified Public Accountants

PCAOB ID: 1171

We have served as the Company's auditor since 2024.

San Mateo, California

May 27, 2025

![](fin_003.jpg)

**ANGIE HOLDINGS LIMITED**

**CONSOLIDATED BALANCE SHEETS**

**AS OF DECEMBER 31, 2024 AND 2023**

**(Amount in U.S. dollar, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $167246 | $228364 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 2604072 | 2136488 |
| &nbsp;&nbsp;&nbsp;Accounts receivable – related parties, net | 231669 |  |
| &nbsp;&nbsp;&nbsp;Deposits, prepayments and other receivables, net | 35289 |  |
| &nbsp;&nbsp;&nbsp;Inventories, net | 253219 | 162857 |
| **Total current assets** | 3291495 | 2527709 |
| **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 4333 | 33923 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 106295 | 4261 |
| &nbsp;&nbsp;&nbsp;Rental deposits | 17538 | 26923 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 35098 | 22020 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 219560 |  |
| **Total non-current assets** | 382824 | 87127 |
| **TOTAL ASSETS** | $3674319 | $2614836 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Bank borrowings | $516048 | $802932 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 369220 | 147907 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 136843 | 163189 |
| &nbsp;&nbsp;&nbsp;Amount due to a related party | 1282 | 1282 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 612071 | 301038 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | 4587 | 9276 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 103467 | 4342 |
| **Total current liabilities** | 1743518 | 1429966 |
| **TOTAL LIABILITIES** | 1743518 | 1429966 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **Shareholders' equity** |  |  |
| Ordinary shares $0.0001 par value per share; 200,000,000 shares authorized as of December 31, 2023 and 2024; 13,750,000 shares issued and outstanding as of December 31, 2023 and 2024\* | 1375 | 1375 |
| Subscription receivable | (1375) | (1375) |
| Retained earnings | 1930801 | 1184870 |
| **Total shareholders' equity** | 1930801 | 1184870 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $3674319 | $2614836 |

---

\* Retrospectively restated for the effect of share reorganization (see Note 1)

The accompanying notes are an integral part of these consolidated financial statements.

**ANGIE HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

**FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023**

**(Amount in U.S. dollar, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | **2023** |
| **Revenues** |  |  |
| – External | $10027964 | $11140034 |
| – Related parties | 287962 |  |
| &nbsp;&nbsp;&nbsp;**Total revenues** | 10315926 | 11140034 |
| **Cost of revenues** | (7109172) | (7646916) |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 3206754 | 3493118 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | 205064 | 380140 |
| &nbsp;&nbsp;&nbsp;Staff salaries and welfares | 755944 | 840694 |
| &nbsp;&nbsp;&nbsp;Lease expenses | 97723 | 152528 |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 100228 | 7585 |
| &nbsp;&nbsp;&nbsp;Depreciation expenses | 29590 | 29589 |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | 76244 | 4896 |
| **Total expenses** | 1264793 | 1415432 |
| **Other income (expenses)** |  |  |
| &nbsp;&nbsp;&nbsp;Bank interest income | 1228 | 1523 |
| &nbsp;&nbsp;&nbsp;Interest expense | (38469) | (45646) |
| &nbsp;&nbsp;&nbsp;Government subsidies | 102533 |  |
| &nbsp;&nbsp;&nbsp;Other income, net | 957 | 128 |
| **Total other income (expenses), net** | 66249 | (43995) |
| **Income before income tax expense** | 2008210 | 2033691 |
| **Income tax expense** | (290852) | (313360) |
| **Net income** | $1717358 | $1720331 |
| Basic and diluted net income per share\* | $0.12 | $0.13 |
| Weighted average number of shares outstanding - basic and diluted\* | 13750000 | 13750000 |

---

\* Retrospectively restated for the effect of share reorganization (see Note 1)

The accompanying notes are an integral part of these consolidated financial statements.

**ANGIE HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

**FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023**

**(Amount in U.S. dollar, except for share and per share data, or otherwise noted)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares** | **Ordinary shares** | | | |
|  | **Number of**<br> **shares\*** | **Amount** |<br>**Subscription receivable** |<br>**Retained**<br> **earnings** |<br>**Total shareholders' equity** |
| Balance as of January 1, 2023 | 13750000 | $1375 | $(1375) | $655160 | $655160 |
| Net income |  |  |  | 1720331 | 1720331 |
| Constructive dividend |  |  |  | (1190621) | (1190621) |
| Balance as of December 31, 2023 | 13750000 | $1375 | $(1375) | $1184870 | $1184870 |
| Net income |  |  |  | 1717358 | 1717358 |
| Constructive dividend |  |  |  | (971427) | (971427) |
| Balance as of December 31, 2024 | 13750000 | $1375 | $(1375) | $1930801 | $1930801 |

---

\* Retrospectively restated for effect of share reorganization (see Note 1)

The accompanying notes are an integral part of these consolidated financial statements.

**ANGIE HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023**

**(Amount in U.S. dollar, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |
| Net income | $1717358 | $1720331 |
| Adjustment to reconcile net income to cash generated from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 29590 | 29589 |
| &nbsp;&nbsp;&nbsp;Provision for (reversal of) allowance of expected credit losses | 62277 | (18855) |
| &nbsp;&nbsp;&nbsp;Reversal of unused annual leave | (7726) | (5725) |
| &nbsp;&nbsp;&nbsp;Reversal of long service payment | (3708) | (31379) |
| &nbsp;&nbsp;&nbsp;Deferred tax credit | (13078) | (4638) |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (761530) | (17004) |
| &nbsp;&nbsp;&nbsp;Inventories | (90362) | 62094 |
| &nbsp;&nbsp;&nbsp;Deposits, prepayments and other receivables | (35289) |  |
| &nbsp;&nbsp;&nbsp;Rental deposits | 9385 |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 221313 | (1238456) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | (14912) | 53800 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | (2909) | (3040) |
| &nbsp;&nbsp;&nbsp;Income tax payable | 311033 | 317998 |
| **Net cash generated from operating activities** | 1421442 | 864715 |
| **Cash flows from investing activities** |  |  |
| **Net cash generated from investing activities** |  |  |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from bank borrowings |  | 558161 |
| &nbsp;&nbsp;&nbsp;Repayment of bank borrowings | (286884) | (390350) |
| &nbsp;&nbsp;&nbsp;Finance lease | (4689) | (4593) |
| &nbsp;&nbsp;&nbsp;Repayment to related party |  | (241205) |
| &nbsp;&nbsp;&nbsp;Constructive dividend | (971427) | (1190621) |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | (219560) |  |
| **Net cash used in financing activities** | (1482560) | (1268608) |
| **Net change in cash and cash equivalents** | (61118) | (403893) |
| Cash and cash equivalents at the beginning of the year | 228364 | 632257 |
| **Cash and cash equivalents at the end of the year** | $167246 | $228364 |
| **Supplementary cash flows information** |  |  |
| Cash paid for interest expense | $38469 | $45646 |
| Cash paid for income taxes expense | $— | $— |
| **Supplemental schedule of non-cash investing and financing activities:** |  |  |
| Initial recognition of operating lease liabilities related to right-of-use assets | $199757 | $— |

---

The accompanying notes are an integral part of these consolidated financial statements.

**ANGIE HOLDINGS LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

***Business***

Angie Holdings Limited (the "Company"), through its wholly-owned subsidiary, is engaged in one-stop corporate uniform solution services, offering a full suite of services in the corporate uniform supply chain, including product design and development, raw material sourcing and quality control in Hong Kong.

<u>Corporate Structure</u>

The Company's wholly-owned subsidiary, Angie International Limited ("Angie International"), is a company incorporated in Hong Kong with limited liability in June 2015. The equity interest of Angie International was ultimately 100% held as to by Ms. Mei Yuk Fong ("Ms. Fong"), Director and Chief Operating Officer of the Company, prior to the Group Reorganization (see below).

<u>Group Reorganization</u>

In connection with its proposed initial public offering, the Company undertook a reorganization of its legal structure (the "Reorganization"). The Reorganization involved:

&nbsp;&nbsp;&nbsp;&nbsp;(1) On March 6, 2025, the Company
 was incorporated in the Cayman Islands with limited liability and an authorized share capital of $20,000 divided into 200,000,000
 of a par value of $0.0001 each. From March 12, 2025 to April 11, 2025, one ordinary share was allotted, issued and transferred to
 Visionary Value Investments Limited, a company controlled by Mr. Wai Sing Fong ("Mr. Fong"), Chairman and Chief Executive
 Officer of the Company, and the sibling of Ms. Fong, through a series of transactions.

(2) On April 15, 2025, Ms. Fong
 sold, and the Company purchased from Ms. Fong, a total of 10,000 ordinary shares of Angie International (representing the entire
 issued share capital of Angie International), for a consideration of HK$10,000. After the acquisition, the Company became the sole
 shareholder of Angie International.

The Company, together with its wholly-owned subsidiary, is effectively controlled by the same shareholder group, Mr. Fong and Ms. Fong, at 100% before the Reorganization and ultimately held as to 92% after the Reorganization. As such, the Reorganization is considered as a recapitalization of entities under common control. The Company has retroactively restated all shares and per share data for all the periods presented.

In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 805-50-25, the Reorganization has been accounted for as a recapitalization among entities under common control since the same shareholders controlled all these entities prior to and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. The results of operations for the period presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period. By eliminating the effects of intra-entity transactions in determining the results of operations for the period before the Reorganization, those results will be substantially the same as the results of operations for the period after the date of Reorganization.

The effects of all inter-company transactions are eliminated in consolidation. Furthermore, ASC 805-50-45-5 indicates that the financial statements and financial information presented for prior years also shall be retrospectively adjusted to furnish comparative information.

Upon the Group Reorganization and as of the date of these financial statements, details of the subsidiary company are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Place of**<br> **incorporation** | **Date of**<br> **incorporation** | **Business**<br> **engaged in** | **Effective**<br> **ownership as**<br> **of December 31,**<br> **2024** | **Effective**<br> **ownership as**<br> **of December 31, 2023** |
| Angie International Limited | Hong Kong | June 11, 2015 | Design and trading of corporate uniform products | 100% | 100% |

---

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u>Basis of presentation and principles of consolidation</u> 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All significant inter-company balances and transactions between the Company and its subsidiaries are eliminated upon consolidation.

<u>Use of estimates</u>

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from the estimates and assumptions that were used.

<u>Foreign currency translation and transaction and convenience translation</u>

The Company uses United States dollar ("$") as reporting currency. The functional currency of the Company incorporated in the Cayman Islands and its subsidiaries incorporated in BVI is $, and the functional currency of its subsidiary in Hong Kong is Hong Kong dollar ("HK$"). The determination of the respective functional currency is based on the criteria of Accounting Standards Codification ("ASC") Topic 830, Foreign Currency Matters.

The Company's assets and liabilities are translated into $ from HK$ at year-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. Exchange gains and losses resulting from currency translation are recorded as other comprehensive income (losses) in the consolidated statements of income and comprehensive income.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
| Year-end spot rate |  | 7.7677 |  | 7.8109 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended <br> December 31,** | **For the years ended <br> December 31,** | **For the years ended <br> December 31,** | **For the years ended <br> December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
| Average rate |  | 7.7677 |  | 7.8109 |

---

<u>Cash and cash equivalents</u>

Cash and cash equivalents consist of deposit placed with banks, which are unrestricted as to withdrawal and use. The Company does not have any cash equivalents as of December 31, 2024 and 2023. The Company's cash is held at well capitalized financial institutions, but they are not FDIC insured; however, management believes that the Company is not exposed to any significant credit risk on cash and cash equivalents.

<u>Accounts receivable, net</u>

Accounts receivable, net are recorded at the net invoice amount less estimates for expected credit losses. Management regularly reviews outstanding accounts and provides a provision for credit loss accounts. The Company grants credit to customers, without collateral, under normal payment terms. When collection of the original invoice amounts is no longer probable, we will either partially or fully write-off the balance against the allowance for expected credit losses.

In establishing the required provision for expected credit loss accounts, management considers historical collection experience, aging of the receivables, the economic environment, industry trend analysis, and the credit history and financial conditions of the customers. Management reviews its receivables on a regular basis to determine if the allowance for the expected credit loss is adequate and adjusts the allowance when necessary. Delinquent account balances are written-off against the allowance for expected credit losses after all means of collection have been exhausted and that the likelihood of collection is not probable.

<u>Allowance for expected credit losses</u>

ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires entities to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial assets may be recorded and presented, and that expand disclosures. The Company adopted the new standard effective January 1, 2023, the first day of the Company's fiscal year and applied to Accounts receivable and other financial instruments. The adoption of this guidance did not materially impact on the net earnings and financial position and had no impact on the cash flows.

<u>Deposits, prepayments and other receivables, net</u>

Deposits, prepayments and other receivables, net consist of rental and other deposits. Accrued sales mainly referring to goods delivered to customers without issuance of invoices. These advances are unsecured and reviewed periodically to determine whether their carrying value has become impaired.

<u>Deferred offering costs</u>

The Company complies with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering". Pursuant to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. Deferred offering costs consist of professional and registration fees that are directly related to the Proposed Public Offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of income and comprehensive income. As of December 31, 2024 and 2023, the Company has incurred deferred offering costs of $219,560 and nil, respectively.

<u>Inventories, net</u>

Inventories, representing finished goods for sale, are stated at the lower of cost or net realizable value, using the first-in-first-out method. We evaluate the need for impairment associated with obsolete, slow-moving, and non-saleable inventory by reviewing net realizable value on a periodic basis but at least annually. Only defective products are eligible for returning to our materials suppliers.

<u>Property and equipment, net</u>

Property and equipment, net are stated at cost net of accumulated depreciation and impairment losses. Depreciation is provided over the estimated useful lives of the assets using the straight-line method from the time the assets are placed in service. Estimated useful lives are as follows:

<u>Classification</u> <u>Estimated useful life</u> <br> Office equipment 5 years <br> Motor vehicles 5 years

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of income and comprehensive income. Expenditures on maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized.

<u>Impairment of long-lived assets</u>

Long-lived assets, representing property and equipment with finite lives, are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2024 and 2023, no impairment of long-lived assets was recognized.

<u>Fair value measurement</u>

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of input that may be used to measure fair value:

● Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

● Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

● Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Based on the short-term nature of cash and cash equivalents, accounts receivable, accounts payable, and other payables have determined that the carrying value approximates their fair values. The carrying amount of operating lease liabilities and finance lease liabilities approximate their fair values since they bear an interest rate which approximates market interest rates. The fair value of the Company's short-term and long-term debt approximated the carrying value as of December 31, 2024 and 2023, as the weighted average interest rate on these short term and long-term debts approximated the market rate for similar debts.

<u>Operating leases</u>

ROU assets represent the right to use underlying assets for the lease terms and lease liabilities represent the obligation to make lease payments arising from the leases. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. If the implicit rate is not readily determinable for the operating leases, the Company generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected not to separate non-lease components from lease components; therefore, it will account for lease components and the non-lease components as a single lease component when there is only one vendor in the lease contract for the office leases. Lease payments are fixed.

For operating leases, lease expense is recognized on a straight-line basis in operations over the lease term.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU asset and lease liabilities on the consolidated balance sheets.

<u>Finance leases</u>

The Company classify a lease as a finance lease when the lease meets any of the following criteria at lease commencement:

● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term;

● The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise;

● The lease term is for a major part of the remaining economic life of the underlying asset;

● The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments in accordance with ASC 842 paragraph 842-10-30-5(f) equals or exceeds substantially all of the fair value of the underlying asset;

● The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

The lease term includes rental holidays and options to extend or terminate the lease when we are reasonably certain that it will exercise that option, if any. We do not recognize finance lease assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. The lease assets for finance leases consist of the amount of the measurement of the lease liabilities and any prepaid lease payments. The finance lease expense, including interest and amortization expense of finance lease are presented separately. Interest expense is determined by using the effective interest method. Amortization expense is recorded on a straight-line basis of the finance lease assets. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.

<u>Bank borrowings</u>

Borrowings are initially recognized at fair value, net of upfront fees incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.

<u>Accounts payable</u>

Accounts payable represent trade payables to vendors.

<u>Accrued expenses and other payables</u>

Accrued expenses and other payables primarily include, accrued salary, long service payment provision, unused annual leave, accrued expenses, and other payables for the operation in the ordinary course of business.

<u>Revenue recognition</u>

We adopted ASC Topic 606, "Revenue from Contracts with Customers*"*, and all subsequent ASUs that modified ASC 606 on April 1, 2017, using the full retrospective method which requires us to present the financial statements for all periods as if Topic 606 had been applied to all prior periods. We derive revenue principally from sales of corporate uniform products. Revenue from contracts with customers is recognized using the following five steps:

Revenue from contracts with customers is recognized using the following five steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. identify the contract(s)
 with a customer;

2. identify the performance
 obligations in the contract;

3. determine the transaction
 price;

4. allocate the transaction
 price to the performance obligations in the contract; and

5. recognize revenue when (or
 as) the entity satisfies a performance obligation.

The unit of account for revenue recognition is a performance obligation (a good or service). A contract may contain one or more performance obligations. Performance obligations are accounted for separately if they are distinct. A good or service is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and the good or service is distinct in the context of the contract. Otherwise, performance obligations are combined with other promised goods or services until we identify a bundle of goods or services that is distinct. Promises in contracts which do not result in the transfer of a good or service are not performance obligations, as well as those promises that are administrative in nature, or are immaterial in the context of the contract. We have addressed whether various goods and services promised to the customer represent distinct performance obligations.

Transaction price is the amount of consideration in the contract to which we expect to be entitled in exchange for transferring the promised goods or services. The transaction price is fixed and is adjusted for time value of money if the contract includes a significant financing component. Consideration payable to a customer is deducted from the transaction price if we do not receive a separate identifiable benefit from the customer. Revenue is recognized at a point in time. Typically, performance obligation for products where the process is described as below, the performance obligation is satisfied at point in time.

The Company currently generates its revenue by the following source:

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Sale of corporate uniform products* 

The Company recognizes revenue from the sale of corporate uniform products. It offers customized design and manufacturing services to customers. The Company typically receives purchase orders from the customers, which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfil in order to recognize revenue. There is only one performance obligation as a series of services on this revenue stream are interrelated and are not separable or distinct as our customers cannot benefit from the standalone task (i.e. customers do not obtain any benefits other than the finished products). The Company's sales are recorded as revenue at a point in time and the shipping term is freight on board destination. The key performance obligation is the delivery of the finished product to the customer at their specified location at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer acceptance indicating receipt of the product. The Company has not adjusted the transaction price for significant financing since the time period between the transfer of goods and payment is less than one year. The Company has elected the practical expedient to not disclose the consideration allocated to remaining performance obligations and an explanation of when those amounts are expected to be recognized as revenue since the duration of the contracts is less than one year. Typical payment terms set forth in the purchase order range from 30 to 90 days from invoice date and no deposits are required.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Sale of safety tools* 

The Company recognizes revenue from the sale of safety tools. It sources and sells safety tools to customers. The Company typically receives purchase orders from the customers, which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations that the Company must fulfil in order to recognize revenue. The Company's sales are recorded as revenue at a point in time and the shipping term is freight on board destination. The performance obligation is the delivery of safety tools to the customer at their specified location at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer acceptance indicating receipt of the product. The Company determined that the Company is the principal to the transaction for its goods and services and revenue is recognized on a gross basis based on the transfer of control to the customer. The Company is primarily responsible for fulfilling the promise to deliver the product and bears risk of loss while the inventory is in-transit to the customer. The Company has not adjusted the transaction price for significant financing since the time period between the transfer of goods and payment is less than one year. The Company has elected the practical expedient to not disclose the consideration allocated to the remaining performance obligations and an explanation of when those amounts are expected to be recognized as revenue since the duration of the contracts is less than one year. Typical payment terms set forth in the purchase order range from 30 to 90 days from invoice date and no deposits are required.

The Company elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense if the amortization period of the asset would have been one year or less. Costs that relate directly to a contract include cost of purchasing of products from suppliers. We elected to treat shipping and handling costs undertaken by the Company after the customer has obtained control of the related goods as a fulfilment activity and present as transportation costs in selling and marketing expenses. Costs associated with the production of advertising, such as writing, printing, and other costs, are expensed as incurred. Costs associated with communicating advertising that has been produced are expensed when the advertising event takes place.

The Company does not have a sale refund policy and does not accept any return of products; the transaction price does not include variable consideration provision for the right of return. Instead, the Company offers exchange of defective products. For the years ended December 31, 2024 and 2023, the Company is not aware of any material claims against the Company in relation to the goods sold. As of December 31, 2024 and 2023, the provisions for warranty cost were $8,356 and $9,283, respectively.

<u>Cost of revenues</u>

Cost of revenues consists of material costs, and other indirect costs.

<u>Selling and marketing expenses</u>

Selling and marketing expenses primarily consist of freight cost, advertising and promotion expenses.

<u>General and administrative expenses</u>

General and administrative expenses primarily consist of personnel-related compensation expenses, including salaries and related social insurance costs, depreciation, professional services fees, utilities, office expense, and expenses related to general operations.

<u>Shipping, handling and insurance costs</u>

Shipping and handling costs are expensed as incurred. Outbound shipping, handling and insurance costs associated with shipping and delivery of the products to customers are recorded in selling and marketing expenses.

<u>Government subsidies</u>

Government subsidies are recognized as income in other income. Such amounts are recognized in the consolidated statements of income and comprehensive income upon receipt and when all conditions attached to the grants, such as companies are required to stay at the same level of employment, are fulfilled. Such subsidies are presented under other income. During the years ended December 31, 2024 and 2023 and up the date of this prospectus, the Company recognized government subsidies of $102,533 and nil in the other income of consolidated statements of income and comprehensive income.

<u>Bank interest income</u>

Bank interest income is mainly generated from savings deposits with a period of less than one year and is recognized on an accrual basis using the effective interest method.

<u>Interest expenses</u>

Interest expenses represent bank loan interest expenses for supporting general business operation.

<u>Income taxes</u>

The Company accounts for income taxes pursuant to ASC Topic 740, Income Taxes ("ASC 740"). Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, is dependent upon future earnings, if any, of which the timing and amount are uncertain.

The Company adopted ASC 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions, and prescribes a threshold condition that a tax position must meet any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions.

The Company's policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense. No significant penalties or interest relating to income taxes have been incurred during the years ended December 31, 2024 and 2023 and up to the date of this prospectus.

<u>Employee benefits</u>

Payments to the Mandatory Provident Fund Scheme ("MPF scheme") under the Hong Kong Mandatory Provident Fund Schemes Ordinance are recognized as an expense when employees have rendered service entitling them to the contributions. An employer is required to make regular mandatory contributions of at least 5% of the employee's monthly income and HK$1,500 of the employee's monthly income over HK$30,000.

The Company is obligated to make severance payments and long service payments for its employees on cessation of employment in certain circumstances under the Ordinance. The Ordinance currently allows employers to offset the severance or long service payments to an employee against accrued benefits derived from the contributions it has made to the employee in the MPF Scheme.

However, the Legislative Council has passed the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2023 on June 9, 2023 to abolish the use of the accrued benefits of employers' mandatory contributions under the MPF System to offset severance payment and long service payment. The Hong Kong government has announced that the abolition will take effect on May 1, 2025. Accrued benefits derived from employers' voluntary MPF contributions as well as gratuities based on length of service can continue to be used to offset severance payment and long service payment. Expected contributions to the long service payment obligation by the Company as of December 31, 2024 and 2023 are $78,096 and $81,804, respectively, in the accrued expenses and other payables of consolidated balance sheets.

<u>Related parties</u>

The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

<u>Comprehensive income</u>

The Company presents comprehensive income in accordance with ASC Topic 220, Comprehensive Income, ("ASC 220"). ASC 220 states that all items that are required to be recognized under accounting standards as components of comprehensive income be reported in the consolidated financial statements. Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that are recorded as an element of shareholders' equity but are excluded from net income. Other comprehensive income consists of a foreign currency translation adjustment resulting from the Company's subsidiaries not using the $ as the Company's functional currency.

<u>Subscription receivable</u>

Subscription receivable from shareholders is recorded as a contra- equity.

<u>Commitments and contingencies</u>

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes its liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter. There were no material commitments or contingencies as of December 31, 2024 and 2023.

<u>Segment reporting</u>

ASC 280, Segment Reporting, ("ASC 280"), 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 chief operating decision maker ("CODM") has been identified as the Company's Chief Executive Officer. The CODM has determined that the Company operates as a single operating segment and uses net income (loss) and operating income (loss) as measures of profit or loss on a consolidated basis when making decisions regarding resource allocation and performance assessment. The Company's key financial metrics used by the CODM help make key operating decisions, include significant acquisitions and allocation of budget between cost of revenues, sales and marketing, general and administrative and research and development expenses.

Information regarding the Company's net income (loss) and operating income (loss) is disclosed in the Consolidated Statements of Comprehensive Income. Segment expenses and other items are reviewed by the CODM on the same basis as presented in the Consolidated Statements of Comprehensive Income. The CODM does not separately evaluate performance or allocate resources based on segment assets. As a result, asset information by segment is not presented.

<u>Earnings per share</u>

The Company computes earnings per share ("EPS") in accordance with ASC Topic 260, Earnings per Share ("ASC 260"). ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended December 31, 2024 and 2023, there were no dilutive shares.

<u>Recently issued accounting pronouncements</u>

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

*Recently adopted accounting standards*

In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The purpose of the update was to improve financial reporting by requiring disclosures of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all periods presented in the consolidated financial statements. The Company adopted ASU 2023-07 on January 1, 2024. The adoption of the ASU 2023-07 did not have a material impact on financial disclosures.

*New accounting standards not yet adopted*

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company's management does not believe the adoption of ASU 2023-09 will have a material impact on its consolidated financial statements and disclosures.

In March 2024, the FASB issued ASU 2024-02, "Codification Improvements — Amendments to Remove References to the Concepts Statements". This update contains amendments to the Codification that remove references to various FASB Concepts Statements. These changes remove references to various Concepts Statements and the amendments apply to all reporting entities within the scope of the affected accounting guidance. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2024. Early application of the amendments in this Update is permitted for any fiscal year or interim period for which financial statements have not yet been issued (or made available for issuance). The Company believes the future adoption of this ASU is not expected to have a material impact on its financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.

In January 2025, the FASB issued ASU 2025-01 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The FASB issued ASU 2024-03 on November 4, 2024. ASU 2024-03 states that the amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of ASU 2024-03, the FASB was asked to clarify the initial effective date for entities that do not have an annual reporting period that ends on December 31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar year-end entity may have concluded that it would be required to initially adopt the disclosure requirements in ASU 2024-03 in an interim reporting period, rather than in an annual reporting period. The FASB's intent in the basis for conclusions of ASU 2024-03 is clear that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027.

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the consolidated balance sheets, statements of loss and comprehensive loss and cash flows.

**3. SEGMENT INFORMATION**

The Company has one reportable segment: sale of corporate uniform products. Segment was identified based on the Company's internal reporting and how the chief operating decision maker ("CODM", the Chief Executive Officer of the Company) assesses the performance of the business. The sale of corporate uniform products segment generated revenue by customized design and manufacturing services and delivery of the finished product to the customer at their specified location. All assets of the Company are located in Hong Kong.

Geographical revenue is based on the final location where the Company sells the product or where the customer/partner is located.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
| Hong Kong | $10259947 | 98% | $11111632 | 98% |
| Macau | 52889 | 1% | 25551 | 1% |
| Taiwan | 3090 | 1% | 2851 | 1% |
| Total | $10315926 | 100% | $11140034 | 100% |

---

Key financial performance measures of the segments are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the** <br> year ended December 31, 2024** | **For the<br> year ended December 31, 2023** |
| **Revenues** |  |  |
| – External | $10027964 | $11140034 |
| – Related parties | 287962 |  |
| &nbsp;&nbsp;&nbsp;**Total revenues** | 10315926 | 11140034 |
| **Cost of revenues** | (7109172) | (7646916) |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 3206754 | 3493118 |
| **Operating expenses** |  |  |
| Selling and marketing expenses | (205064) | (380140) |
| Staff salaries and welfares | (755944) | (840694) |
| Lease expenses | (97723) | (152528) |
| Legal and professional fee | (100228) | (7585) |
| Depreciation expenses | (29590) | (29589) |
| Other general and administrative expenses | (76244) | (4896) |
| **Total expenses** | (1264793) | (1415432) |
| **Other income (expenses)** |  |  |
| Bank interest income | 1228 | 1523 |
| Interest expense | (38469) | (45646) |
| Government subsidies | 102533 |  |
| Other income, net | 957 | 128 |
| &nbsp;&nbsp;&nbsp;**Total other income (expenses), net** | 66249 | (43995) |
| **Income before income tax** | $2008210 | $2033691 |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2023** |
| Total assets | $3674319 | $2614836 |
| Total liabilities | (1743518) | (1429966) |
| Net assets | $1930801 | $1184870 |

---

**4. ACCOUNTS RECEIVABLE, NET**

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Accounts receivable | $2734276 | $2204415 |
| Allowance for expected credit losses | (130204) | (67927) |
| Total accounts receivable, net | $2604072 | $2136488 |

---

Movements of allowance for expected credit losses were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Balance, beginning of the year | $67927 | $86782 |
| Expected credit losses recognized (reversed) | 62277 | (18855) |
| Balance, end of the year | $130204 | $67927 |

---

**5. INVENTORIES, NET**

Inventories, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Finished goods | $253219 | $162857 |

---

Inventory write-down expense was nil and nil for the years ended December 31, 2024 and 2023.

**6. PROPERTY AND EQUIPMENT**, **NET**

Property and equipment, net consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Motor vehicles | $147948 | $147948 |
| Less: accumulated depreciation | (143615) | (114025) |
| Property and equipment, net | $4333 | $33923 |

---

Depreciation expenses for the years ended December 31, 2024 and 2023, were $29,590 and $29,589, respectively.

**7. BANK BORROWINGS**

Bank borrowings were analyzed as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Bank borrowings – secured | $516048 | $802932 |

---

Bank borrowings as of December 31, 2024 and 2023 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Balance as of**<br> **December 31,** | **Balance as of**<br> **December 31,** |
| <br>**Lender** | <br>**Type** | <br>**Maturity**<br> **date** |<br>**Currency** |<br>**Weighted average interest rate as of<br> December 31,<br> 2023** |<br>**Weighted average interest rate as of<br> December 31,<br> 2024** | **2024** | **2023** |
| The Bank of East Asia ("BEA") <br>(Note 1) | Term loan | June 4, 2026 or on demand | HK$ | 3.56% | 3.56% | $40634 | $66536 |
| BEA <br>(Note 2) | Term loan | July 19, 2028 or on demand | HK$ | 3.63% | 3.63% | 282513 | 355138 |
| BEA <br>(Note 3 and Note 6) | Term loan | January 21, 2024 or on demand | HK$ | 3.56% | 3.56% |  | 3795 |
| OCBC Wing Hang Bank Limited <br>("OCBC") <br>(Note 4 and Note 7) | Term loan | February 22, 2025 or on demand | HK$ | 6.81% | 6.81% | 33371 | 80535 |
| Standard Chartered Bank (Hong Kong) Limited <br>(Note 4) | Term loan | September 30, 2025 or on demand | HK$ | 4.08% | 4.08% | 40379 | 93905 |
| Bank of China (Hong Kong) Limited <br>(Note 5) | Term loan | April 23, 2026 or on demand | HK$ | 5.69% | 5.69% | 119151 | 203023 |
| Total |  |  |  |  |  | $516048 | $802932 |

---

Notes:

(1) The banking facility was secured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) HK$1,000,000 personal guarantee
 by Ms. Fong; and

(b) Guaranteed under the SME
 Financing Guarantee Scheme, which is fully guaranteed by HKMC Insurance Limited ("HKMC").

(2) The banking facility was secured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) HK$3,000,000 personal guarantee
 by Ms. Fong; and;

(b) Guaranteed under the SME
 Financing Guarantee Scheme, which is fully guaranteed by HKMC.

(3) The banking facility was secured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) HK$1,208,000 personal guarantee
 by Ms. Fong; and;

(b) Guaranteed under the SME
 Financing Guarantee Scheme, which is fully guaranteed by HKMC.

(4) The banking facility was secured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) HK$1,700,000 personal guarantee
 by Ms. Fong; and;

(b) Guaranteed under the SME
 Financing Guarantee Scheme, which is fully guaranteed by HKMC.

(5) The banking facility was secured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Personal guarantee by Ms.
 Fong with guarantee amount of unlimited extend; and;

(b) Guaranteed under the SME
 Financing Guarantee Scheme, which is fully guaranteed by HKMC.

(6) The loan is fully repaid at its maturity date.

(7) Subsequent to the year ended December 31, 2024, the loan is fully repaid at its maturity date.

**8. ACCRUED EXPENSES AND OTHER PAYABLES**

Accrued expenses and other payables consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Accrued salaries | $— | $49806 |
| Accrued long service payment provision | 78096 | 81804 |
| Accrued unused annual leave | 8747 | 16473 |
| Others | 50000 | 15106 |
| Total | $136843 | $163189 |

---

**9. RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES**

The Company entered into leases for uses of corporate office in Hong Kong.

The Company's operating ROU assets and lease liabilities recognized in the consolidated balances sheets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Operating lease ROU assets |  |  |
| Cost | $633167 | $433409 |
| Less: accumulated amortization | (526872) | (429148) |
| Total | $106295 | $4261 |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Operating lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Current portion | $103467 | $4342 |
| &nbsp;&nbsp;&nbsp;Non-current portion |  |  |
| Total | $103467 | $4342 |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Operating leases: |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average remaining lease term (years) | 1.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;Weighted average discount rate (Note) | 3.5% | 7.84% |

---

Note: The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments as the implicit rate cannot be readily determined.

During the years ended December 31, 2024 and 2023 and up to the date of this prospectus, the Company incurred operating lease expenses of approximately $97,723 and $152,528, respectively.

The maturity analysis of the Company's non-cancelable lease obligations as of December 31, 2024 is as follows:

---

| | |
|:---|:---|
|  | **Operating leases** |
| Year ending December 31, 2025 | $105231 |
| Total undiscounted lease obligations | 105231 |
| Less: imputed interest | (1764) |
| Operating lease liabilities recognized in the consolidated balance sheet | $103467 |

---

**10. FINANCE LEASE LIABILITIES**

On November 11, 2020, the Company entered into a finance lease agreement with a financial institution in Hong Kong to lease a motor vehicle for 60 months for $21,667. The lease required monthly lease payments of $431 from December 13, 2020 through November 13, 2025. The Company placed this vehicle into service in September 2020; accordingly, it has been capitalized.

The Company's finance lease ROU assets and lease liabilities recognized in the consolidated balances sheets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Finance lease assets: |  |  |
| Cost | $21667 | $21667 |
| Less: accumulated amortization | (17694) | (13361) |
|  | $3973 | $8306 |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Finance lease liabilities: |  |  |
| Current finance lease obligation | $4587 | $9276 |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Finance lease: |  |  |
| Weighted average remaining lease term (years) | 1.03 | 0.03 |
| Weighted average discount rate | 3.85% | 3.85% |

---

For the years ended December 31, 2024 and 2023, the Company incurred finance lease expenses of approximately $834 and $834, respectively.

**11. DISAGGREGATED REVENUES**

The following table sets forth a breakdown of gross profit and gross profit margin for the years ended December 31, 2024 and 2023, respectively:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
| <br>**Category** | **Revenues** | **Cost of revenues** | **Gross profit** | **Gross profit margin** | **Revenues** | **Cost of revenues** | **Gross profit** | **Gross profit**<br> **margin** |
| Uniforms | $10164859 | $(7000358) | $3164501 | 31% | $10992122 | $(7539609) | $3452513 | 31% |
| Safety tools | 151067 | (108814) | 42253 | 28% | 147912 | (107307) | 40605 | 27% |
| Total | $10315926 | $(7109172) | $3206754 | 31% | $11140034 | $(7646916) | $3493118 | 31% |

---

**12. OTHER INCOME (EXPENSE), NET**

Other income (expense), net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | **2023** |
| Interest expense | $(38469) | $(45646) |
| Bank interest income | 1228 | 1523 |
| Government subsidies (note a) | 102533 |  |
| Other income, net | 957 | 128 |
| Total | $66249 | $(43995) |

---

Note:

(a) The amount represented to the government subsidies provided
 by the Hong Kong Government, for eligible research and development projects for the year ended December 31, 2024. The purpose of
 these initiatives is to motivate companies to pursue overseas business opportunities and actively engage in the development of new
 products. There were no unfulfilled conditions nor other contingencies attached to the government subsidies.

**13. INCOME TAX**

<u>Cayman Islands</u> 

The Company is incorporated in the Cayman Islands and is not subject to tax on income or capital gains under current Cayman Islands law. In addition, no Cayman Islands withholding tax will be imposed upon payments of dividends by this entity to its shareholders.

<u>Hong Kong</u>

Angie International Limited is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.

The income tax provision consists of the following components:

---

| | | |
|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | **2023** |
| Current tax expenses | $303930 | $317998 |
| Deferred income tax expenses | (13078) | (4638) |
| Total income taxes expenses | $290852 | $313360 |

---

A reconciliation of the provision for income taxes determined at the Hong Kong statutory income tax rate to the Company's effective income tax rate is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | % | **2023** | % |
| Income before income tax expense | $2008210 |  | $2033691 |  |
| Income tax rate in the Cayman Islands, permanent tax holiday |  | 0.0% |  | 0.0% |
| Tax at Hong Kong statutory tax rate of 16.5% | 331355 | 16.5% | 335559 | 16.5% |
| Tax effect on non-taxable income | (19349) | (1.0)% | (1045) | (0.1)% |
| Tax effect on tax concession | (21154) | (1.0)% | (21154) | (1.0)% |
| Income tax expense | $290852 | 14.5% | $313360 | 15.4% |

---

<u>Deferred tax assets</u>

Movements of deferred tax assets, which arisen from temporary differences of allowance for expected credit losses and provision for employee benefits were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Allowance for expected credit losses** | **Provision for employee benefits** | **Valuation<br> allowance** | **Total** |
| As of January 1, 2023 | $14319 | $11983 | $— | $26302 |
| Recognized in statements of income and comprehensive income | (3112) | 4233 |  | 1121 |
| As of December 31, 2023 | 11207 | 16216 |  | 27423 |
| Recognized in statements of income and comprehensive income | 10277 | (1887) |  | 8390 |
| As of December 31, 2024 | $21484 | $14329 | $— | $35813 |

---

The Company did not recognize any valuation allowance against its deferred tax assets as management believes the Company will be able to fully utilize the assets in the foreseeable future.

As of December 31, 2024 and 2023, the Group had no tax loss carry forwards.

<u>Deferred tax liabilities</u>

Movements of deferred tax liabilities, which arisen from temporary difference of depreciation allowance were as follows:

---

| | |
|:---|:---|
|  | **Depreciation allowance** |
| As of January 1, 2023 | $8920 |
| Recognized in statements of income and comprehensive income | (3517) |
| As of December 31, 2023 | 5403 |
| Recognized in statements of income and comprehensive income | (4688) |
| As of December 31, 2024 | $715 |
| Deferred tax assets, net |  |
| As of December 31, 2023 | $22020 |
| As of December 31, 2024 | $35098 |

---

**14. RELATED PARTY BALANCES AND TRANSACTIONS**

**Relationships with related parties**

---

| | |
|:---|:---|
| **Name** | **Relationship** |
| Ms. Fong | Director of the Company |
| International Safety Equipment Limited | Entity controlled by the spouse of Mr. Fong |
| Angie International (Macau) Limited | Entity controlled by Ms. Fong |

---

Related party transaction consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **For the years ended December 31,** | **For the years ended December 31,** |
| Name | Nature | **2024** | **2023** |
| Ms. Fong | Constructive dividend | $971427 | $1190621 |
| International Safety Equipment Limited | Sale of products | $270662 | $— |
| Angie International (Macau) Limited | Sale of products | $17300 | $— |

---

Related party balance consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of December 31,** | **As of December 31,** |
| Name | Nature | **2024** | **2023** |
| International Safety Equipment Limited | Receivables from customer | $231669 | $— |
| Ms. Fong | Share transfer for reorganization | $(1282) | $(1282) |

---

Remuneration to key management for the years ended December 31, 2024 and 2023 were:

---

| | | |
|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | **2023** |
| Salaries and other short term employee benefits | $83333 | $69872 |
| Payments to defined contribution pension schemes | 2308 | 2308 |
| Total | $85641 | $72180 |

---

**15. RISKS AND UNCERTAINTIES**

<u>Credit risk</u>

The Company's assets that are potentially subject to a significant concentration of credit risk primarily consist of bank balances, and accounts receivable.

*<u>Bank balances</u>*

The Company believes that there is no significant credit risk associated with cash in Hong Kong, which were held by reputable financial institutions in the jurisdiction where the Company's Hong Kong subsidiary is located.

*<u>Accounts receivable</u>*

The Company has designed credit policies with an objective to minimize their exposure to credit risk. The accounts receivable is short term in nature and the associated risk is minimal. The Company conducts credit evaluations of customers and generally requires certain amounts of deposits after signing the contract. The Company periodically evaluates the creditworthiness of the existing customers by determining an allowance for expected credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific customers.

<u>Concentration risk</u>

*<u>Customer concentrations</u>*

The following table summarizes customers comprising 10% or more of revenue for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Customer A | 10% | 11% |

---

Except for this, no other customers accounted for more than 10% of revenue for the years ended December 31, 2024 and 2023.

The following table summarizes customers comprising 10% or more of accounts receivable as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Customer A | 13% | 17% |

---

Except for this, no other customers accounted for more than 10% of accounts receivable as of December 31, 2024 and 2023.

*<u>Vendor concentrations</u>*

The following table summarizes vendors comprising 10% or more of total purchase for the years ended December 31 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Vendor A | 28% | 33% |
| Vendor B | 30% | 28% |
| Vendor C | 28% | 24% |

---

Except for these, no other vendors accounted for more than 10% of total purchase for the years ended December 31, 2024 and 2023.

The following table summarizes vendors comprising 10% or more of accounts payable as of December 31 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Vendor D | 61% | 18% |
| Vendor A | 22% | 31% |
| Vendor C | 11% | 16% |
| Vendor B |  | 24% |

---

Except for these, no other vendors accounted for more than 10% of accounts payable as of December 31, 2024.

<u>Interest rate risk</u>

The Company is exposed to cash flow interest rate risk through changes in interest rates related mainly to the Company's bank borrowings and bank balances. The Company currently does not have any interest rate hedging policy in relation to fair value interest rate risk and cash flow interest rate risk. The directors monitor the Company's exposures on an ongoing basis and will consider hedging the interest rate should the need arise.

<u>Foreign currency risk</u>

Currency risk arises from the possibility that fluctuations in foreign exchange rates will impact on the financial instruments. The Company is not exposed to significant transactional foreign currency risk since almost all of its transactions, assets and liabilities are denominated in HK$ which is the functional currency of the operating subsidiary.

<u>Liquidity risk</u>

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of twelve months, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

<u>Market and geographic risk</u>

The Company's major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong's economy may influence the Company's business, financial condition, and results of operations.

**16. SHAREHOLDERS' EQUITY**

<u>Ordinary shares</u>

The Company was established under the laws of the Cayman Islands on March 6, 2025.

For the sake of undertaking a public offering of the Company's ordinary shares, the Company completed a re-organizing transaction resulting in 13,750,000 ordinary shares outstanding that have been retroactively restated to the beginning of the first period presented.

<u>Constructive dividend</u>

The Company declared a constructive dividend of $971,427 and $1,190,621 for the years ended December 31, 2024 and 2023 respectively, which had no tax consequences.

**17. SUBSEQUENT EVENT**

The Company performed the Group Reorganization as detailed in Note 1 above.

The Company evaluated all events and transactions that occurred after December 31, 2024 up through May 27, 2025, which is the date that these consolidated financial statements are available to be issued. There were no other material subsequent events that require disclosure in these consolidated financial statements.

**18. PARENT COMPANY ONLY FINANCIAL INFORMATION**

The following presents condensed parent company only financial information of Angie Holdings Limited.

<u>Condensed balance sheets</u>

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| **ASSETS** |  |  |
| **Non-current assets:** |  |  |
| Interests in a subsidiary | $1282 | $1282 |
| **Total non-current assets** | 1282 | 1282 |
| **TOTAL ASSETS** | $1282 | $1282 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| Amount due to a related party | $1282 | $1282 |
| **Total current liabilities** | 1282 | 1282 |
| **TOTAL LIABILITIES** | 1282 | 1282 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **Shareholders' equity** |  |  |
| Ordinary shares $0.0001 par value per share; 200,000,000 shares authorized; 13,750,000 shares issued and outstanding as of December 31, 2024 and 2023\* | 1375 | 1375 |
| Subscription receivable | (1375) | (1375) |
| **Total shareholders' equity** |  |  |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $1282 | $1282 |

---

\* Retrospectively restated for effect of share reorganization (see Note 1)

---

| | |
|:---|:---|
| (i) | Basis of Presentation |
|  | The Company was incorporated under the laws of the Cayman Islands as a limited company on March 6, 2025 and as a holding company. |
|  | In the condensed parent company only financial statements, the Company's investment in subsidiary stated at cost of acquisition in Angie International Limited. Those condensed parent company only financial statements should be read in connection with the consolidated financial statements and notes hereto. |
|  | The condensed parent company only financial statements are presented as if the incorporation of the Company and its acquisition of subsidiaries had taken place. |
| (ii) | Restricted Net Assets |
|  | Schedule I of Rule 5-04 of Regulation S-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.). |
|  | The condensed parent company only financial statements have to be prepared in accordance with Rule 12-04, Schedule I of Regulation S-X if the restricted net assets of the subsidiaries of Angie Holdings Limited exceed 25% of the consolidated net assets of Angie Holdings Limited. The Company generates revenues from its wholly owned subsidiary in Hong Kong. The abilities of the Company's subsidiaries in Hong Kong to pay dividends is not restricted. In this connection, the restricted net assets of the subsidiaries of Angie Holdings Limited do not exceed 25% of the consolidated net assets of Angie Holdings Limited and accordingly the above condensed parent company only financial information of Angie Holdings Limited is presented for supplementary reference. |
|  | As of December 31, 2024 and 2023, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stock or guarantees of the Company, except for those that have been separately disclosed in the consolidated financial statements, if any. |
|  | The Company was set up on March 6, 2025 and hence no condensed statements of income (loss) and comprehensive income (loss) and cash flows statement were presented. |

---

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Indemnification of Directors and Officers.**

Cayman Islands law does not limit the extent to which a company's articles of association may provide indemnification of officers and directors, except to the extent that any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as providing indemnification against fraud or dishonesty.

Pursuant to our Amended and Restated Memorandum and Articles that will become effective immediately prior to the completion of this offering, the directors, alternate directors, secretary and other officers for the time being of the Company and the trustees (if any) for the time being acting in relation to any of the affairs of the Company, and their respective executors or administrators, shall be indemnified and secured harmless out of the assets of the Company from and against all actions, costs, charges, losses, damages and expenses which they or any of them, their or any of their executors or administrators, shall or may incur or sustain by reason of any act done, concurred in or omitted in or about the execution of their duty or supposed duty in their respective offices or trusts, except such (if any) as they shall incur or sustain through their own dishonesty, willful default or fraud, and none of them shall be answerable for the acts, receipts, neglects or defaults of any other of them, or for joining in any receipt for the sake of conformity, or for any bankers or other persons with whom any moneys or effects of the Company shall be lodged or deposited for safe custody, or for the insufficiency or deficiency of any security upon which any moneys of the Company shall be placed out or invested, or for any other loss, misfortune or damage which may arise in the execution of their respective offices or trusts, or in relation thereto, except as the same shall happen by or through their own dishonesty, willful default or fraud.

We intend to enter into indemnification agreements with each of our directors and executive officers in connection with this offering. Under these agreements, we have agreed to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.

The Underwriting Agreement also provides for indemnification of us and our officers, directors, or persons controlling us for certain liabilities.

We intend to obtain directors' and officers' liability insurance coverage that will cover certain liabilities of directors and officers of our company arising out of claims based on acts or omissions in their capacities as directors or officers.

**Item 7. Recent Sales of Unregistered Securities.**

During the past three years, we have issued the following securities which were not registered under the Securities Act. We believe that each of the following issuance was exempt from registration under the Securities Act in reliance on Regulation D under the Securities Act or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. The underwriter was involved in these issuances of securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Securities/Purchaser** | **Date of Issuance** | **Number of Securities** | **Consideration** | **Consideration** |
| **Ordinary Shares** |  |  |  |  |
| Mr. Wai Sing Fong<sup>(1)</sup> | March 12, 2025 | 1 | USD | 0.0001 |
| Visionary Value Investments Limited<sup>(2)</sup> | April 11, 2025 | 1 | USD | 0.0001 |
| Visionary Value Investments Limited<sup>(3)</sup> | April 14, 2025 | 11754999 | USD | 1175.4999 |
| Stellar Wealth Development Limited<sup>(3)</sup> | April 14, 2025 | 665000 | USD | 66.5 |
| Nexus Capital Development Limited<sup>(3)</sup> | April 14, 2025 | 1330000 | USD | 133 |
| Quantum Value Investments Limited<sup>(4)</sup> | April 16, 2025 | 665000 | US$ | 66.5 |
| Jaxton Ocean Capital Development Limited<sup>(5)</sup> | April 17, 2025 | 450000 | US$ | 45 |

---

1. On
 March 12, 2025, Ogier Global Subscriber (Cayman) Limited, the subscriber transferred one
 (1) Ordinary Share to Mr. Fong.

2. On
 April 11, 2025, Mr. Fong transferred one (1) Ordinary Share to Visionary Value Investments
 Limited.

3. On
 April 14, 2025, 11,754,999 Ordinary Shares, 665,000 Ordinary Shares, 1,330,000 Ordinary Shares
 were allotted and issued to Visionary Value Investments Limited, Stellar Wealth Development
 Limited and Nexus Capital Development Limited.

4. On
 April 16, 2025, Visionary Value Investments Limited transferred 665,000 Ordinary Shares to
 Quantum Value Investments Limited.

5. On
 April 17, 2025, Visionary Value Investments Limited to transfer 450,000 Ordinary Shares to
 Jaxton Ocean Capital Development Limited

**Item 8. Exhibits and Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 following documents are filed as part of this registration statement:

See the Exhibit Index attached to this registration statement, which is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial
 Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or has been included in the consolidated financial statements or notes thereto.

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;(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;&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;&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) that, individually or in
 the aggregate, represent a fundamental change in the information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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 SEC pursuant to Rule 424(b) if, in the aggregate, the changes
 in volume and price represent no more than a 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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.

&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 that remain unsold at the termination of the offering.

&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 need not be furnished, provided that the registrant includes in the prospectus, by
 means of a post-effective amendment, financial statements required pursuant to this paragraph
 (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. Notwithstanding the foregoing,
 with respect to registration statements on Form F-3, a post-effective amendment need not
 be filed to include financial statements and information required by Section 10(a)(3) of
 the act if such financial statements and information are contained in periodic reports filed
 with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of
 the Exchange Act that are incorporated by reference in the Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 the registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&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) Each
 prospectus filed by the registrant 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;&nbsp;&nbsp;&nbsp;&nbsp;&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 offering 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 the registrant is subject to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering
 required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned
 registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 portion of any other free writing prospectus relating to the offering containing material
 information about the undersigned registrant or its securities provided by or on behalf of
 the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 other communication that is an offer in the offering made by the undersigned registrant to
 the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 undersigned registrant hereby undertakes to provide to the underwriter at the closing specified
 in the underwriting agreements, certificates in such denominations and registered in such
 names as required by the underwriter to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar
 as indemnification for liabilities arising under the Securities Act may be permitted to directors,
 officers, and controlling persons of the registrant pursuant to the provisions described
 in Item 6 hereof, or otherwise, the registrant has been advised that in the opinion of the
 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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 purposes of determining any liability under the Securities Act, the information omitted from
 the form of prospectus filed as part of this registration statement in reliance upon Rule
 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1)
 or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration
 statement as of the time it was declared effective.

&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 Number** | **Description of Exhibit** |
| 1.1\* | [Form of Underwriting Agreement](ex1-1.htm) |
| 3.1\* | [Memorandum and Articles, as currently in effect](ex3-1.htm) |
| 3.2\* | [Amended and Restated Memorandum and Articles (to be effective with effect from the effective date of the registration statement on Form F-1)](ex3-2.htm) |
| 4.1\* | [Specimen certificate evidencing Ordinary Shares](ex4-1.htm) |
| 5.1\* | [Opinion of Ogier regarding the validity of the Ordinary Shares being registered](ex5-1.htm) |
| 8.1\* | [Opinion of Ogier regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ex5-1.htm) |
| 8.2\* | [Opinion of Hong Kong counsel regarding certain legal matters and tax matters of the subsidiary in Hong Kong](ex8-2.htm) |
| 10.1\* | [Form of Director Agreement between the registrant and its directors](ex10-1.htm) |
| 10.2\* | [Form of Independent Director Agreement between the registrant and its independent directors](ex10-2.htm) |
| 10.3\* | [Form of Employment Agreement between the registrant and its officers](ex10-3.htm) |
| 10.4\*# | [English Translation of the Subcontracting Agreement with Guangzhou Liwan District Jiabaishang Clothing Store](ex10-4.htm) |
| 10.5\*# | [English Translation of the Subcontracting Agreement with Guangzhou Baiyun District Yizhou Garment Factory](ex10-5.htm) |
| 10.6\*# | [English Translation of the Subcontracting Agreement with Guangzhou Jialong Clothing Company Limited](ex10-6.htm) |
| 10.7\*# | [Agreement with the Hong Kong Research Institute of Textiles and Apparel Limited dated March 28, 2022](ex10-7.htm) |
| 15.1\*\* | [Letter in lieu of consent for review report of WWC, P.C.](https://www.sec.gov/Archives/edgar/data/2064555/000149315225013288/ex15-1.htm) |
| 23.1\* | [Consent of WWC, P.C., an independent registered public accounting firm](ex23-1.htm) |
| 23.2\* | [Consent of Ogier (included in Exhibit 5.1)](ex5-1.htm) |
| 23.3\* | [Consent of Hong Kong counsel (included in Exhibit 8.2)](ex8-2.htm) |
| 23.4\* | [Consent of Frost & Sullivan Limited](ex23-4.htm) |
| 23.5\*\* | [Consent of Independent Directors](https://www.sec.gov/Archives/edgar/data/2064555/000149315225013288/ex23-5.htm) |
| 24.1\* | [Power of Attorney (included on signature page)](#poa_001) |
| 99.1\* | [Code of Business Conduct and Ethics](ex99-1.htm) |
| 99.2\* | [Audit Committee Charter](ex99-2.htm) |
| 99.3\* | [Nominating Committee Charter](ex99-3.htm) |
| 99.4\* | [Compensation Committee Charter](ex99-4.htm) |
| 107\*\* | [Calculation of Filing Fee Table](https://www.sec.gov/Archives/edgar/data/2064555/000149315225013288/ex107.htm) |

---

\* Filed herewith. <br> \*\* Previously filed. <br> # Certain identified information redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong, on October 9, 2025.

---

| | |
|:---|:---|
| **ANGIE HOLDINGS LIMITED** | **ANGIE HOLDINGS LIMITED** |
| By : | */s/ Wai Sing FONG* |
| Name: | Wai Sing FONG |
| Title : | Chairman of the Board and Director |

---

KNOW ALL BY THOSE PRESENT, that each person whose signature appears below hereby constitutes and appoints and each of them, his or her true and lawful agent, proxy, and attorney-in-fact, with full power of substitution and resubstitution, for and in his or her name, place and stead, in any and all capacities, to (1) act on, sign, and file with the SEC any and all amendments (including post-effective amendments) to this registration statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act, together with all schedules and exhibits thereto; (2) act on, sign, and file such certificates, instruments, agreements, and other documents as may be necessary or appropriate in connection therewith; (3) act on and file any supplement to any prospectus included in this registration statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act; and (4) take any and all actions that may be necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving, ratifying, and confirming all that such agent, proxy, and attorney-in-fact or any of his or her substitutes may lawfully do or cause to be done by virtue thereof.

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/ Wai Sing FONG* | Chairman of the Board and Director and Chief Executive Officer | October 9, 2025 |
| Name: **Wai Sing FONG** |  |  |
| */s/ Mei Yuk FONG* | Chief Operating Officer and Director | October 9, 2025 |
| Name: **Mei Yuk FONG** |  |  |
| */s/ Wing Hang CHAN* | Chief Financial Officer | October 9, 2025 |
| Name: **Wing Hang CHAN** | (Principal Accounting and Financial Officer) |  |

---

**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of Angie Holdings Limited, has signed this registration statement or amendment thereto in New York, New York on October 9, 2025.

---

| | |
|:---|:---|
| **Authorized U.S. Representative** | **Authorized U.S. Representative** |
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**ANGIE HOLDINGS LIMITED**

**FORM OF UNDERWRITING AGREEMENT**

[●], 2025

**Cathay Securities, Inc.**

40 Wall St, Suite 3600

New York, NY 10005

Ladies and Gentlemen:

The undersigned, Angie Holdings Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands (the "**Company**"), hereby confirms its agreement (this "**Agreement**") with Cathay Securities, Inc. (the "**Underwriter**") to issue and sell to the Underwriter an aggregate of [●] ordinary shares, par value $0.0001 per share (the "**Ordinary Shares**"), of the Company (the "**Firm Shares**"). The Company also agrees to issue and sell to the Underwriter not more than an additional [●] shares of its Ordinary Shares (the "**Option Shares**"), if and to the extent that the Underwriter shall have determined to exercise the right to purchase such shares of Option Shares granted to the Underwriter in Schedule A hereof. The Firm Shares and the Option Shares are hereinafter collectively referred to as the "**Securities**." The offering and sale of Securities contemplated by this Agreement is referred to herein as the "**Offering**."

**1.** <u>Purchase and Sale of Securities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchase of Firm Shares</u>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriter an aggregate of [●] Firm Shares at a purchase price (net of underwriting discounts) of $[●] per share (the "**Purchase Price**"). The Underwriter agrees to purchase from the Company the Firm Shares set forth opposite its name on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery of and Payment for Firm Shares</u>. Delivery of and payment for the Firm Shares shall be made at 10:00 a.m. Eastern time on [●], 2025, or at such time as shall be agreed upon by the Underwriter and the Company, at the offices of VCL Law LLP (the "**Underwriter's Counsel**") or at such other place as shall be agreed upon by the Underwriter and the Company. The hour and date of delivery of and payment for the Firm Shares is called the "**Closing Date**." The closing of the payment of the purchase price for, and delivery of certificates representing, the Firm Shares is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon delivery to the Underwriter of certificates (in form and substance reasonably satisfactory to the Underwriter) 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 Underwriter. The Firm Shares shall be registered in such names and in such denominations as the Underwriter may request in writing at least two (2) Business Days prior to the Closing Date. If certificated, the Company will permit the Underwriter to examine and package the Firm Shares for delivery at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Underwriter for all the Firm Shares. As used herein, the term "Business Day" shall mean any day other than a Saturday, Sunday or any day on which any of the major U.S. stock exchanges are not open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Option Shares</u>. The Company hereby agrees to issue and sell to the Underwriter the Option Shares, and the Underwriter shall have the option to purchase the Option Shares from the Company (the "**Over-Allotment Option**"), in each case, at a price per share equal to the Purchase Price less an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Option Shares (the "**Over-Allotment Option Purchase Price**"). The Company and the Underwriter agree that the Underwriter may only exercise the Over-Allotment Option for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. The Underwriter may exercise the Over-Allotment Option at any time in whole, or from time to time in part, on or before the forty-fifth (45th) day from the Closing Date, by giving written notice to the Company (the "**Over-Allotment Exercise Notice**"). Each exercise date must be at least one (1) business day after the Over-Allotment Exercise Notice is given, and may not be earlier than the Closing Date or later than ten (10) business days after the date of such notice. On each day, if any, that the Option Shares are to be purchased, the Underwriter agrees to purchase the number of the Option Shares (subject to such adjustments to eliminate fractional shares as the Underwriter may determine) that bears the same proportion to the total number of the Option Shares to be purchased on such additional closing date ("**Additional Closing Date**") as the number of Firm Shares set forth in Schedule A hereto opposite the name of such Underwriter bears to the total number of the Firm Shares. The Underwriter may cancel any exercise of the Over-Allotment Option by giving prior written notice of such cancellation to the Company. The Over-Allotment Exercise Notice shall set forth: (i) the aggregate number of Option Shares as to which the Over-Allotment Option is being exercised; (ii) the Over-Allotment Option Purchase Price; (iii) the names and denominations in which the Option Shares are to be registered; and (iv) any Additional Closing Date. Payment for the Option Shares shall be made, against delivery of the Option Shares to be purchased, by wire transfer in immediately available funds to the account(s) specified by the Company to the Underwriter at least two (2) Business Day in advance of such payment at the office of VCL Law LLP on any Additional Closing Date, or at such other place on the same or such other date and time, as shall be designated in writing by the Underwriter. Delivery of the Option Shares shall be made through the facilities of DTC, unless the Underwriter shall otherwise instruct.

**2.** <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriter as of the Applicable Time (as defined below), the Closing Date, and as of each applicable Additional Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Pursuant to the Securities Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement and an amendment or amendments thereto, on Form F-1 (File No. 333-290239), including any related prospectus or prospectuses, for the registration of the Securities under the Securities Act of 1933, as amended (the "**Securities Act**"), which registration statement and amendment or amendments have been prepared by the Company and conform, in all material respects, with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act (the "**Regulations**"), and the registration statement was declared effective by the Commission on [●], 2025 ("**Effective Date**"). Except as the context may otherwise require, such registration statement on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Regulations), is referred to herein as the "**Registration Statement**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The prospectus to be filed pursuant to Rule 424(b) under the Act after the execution and delivery of this Agreement by the parties hereto, or, if no filing pursuant to Rule 424(b) under the Act is required, the prospectus relating to the Offering included in the Registration Statement at the effective date of the Registration Statement, is hereinafter called the "**Prospectus**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "**Applicable Time**" means [●] p.m. Eastern Time, on [●], 2025, or such other time as agreed to by the Company and the Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Registration under the Exchange Act</u>. The Securities are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "**Exchange Act**"), and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Securities under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration except as described in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Listing on Nasdaq Capital Market</u>. The Securities have been approved for listing on the Nasdaq Capital Market ("**Nasdaq**") on or prior to the Applicable Time, subject to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, terminating the listing of the Securities on Nasdaq nor has the Company received any notification that Nasdaq is contemplating revoking or withdrawing approval for listing of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Stop Orders, etc</u>. Neither the Commission nor, to the best of the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of any preliminary prospectus ("**Preliminary Prospectus**"), the Prospectus or the Registration Statement or has instituted or, to the best of the Company's knowledge, threatened to institute any proceedings with respect to such an order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement, the Disclosure Package (as defined below), and the Prospectus and any post-effective amendments thereto will in all material respects comply with the requirements of the Securities Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Registration Statement, when it became effective, and any amendment or supplement thereto, did not contain and, at the Closing Date and any Additional Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Prospectus when filed with the Commission does not contain and, at the Closing Date and any Additional Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The representation and warranty made in this <u>Section 2(c)(i)(B)</u> does not apply to statements made or statements omitted in reliance upon and in conformity with written information with respect to the Underwriter furnished to the Company by the Underwriter expressly for use in the Registration Statement or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any of the Underwriter consists solely of the Underwriter's name (collectively, the "**Underwriter's Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Any issuer free writing prospectus(es) as defined in Rule 433 of the Regulations (the "**Issuer Free Writing Prospectus**") and Preliminary Prospectus(es), when taken together as a whole (collectively, the "**Disclosure Package**"), do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in 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's Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company, except as disclosed in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Material Adverse Change</u>. Since the end of the period covered by the latest audited financial statements or interim financial statements included in the Registration Statement, the Disclosure Package, and the Prospectus, and except as otherwise specifically stated therein: (A) there have been no events, individually or in the aggregate, that have occurred that would have a material adverse effect on the assets, business, conditions, financial position, capitalization, liabilities, obligations, management, general affairs, results of operations or business prospects of the Company and its Subsidiaries (as defined below) or cause any material loss, taken as a whole, or the ability of the Company to perform its obligations under this Agreements, including the issuance and sale of the Securities, or to consummate the transactions contemplated in the Registration Statement, the Disclosure Package, and the Prospectus (each of such effects and changes a "**Material Adverse Effect**" and a "**Material Adverse Change**," respectively); and (B) there have been no material transactions entered into by the Company not in the ordinary course of business, other than as contemplated pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Recent Securities Transactions, etc</u>. Since the end of the period covered by the latest audited financial statements or interim financial statements included in the Registration Statement, the Disclosure Package, and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement, the Disclosure Package, and the Prospectus, the Company has not, other than with respect to options to purchase Ordinary Shares at an exercise price equal to or greater than the then fair market price of the Ordinary Shares, as determined by the Company's Board of Directors, granted or issued to any person or entity, including but not limited to, employees, consultants or service providers: (A) any securities or incurred any material liability or obligation, direct or contingent, for borrowed money other than in the ordinary course of business; or (B) declared or paid any dividend or made any other distribution on or in respect to its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Independent Accountants</u>. To the best of the Company's knowledge, WWC, P.C., whose reports are filed with the Commission as part of the Registration Statement, are independent registered public accountants as required by the Securities Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement, the Disclosure Package, and the Prospectus fairly present the financial position and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with United States generally accepted accounting principles, consistently applied throughout the periods involved except as disclosed therein; and the supporting schedules included in the Registration Statement present fairly the information required to be stated therein. The Registration Statement discloses all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses, if any. Except as disclosed in the Registration Statement, the Disclosure Package, and the Prospectus, (i) neither the Company nor any of its Subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (ii) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its share capital, (iii) there has not been any change in the share capital of the Company or any of its Subsidiaries any grants under any share compensation plan, (iv) there has been no change related to share compensation plans, and (v) there has not been any material adverse change in the Company or any of its Subsidiaries' long-term or short-term debt. The Company has not received any notice, oral or written, from the Board of Directors stating that it is reviewing or investigating, and neither the Company's independent auditors nor its internal auditors have recommended that the Board of Directors 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;(g) <u>Authorized Capital; Options, etc</u>. The Company had the duly authorized, issued and outstanding capitalization as set forth in the Registration Statement, the Disclosure Package, and the Prospectus. Based on the assumptions stated in the Registration Statement, the Disclosure Package, and the Prospectus, the Company will have on the Closing Date and any Additional Closing Date, the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, this Agreement, the Registration Statement, the Disclosure Package, and the Prospectus, on the Effective Date, the Closing Date and any Additional Closing Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued share capital of the Company or any security convertible into share capital of the Company, or any contracts or commitments to issue or sell shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Valid Issuance of Securities, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Sold Pursuant to this Agreement</u>. The Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the foregoing Securities has been duly and validly taken. The Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Issuance of Securities</u>. Upon issuance of Securities, and subject to full payment thereof by the Underwriter in accordance with the terms hereof, such Securities will be duly and validly issued, and the persons in whose names the Securities are registered will be entitled to the rights specified in the Securities, and upon the sale and delivery of these Securities, and payment therefor, pursuant to this Agreement, the purchasers will acquire good, marketable and valid title to such Securities, free and clear of all pledges, liens, security interests, charges, claims or encumbrances of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement, the Disclosure Package, and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Securities Act or to include any such securities in a registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Validity and Binding Effect of This Agreement</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered, will constitute, the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Conflicts.</u> The execution, delivery, and performance by the Company of this Agreement, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of the subsidiaries of the Company (each a "Subsidiary" and collectively, "Subsidiaries") pursuant to the terms of any agreement or instrument to which the Company or any of the Subsidiaries is a party; (ii) result in any violation of the provisions of the Company's amended and restated memorandum and articles of association (as the same may be amended from time to time, the "**Articles**") or similar constituent documents of the Subsidiaries; or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or the Subsidiaries or any of their properties or business constituted as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Defaults; Violations</u>. Except as described in the Registration Statement, the Disclosure Package, and the Prospectus, no default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other material agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company or any of the Subsidiaries is a party or by which the Company or any of the Subsidiaries may be bound or to which any of the properties or assets of the Company or any of the Subsidiaries is subject. Neither the Company nor any of the Subsidiaries is in violation of any term or provision of its Articles or similar constituent documents, or in violation in any respect of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of the Subsidiaries or any of their properties or businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conduct of Business</u>. Except as described in the Registration Statement, the Disclosure Package, and the Prospectus, the Company and its Subsidiaries have all requisite corporate power and authority, and have all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that they need as of the date hereof to conduct their business 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;(ii) <u>Transactions Contemplated Herein</u>. The Company has the corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and the consents, authorizations, approvals and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery of the Securities and the consummation by the Company of the transactions and agreements contemplated by this Agreement and as contemplated by the Prospectus, except with respect to applicable federal and state securities laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc. ("**FINRA**") or Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>D&O Questionnaires</u>. To the best of the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers named in the section "Management" in the Registration Statement and the Prospectus and the beneficial owners of 5% or greater of the Company's outstanding Ordinary Shares immediately prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreement in the form attached hereto as <u>Annex IV</u> provided to the Underwriter is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the questionnaires completed by each Insider to become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Litigation; Governmental Proceedings</u>. There is no material (i) action, (ii) suit, (iii) proceeding, (iv) inquiry, (v) arbitration, (vi) investigation, (vii) litigation or (viii) governmental proceeding pending or, to the best of the Company's knowledge, threatened against, or involving the Company or, to the best of the Company's knowledge , involving any executive officer or director, or in connection with the Company's listing application for the listing of the Securities on Nasdaq, that has not been disclosed in the Registration Statement, the Disclosure Package, and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Good Standing</u>. The Company has been duly incorporated and is validly existing as an exempted company and is in good standing under the laws of the Cayman Islands as of the date hereof and is duly qualified to do business and is in good standing in each jurisdiction in which the conduct of business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Payments Within Twelve (12) Months</u>. Except as described in the Registration Statement, the Disclosure Package, and the Prospectus, none of the Company, the Subsidiaries nor any Insider or any officers, directors or shareholders of the Subsidiaries has made any direct or indirect payments (in cash, securities or otherwise) or reached any arrangements, agreements, or understanding with any person or entity relating to finder's fee, consulting fee or otherwise, in consideration of such person or entity raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company, within the twelve months prior to the Effective Date, other than the prior payment of US$110,000 to the Underwriter, as provided hereunder in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>FINRA Affiliation</u>. To the Company's knowledge, and except as may have been previously disclosed in writing to the Underwriter, no Insider has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Anti-Corruption Laws</u>. Neither the Company nor any of the Subsidiaries, nor any director or officer of the Company or any of the Subsidiaries nor, to the best knowledge of the Company, any agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of the Subsidiaries has (i) made, offered, promised or authorized any unlawful contribution, gift, entertainment or other unlawful expense (or taken any act in furtherance thereof), (ii) made, offered, promised or authorized any direct or indirect unlawful payment or (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations thereunder, the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute or regulation (collectively, "<u>Anti-Corruption Laws</u>"); the Company and the Subsidiaries have conducted their businesses in compliance with Anti-Corruption Laws and have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; neither the Company nor any of the Subsidiaries will use, directly or indirectly, the proceeds of the offering 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 Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to Underwriter or to Underwriter's Counsel shall be deemed a representation and warranty by the Company to the Underwriter as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Lock-Up Period.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company's officers, directors, and holders of 5% or greater outstanding Ordinary Shares, or any securities convertible into or exercisable or exchangeable for such Ordinary Shares (collectively, the "Lock-Up Parties," and, individually, the "Lock-Up Party") have agreed pursuant to executed Lock-Up Agreements in the form attached hereto as Annex IV that for a period of six months from the date of the Prospectus (the "Lock-Up Period"), such Lock-Up Parties and their affiliated parties shall not offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of, directly or indirectly, any securities or shares of the Company, including Ordinary Shares, or any securities convertible into or exercisable or exchangeable for such securities or shares, without the consent of the Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company, on behalf of itself and any successor entity, has agreed that, without the prior written consent of the Underwriter, it will not, for a period of six months from the Closing Date, (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; (B) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company or (C) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of shares of the Company, whether any such transaction described in clause (A), (B) or (C) above is to be settled by delivery of shares of the Company or such other securities, in cash or otherwise. The restrictions contained in this Section 2(t)(ii) shall not apply to (D) the Securities to be sold hereunder, (E) the issuance by the Company of Securities upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof, provided that the Underwriter have been advised in writing of such issuance prior to the date hereof, (F) the issuance by the Company of option to purchase or shares of securities, or restricted shares of the Company under any existing share compensation plan of the Company, or (G) any registration statement on Form S-8. For purposes of subclause (E) of this paragraph, the Underwriter acknowledges that disclosure in the Registration Statement filed prior to the date hereof of any outstanding option or warrant shall be deemed to constitute prior written notice to the Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Subsidiaries</u>. The subsidiaries of the Company are duly organized and in good standing under the laws of the place of organization or incorporation, and each such subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect. The Company's ownership and control of each subsidiary and each subsidiary's ownership and control of other subsidiaries, is as described in the Registration Statement, the Disclosure Package, and the Prospectus. The Company does not own or control, directly or indirectly, any corporation, association or entity other than the subsidiaries described in the Registration Statement, the Disclosure Package, and the Prospectus. Each of the Company and its subsidiaries has full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Registration Statement, the Disclosure Package and the Prospectus, and is duly qualified to do business under the laws of each jurisdiction which requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect. Exhibit 21.1 of the Registration Statement lists all the Company's significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act) and sets forth the ownership of all of such subsidiaries (each a "Subsidiary" and collectively, "Subsidiaries").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Related Party Transactions</u>. Except as disclosed in the Registration Statement, the Disclosure Package, and the Prospectus, there are no business relationships or related party transactions involving the Company or any other person required to be described in the Registration Statement, the Disclosure Package, and the Prospectus that have not been described as required. No material relationships or material transactions, direct or indirect, exist between any of the Company or its Subsidiaries on the one hand and their respective shareholders, sponsors, affiliates, officers and directors or any affiliates or family members of such persons on the other hand, except as described in the Registration Statement, the Disclosure Package, and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Board of Directors</u>. The Board of Directors of the Company is comprised of the persons set forth under the heading of the Registration Statement and the Prospectus captioned "Management." The qualifications of the persons serving as board members and the overall composition of the board comply with the Sarbanes-Oxley Act of 2002, as amended, and the rules promulgated thereunder applicable to the Company and the rules of Nasdaq. At least one member of the Board of Directors of the Company qualifies as an "audit committee financial expert" as such term is defined under the Sarbanes-Oxley Act of 2002, as amended, and the rules promulgated thereunder and the rules of Nasdaq. In addition, at least a majority of the persons serving on the Board of Directors qualify as "independent" as defined under the rules of the Commission and Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Sarbanes-Oxley Compliance</u>. Except as described in the Registration Statement, the Disclosure Package, and the Prospectus, the Company has taken all necessary actions to ensure that, on the Effective Date, it will be in material compliance with the provisions of the Sarbanes-Oxley Act of 2002, as amended, applicable to it and has implemented or will implement such programs and taken reasonable steps to ensure the Company's future material compliance (not later than the relevant statutory and regulatory deadlines therefor) with all the applicable provisions of the Sarbanes-Oxley Act of 2002, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and sale of the Securities and the application of the net proceeds thereof as described in the Registration Statement, the Disclosure Package, and the Prospectus, will not be, required to be registered as an "investment company" as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>No Material Labor Disputes</u>. No labor dispute with the employees of the Company or any of the Subsidiaries exists or, to the best of the Company's knowledge, is imminent, which is reasonably expected to result in a Material Adverse Effect to the Company and its Subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Intellectual Property</u>. Except as described in the Registration Statement, the Disclosure Package, and the Prospectus, the Company and each of the Subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property**") necessary for the conduct of the business of the Company and the Subsidiaries as currently carried on and as described in the Registration Statement, the Disclosure Package, and the Prospectus. To the best of the Company's knowledge, no action or use by the Company or any of the Subsidiaries will involve or give rise to any infringement of, or material license or similar fees for, any Intellectual Property of others. Neither the Company nor any of the Subsidiaries has received any notice alleging any such infringement or fee, except for such infringement or fee that would not reasonably be expected to have a Material Adverse Effect on the Company and the subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Taxes</u>. Each of the Company and the Subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and the Subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all material taxes imposed on or assessed against the Company or such Subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriter and to the best knowledge of the Company, (A) no material issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or the Subsidiaries, and (B) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or the Subsidiaries. The term "**taxes**" shall mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements, and other documents required to be filed with relevant taxing authorities in respect to taxes. Except as disclosed in the Registration Statement, the Disclosure Package, and the Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in the Cayman Islands or Hong Kong Special Administrative Region ("Hong Kong") to any Cayman Islands or Hong Kong taxing authority in connection with (A) the issuance, sale and delivery of the Securities to or for the account of the purchasers, and (B) the purchase from the Company and the sale and delivery of the Securities to purchasers thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Data</u>. The industry-related and market-related data included in the Registration Statement, the Disclosure Package, and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived. The Company has obtained the written consent to the use of such data from such sources to the extent necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Company's Board of Directors has validly appointed an audit committee whose composition satisfies the requirements of the rules and regulations of Nasdaq, and the Board of Directors and/or audit committee has adopted a charter that satisfies the requirements of the rules and regulations of Nasdaq. Except as described in the Registration Statement, the Disclosure Package, and the Prospectus, neither the Board of Directors nor the audit committee has been informed, nor is any director of the Company aware, of any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Neither the Company nor the Subsidiaries has, prior to the date hereof, made any offer or sale of any securities which are required to be "integrated" pursuant to the Securities Act or the Regulations with the offer and sale of the Underwriter pursuant to the Registration Statement. Except as disclosed in the Registration Statement, neither the Company nor the Subsidiaries has sold or issued any Ordinary Shares or any securities convertible into, exercisable or exchangeable for Ordinary Shares, or other equity securities, or any rights to acquire any Ordinary Shares or other equity securities of the Company, during the six-month period preceding the date of the Prospectus, including but not limited to any sales pursuant to Rule 144A or Regulation D or S under the Securities Act, other than Ordinary Shares issued pursuant to employee benefit plans, qualified share option plans or the employee compensation plans or pursuant to outstanding options, rights or warrants as described in the Registration Statement, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Money Laundering</u>. The operations of the Company and the Subsidiaries are and have been conducted at all times in all material respects in compliance with applicable financial recordkeeping and reporting requirements of money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, or any of the Subsidiaries with respect to the Money Laundering Laws is pending or, to the best of the Company's knowledge, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Office of Foreign Assets Control</u>. Neither the Company nor any of the Subsidiaries, nor, to best of the Company's knowledge, any director or officer of the Company or any of the Subsidiaries nor, to the knowledge of the Company, any agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of the Subsidiaries is (A) currently the subject or the target of any sanctions administered or enforced by the U.S. Government, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC"), or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person," the European Union, His Majesty's Treasury, the United Nations Security Council, or other relevant sanctions authority (collectively, "Sanctions"), (B) located, organized, or resident in a country or territory that is the subject or target of comprehensive Sanctions (a "Sanctioned Jurisdiction"), and the Company will not directly or indirectly use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding, is the subject or the target of Sanctions or with a Sanctioned Jurisdiction (ii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions; neither the Company nor any of the Subsidiaries is engaged in, or has, at any time in the past five years, engaged in, any dealings or transactions with or involving any individual or entity that was or is, as applicable, at the time of such dealing or transaction, the subject or target of Sanctions or with any Sanctioned Jurisdiction; the Company and the Subsidiaries have instituted, and maintain, policies and procedures designed to promote and achieve continued compliance with Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>No Immunity</u>. None of the Company, its Subsidiaries, or any of its or their properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of the Cayman Islands, Hong Kong, New York or United States federal law; and, to the extent that the Company, its Subsidiaries, or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its Subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement under New York law as provided under this Agreement. A holder of the Ordinary Shares and each Underwriter are each entitled to sue as plaintiff in the courts of the Cayman Islands for the enforcement of their respective rights under this Agreement and the Ordinary Shares and such access to such courts will not be subject to any conditions which are not applicable to residents of such jurisdiction or a company incorporated in such jurisdiction, except that the plaintiffs not residing in the Cayman Islands may be required to guarantee payment of a possible order for payment of costs or damages at the request of the defendant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in the Disclosure Package, Registration Statement and Prospectus, all dividends and other distributions declared and payable on the Ordinary Shares may be paid to the holders of Securities in United States dollars and may be converted into foreign currency that may be transferred out of the Cayman Islands and Hong Kong in accordance with, and all such payments made to holders thereof or therein who are non-residents of the Cayman Islands or Hong Kong, will not be subject to income, withholding or other taxes under, the laws and regulations of the Cayman Islands and Hong Kong or any political subdivision or taxing authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in the Cayman Islands and Hong Kong or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in the Cayman Islands and Hong Kong or any political subdivision or taxing authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Not a PFIC</u>. Except as disclosed in the Disclosure Package, Registration Statement and Prospectus, the Company does not expect that it will be treated as a Passive Foreign Investment Company ("**PFIC**") within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its current taxable year. The Company has no plan or intention to operate in such a manner that would reasonably be expected to result in the Company becoming a PFIC in future taxable years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>PRC Representation and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Organization</u>. The Company does not have any operations or subsidiaries in the PRC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Compliance with SAFE Regulations</u>. The Company has taken all reasonable steps to cause all of the Company's shareholders and option holders who are residents or citizens of the PRC, if any, to comply with any applicable rules and regulations of the State Administration of Foreign Exchange ("**SAFE**") relating to such shareholders' and option holders' shareholding with the Company (the "**SAFE Rules and Regulations**"), including, without limitation, taking reasonable steps to require each shareholder or option holder that is, or is directly or indirectly owned or controlled by, a resident or citizen of the PRC to complete any registration and other procedures required under applicable SAFE Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Securities Offering and Listing Rules</u>. The Company represents and warrants to the Underwriter that the Offering or the listing of the Company's securities on Nasdaq are not subject to the requirements of the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies (the "**Trial Measures**") and related regulations, rules or guidelines, including but not limited to the Provisions on Strengthening the Confidentiality and Archive Management Work Relating to the Overseas Securities Offering and Listing (the "**Confidentiality Provisions**"), and the Company is not required to obtain approvals from any PRC authorities for the Offering or listing of the securities on Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The operations of the Company and the Offering are not subject to the Cyberspace Administration of China's review and regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Foreign Private Issuer Status</u>. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Choice of Law</u>. Except as disclosed in the Registration Statement, the Disclosure Package, and the Prospectus, the choice of law provision set forth in this Agreement constitutes a legal and valid choice of law under the laws of the Cayman Islands (as applicable for the purposes of this Agreement) and will be recognized, honored and given effect by the courts of the Cayman Islands, except for those laws (i) which such court considers to be procedural in nature; (ii) which are revenue or penal laws; or (iii) the application of which would be inconsistent with public policy, as such term is interpreted under the laws of the Cayman Islands, and provided that such choice of law has been made in good faith and will be upheld by the courts of New York as a matter of the Governing Law. The Company has the power to submit, and pursuant <u>to Section 14</u> of this Agreement, has legally, validly, effectively and submitted, to the personal jurisdiction of each of the New York Courts, and the Company has the power to designate, appoint and authorize, and pursuant to <u>Section 14</u> of this Agreement, has legally, validly, effectively and irrevocably designated, appointed an authorized agent for service of process in any action arising out of or relating to this Agreement, or the Securities in any New York Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company as provided in <u>Section 14</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Recognition of Judgments</u>. Except as described under the section "Enforceability of Civil Liabilities" in the Prospectus, the courts of the Cayman Islands and Hong Kong would recognize as a valid judgment any final monetary judgment obtained against the Company in the courts of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>MD&A</u>. The section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Preliminary Prospectus included in the Disclosure Package and the Prospectus accurately and fully describes in all material respects (i) accounting policies that the Company believes are the most important in the portrayal of the Company's financial condition and results of operations and that require management's most difficult, subjective or complex judgments ("**Critical Accounting Policies**"); (ii) judgments and uncertainties affecting the application of the Critical Accounting Policies; and (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; and the Company's management have reviewed and agreed with the selection, application and disclosure of the Critical Accounting Policies as described in the Disclosure Package and the Prospectus and have consulted with its independent accountants with regard to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Scheme or Arrangement with Shareholders</u>. Neither the Company nor any of its affiliates or Subsidiaries is a party to any scheme or arrangement through which shareholders or potential shareholders are being loaned, given or otherwise having money made available for the purchase of shares whether before, in or after the Offering. Neither the Company nor any of the Subsidiaries or affiliates is aware of any such scheme or arrangement, regardless of whether it is a party to a formal agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Dividends and Distributions</u>. Except as disclosed in the Registration Statement, the Disclosure Package, and the Prospectus, no Subsidiary of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary's capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>Material Contracts</u>. Neither the Company nor any of the Subsidiaries has, since the date of the latest audited financial statements included in the Registration Statement, the Disclosure Package, and the Prospectus, entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and the Subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and the Subsidiaries taken as a whole and not otherwise disclosed in the Registration Statement, the Disclosure Package, and the Prospectus. Neither the Company nor any of the Subsidiaries has sent or received any written communication regarding termination of, or intent not to renew, any of the contracts or agreements specifically referred to or described in the Registration Statement, the Disclosure Package, and the Prospectus, or specifically referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Company, any of the Subsidiaries or any other party to any such contract or agreement. Neither the Company nor any of its Subsidiaries is a party to any effective memorandum of understanding, letter of intent, definitive agreement or any similar agreements with respect to a merger or consolidation or an acquisition or disposition of assets, technologies, business units or businesses which is required to be described in the Registration Statement, the Disclosure Package, and the Prospectus and which is not so described;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Property</u>. The Company and the Subsidiaries have good and marketable title (or, in the case of a real property located in the PRC, valid land use rights and real property ownership certificates with respect to such real property) to the real property and personal property owned by them which are in each case material to the business of the Company and the Subsidiaries taken as a whole, free and clear of all liens, encumbrances and defects; and any real property and buildings held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are described in the Registration Statement, the Disclosure Package, and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Forward-looking Statement</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included or incorporated by reference in any of the Registration Statement, the Disclosure Package, or the Prospectus (including all amendments and supplements thereto) has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>Insurance</u>. The Company and the Subsidiaries carry, or are covered by, insurance for the conduct of their respective businesses and the value of their respective properties, if applicable, in such amounts and covering such risks as is adequate and as is customary for companies engaged in similar businesses; and neither the Company nor any of the Subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at a cost that would not, individually or in the aggregate, have a Material Adverse Effect from similar insurers as may be necessary to continue its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>IT Systems</u>. The Company and its Subsidiaries' information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, "**IT Systems**") 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 its Subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants. The Company and its Subsidiaries have, in all material respects, implemented, maintained and complied with adequate and effective controls, policies, procedures, and safeguards to maintain and protect their confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, household, sensitive, confidential or regulated data, or any such data that may constitute trade secrets, important data and working secrets of any governmental authority or any other data that would otherwise be detrimental to national security, public interest or lawful rights and interests of relevant individuals or organizations pursuant to the applicable laws ("**Personal and Confidential Data**")) used in connection with their businesses and/or the Offering, and there have been no, and the Company and its Subsidiaries have not been notified of and have no knowledge of any event or condition that would reasonably be expected to result in, any breach, destruction, loss, violation, outage, leakage, misappropriation, modification, unauthorized distribution, use of or access to or other compromise or misuse of same. The Company and its Subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority and any other legal obligations, internal and external policies, contractual obligations and industrial standards relating to the privacy and security of IT Systems and Personal and Confidential Data ("**Data Security Obligations**"), to the protection of such IT Systems and Personal and Confidential Data from unauthorized use, access, misappropriation or modification and to the data outbound transition. The Company and its Subsidiaries have not received any notification of or complaint regarding and are unaware of any other facts that, individually or in the aggregate, would reasonably indicate non-compliance with any Data Security Obligations, and there have been no action, suit or proceeding by or before any court or government agency, authority or body pending or, to the best of the Company's knowledge, threatened alleging non-compliance with any Data Security Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) <u>Emerging Growth Company</u>. From the time of the initial confidential submission of a registration statement relating to the Offering with the Commission through the date hereof, the Company has been and is an "emerging growth company" as defined in Section 2(a)(19) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Since the initial filing of the Registration Statement and at the date hereof, the Company was not and is not an "ineligible issuer," as defined in Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) No holder of any Ordinary Shares after the consummation of the transactions contemplated by this Agreement is or will be subject to any personal liability in respect of any liability of the Company by virtue only of its holding of any such Ordinary Shares; and except as set forth in the Registration Statement, the Disclosure Package, and the Prospectus, there are no limitations on the rights of holders of the Ordinary Shares to hold or transfer their securities.

**3.** <u>Offering</u>. Upon authorization of the release of the Securities by the Underwriter, the Underwriter proposes to offer the Securities for sale to the public upon the terms and conditions set forth in the Prospectus.

**4.** <u>Covenants of the Company</u>. The Company acknowledges, covenants and agrees with the Underwriter that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the filing of the Prospectus is otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule 430A has been used) pursuant to Rule 424(b) within the prescribed time period and will provide evidence satisfactory to the Underwriter of such timely filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period beginning on the date hereof and ending on the later of the Closing Date or such date as, in the reasonable opinion of Underwriter's Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice referred to in Rule 173(a) under the Securities Act is no longer required to be provided) in connection with sales by an underwriter or dealer (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement, the Disclosure Package or the Prospectus, the Company shall furnish to the Underwriter and Underwriter's Counsel for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriter reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the date of this Agreement, the Company shall promptly advise the Underwriter in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission; (ii) the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any prospectus, the Disclosure Package or the Prospectus; (iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of any prospectus, the Disclosure Package, the Prospectus, or the initiation of any proceedings to remove, suspend or terminate from listing the Securities from any securities exchange upon which the Securities are listed for trading, or of the threatening of initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its reasonable efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as now and hereafter amended, and by the Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof, the Registration Statement, the Disclosure Package, and the Prospectus. If during such period any event or development occurs as a result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Package) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Underwriter or Underwriter's Counsel to amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Package) to comply with the Securities Act, the Company will promptly notify the Underwriter and will promptly amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If at any time following the issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which such Issuer Free Writing Prospectus would conflict with the information contained in the Registration Statement or the Prospectus or would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements therein, in light of the circumstances there existing, not misleading, the Company will promptly notify the Underwriter and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will deliver to the Underwriter and Underwriter's Counsel a copy of the Registration Statement, as initially filed, and all amendments thereto, including all consents and exhibits filed therewith. The Company will promptly deliver to the Underwriter such number of copies of any Preliminary Prospectus, the Prospectus, the Registration Statement, and all amendments of and supplements to such documents, if any, and all documents which are exhibits to the Registration Statement and any Preliminary Prospectus or Prospectus or any amendment thereof or supplement thereto, as the Underwriter may reasonably request. Prior to 12:00 p.m. Eastern Time, on the next Business Day succeeding the date of this Agreement, and from time to time thereafter, the Company will furnish to the Underwriter copies of the Prospectus in such quantities as the Underwriter may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company consents to the use and delivery of the Preliminary Prospectus by the Underwriter in accordance with Rule 430 and Section 5(b) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Company elects to rely on Rule 462(b) under the Securities Act, the Company shall both file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by the earlier of: (i) 10:00 p.m. Eastern Time, on the date of this Agreement, and (ii) the time that confirmations are given or sent, as specified by Rule 462(b)(2), and pay the applicable fees in accordance with Rule 111 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will use its reasonable best efforts, in cooperation with the Underwriter, at or prior to the time of effectiveness of the Registration Statement, to qualify the Securities for offering and sale under the securities laws relating to the offering or sale of the Securities of such jurisdictions as the Underwriter may reasonably designate and to maintain such qualifications in effect for so long as required for the distribution thereof; except that in no event shall the Company be obligated in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process or to subject itself to taxation if it is otherwise not so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the Electronic Data Gathering, Analysis and Retrieval ("**EDGAR**") system) to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company's current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) During the six months following the Closing Date, the Company or any successor to the Company shall not undertake any public or private offerings of any equity securities of the Company (including equity-linked securities) without the prior written consent of the Underwriter, which shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Starting from the date of this Offering, any of the entities and individuals listed on <u>Schedule B</u> hereto (the "**Lock-Up Parties**"), without the prior written consent of the Underwriter, shall not sell or otherwise dispose of any securities of the Company, whether publicly or in a private placement, during their respective lock-up period in the lock-up agreements that are in effect. The Company will deliver to the Underwriter the agreements of the Lock-Up Parties to the foregoing effect on the date of this Agreement, which agreements shall be substantially in the form attached hereto as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will not issue press releases or engage in any other publicity without the Underwriter's prior written consent, for a period ending at 5:00 p.m. Eastern Time, on the first Business Day following the forty-fifth (45th) day following the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business, or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will apply the net proceeds from the sale of the Securities as set forth under the caption "Use of Proceeds" in the Prospectus. Without the prior written consent of the Underwriter, except as disclosed in the Registration Statement, the Disclosure Package, and the Prospectus, no proceeds of the Offering will be used to pay outstanding loans from officers, directors or shareholders or to pay any accrued salaries or bonuses to any employees or former employees. The application of the net proceeds from the Offering will not, (i) contravene any provision of any current and applicable laws or the current constituent documents of the Company or any of the Subsidiaries, (ii) contravene the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, note, lease or other agreement or instrument currently binding upon the Company or any of the Subsidiaries or (iii) contravene or violate the terms or provisions of any governmental authorization applicable to any of the Company or any of the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company will use its reasonable best efforts to effect and maintain the listing of the Ordinary Shares on Nasdaq for at least three (3) years from the date of the Offering, unless such listing is terminated as a result of a transaction approved by the holders of a majority of the voting securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will use its best efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to the Closing Date and any Additional Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company will not take, and will cause its Subsidiaries not to take, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company shall cause to be prepared and delivered to the Underwriter, at its expense, within two (2) Business Days from the date of this Agreement, an Electronic Prospectus to be used by the Underwriter in connection with the Offering. As used herein, the term "Electronic Prospectus" means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Underwriter, that may be transmitted electronically by the Underwriter to offerees and purchasers of the Securities for at least the period during which a Prospectus relating to the Securities is required to be delivered under the Securities Act or the Exchange Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Underwriter, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for online time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Company will comply with and require the Company's directors and executive officers, in their capacities as such, to comply with all applicable securities laws, rules and regulations, including, without limitation, the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Company will promptly notify the Underwriter if the Company ceases to be an Emerging Growth Company at any time prior to the completion of the Lock-up Period.

**5.** <u>Representations and Warranties of the Underwriter</u>.

The Underwriter represents and agrees that, unless it obtain the prior written consent of the Company, it has not made and will not make any offer relating to the Securities that would constitute a "free writing prospectus," as defined in Rule 405 under the Securities Act, required to be filed with the Commission; *provided* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses. Any such free writing prospectus consented to by the Underwriter is herein referred to as a "Permitted Free Writing Prospectus." The Underwriter represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and have complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

**6.** <u>Consideration; Payment of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services to be provided for hereunder, the Company shall pay to the Underwriter or their respective designees their pro rata portion (based on the Securities purchased) of the following compensation with respect to the Securities which they are offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an underwriting discount equal to seven and one-half percent (7.5%) of the aggregate gross proceeds raised 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;(ii) a non-accountable expense allowance of one percent (1%) of the aggregate gross proceeds of 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;(iii) an accountable expense allowance of up to $240,000, including, among other things, all reasonable fees and expenses of the Underwriter's outside legal counsel; any reasonable costs and expenses incurred in conducting background checks of the Company's officers and directors by a background search firm acceptable to the Underwriter; and the costs associated with bound volumes and mementos in such quantities as the Underwriter may reasonably request (the "Accountable Out-of-Pocket Expenses"). The Company has advanced an amount of $110,000 (the "Advances") to the Underwriter in anticipation of any Accountable Out-of-Pocket Expenses to be incurred by the Underwriter. The Underwriter shall promptly return to the Company the Advances against the Accountable Out-of-Pocket Expenses, to the extent that such Accountable Out-of-Pocket Expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

&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) a right of first refusal, exercisable at the sole discretion of the Underwriter for twelve months from the Closing Date, to provide investment banking service to the Company on an exclusive basis and terms that are the same or more favorable to us comparing to terms offered to us by other underwriters or placement agents (the "**Right of First Refusal**"). For these purposes, the investment banking service includes, 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 Underwriter shall 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 Underwriter to act in any such capacity shall be contained in separate agreements, which agreements would contain, among other matters, provisions for customary fees for transactions of similar size and nature, as may be mutually agreed upon, and indemnification of the Underwriter and shall be subject to general market conditions. In compliance with FINRA Rule 5110(g)(6)(A), in no circumstances the Right of First Refusal shall have a duration of more than three years from the commencement of sales of the public offering or the termination date of the engagement between the Company and the Underwriter. If the Underwriter 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 shall have the right to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person or persons than the terms presented to and declined by the Underwriter. The Right of First Refusal granted hereunder may be terminated by the Company for "Cause," which shall mean a material breach by the Underwriter of an engagement letter between the Underwriter and the Company dated June 27, 2025 (the "Engagement Letter"), or a material failure by the Underwriter to provide the services as contemplated by the Engagement Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriter reserves the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Underwriter's aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whether or not the transactions contemplated by this Agreement, the Registration Statement, the Disclosure Package, and the Prospectus are consummated or this Agreement is terminated, the Company hereby agrees to bear all costs and expenses incident to the Offering which are not included in the maximum accountable expense allowance, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all expenses in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus and the Prospectus and any and all amendments and supplements thereto;

&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) all fees and expenses in connection with filings with FINRA's Public Offering System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Securities under the Securities Act and 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;(iv) all reasonable expenses in connection with the qualifications of the Securities for offering and sale under state or foreign securities or blue sky laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all fees and expenses in connection with listing the Securities on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all reasonable travel expenses of the Company's officers, directors and employees and any other expense of the Company incurred in connection with attending or hosting meetings with prospective purchasers of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all the road show expenses incurred by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any share transfer taxes or other taxes incurred in connection with this Agreement or the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the costs associated with book building, prospectus tracking and compliance software and the cost of preparing certificates representing the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the cost and charges of any transfer agent or registrar for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood, however, that except as provided in this <u>Section 6</u>, and <u>Sections 8</u>, <u>9</u> and <u>11(d)</u> hereof, the Underwriter will pay all of their own costs and expenses. Notwithstanding anything to the contrary in this <u>Section 6</u>, in the event that this Agreement is terminated pursuant to <u>Section 11(b)</u> hereof, or subsequent to a Material Adverse Change, (i) the Company will pay, less the amount of the Advances previously paid, all Accountable Out-of-Pocket Expenses (including but not limited to fees and disbursements of Underwriter's Counsel and reasonable and accountable travel) incurred in connection herewith which shall be limited to expenses which are actually incurred as allowed under FINRA Rule 5110 and in any event, the aggregate amount of such expenses to be reimbursed by the Company shall not exceed $240,000, including the Advances, and (ii) to the extent that the Underwriter's Accountable Out-of-Pocket Expenses are less than the Advances, the Underwriter will return to the Company that portion of the Advances not offset by actual expenses.

**7.** <u>Conditions of Underwriter's Obligations</u>. The obligations of the Underwriter to purchase and pay for the Firm Shares and Option Shares as provided herein shall be subject to: (i) the accuracy of the representations and warranties of the Company herein contained, as of the date hereof and as of the Closing Date or as of the applicable Additional Closing Date, (ii) the absence from any certificates, opinions, written statements or letters furnished to the Underwriter or to Underwriter's Counsel pursuant to this <u>Section 7</u> of any misstatement or omission, (iii) the performance by the Company of its obligations hereunder, and (iv) each of the following additional conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement shall have become effective and all necessary regulatory and listing approvals shall have been received not later than 5:30 p.m. Eastern Time, on the date of this Agreement, or at such later time and date as shall have been consented to in writing by the Underwriter. If the Company shall have elected to rely upon Rule 430A under the Securities Act, the Prospectus shall have been filed with the Commission in a timely fashion in accordance with the terms thereof and a form of the Prospectus containing information relating to the description of the Securities and the method of distribution and similar matters shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time period; and, at or prior to the Closing Date or the applicable Additional Closing Date and the actual time of the Closing or the applicable Additional Closing Date, no stop order suspending the effectiveness of the Registration Statement or any part thereof, or any amendment thereof, nor suspending or preventing the use of the Disclosure Package and the Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; all requests of the Commission for additional information (to be included in the Registration Statement, the Disclosure Package, and the Prospectus or otherwise) shall have been complied with to the Underwriter's reasonable satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriter shall not have reasonably determined, and advised the Company, that the Registration Statement, the Disclosure Package or the Prospectus, or any amendment thereof or supplement thereto, contains an untrue statement of fact which, in the Underwriter's reasonable opinion, is material, or omits to state a fact which, in the Underwriter's reasonable opinion, is material and is required to be stated therein or 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;(c) The Underwriter shall have received, in form reasonably satisfactory to the Underwriter and Underwriter's Counsel, dated as of the Closing Date or as of the applicable Additional Closing Date, of (i) a favorable legal opinion from Ogier, Cayman Islands legal counsel to the Company and addressed to the Underwriter, (ii) a favorable legal opinion and negative assurance letter from Loeb & Loeb LLP, U.S. legal counsel for the Company and addressed to the Underwriter, and (iii) a favorable legal opinion from TWSL Partners, Hong Kong legal counsel to the Company and addressed to the Underwriter. A copy of such opinion shall have been provided to the Underwriter with consent from such counsel. Additionally, the Underwriter shall have received on the Closing Date or on the applicable Additional Closing Date a favorable legal opinion and negative assurance letter of VCL Law LLP, U.S. legal counsel for the Underwriter, dated the Closing Date or the applicable Additional Closing Date, in form and substance reasonably satisfactory to the Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriter shall have received certificates of each of the Chief Executive Officer and Chief Financial Officer of the Company (the "**Officers' Certificate**"), substantially in the form attached hereto as <u>Annex I</u> and dated as of the Closing Date or as of the applicable Additional Closing Date, to the effect that: (i) the conditions set forth in subsection (a) of this <u>Section 7</u> have been satisfied, (ii) as of the date hereof and as of the Closing Date or as of the applicable Additional Closing Date, the representations and warranties of the Company set forth in <u>Section 2</u> hereof are accurate, (iii) as of the Closing Date or as of the applicable Additional Closing Date, all agreements, conditions and obligations of the Company to be performed or complied with hereunder on or prior thereto have been duly performed or complied with, (iv) the Company has not sustained any material loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding, (v) no stop order suspending the effectiveness of the Registration Statement or any amendment thereof has been issued and no proceedings therefor have been initiated or threatened by the Commission, (vi) there are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement, the Disclosure Package, and the Prospectus pursuant to the Regulations which are not so included, (vii) subsequent to the respective dates as of which information is given in the Registration Statement, the Disclosure Package, and the Prospectus, there has not been any Material Adverse Change or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business, and (viii) any other conditions deemed reasonably necessary for the closing of the Offering by the Underwriter's Counsel have been satisfied, provided that such other conditions have been specified to the Company at least five Business Days prior to the Closing Date or the applicable Additional Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At each of the Closing Date or the applicable Additional Closing Date, the Underwriter shall have received a certificate of the Company signed by the Chairman of the Board of Directors of the Company (the "**Chairman's Certificate**"), substantially in the form attached hereto as <u>Annex II</u> and dated the Closing Date or the applicable Additional Closing Date, certifying: (i) that each of the Articles is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's Board of Directors relating to the Offering are in full force and effect and have not been modified; (iii) the good standing of the Company and the Subsidiaries; (iv) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the date of this Agreement and on the Closing Date or the applicable Additional Closing Date, the Underwriter shall have received "comfort" letters from WWC, P.C. (the "**Auditor Comfort Letter**") as of each such date, addressed to the Underwriter and in form and substance satisfactory to the Underwriter and Underwriter's Counsel, confirming that they are independent certified public accountants with respect to the Company within the meaning of the Securities Act and all applicable Regulations, and stating, as of such date (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Prospectus, as of a date not more than two (2) business days prior to such date), the conclusions and findings of such firm with respect to the financial information and other matters relating to the Registration Statement covered by such letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the Closing Date or the applicable Additional Closing Date, the Company shall have furnished to the Underwriter, a certificate on behalf of the Company, dated the respective dates of delivery thereof and addressed to the Underwriter, of its Chief Financial Officer with respect to certain financial date contained in the Registration Statement and Prospectus (the "**CFO Certificate**"), providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Underwriter, substantially in the form attached hereto as <u>Annex III</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date or the applicable Additional Closing Date or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment thereof) and the Prospectus (exclusive of any supplement thereto), there shall not have been any change in the share capital or long-term debt of the Company or any change or development involving a change, whether or not arising from transactions in the ordinary course of business, in the business, condition (financial or otherwise), results of operations, shareholders' equity, properties or prospects of the Company, taken as a whole, including but not limited to the occurrence of any fire, flood, storm, explosion, accident, act of war or terrorism or other calamity, the effect of which, in any such case described above, is, in the reasonable judgment of the Underwriter, so material and adverse as to make it impracticable or inadvisable to proceed with the sale of Securities or Offering as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriter shall have received a lock-up agreement from each Lock-Up Party, duly executed by the applicable Lock-Up Party, in each case substantially in the form attached as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Securities are registered under the Exchange Act and, as of the Closing Date or as of the applicable Additional Closing Date, the Securities shall be listed and admitted and authorized for trading on Nasdaq and satisfactory evidence of such action shall have been provided to the Underwriter. The Company shall have taken no action designed to terminate, or likely to have the effect of terminating, the registration of the Securities under the Exchange Act or delisting or suspending the Securities from trading on Nasdaq, nor will the Company have received any information suggesting that the Commission or Nasdaq is contemplating terminating such registration or listing. The Firm Shares shall be DTC eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or as of the applicable Additional Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date or as of the applicable Additional Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business or operations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company shall have furnished the Underwriter and Underwriter's Counsel with such other certificates, opinions or documents as they may have reasonably requested at least two Business Days prior to the Closing Date or the applicable Additional Closing Date.

**8.** <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless (to the fullest extent permitted by applicable law) the Underwriter and any controlling person, director, officer, employee, affiliate, agent or counsel of the Underwriter and of any affiliate of the Underwriter (the "Indemnified Parties"), against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon: (i) an untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the Disclosure Package, the Prospectus, or any amendment or supplement to any of them or (B) any Issuer Free Writing Prospectus or any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities ("**Marketing Materials**"), including any road show or investor presentations made to investors by the Company (whether in person or electronically), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigations or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof); or (ii) in whole or in part upon any inaccuracy in the representations and warranties of the Company contained herein; or (iii) in whole or in part upon any failure of the Company to perform its obligations hereunder; *provided, however*, that the Company shall not be liable in any such case to the extent that any such loss, liability, claim, damage or expense (or action in respect thereof) is finally judicially determined to have resulted from the gross negligence, willful misconduct, or bad faith of Underwriter or any of the Indemnified Parties or arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Disclosure Package, the Prospectus, or any such amendment or supplement to any of them, or any Issuer Free Writing Prospectus or any Marketing Materials in reliance upon and in conformity with the Underwriter's Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriter agrees to indemnify and hold harmless the Company, each of the directors of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Underwriter), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the Disclosure Package, the Prospectus, any amendment or supplement to any of them or any Marketing Materials, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof), in each case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Underwriter's Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this <u>Section 8</u> to the extent that it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability that such indemnifying party may have otherwise than on account of the indemnity agreement hereunder). In case any such claim or action is brought against any indemnified party, and it so notifies an indemnifying party thereof, the indemnifying party will be entitled to participate at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless: (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action; (ii) the indemnifying parties have not employed counsel to have charge of the defense of such action within a reasonable time after notice of the claim or the commencement of the action; (iii) the indemnifying party does not diligently defend the action after assumption of the defense; or (iv) such indemnified party or parties shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party, or any of them, in conducting the defense of any such action or there may be legal defenses available to it or them which are different from or additional to those available to any of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties and shall be paid as incurred. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) of the indemnified party or parties unless such separate representations are required under applicable ethics rules that govern the representations of the indemnified party or parties by such legal counsel. In the case of any separate firm for the Underwriter and such control persons and affiliates of the Underwriter, such firm shall be designated in writing by the Underwriter. In the case of more than one separate firm (in addition to any local counsel) for the Company, and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this <u>Section 8</u> or <u>Section 9</u> hereof (whether or not the indemnified party is an actual or potential party thereto), unless (v) such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such claim, investigation, action or proceeding and (B) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party, and (vi) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment.

**9.** <u>Contribution</u>. In order to provide for contribution in circumstances in which the indemnification provided for in Section 8 is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder (other than by reason of the gross negligence, willful misconduct or bad faith of the Underwriter or the Indemnified Parties, as the case may be), the Company and the Underwriter shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision (including any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted, but after deducting in the case of losses, claims, damages, liabilities and expenses suffered by the Company, any contribution received by the Company from persons, other than the Underwriter, who may also be liable for contribution, including persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company), as incurred, to which the Company and one or more of the Underwriter may be subject, in such proportions as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriter on the other hand from the Offering and sale of the Securities or, if such allocation is not permitted by applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Company and the Underwriter in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Underwriter shall be deemed to be in the same proportion as (i) the total proceeds from the Offering (net of underwriting discount and commission but before deducting expenses) received by the Company bears to (ii) the underwriting discount and commissions received by the Underwriter, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company and the Underwriter shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriter and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriter agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation (even if the Underwriter was treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 9. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 9 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this Section 9, (i) the Underwriter shall not be required to contribute any amount in excess of the underwriting discounts applicable to the Securities underwritten by it and distributed to the public, and (ii) 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 fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act). For purposes of this Section 9, each Person, if any, who controls an Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Underwriter, and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to clauses (i) and (ii) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this <u>Section 9</u> or otherwise. As used herein, a "Person" refers to an individual or entity.

**10.** <u>Survival</u>. All covenants of the Company and the Underwriter contained in this Agreement or the agreements contained in <u>Sections 6</u>, <u>14</u> and <u>15</u>, the indemnity agreements contained in <u>Section 8</u> and the contribution agreements contained in <u>Section 9</u>, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriter or any controlling Person thereof or by or on behalf of the Company, any of its officers or directors or any controlling Person thereof, and shall survive delivery of and payment for the Securities to and by the Underwriter. The covenants and agreements contained in <u>Sections 4</u>, <u>6, 8</u>, <u>9</u>, <u>14</u> and <u>15</u> shall survive any termination of this Agreement, including termination pursuant to <u>Section 11</u>. For the avoidance of doubt, in the event of termination the Underwriter will be reimbursed Accountable Out-of-Pocket Expenses subject to the limit in <u>Section 6(d)</u> and <u>Section 11(d)</u> below, in compliance with FINRA Rules5110(g)(5)(A), 5110(g)(5)(B)(i) and 5110(g)(5)(B)(ii).

**11.** <u>Effective Date of Agreement; Termination; Defaulting Underwriter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the later of: (i) receipt by the Underwriter and the Company of notification of the effectiveness of the Registration Statement or (ii) the execution of this Agreement. Notwithstanding any termination of this Agreement, the provisions of <u>Section 12</u> and of <u>Sections 4</u>, <u>6</u>, <u>8</u>, <u>9</u>, <u>14</u> and <u>15</u> shall remain in full force and effect at all times after the execution hereof to the extent they are in compliance with FINRA Rule 5110(g)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriter shall have the right to terminate this Agreement at any time prior to the consummation of the Closing if: (i) any domestic or international event or act or occurrence has materially disrupted, or in the reasonable opinion of the Underwriter will in the immediate future materially disrupt, the market for the Company's securities or securities in general; or (ii) trading on the New York Stock Exchange or Nasdaq Stock Market has been suspended or made subject to material limitations, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices for securities have been required, on the New York Stock Exchange or Nasdaq Stock Market or by order of the Commission, FINRA or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance services has occurred; or (iv) (A) there has occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States or (B) there has been any other calamity or crisis or any change in political, financial or economic conditions, if the effect of any such event in (A) or (B), in the reasonable judgment of the Underwriter, is so material and adverse that such event makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Firm Shares on the terms and in the manner contemplated by the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice of termination pursuant to this <u>Section 11</u> shall be in writing and delivered in accordance with <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, on the Closing Date or any Additional Closing Date, as the case may be, the Underwriter shall fail or refuse to purchase the Securities that it has agreed to purchase hereunder on such date, and arrangements satisfactory to the Underwriter and the Company for the purchase of such Securities are not made within thirty six (36) hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting underwriters or the Company. In any such case, either the Underwriter or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Disclosure Package, in the Prospectus or in any other documents or arrangements may be effected. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If this Agreement shall be terminated pursuant to any of the provisions hereof (other than pursuant to <u>Section 11(b)</u> hereof), or if the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriter set forth herein is not satisfied or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof, the Company will, subject to demand by the Underwriter, reimburse the Underwriter for only those documented Accountable Out-Of-Pocket Expenses (including the reasonable fees and expenses of their counsel), actually incurred by the Underwriter in connection herewith as allowed under FINRA Rule 5110 less the amount of the Advances previously paid by the Company); *provided, however,* that all such expenses, including the costs and expenses set forth in <u>Section 6(c)</u> which were actually paid, shall not exceed $240,000, including the Advances.

**12.** <u>Notices</u>. All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent to the Underwriter, shall be mailed, delivered, or emailed, to:

**Cathay Securities, Inc.**

40 Wall St, Suite 3600

New York, NY 10005

Attn: Mr. Xiaoyu Li, Chief Executive Officer

Email: shell.li@cathaysecurities.com

with a copy to Underwriter's Counsel at:

**VCL Law LLP**

1945 Old Gallows Rd., Suite 260

Vienna, VA 22182

Email: fliu@vcllegal.com

Attention: Fang Liu, Esq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent to the Company, shall be mailed, delivered, or emailed, to:

**Angie Holdings Limited** 

3/F., West Gate Tower

No. 7 Wing Hong Street

Lai Chi Kok

Kowloon Hong Kong

Email: kevin@angieuniform.com

Attention: Wai Sing FONG

with a copy to the Company's Counsel at:

**Loeb & Loeb LLP**

2206-19 Jardine House

8 Finance St, Central, Hong Kong

1 Connaught Place, Central, Hong Kong SAR

Email: lvenick@loeb.com

Attention: Lawrence S. Venick, Esq.

**13.** <u>Parties; Limitation of Relationship</u>. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriter, the Company and the controlling persons, directors, officers, employees and agents referred to in <u>Sections 8</u> and <u>9</u> hereof, and their respective successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and such persons and their respective successors and assigns, and not for the benefit of any other person. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of Securities from the Underwriter.

**14.** <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the conflict of laws principles thereof. Each of the parties hereto hereby submits to the exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York (each, a "New York Court") in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the parties hereto irrevocably waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in the New York Courts, and irrevocably waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The Company irrevocably appoints Cogency Global Inc. as its authorized agent (the "**Authorized Agent**") in New York, New York upon which process may be served in any such suit or proceeding, and agrees that service of process in any manner permitted by applicable law upon such agent shall be deemed in every respect effective service of process in any manner permitted by applicable law upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of three years from the date of this Agreement.

**15.** <u>Entire Agreement</u>. This Agreement, together with the schedules and annexes attached hereto and as the same may be amended from time to time in accordance with the terms hereof, contains the entire agreement among the parties hereto relating to the subject matter hereof and there are no other or further agreements outstanding not specifically mentioned herein. This Agreement supersedes any prior agreements or understandings among or between the parties hereto.

**16.** <u>Severability</u>. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement and this Agreement shall be valid and enforceable to the fullest extent permitted by law.

**17.** <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

**18.** <u>Waiver, etc.</u> The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver may be sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. The parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal suit, action or proceeding arising out of or relating to this Agreement, the Registration Statement, the Disclosure Package, the Prospectus, the offering of the Securities or the transactions contemplated hereby.

**19.** <u>No Fiduciary Relationship</u>. The Company hereby acknowledges that the Underwriter is acting solely as Underwriter in connection with the offering of the Company's Securities. The Company further acknowledges that the Underwriter is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriter acts or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriter may undertake or has undertaken in furtherance of the offering of the Company's Securities, either before or after the date hereof. The Underwriter hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that the Underwriter has not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriter agrees that it is responsible for making its own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriter 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 Underwriter with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

**20.** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or other electronic transmission shall constitute valid and sufficient delivery thereof.

**21.** <u>Headings</u>. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

**22.** <u>Time is of the Essence.</u> Time shall be of the essence of this Agreement.

*[Signature Page Follows]*

If the foregoing correctly sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Angie Holdings Limited** | **Angie Holdings Limited** |
| By: |  |
|  | Name: Wai Sing FONG |
|  | Title: Chief Executive Officer |

---

Accepted by the Underwriter

as of the date first written above

---

| | |
|:---|:---|
| **Cathay Securities, Inc.** | **Cathay Securities, Inc.** |
| By: |  |
|  | Name: Xiaoyu Li |
|  | Title: Chief Executive Officer |

---

[Signature Page to Underwriting Agreement]

**SCHEDULE A**

---

| | |
|:---|:---|
| **Underwriters** | **Number of Firm Shares To Be Purchased** |
| Cathay Securities, Inc. | [●] |
| **Total** | **[●]** |

---

**SCHEDULE B**

Lock-Up Parties

---

| |
|:---|
| **Name** |
| Wai Sing FONG |
| Mei Yuk FONG |
| Wing Hang CHAN |
| Ngo Yin TSANG |
| Yan Fai LEE |
| Pik Yin MOK |
| Visionary Value Investments Limited |
| Nexus Capital Development Limited |

---

Annex I

**ANGIE HOLDINGS LIMITED**

**OFFICERS' CERTIFICATE**

[●], 2025

The undersigned, Wai Sing FONG, Chief Executive Officer, and Wing Hang CHAN, Chief Financial Officer, of Angie Holdings Limited, a Cayman Islands exempted company (the "**Company"**), pursuant to Section 7(d) of the Underwriting Agreement, dated as of [●], 2025 by and between the Company and Cathay Securities, Inc. (the "**Underwriting Agreement**"), do hereby certify, each in his or her capacity as an officer of the Company, and not individually and without personal liability, on behalf of the Company, as follows:

1. Such
 officer has carefully examined the Registration Statement, the Disclosure Package, and the Prospectus and, in his or her opinion,
 the Registration Statement and each amendment thereto, as of [●] p.m. ET, [●], 2025 (the "**Applicable Time** ")
 and as of the date hereof did not include any untrue statement of a material fact and did not omit to state a material fact required
 to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading,
 and the Disclosure Package, as of the Applicable Time and as of the date hereof, any Permitted Free Writing Prospectus as of its
 date and as of the date hereof, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as
 of the date hereof, 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 light of the circumstances in which they were made, not misleading.

2. Subsequent
 to the respective dates as of which information is given in the Registration Statement, the Disclosure Package, or the Prospectus,
 there has not been any Material Adverse Changes or any development involving a prospective Material Adverse Change, whether or not
 arising from transactions in the ordinary course of business.

3. To
 the best of his or her knowledge, as of the date hereof, the representations and warranties of the Company in the Underwriting Agreement
 are true and correct in all material respects (except for those representations and warranties qualified as to materiality, which
 shall be true and correct in all respects and except for those representations and warranties which refer to facts existing at a
 specific date, which shall be true and correct as of such date) and the Company has complied with all agreements and satisfied all
 conditions on its part to be performed or satisfied under the Underwriting Agreement at or prior to the date hereof.

4. To
 the best of his or her knowledge after reasonable investigation, as of the date hereof, the Company has not sustained any material
 loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental
 proceeding.

5. There
 are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement, the Disclosure
 Package, and the Prospectus pursuant to the Regulations which are not so included.

6. The
 Registration Statement has become effective and all necessary regulatory and listing approvals shall have been received as of the
 Applicable Time. No stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any
 amendment thereof or the qualification of the Securities for offering or sale, nor suspending or preventing the use of the Disclosure
 Package and the Prospectus, has been issued, and no proceeding for that purpose has been instituted or, to the best of his knowledge,
 is contemplated by the Commission or any state or regulatory body.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement. This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

 

**IN WITNESS WHEREOF**, we have, on behalf of the Company, signed this certificate as of the date first written above.

  <br> Name: Wai Sing FONG <br> Title: Chief Executive Officer

  <br> Name: Wing Hang CHAN <br> Title: Chief Financial Officer

[Signature Page of Officers' Certificate]

Annex II

**ANGIE HOLDINGS LIMITED**

**CHAIRMAN'S CERTIFICATE**

[●], 2025

The undersigned, Wai Sing FONG, hereby certifies that he is the duly elected Chairman of the Board of Directors of Angie Holdings Limited, a Cayman Islands exempted company (the "**Company**"), and that as such he is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 7(e) of the Underwriting Agreement, dated as of [●], 2025, between the Company and Cathay Securities, Inc. (the "**Underwriting Agreement**"), the undersigned further certifies in his capacity as Chairman of the Board of the Directors of the Company and without personal liability, on behalf of the Company, the items set forth below. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

1. Attached
 hereto as <u>Exhibit A</u> are true and complete copies of the resolutions adopted by the Board of Directors of the Company (the
 "**Board**") either at a meeting or meetings properly held or by written resolution of the Company's Board and
 any committee of or designated by the Company's Board relating to the public offering contemplated by the Underwriting Agreement:
 all of such resolutions were duly adopted, have not been amended, modified or rescinded and remain in full force and effect; and
 such resolutions are the only resolutions passed by the Board or by any committee of or designated by the Board relating to the public
 offering contemplated by the Underwriting Agreement.

2. Attached
 hereto as <u>Exhibit B</u> is a true, correct, and complete copy of the Certificate of Incorporation of the Company, together with
 any and all amendments thereto. No action has been taken to further amend, modify, or repeal such formation documents, which remain
 in full force and effect in the attached form as of the date hereof. No action has been taken by the Company, its shareholders, directors
 or officers in contemplation of the filing of any such amendment or other document or in contemplation of the liquidation or dissolution
 of the Company prior to the consummation of the transactions contemplated by the Underwriting Agreement.

3. Attached
 hereto as <u>Exhibit C</u> is a true, correct, and complete copy of the amended and restated memorandum and articles of association
 of the Company and any and all amendments thereto. No action has been taken to further amend, modify, or repeal such amended and
 restated memorandum and articles of association, which remain in full force and effect in the attached form as of the date hereof.

4. Attached
 hereto as <u>Exhibit D</u> are true and complete copies of the Certificate of Good Standing, dated [●] ,
 2025 , issued by the Registrar of Companies of the Cayman Islands, relating to the Company, and the certificates or similar
 documents evidencing the good standing of the Subsidiaries.

5. Each
 person listed below has been duly appointed to the positions indicated opposite its name and is duly authorized to sign the Underwriting
 Agreement and each of the documents in connection therewith on behalf of the Company, and the signature appearing opposite such person's
 name below is its genuine signature.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Signature** |
| Wai Sing FONG | Chief Executive Officer | |
| Wing Hang CHAN | Chief Financial Officer | |

---

This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

  <br> Name: Wai Sing FONG <br> Title: Chairman of the Board of Directors

[Signature Page of Chairman's Certificate]

<u>Annex III</u>

**ANGIE HOLDINGS LIMITED**

**CHIEF FINANCIAL OFFICER'S CERTIFICATE**

[●], 2025

The undersigned, Wing Hang CHAN, hereby certifies that he is the duly appointed, qualified, and acting Chief Financial Officer, of Angie Holdings Limited, a Cayman Islands exempted company (the "**Company**"), and that as such he is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 7(g) of the Underwriting Agreement, dated as of [●], 2025 between the Company and Cathay Securities, Inc. (the "**Underwriting Agreement**"), the undersigned further certifies, solely in the capacity as an officer of the Company for and on behalf of the Company as set forth below.

1. I am the Chief Financial Officer of the Company and have been duly appointed to such position as of the date hereof.

2. I am providing this certificate in connection with the offering of the securities described in the Registration Statement, the Disclosure Package, and the Prospectus.

3. I am familiar with the accounting, operations, records systems and internal controls of the Company and have participated in the preparation of the Registration Statement, the Disclosure Package, and the Prospectus.

4. The Company's financial statements present fairly, in all material respects, the financial condition of the Company and its subsidiaries and their results of operations for the periods presented in the Registration Statement, the Disclosure Package, and the Prospectus.

5. I have reviewed the disclosure in the Registration Statement, the Disclosure Package, and the Prospectus, the financial and operating information and data identified and circled by VCL Law LLP in the Registration Statement, the Disclosure Package, and the Prospectus dated [●], 2025 attached hereto as <u>Exhibit A</u>, and to the best of my knowledge such information is correct, complete and accurate in all material respects.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

By:   <br> Name: Wing Hang CHAN <br> Title: Chief Financial Officer

[Signature Page of CFO's Certificate]

<u>Annex IV</u>

**Form of Lock-Up Agreement**

[●], 2025

**Cathay Securities, Inc.**

40 Wall St, Suite 3600

New York, NY 10005

Ladies and Gentlemen:

The undersigned understands Cathay Securities, Inc. (the "**Underwriter**")" propose to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Angie Holdings Limited, a Cayman Islands exempted company (the "**Company**"), providing for the public offering in the United States (the "**Offering**") of a certain number of Ordinary Shares, par value $0.0001 (the "**Shares**").

To induce the Underwriter to continue its efforts in connection with the Offering, the undersigned hereby agrees that, without the prior written consent of the Underwriter, the undersigned will not, during the period commencing on the date of the Offering and ending six months thereafter (the "**Lock-Up Period**"), (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for or represent the right to receive Shares, whether now owned or hereafter acquired by the undersigned (collectively, the "**Lock-Up Securities**"); (2) enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) above or this clause (2) is to be settled by delivery of Shares or such other securities, in cash or otherwise; (3) make any written demand for or exercise any right with respect to the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares; or (4) publicly disclose the intention to do any of the foregoing.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Underwriter in connection with (i) the exercise of the undersigned's rights to acquire any Ordinary Shares of the Company upon the exercise of options that were duly granted pursuant to the Company's employee equity incentive plan existing on the date of this agreement as disclosed in the Prospectus, provided that any such shares received upon such exercise shall be subject to the terms of the this agreement; (ii) the issuance, grant, or transfer of shares by the Company, in connection with any granting, vesting, settlement, or exercise of Ordinary Shares, restricted stock units, options, warrants or other rights to purchase or receive shares of the Company (including, in each case, by way of "net" or "cashless" exercise), including for the payment of exercise price and tax and remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units, options, warrants or rights, provided that any such Ordinary Shares, restricted stock units, options, warrants or rights are granted, issued or transferred pursuant to a Company's equity incentive plan which has been duly approved and is validly existing on the date of this agreement and described in the Prospectus, further provided that the issuance, grant or transfer of shares is not to any lock-up parties or their respective affiliates or designees subject to the same Lock-Up Period in connection with this Public Offering; and (iii) the transfer of shares to the Company in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants or other rights to purchase shares of the Company (including, in each case, by way of "net" or "cashless" exercise), including for the payment of exercise price and tax and remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units, options, warrants or rights, provided that any such Ordinary Shares, restricted stock units, options, warrants or rights are duly obtained and held by the undersigned pursuant to a Company's equity incentive plan which is existing on the date of this agreement and described in the Prospectus (collectively, "**Permitted Transfers**"). The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement (for the avoidance of doubt, excluding any transaction or other action in connection with a Permitted Transfer) during the period from the date hereof to the expiration of the Lock-Up Period, the undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period has expired.

The undersigned agrees that (i) the foregoing restrictions shall be equally applicable to any issuer-directed or "friends and family" Shares that the undersigned may purchase in the Offering, (ii) at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Underwriter will notify the Company of the impending release or waiver. Any release or waiver granted by the Underwriter hereunder to any such officer or director shall only be effective two (2) business days after the publication date of a press release by the Company for such release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (b) the transferee has agreed in writing to be bound by a lock-up agreement substantially in the form of this lock-up agreement.

The undersigned agrees that except as set forth in this Lock-Up Agreement, there are no and will not have any other agreement or arrangement, either verbal or in writing, with any other individuals or entities, including but not limited to shareholders, friends and family, and other third parties, to circumvent or has an effect of circumventing the obligations set forth in this Lock-Up Agreement.

No provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable for or convertible into Shares, as applicable; <u>provided</u> that the undersigned does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless in connection with a transfer otherwise permitted pursuant to the terms of this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called "10b5-1" plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

The undersigned understands that the Company and the Underwriter are relying upon this lock-up agreement in proceeding toward consummation of the Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representative, successors and assigns.

The undersigned understands that, if the Underwriting Agreement does not become effective on or prior to [●], 2025, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Offering actually occurs depends on a number of factors, including market conditions. The Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriter. The undersigned acknowledges that no assurances are given by the Company or the Underwriter that any Offering will be consummated.

This lock-up agreement shall be governed by and construed in accordance with the internal laws of the State of New York, 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 as effective as the delivery of the original hereof.

[**SIGNATURE PAGE TO FOLLOW**]

---

| |
|:---|
| Very truly yours, |
| By:<br>|
| Name: |
| Address: |

---

[Signature Page of Lock-up Agreement]

## Exhibit 3.1

**Exhibit 3.1**

 

![](ex3-1_002.jpg)

Dated 6 March 2025

**Companies Act (Revised)**

**Company Limited by Shares**

**Angie Holdings Limited**

**MEMORANDUM OF ASSOCIATION**

![](ex3-1_003.jpg)

1 <br> *Auth Code: F02632025271* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

**Companies Act (Revised)**

**Company Limited by Shares**

**Memorandum of Association**

**of**

**Angie Holdings Limited**

---

| | |
|:---|:---|
| 1 | The name of the Company is Angie Holdings Limited. |
| 2 | The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide. |
| 3 | The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands. |
| 4 | The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit. |
| 5. | Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 business of a bank or trust company without being licensed in that behalf under the Banks
 and Trust Companies Act (Revised); or

(b) insurance
 business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
 or broker without being licensed in that behalf under the Insurance Act (Revised);or

(c) the
 business of company management without being licensed in that behalf under the Companies
 Management Act (Revised).

---

| | |
|:---|:---|
| 6.0 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |
| 7.0 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

2 <br> *Auth Code: F02632025271* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

---

| | |
|:---|:---|
| 8 | The share capital of the Company is USD20,000 divided into 200,000,000 Ordinary shares of par value USD0.0001 each. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 redeem or repurchase any of its shares; and

(b) to
 increase or reduce its capital; and

(c) to
 issue any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 or without any preferential, deferred, qualified or special rights, privileges or conditions;
 or

(ii) subject
to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 alter any of those rights, privileges, conditions, limitations or restrictions.

---

| | |
|:---|:---|
| 9 | The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |

---

3 <br> *Auth Code: F02632025271* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

We, the subscriber to this memorandum of association, wish to be formed into a company pursuant to this memorandum; and we agree to take the number of shares in the capital of the Company shown opposite our name in the table below.

Dated 6 March 2025

---

| | | | |
|:---|:---|:---|:---|
| **Name and address of Subscriber** | **Number of shares taken** | **Signature** | **Signature** |
| Ogier Global Subscriber (Cayman) Limited | 1 | per: | ![](ex3-1_004.jpg) |
| 89 Nexus Way |  | Name: | Jill Mojica. |
| Camana Bay |  | Authorised Signatory | Authorised Signatory |
| Grand Cayman, KY1-9009 |  |  |  |
| Cayman Islands |  |  |  |
| **Witness to above signature** |  |  |  |
|  | ![](ex3-1_005.jpg) | ![](ex3-1_005.jpg) |  |
|  | Name: Saniquie Smith<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands | Name: Saniquie Smith<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands | Name: Saniquie Smith<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands |
|  | Occupation: Administrator | Occupation: Administrator | Occupation: Administrator |

---

4 <br> *Auth Code: F02632025271* <br> *www.verify.gov.ky*

---

| | |
|:---|:---|
| ![](ex3-1_001.jpg) | ![](ex3-1_002.jpg) |

---

 

Dated 6 March 2025

**Companies Act (Revised)**

**Company Limited by Shares**

**Angie Holdings Limited**

**ARTICLES OF ASSOCIATION**

![](ex3-1_003.jpg)

*Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

 

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 3 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 4 |
| **2** | **Shares** | **4** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 4 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 4 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 4 |
| Trusts not recognised | Trusts not recognised | 5 |
| Power to vary class rights | Power to vary class rights | 5 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 5 |
| Capital contributions without issue of further Shares | Capital contributions without issue of further Shares | 6 |
| No bearer Shares or warrants | No bearer Shares or warrants | 6 |
| Treasury Shares | Treasury Shares | 6 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 6 |
| **3** | **Share certificates** | **7** |
| Issue of share certificates | Issue of share certificates | 7 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 7 |
| **4** | **Lien on Shares** | **8** |
| Nature and scope of lien | Nature and scope of lien | 8 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 8 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 8 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 9 |
| Application of proceeds of sale | Application of proceeds of sale | 9 |
| **5** | **Calls on Shares and forfeiture** | **9** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 9 |
| Time when call made | Time when call made | 10 |
| Liability of joint holders | Liability of joint holders | 10 |
| Interest on unpaid calls | Interest on unpaid calls | 10 |
| Deemed calls | Deemed calls | 10 |
| Power to accept early payment | Power to accept early payment | 10 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 11 |
| Notice of default | Notice of default | 11 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 11 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 11 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 12 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 12 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 12 |

---

*Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

---

| | | |
|:---|:---|:---|
| **6** | **Transfer of Shares** | **13** |
| Form of transfer | Form of transfer | 13 |
| Power to refuse registration | Power to refuse registration | 13 |
| Notice of refusal to register | Notice of refusal to register | 13 |
| Power to suspend registration | Power to suspend registration | 13 |
| Fee, if any, payable for registration | Fee, if any, payable for registration | 13 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 13 |
| **7** | **Transmission of Shares** | **14** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 14 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 14 |
| Indemnity | Indemnity | 14 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 14 |
| **8** | **Alteration of capital** | **15** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 15 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 15 |
| Reducing share capital | Reducing share capital | 16 |
| **9** | **Redemption and purchase of own Shares** | **16** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 16 |
| Repurchase of subscriber Share | Repurchase of subscriber Share | 16 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 17 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 17 |
| **10** | **Meetings of Members** | **17** |
| Power to call meetings | Power to call meetings | 17 |
| Content of notice | Content of notice | 18 |
| Period of notice | Period of notice | 18 |
| Persons entitled to receive notice | Persons entitled to receive notice | 19 |
| Publication of notice on a website | Publication of notice on a website | 19 |
| Time a website notice is deemed to be given | Time a website notice is deemed to be given | 19 |
| Required duration of publication on a website | Required duration of publication on a website | 19 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 20 |
| **11** | **Proceedings at meetings of Members** | **20** |
| Quorum | Quorum | 20 |
| Lack of quorum | Lack of quorum | 20 |
| Use of technology | Use of technology | 20 |
| Chairman | Chairman | 21 |
| Right of a director to attend and speak | Right of a director to attend and speak | 21 |
| Adjournment | Adjournment | 21 |
| Method of voting | Method of voting | 21 |
| Outcome of vote by show of hands | Outcome of vote by show of hands | 21 |
| Withdrawal of demand for a poll | Withdrawal of demand for a poll | 22 |
| Taking of a poll | Taking of a poll | 22 |
| Chairman's casting vote | Chairman's casting vote | 22 |
| Amendments to resolutions | Amendments to resolutions | 22 |
| Written resolutions | Written resolutions | 23 |
| Sole-member company | Sole-member company | 24 |

---

*Auth Code: C82967950308* <br> *www.verify.gov.ky*

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| | | |
|:---|:---|:---|
| **12** | **Voting rights of Members** | **24** |
| Right to vote | Right to vote | 24 |
| Rights of joint holders | Rights of joint holders | 24 |
| Representation of corporate Members | Representation of corporate Members | 24 |
| Member with mental disorder | Member with mental disorder | 25 |
| Objections to admissibility of votes | Objections to admissibility of votes | 25 |
| Form of proxy | Form of proxy | 25 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 26 |
| Voting by proxy | Voting by proxy | 27 |
| **13** | **Number of directors** | **27** |
| **14** | **Appointment, disqualification and removal of directors** | **27** |
| First directors | First directors | 27 |
| No age limit | No age limit | 27 |
| Corporate directors | Corporate directors | 27 |
| No shareholding qualification | No shareholding qualification | 28 |
| Appointment of directors | Appointment of directors | 28 |
| Removal of directors | Removal of directors | 28 |
| Resignation of directors | Resignation of directors | 29 |
| Termination of the office of director | Termination of the office of director | 29 |
| **15** | **Alternate directors** | **29** |
| Appointment and removal | Appointment and removal | 29 |
| Notices | Notices | 30 |
| Rights of alternate director | Rights of alternate director | 30 |
| Appointment ceases when the appointor ceases to be a director | Appointment ceases when the appointor ceases to be a director | 31 |
| Status of alternate director | Status of alternate director | 31 |
| Status of the director making the appointment | Status of the director making the appointment | 31 |
| **16** | **Powers of directors** | **31** |
| Powers of directors | Powers of directors | 31 |
| Appointments to office | Appointments to office | 32 |
| Remuneration | Remuneration | 32 |
| Disclosure of information | Disclosure of information | 33 |
| **17** | **Delegation of powers** | **33** |
| Power to delegate any of the directors' powers to a committee | Power to delegate any of the directors' powers to a committee | 33 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 34 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 34 |
| Power to appoint a proxy | Power to appoint a proxy | 34 |

---

*Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

---

| | | |
|:---|:---|:---|
| **18** | **Meetings of directors** | **35** |
| Regulation of directors' meetings | Regulation of directors' meetings | 35 |
| Calling meetings | Calling meetings | 35 |
| Notice of meetings | Notice of meetings | 35 |
| Period of notice | Period of notice | 35 |
| Use of technology | Use of technology | 35 |
| Place of meetings | Place of meetings | 35 |
| Quorum | Quorum | 35 |
| Voting | Voting | 35 |
| Validity | Validity | 36 |
| Recording of dissent | Recording of dissent | 36 |
| Written resolutions | Written resolutions | 36 |
| Sole director's minute | Sole director's minute | 36 |
| **19** | **Permissible directors' interests and disclosure** | **37** |
| Permissible interests subject to disclosure | Permissible interests subject to disclosure | 37 |
| Notification of interests | Notification of interests | 37 |
| Voting where a director is interested in a matter | Voting where a director is interested in a matter | 38 |
| **20** | **Minutes** | **38** |
| **21** | **Accounts and audit** | **38** |
| Accounting and other records | Accounting and other records | 38 |
| No automatic right of inspection | No automatic right of inspection | 38 |
| Sending of accounts and reports | Sending of accounts and reports | 38 |
| Time of receipt if documents are published on a website | Time of receipt if documents are published on a website | 39 |
| Validity despite accidental error in publication on website | Validity despite accidental error in publication on website | 39 |
| When accounts are to be audited | When accounts are to be audited | 39 |
| **22** | **Financial year** | **40** |
| **23** | **Record dates** | **40** |
| **24** | **Dividends** | **40** |
| Declaration of dividends by Members | Declaration of dividends by Members | 40 |
| Payment of interim dividends and declaration of final dividends by directors | Payment of interim dividends and declaration of final dividends by directors | 40 |
| Apportionment of dividends | Apportionment of dividends | 41 |
| Right of set off | Right of set off | 41 |
| Power to pay other than in cash | Power to pay other than in cash | 41 |
| How payments may be made | How payments may be made | 42 |
| Dividends or other moneys not to bear interest in absence of special rights | Dividends or other moneys not to bear interest in absence of special rights | 42 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 42 |
| **25** | **Capitalisation of profits** | **43** |
| Capitalisation of profits or of any share premium account or capital redemption reserve | Capitalisation of profits or of any share premium account or capital redemption reserve | 43 |
| Applying an amount for the benefit of members | Applying an amount for the benefit of members | 43 |

---

*Auth Code: C82967950308* <br> *www.verify.gov.ky*

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| | | |
|:---|:---|:---|
| **26** | **Share premium account** | **44** |
| Directors to maintain share premium account | Directors to maintain share premium account | 44 |
| Debits to share premium account | Debits to share premium account | 44 |
| **27** | **Seal** | **44** |
| Company seal | Company seal | 44 |
| Duplicate seal | Duplicate seal | 44 |
| When and how seal is to be used | When and how seal is to be used | 44 |
| If no seal is adopted or used | If no seal is adopted or used | 45 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 45 |
| Validity of execution | Validity of execution | 45 |
| **28** | **Indemnity** | **45** |
| Indemnity | Indemnity | 45 |
| Release | Release | 46 |
| Insurance | Insurance | 46 |
| **29** | **Notices** | **47** |
| Form of notices | Form of notices | 47 |
| Electronic communications | Electronic communications | 47 |
| Persons authorised to give notices | Persons authorised to give notices | 47 |
| Delivery of written notices | Delivery of written notices | 48 |
| Joint holders | Joint holders | 48 |
| Signatures | Signatures | 48 |
| Evidence of transmission | Evidence of transmission | 48 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 48 |
| Date of giving notices | Date of giving notices | 48 |
| Saving provision | Saving provision | 49 |
| **30** | **Authentication of Electronic Records Application of Articles** | **49** |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 50 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 50 |
| Manner of signing | Manner of signing | 51 |
| Saving provision | Saving provision | 51 |
| **31** | **Transfer by way of continuation** | **51** |
| **32** | **Winding up** | **52** |
| Distribution of assets in specie | Distribution of assets in specie | 52 |
| No obligation to accept liability | No obligation to accept liability | 52 |
| The directors are authorised to present a winding up petition | The directors are authorised to present a winding up petition | 52 |
| **33** | **Amendment of Memorandum and Articles** | **52** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 52 |
| Power to amend these Articles | Power to amend these Articles | 52 |

---

*Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

 

**Companies Act (Revised)**

**Company Limited by Shares**

**Articles of Association**

**of**

**Angie Holdings Limited**

---

| | |
|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** |

---

**Definitions**

1.1 In
these Articles, the following definitions apply:

**Act** means the Companies Act (Revised).

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these
 Articles of Association as amended from time to time: or

(b) two
 or more particular Articles of these Articles;

and **Article** refers to a particular Article of these Articles.

**Business Day** means a day other than a public holiday in the place where the Company's registered office is located, a Saturday or a Sunday.

**Clear Days**, in relation to a period of notice, means that period excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 day for which it is given or on which it is to take effect.

**Company** means the above-named company.

**Default Rate** means 10% (ten per cent) per annum.

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised).

1 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Fully Paid** and **Paid Up**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a Share with par value, means that the par value for that Share and any premium
 payable in respect of the issue of that Share, has been fully paid or credited as paid in
 money or money's worth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to a Share without par value, means that the agreed issue price for that Share has
 been fully paid or credited as paid in money or money's worth.

**Islands** means the British Overseas Territory of the Cayman Islands.

**Member** means any person or persons entered on the register of members from time to time as the holder of a Share.

**Memorandum** means the Memorandum of Association of the Company as amended from time to time.

**Officer** means a person appointed to hold an office in the Company; and the expression includes a director, alternate director or liquidator, but does not include the Secretary.

**Ordinary Resolution** means a resolution of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote. The expression also includes a unanimous written resolution.

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary.

**Share** means a share in the share capital of the Company; and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes
 stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the context permits, also includes a fraction of a share.

**Special Resolution** has the meaning given to that term in the Act; and the expression includes a unanimous written resolution.

**Treasury Shares** means Shares of the Company held in treasury pursuant to the Act and Article 2.12.

2 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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**Interpretation**

 

1.2 In
 the interpretation of these Articles, the following provisions apply unless the context otherwise
 requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 reference in these Articles to a statute is a reference to a statute of the Islands as known
 by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings
 are inserted for convenience only and do not affect the interpretation of these Articles,
 unless there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 a day on which any act, matter or thing is to be done under these Articles is not a Business
 Day, the act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 word which denotes the singular also denotes the plural, a word which denotes the plural
 also denotes the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 reference to a **person** includes, as appropriate, a company, trust, partnership, joint
 venture, association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where
 a word or phrase is given a defined meaning another part of speech or grammatical form in
 respect to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All
 references to time are to be calculated by reference to time in the place where the Company's
 registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 words **written** and **in writing** include all modes of representing or reproducing
 words in a visible form, but do not include an Electronic Record where the distinction between
 a document in writing and an Electronic Record is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 words **including**, **include** and **in particular** or any similar expression
 are to be construed without limitation.

3 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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**Exclusion of Table A Articles**

 

1.3 The
 regulations contained in Table A in the First Schedule of the Act and any other regulations
 contained in any statute or subordinate legislation are expressly excluded and do not apply
 to the Company.

---

| | |
|:---|:---|
| **2** | **Shares** |

---

**Power to issue Shares and options, with or without special rights**

2.1 Subject
 to the provisions of the Act and the Articles about the redemption and purchase of the Company's
 own Shares, the directors have general and unconditional authority to allot (with or without
 confirming rights of renunciation), grant options over or otherwise deal with any unissued
 Shares of the Company to such persons, at such times and on such terms and conditions as
 they may decide. No Share may be issued at a discount except in accordance with the provisions
 of the Act.

2.2 Without
 limitation to the preceding Article, the directors may so deal with the unissued Shares of
 the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 at a premium or at par;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 or without preferred, deferred or other special rights or restrictions whether in regard
 to dividend, voting, return of capital or otherwise.

**Power to issue fractions of a Share**

2.3 Subject
 to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share
 shall be subject to and carry the corresponding fraction of liabilities (whether with respect
 to calls or otherwise), limitations, preferences, privileges, qualifications, restrictions,
 rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.4 The
 Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing
 or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring
 or agreeing to procure subscriptions, whether absolute or conditional

for any Shares in the Company. That commission may be satisfied by the payment of cash or the allotment of Fully Paid or partly-paid Shares or partly in one way and partly in another.

2.5 The
 Company may employ a broker in the issue of its capital and pay him any proper commission
 or brokerage.

4 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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**Trusts not recognised**

2.6 Except
 as required by law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 person other than the Member shall be recognised by the Company as having any right in a
 Share.

**Power to vary class rights**

2.7 If
 the share capital is divided into different classes of Shares then, unless the terms on which
 a class of Shares was issued state otherwise, the rights attaching to a class of Shares may
 only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members holding two thirds of the issued Shares of that class consent in writing to the variation;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 variation is made with the sanction of a Special Resolution passed at a separate general
 meeting of the Members holding the issued Shares of that class.

2.8 For
 the purpose of paragraph (b) of the preceding Article, all the provisions of these Articles
 relating to general meetings apply, mutatis mutandis, to every such separate meeting except
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 necessary quorum shall be one or more persons holding, or representing by proxy, not less
 than one third of the issued Shares of the class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Member holding issued Shares of the class, present in person or by proxy or, in the case
 of a corporate Member, by its duly authorised representative, may demand a poll.

**Effect of new Share issue on existing class rights**

2.9 Unless
 the terms on which a class of Shares was issued state otherwise, the rights conferred on
 the Member holding Shares of any class shall not be deemed to be varied by the creation or
 issue of further Shares ranking pari passu with the existing Shares of that class.

5 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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**Capital contributions without issue of further Shares**

2.10 With
 the consent of a Member, the directors may accept a voluntary contribution to the capital
 of the Company from that Member without issuing Shares in consideration for that contribution.
 In that event, the contribution shall be dealt with in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 shall be treated as if it were a share premium.

(b) Unless
 the Member agrees otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the Member holds Shares in a single class of Shares - it shall be credited to the share premium
 account for that class of Shares;

(ii) if
 the Member holds Shares of more than one class - it shall be credited rateably to the share
 premium accounts for those classes of Shares (in the proportion that the sum of the issue
 prices for each class of Shares that the Member holds bears to the total issue prices for
 all classes of Shares that the Member holds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
 shall be subject to the provisions of the Act and these Articles applicable to share premiums.

**No bearer Shares or warrants**

2.11 The
 Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.12 Shares
 that the Company purchases, redeems or acquires by way of surrender in accordance with the
 Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 directors so determine prior to the purchase, redemption or surrender of those shares; and

(b) the
 relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.13 No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to members on a winding
 up) may be made to the Company in respect of a Treasury Share.

2.14 The
 Company shall be entered in the Register as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a member for any purpose and shall not exercise any right
 in respect of the Treasury Shares, and any purported exercise of such a right shall be void;

6 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given time,
 whether for the purposes of these Articles or the Act.

2.15 Nothing
 in the preceding Article prevents an allotment of Shares as fully paid bonus shares in respect
 of a Treasury Share and Shares allotted as fully paid bonus shares in respect of a Treasury
 Share shall be treated as Treasury Shares.

2.16 Treasury
 Shares may be disposed of by the Company in accordance with the Act and otherwise on such
 terms and conditions as the directors determine.

---

| | |
|:---|:---|
| **3** | **Share certificates** |

---

**Issue of share certificates**

3.1 Upon
 being entered in the register of members as the holder of a Share, a Member shall be entitled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without
 payment, to one certificate for all the Shares of each class held by that Member (and, upon
 transferring a part of the Member's holding of Shares of any class, to a certificate
 for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon
 payment of such reasonable sum as the directors may determine for every certificate after
 the first, to several certificates each for one or more of that Member's Shares.

3.2 Every
 certificate shall specify the number, class and distinguishing numbers (if any) of the Shares
 to which it relates and whether they are Fully Paid or partly paid up. A certificate may
 be executed under seal or executed in such other manner as the directors determine.

3.3 The
 Company shall not be bound to issue more than one certificate for Shares held jointly by
 several persons and delivery of a certificate for a Share to one joint holder shall be a
 sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.4 If
 a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms
 (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment
 of the expenses reasonably incurred by the Company in investigating the evidence; and

7 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment
 of a reasonable fee, if any, for issuing a replacement share certificate

as the directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

---

| | |
|:---|:---|
| **4** | **Lien on Shares** |

---

**Nature and scope of lien**

4.1 The
 Company has a first and paramount lien on all Shares (whether Fully Paid or not) registered
 in the name of a Member (whether solely or jointly with others). The lien is for all moneys
 payable to the Company by the Member or the Member's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 alone or jointly with any other person, whether or not that other person is a Member; and

(b) whether
 or not those moneys are presently payable.

4.2 At
 any time the directors may declare any Share to be wholly or partly exempt from the provisions
 of this Article.

**Company may sell Shares to satisfy lien**

4.3 The
 Company may sell any Shares over which it has a lien if all of the following conditions are
 met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company gives notice to the Member holding the Share (or to the person entitled to it in
 consequence of the death or bankruptcy of that Member) demanding payment and stating that
 if the notice is not complied with the Shares may be sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 sum is not paid within 14 Clear Days after that notice is deemed to be given under these
 Articles.

4.4 The
 Shares may be sold in such manner as the directors determine.

4.5 To
 the maximum extent permitted by law, the directors shall incur no personal liability to the
 Member concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To
 give effect to a sale, the directors may authorise any person to execute an instrument of
 transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The
 title of the transferee of the Shares shall not be affected by any irregularity or invalidity
 in the proceedings in respect of the sale.

8 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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**Consequences of sale of Shares to satisfy lien**

4.7 On
 sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the register of members as the holder
 of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 person shall deliver to the Company for cancellation the certificate for those Shares.

Despite this, that person shall remain liable to the Company for all monies which, at the date of sale, were presently payable by him to the Company in respect of those Shares. That person shall also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that sale or, failing that, at the Default Rate. The directors may waive payment wholly or in part or enforce payment without any allowance for the value of the Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

4.8 The
 net proceeds of the sale, after payment of the costs, shall be applied in payment of so much
 of the sum for which the lien exists as is presently payable. Any residue shall be paid to
 the person whose Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 no certificate for the Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 a certificate for the Shares was issued, upon surrender to the Company of that certificate
 for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Shares before the sale.

---

| | |
|:---|:---|
| **5** | **Calls on Shares and forfeiture** |

---

**Power to make calls and effect of calls**

5.1 Subject
 to the terms of allotment, the directors may make calls on the Members in respect of any
 moneys unpaid on their Shares including any premium. The call may provide for payment to
 be by instalments. Subject to receiving at least 14 Clear Days' notice specifying when
 and where payment is to be made, each Member shall pay to the Company the amount called on
 his Shares as required by the notice.

9 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

5.2 Before
 receipt by the Company of any sum due under a call, that call may be revoked in whole or
 in part and payment of a call may be postponed in whole or in part. Where a call is to be
 paid in instalments, the Company may revoke the call in respect of all or any remaining instalments
 in whole or in part and may postpone payment of all or any of the remaining instalments in
 whole or in part.

5.3 A
 Member on whom a call is made shall remain liable for that call notwithstanding the subsequent
 transfer of the Shares in respect of which the call was made. He shall not be liable for
 calls made after he is no longer registered as Member in respect of those Shares.

**Time when call made**

5.4 A
 call shall be deemed to have been made at the time when the resolution of the directors authorising
 the call was passed.

**Liability of joint holders**

5.5 Members
 registered as the joint holders of a Share shall be jointly and severally liable to pay all
 calls in respect of the Share.

**Interest on unpaid calls**

5.6 If
 a call remains unpaid after it has become due and payable the person from whom it is due
 and payable shall pay interest on the amount unpaid from the day it became due and payable
 until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 the rate fixed by the terms of allotment of the Share or in the notice of the call; or

(b) if
 no rate is fixed, at the Default Rate.

The directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any
 amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise,
 shall be deemed to be payable as a call. If the amount is not paid when due the provisions
 of these Articles shall apply as if the amount had become due and payable by virtue of a
 call.

**Power to accept early payment**

5.8 The
 Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares
 held by him although no part of that amount has been called up.

10 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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**Power to make different arrangements at time of issue of Shares**

5.9 Subject
 to the terms of allotment, the directors may make arrangements on the issue of Shares to
 distinguish between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

5.10 If
 a call remains unpaid after it has become due and payable the directors may give to the person
 from whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 interest which may have accrued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 expenses which have been incurred by the Company due to that person's default.

5.11 The
 notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 warning that if the notice is not complied with the Shares in respect of which the call is
 made will be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If
 the notice under the preceding Article is not complied with, the directors may, before the
 payment required by the notice has been received, resolve that any Share the subject of that
 notice be forfeited. The forfeiture shall include all dividends or other moneys payable in
 respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing,
 the directors may determine that any Share the subject of that notice be accepted by the
 Company as surrendered by the Member holding that Share in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A
 forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such
 terms and in such manner as the directors determine either to the former Member who held
 that Share or to any other person. The forfeiture or surrender may be cancelled on such terms
 as the directors think fit at any time before a sale, re-allotment or other disposition.
 Where, for the purposes of its disposal, a forfeited or surrendered Share is to be transferred
 to any person, the directors may authorise some person to execute an instrument of transfer
 of the Share to the transferee.

11 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

**Effect of forfeiture or surrender on former Member**

5.14 On
 forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the register of members as the holder
 of those Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
 or surrendered Shares.

5.15 Despite
 the forfeiture or surrender of his Shares, that person shall remain liable to the Company
 for all moneys which at the date of forfeiture or surrender were presently payable by him
 to the Company in respect of those Shares together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest
 from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 the rate of which interest was payable on those moneys before forfeiture; or

(ii) if
 no interest was so payable, at the Default Rate.

The directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A
 declaration, whether statutory or under oath, made by a director or the Secretary shall be
 conclusive evidence of the following matters stated in it as against all persons claiming
 to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the person making the declaration is a director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any
 person to whom the forfeited or surrendered Shares are disposed of shall not be bound to
 see to the application of the consideration, if any, of those Shares nor shall his title
 to the Shares be affected by any irregularity in, or invalidity of the proceedings in respect
 of, the forfeiture, surrender or disposal of those Shares.

12 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

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| | |
|:---|:---|
| **6** | **Transfer of Shares** |

---

**Form of transfer**

6.1 Subject
 to the following Articles about the transfer of Shares, a Member may transfer Shares to another
 person by completing an instrument of transfer, in a common form or in a form approved by
 the directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the Shares are partly paid, by or on behalf of that Member and the transferee.

**Power to refuse registration**

6.2 The
 directors may refuse to register the transfer of a Share to any person. They may do so in
 their absolute discretion, without giving any reason for their refusal, and irrespective
 of whether the Share is Fully Paid or the Company has no lien over it.

**Notice of refusal to register**

6.3 If
 the directors refuse to register a transfer of a Share, they must send notice of their refusal
 to the existing Member within two months after the date on which the transfer was lodged
 with the Company.

**Power to suspend registration**

6.4 The
 directors may suspend registration of the transfer of Shares at such times and for such periods,
 not exceeding 30 days in any calendar year, as they determine.

**Fee, if any, payable for registration**

6.5 If
 the directors so decide, the Company may charge a reasonable fee for the registration of
 any instrument of transfer or other document relating to the title to a Share.

**Company may retain instrument of transfer**

6.6 The
 Company shall be entitled to retain any instrument of transfer which is registered; but an
 instrument of transfer which the directors refuse to register shall be returned to the person
 lodging it when notice of the refusal is given.

13 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

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| | |
|:---|:---|
| **7** | **Transmission of Shares** |

---

**Persons entitled on death of a Member**

7.1 If
 a Member dies, the only persons recognised by the Company as having any title to the deceased
 Members' interest are the following:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the deceased Member was a sole holder, that Member's personal representative or representatives.

7.2 Nothing
 in these Articles shall release the deceased Member's estate from any liability in
 respect of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A
 person becoming entitled to a Share in consequence of the death or bankruptcy of a Member
 may elect to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 transfer the Share to another person.

7.4 That
 person must produce such evidence of his entitlement as the directors may properly require.

7.5 If
 the person elects to become the holder of the Share, he must give notice to the Company to
 that effect. For the purposes of these Articles, that notice shall be treated as though it
 were an executed instrument of transfer.

7.6 If
 the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Share is Fully Paid, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Share is partly paid, the transferor and the transferee must execute an instrument of
 transfer.

7.7 All
 the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate,
 the instrument of transfer.

**Indemnity**

7.8 A
 person registered as a Member by reason of the death or bankruptcy of another Member shall
 indemnify the Company and the directors against any loss or damage suffered by the Company
 or the directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A
 person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall
 have the rights to which he would be entitled if he were registered as the holder of the
 Share. But, until he is registered as Member in respect of the Share, he shall not be entitled
 to attend or vote at any meeting of the Company or at any separate meeting of the holders
 of that class of Shares in the Company.

14 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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| | |
|:---|:---|
| **8** | **Alteration of capital** |

---

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To
 the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of
 the following and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its share capital by new Shares of the amount fixed by that Ordinary Resolution and with
 the attached rights, priorities and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate
 and divide all or any of its share capital into Shares of larger amount than its existing
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert
 all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares
 of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide
 its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
 so, however, that in the sub-division, the proportion between the amount paid and the amount,
 if any, unpaid on each reduced Share shall be the same as it was in case of the Share from
 which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel
 Shares which, at the date of the passing of that Ordinary Resolution, have not been taken
 or agreed to be taken by any person, and diminish the amount of its share capital by the
 amount of the Shares so cancelled or, in the case of Shares without nominal par value, diminish
 the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever,
 as a result of a consolidation of Shares, any Members would become entitled to fractions
 of a Share the directors may on behalf of those Members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sell
 the Shares representing the fractions for the best price reasonably obtainable to any person
 (including, subject to the provisions of the Act, the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) distribute
 the net proceeds in due proportion among those Members.

For that purpose, the directors may authorise some person to execute an instrument of transfer of the Shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings in respect of the sale.

15 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

**Reducing share capital**

8.3 Subject
 to the Act and to any rights for the time being conferred on the Members holding a particular
 class of Shares, the Company may, by Special Resolution, reduce its share capital in any
 way.

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| | |
|:---|:---|
| **9** | **Redemption and purchase of own Shares** |

---

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject
 to the Act, and to any rights for the time being conferred on the Members holding a particular
 class of Shares, the Company may by its directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares that are to be redeemed or liable to be redeemed, at the option of the Company or
 the Member holding those redeemable Shares, on the terms and in the manner its directors
 determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the consent by Special Resolution of the Members holding Shares of a particular class, vary
 the rights attaching to that class of Shares so as to provide that those Shares are to be
 redeemed or are liable to be redeemed at the option of the Company on the terms and in the
 manner which the directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase
 all or any of its own Shares of any class including any redeemable Shares on the terms and
 in the manner which the directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Repurchase of subscriber Share**

9.2 Unless
 the directors determine otherwise, as soon as the directors determine that it is lawful for
 the Company to do so, the Company shall purchase from the subscriber to the Memorandum the
 One Share agreed to be taken by such subscriber. Such Share shall be repurchased for cash
 at its par value and the Company may make a payment out of capital in respect of such purchase
 price.

16 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

**Power to pay for redemption or purchase in cash or in specie**

9.3 When
 making a payment in respect of the redemption or purchase of Shares, the directors may make
 the payment in cash or in specie (or partly in one and partly in the other) if so authorised
 by the terms of the allotment of those Shares, or by the terms applying to those Shares in
 accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

9.4 Upon
 the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member holding that Share shall cease to be entitled to any rights in respect of the Share
 other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Member's name shall be removed from the register of members with respect to the Share;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Share shall be cancelled or held as a Treasury Shares, as the directors may determine.

For the purpose of this Article, the date of redemption or purchase is the date when the redemption or purchase falls due.

10 Meetings of Members

**Power to call meetings**

10.1 The
 directors may call a general meeting at any time.

10.2 If
 there are insufficient directors to constitute a quorum and the remaining directors are unable
 to agree on the appointment of additional directors, the directors must call a general meeting
 for the purpose of appointing additional directors.

10.3 The
 directors must also call a general meeting if requisitioned in the manner set out in the
 next two Articles.

10.4 The
 requisition must be in writing and given by one or more Members who together hold at least
 10% of the rights to vote at such general meeting.

17 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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10.5 The
 requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify
 the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 signed by or on behalf of each requisitioner (and for this purpose each joint holder shall
 be obliged to sign). The requisition may consist of several documents in like form signed
 by one or more of the requisitioners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be
 delivered in accordance with the notice provisions.

10.6 Should
 the directors fail to call a general meeting within 21 Clear Days from the date of receipt
 of a requisition, the requisitioners or any of them may call a general meeting within three
 months after the end of that period.

10.7 Without
 limitation to the foregoing, if there are insufficient directors to constitute a quorum and
 the remaining directors are unable to agree on the appointment of additional directors, any
 one or more Members who together hold at least 10% of the rights to vote at a general meeting
 may call a general meeting for the purpose of considering the business specified in the notice
 of meeting which shall include as an item of business the appointment of additional directors.

10.8 If
 the Members call a meeting under the above provisions, the Company shall reimburse their
 reasonable expenses.

**Content of notice**

10.9 Notice
 of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the meeting is to be held in two or more places, the technology that will be used to facilitate
 the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to paragraph (d), the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 a resolution is proposed as a Special Resolution, the text of that resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 In
 each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 a Member who is entitled to attend and vote is entitled to appoint one or more proxies to
 attend and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 a proxyholder need not be a Member.

**Period of notice**

10.11 At
 least five Clear Days' notice of a general meeting must be given to Members. But a
 meeting may be convened on shorter notice with the consent of the Member or Members who,
individually or collectively, hold at least 90% of the voting rights of all those who have a right to vote at that meeting.

18 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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**Persons entitled to receive notice**

10.12 Subject
 to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
 shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons
 entitled to a Share in consequence of the death or bankruptcy of a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 directors.

**Publication of notice on a website**

10.13 Subject
 to the Act, a notice of a general meeting may be published on a website providing the recipient
 is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 publication of the notice on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 place on the website where the notice may be accessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) how
 it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 place, date and time of the general meeting.

10.14 If
 a Member notifies the Company that he is unable for any reason to access the website, the
 Company must as soon as practicable give notice of the meeting to that Member by any other
 means permitted by these Articles. But this will not affect when that Member is deemed to
 have received notice of the meeting.

**Time a website notice is deemed to be given**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 A
 website notice is deemed to be given when the Member is given notice of its publication.

**Required duration of publication on a website**

10.16 Where
 the notice of meeting is published on a website, it shall continue to be published in the
 same place on that website from the date of the notification until the conclusion of the
 meeting to which the notice relates.

19 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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**Accidental omission to give notice or non-receipt of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 Proceedings
 at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt
 of notice of the meeting by any person entitled to notice.

10.18 In
 addition, where a notice of meeting is published on a website, proceedings at the meeting
 shall not be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 part only of the period from the date of the notification until the conclusion of the meeting
 to which the notice relates.

11 Proceedings at meetings of Members

**Quorum**

11.1 Save
 as provided in the following Article, no business shall be transacted at any meeting unless
 a quorum is present in person or by proxy. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Company has only one Member: that Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Company has more than one Member: two Members.

**Lack of quorum**

11.2 If
 a quorum is not present within 15 minutes of the time appointed for the meeting, or if at
 any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 any other case, the meeting shall stand adjourned to the same time and place seven days hence,
 or to such other time or place as is determined by the directors. If a quorum is not present
 within 15 minutes of the time appointed for the adjourned meeting, then the Members present
 in person or by proxy shall constitute a quorum.

**Use of technology**

11.3 A
 person may participate in a general meeting through the medium of conference telephone, video
 or any other form of communications equipment providing all persons participating in the
 meeting are able to hear and speak to each other throughout the meeting. A person participating
 in this way is deemed to be present in person at the meeting.

20 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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**Chairman**

11.4 The
 chairman of a general meeting shall be the chairman of the board or such other director as
 the directors have nominated to chair board meetings in the absence of the chairman of the
 board. Absent any such person being present within 15 minutes of the time appointed for the
 meeting, the directors present shall elect one of their number to chair the meeting.

11.5 If
 no director is present within 15 minutes of the time appointed for the meeting, or if no
 director is willing to act as chairman, the Members present in person or by proxy and entitled
 to vote shall choose one of their number to chair the meeting.

**Right of a director to attend and speak**

11.6 Even
 if a director is not a Member, he shall be entitled to attend and speak at any general meeting
 and at any separate meeting of Members holding a particular class of Shares in the Company.

**Adjournment**

11.7 The
 chairman may at any time adjourn a meeting with the consent of the Members constituting a
 quorum. The chairman must adjourn the meeting if so directed by the meeting. No business,
 however, can be transacted at an adjourned meeting other than business which might properly
 have been transacted at the original meeting.

11.8 Should
 a meeting be adjourned for more than seven Clear Days, whether because of a lack of quorum
 or otherwise, Members shall be given at least seven Clear Days' notice of the date,
 time and place of the adjourned meeting and the general nature of the business to be transacted.
 Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.9 A
 resolution put to the vote of the meeting shall be decided on a show of hands unless before,
 or on the declaration of the result of the show of hands, a poll is duly demanded. A poll
 may be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the chairman; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 any Member or Members present who, individually or collectively, hold at least 10% of the
 voting rights of all those who have a right to vote on the resolution.

**Outcome of vote by show of hands**

11.10 Unless
 a poll is duly demanded, a declaration by the chairman as to the result of a resolution and
 an entry to that effect in the minutes of the meeting shall be conclusive evidence of the outcome
of a show of hands without proof of the number or proportion of the votes recorded in favour of or against the resolution.

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**Withdrawal of demand for a poll**

11.11 The
 demand for a poll may be withdrawn before the poll is taken, but only with the consent of
 the chairman. The chairman shall announce any such withdrawal to the meeting and, unless
 another person forthwith demands a poll, any earlier show of hands on that resolution shall
 be treated as the vote on that resolution; if there has been no earlier show of hands, then
 the resolution shall be put to the vote of the meeting.

**Taking of a poll**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 A
 poll demanded on the question of adjournment shall be taken immediately.

11.13 A
 poll demanded on any other question shall be taken either immediately or at an adjourned
 meeting at such time and place as the chairman directs, not being more than 30 Clear Days
 after the poll was demanded.

11.14 The
 demand for a poll shall not prevent the meeting continuing to transact any business other
 than the question on which the poll was demanded.

11.15 A
 poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who
 need not be Members) and fix a place and time for declaring the result of the poll. If, through
 the aid of technology, the meeting is held in more than place, the chairman may appoint scrutineers
 in more than place; but if he considers that the poll cannot be effectively monitored at
 that meeting, the chairman shall adjourn the holding of the poll to a date, place and time
 when that can occur.

**Chairman's casting vote**

11.16 If
 the votes on a resolution, whether on a show of hands or on a poll, are equal the chairman
 may if he wishes exercise a casting vote.

**Amendments to resolutions**

11.17 An
 Ordinary Resolution to be proposed at a general meeting may be amended by Ordinary Resolution
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 less than 48 hours before the meeting is to take place (or such later time as the chairman
 of the meeting may determine), notice of the proposed amendment is given to the Company in
 writing by a Member entitled to vote at that meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 proposed amendment does not, in the reasonable opinion of the chairman of the meeting, materially
 alter the scope of the resolution.

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11.18 A
 Special Resolution to be proposed at a general meeting may be amended by Ordinary Resolution,
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 chairman of the meeting proposes the amendment at the general meeting at which the resolution
 is to be proposed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 amendment does not go beyond what the chairman considers is necessary to correct a grammatical
 or other non-substantive error in the resolution.

11.19 If
 the chairman of the meeting, acting in good faith, wrongly decides that an amendment to a
 resolution is out of order, the chairman's error does not invalidate the vote on that
 resolution.

**Written resolutions**

11.20 Members
 may pass a resolution in writing without holding a meeting if the following conditions are
 met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Members entitled to vote are given notice of the resolution as if the same were being proposed
 at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Members entitled so to vote :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign
 a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign
 several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 signed document or documents is or are delivered to the Company, including, if the Company
 so nominates, by delivery of an Electronic Record by Electronic means to the address specified
 for that purpose.

Such written resolution shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held.

11.21 If
 a written resolution is described as a Special Resolution or as an Ordinary Resolution, it
 has effect accordingly.

11.22 The
 directors may determine the manner in which written resolutions shall be put to Members.
 In particular, they may provide, in the form of any written resolution, for each Member to
 indicate, out of the number of votes the Member would have been entitled to cast at a meeting
 to consider the resolution, how many votes he wishes to cast in favour of the resolution
 and how many against the resolution or to be treated as abstentions. The result of any such
 written resolution shall be determined on the same basis as on a poll.

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**Sole-member company**

11.23 If
 the Company has only one Member, and the Member records in writing his decision on a question,
 that record shall constitute both the passing of a resolution and the minute of it.

---

| | |
|:---|:---|
| **12** | **Voting rights of Members** |

---

**Right to vote**

12.1 Unless
 their Shares carry no right to vote, or unless a call or other amount presently payable has
 not been paid, all Members are entitled to vote at a general meeting, whether on a show of
 hands or on a poll, and all Members holding Shares of a particular class of Shares are entitled
 to vote at a meeting of the holders of that class of Shares.

12.2 Members
 may vote in person or by proxy.

12.3 On
 a show of hands, every Member shall have one vote. For the avoidance of doubt, an individual
 who represents two or more Members, including a Member in that individual's own right,
 that individual shall be entitled to a separate vote for each Member.

12.4 On
 a poll a Member shall have one vote for each Share he holds, unless any Share carries special
 voting rights.

12.5 A
 fraction of a Share shall entitle its holder to an equivalent fraction of one vote.

12.6 No
 Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his
 Shares in the same way.

**Rights of joint holders**

12.7 If
 Shares are held jointly, only one of the joint holders may vote. If more than one of the
 joint holders tenders a vote, the vote of the holder whose name in respect of those Shares
 appears first in the register of members shall be accepted to the exclusion of the votes
 of the other joint holder.

**Representation of corporate Members**

12.8 Save
 where otherwise provided, a corporate Member must act by a duly authorised representative.

12.9 A
 corporate Member wishing to act by a duly authorised representative must identify that person
 to the Company by notice in writing **.** 

12.10 The
 authorisation may be for any period of time, and must be delivered to the Company not less
 than two hours before the commencement of the meeting at which it is first used.

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12.11 The
 directors of the Company may require the production of any evidence which they consider necessary
 to determine the validity of the notice.

12.12 Where
 a duly authorised representative is present at a meeting that Member is deemed to be present
 in person; and the acts of the duly authorised representative are personal acts of that Member.

12.13 A
 corporate Member may revoke the appointment of a duly authorised representative at any time
 by notice to the Company; but such revocation will not affect the validity of any acts carried
 out by the duly authorised representative before the directors of the Company had actual
 notice of the revocation.

**Member with mental disorder**

12.14 A
 Member in respect of whom an order has been made by any court having jurisdiction (whether
 in the Islands or elsewhere) in matters concerning mental disorder may vote, whether on a
 show of hands or on a poll, by that Member's receiver, curator bonis or other person
 authorised in that behalf appointed by that court.

12.15 For
 the purpose of the preceding Article, evidence to the satisfaction of the directors of the
 authority of the person claiming to exercise the right to vote must be received not less
 than 24 hours before holding the relevant meeting or the adjourned meeting in any manner
 specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic
 means. In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.16 An
 objection to the validity of a person's vote may only be raised at the meeting or at
 the adjourned meeting at which the vote is sought to be tendered. Any objection duly made
 shall be referred to the chairman whose decision shall be final and conclusive.

**Form of proxy**

12.17 An
 instrument appointing a proxy shall be in any common form or in any other form approved by
 the directors.

12.18 The
 instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Member is a corporation or other body corporate, under seal or signed by an authorised
 officer, secretary or attorney.

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If the directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.19 The
 directors may require the production of any evidence which they consider necessary to determine
 the validity of any appointment of a proxy.

12.20 A
 Member may revoke the appointment of a proxy at any time by notice to the Company duly signed
 in accordance with the Article above about signing proxies; but such revocation will not
 affect the validity of any acts carried out by the proxy before the directors of the Company
 had actual notice of the revocation.

**How and when proxy is to be delivered**

12.21 Subject
 to the following Articles, the form of appointment of a proxy and any authority under which
 it is signed (or a copy of the authority certified notarially or in any other way approved
 by the directors) must be delivered so that it is received by the Company at any time before
 the time for holding the meeting or adjourned meeting at which the person named in the form
 of appointment of proxy proposes to vote. They must be delivered in either of the following
 ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 such other place within the Islands specified in the notice convening the meeting or in any
 form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 pursuant to the notice provisions, a notice may be given to the Company in an Electronic
 Record, an Electronic Record of an appointment of a proxy must be sent to the address specified
 pursuant to those provisions unless another address for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 any invitation to appoint a proxy issued by the Company in relation to the meeting.

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12.22 Where
 a poll is taken:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 it is taken more than seven Clear Days after it is demanded, the form of appointment of a
 proxy and any accompanying authority (or an Electronic Record of the same) must be delivered
 as required under the preceding Article not less than 24 hours before the time appointed
 for the taking of the poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) but
 if it to be taken within seven Clear Days after it was demanded, the form of appointment
 of a proxy and any accompanying authority (or an Electronic Record of the same) must be
 delivered as required under the preceding Article not less than two hours before the time
 appointed for the taking of the poll.

12.23 If
 the form of appointment of proxy is not delivered on time, it is invalid.

**Voting by proxy**

12.24 A
 proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would
 have had except to the extent that the instrument appointing him limits those rights. Notwithstanding
 the appointment of a proxy, a Member may attend and vote at a meeting or adjourned meeting.
 If a Member votes on any resolution a vote by his proxy on the same resolution, unless in
 respect of different Shares, shall be invalid.

---

| | |
|:---|:---|
| **13** | **Number of directors** |

---

Unless otherwise determined by Ordinary Resolution, the minimum number of directors shall be one and the maximum number shall be ten. There shall be no directors, however, until the first director is or the first directors are appointed by the subscriber or subscribers to the Memorandum.

---

| | |
|:---|:---|
| **14** | **Appointment, disqualification and removal of directors First directors** |

---

14.1 The
 first directors shall be appointed in writing by the subscriber or subscribers to the Memorandum.

**No age limit**

14.2 There
 is no age limit for directors save that they must be aged at least 18 years.

**Corporate directors**

14.3 Unless
 prohibited by law, a body corporate may be a director. If a body corporate is a director,
 the Articles about representation of corporate Members at general meetings apply, mutatis
 mutandis, to the Articles about directors' meetings.

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**No shareholding qualification**

14.4 Unless
 a shareholding qualification for directors is fixed by Ordinary Resolution, no director shall
 be required to own Shares as a condition of his appointment.

**Appointment of directors**

14.5 A
 director may be appointed by Ordinary Resolution or by the directors. Any appointment may
 be to fill a vacancy or as an additional director.

14.6 Notwithstanding
 the other provisions of these Articles, in any case where, as a result of death, the Company
 has no directors and no shareholders, the personal representatives of the last shareholder
 to have died have the power, by notice in writing to the Company, to appoint a person to
 be a director. For the purpose of this Article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 two or more shareholders die in circumstances rendering it uncertain who was the last to
 die, a younger shareholder is deemed to have survived an older shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the last shareholder died leaving a will which disposes of that shareholder's shares
 in the Company (whether by way of specific gift, as part of the residuary estate, or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 expression personal representatives of the last shareholder means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) until
 a grant of probate in respect of that will has been obtained from the Grand Court of the
 Cayman Islands, all of the executors named in that will who are living at the time the power
 of appointment under this Article is exercised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after
 such grant of probate has been obtained, only such of those executors who have proved that
 will;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without
 derogating from section 3(1) of the Succession Act (Revised), the executors named in that
 will may exercise the power of appointment under this Article without first obtaining a grant
 of probate.

14.7 A
 remaining director may appoint a director even though there is not a quorum of directors.

14.8 No
 appointment can cause the number of directors to exceed the maximum; and any such appointment
 shall be invalid.

**Removal of directors**

14.9 A
 director may be removed by Ordinary Resolution.

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**Resignation of directors**

14.10 A
 director may at any time resign office by giving to the Company notice in writing or, if
 permitted pursuant to the notice provisions, in an Electronic Record delivered in either
 case in accordance with those provisions.

14.11 Unless
 the notice specifies a different date, the director shall be deemed to have resigned on the
 date that the notice is delivered to the Company.

**Termination of the office of director**

14.12 A
 director's office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is prohibited by the law of the Islands from acting as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the opinion of a registered medical practitioner by whom he is being treated he becomes physically
 or mentally incapable of acting as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he
 is made subject to any law relating to mental health or incompetence, whether by court order
 or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without
 the consent of the other directors, he is absent from meetings of directors for a continuous
 period of six months.

---

| | |
|:---|:---|
| **15** | **Alternate directors Appointment and removal** |

---

15.1 Any
 director may appoint any other person, including another director, to act in his place as
 an alternate director. No appointment shall take effect until the director has given notice
 of the appointment to the other directors. Such notice must be given to each other director
 by either of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 notice in writing in accordance with the notice provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the other director has an email address, by emailing to that address a scanned copy of the
 notice as a PDF attachment (the PDF version being deemed to be the notice unless Article
 30.7 applies), in which event notice shall be taken to be given on the date of receipt by
 the recipient in readable form. For the avoidance of doubt, the same email may be sent to
 the email address of more than one director (and to the email address of the Company pursuant
 to Article 15.4(c)).

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15.2 Without
 limitation to the preceding Article, a director may appoint an alternate for a particular
 meeting by sending an email to his fellow directors informing them that they are to take
 such email as notice of such appointment for such meeting. Such appointment shall be effective
 without the need for a signed notice of appointment or the giving of notice to the Company
 in accordance with Article 15.4.

15.3 A
 director may revoke his appointment of an alternate at any time. No revocation shall take
 effect until the director has given notice of the revocation to the other directors. Such
 notice must be given by either of the methods specified in Article 15.1.

15.4 A
 notice of appointment or removal of an alternate director must also be given to the Company
 by any of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 notice in writing in accordance with the notice provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Company has a facsimile address for the time being, by sending by facsimile transmission
 to that facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission
 to the facsimile address of the Company's registered office a facsimile copy (in either
 case, the facsimile copy being deemed to be the notice unless Article 30.7 applies), in which
 event notice shall be taken to be given on the date of an error-free transmission report
 from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Company has an email address for the time being, by emailing to that email address a
 scanned copy of the notice as a PDF attachment or, otherwise, by emailing to the email address
 provided by the Company's registered office a scanned copy of the notice as a PDF attachment
 (in either case, the PDF version being deemed to be the notice unless Article 30.7 applies),
 in which event notice shall be taken to be given on the date of receipt by the Company or
 the Company's registered office (as appropriate) in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 permitted pursuant to the notice provisions, in some other form of approved Electronic Record
 delivered in accordance with those provisions in writing.

**Notices**

15.5 All
 notices of meetings of directors shall continue to be given to the appointing director and
 not to the alternate.

**Rights of alternate director**

15.6 An
 alternate director shall be entitled to attend and vote at any board meeting or meeting of
 a committee of the directors at which the appointing director is not personally present,
 and generally to perform all the functions of the appointing director in his absence.

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15.7 For
 the avoidance of doubt:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 another director has been appointed an alternate director for one or more directors, he shall
 be entitled to a separate vote in his own right as a director and in right of each other
 director for whom he has been appointed an alternate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 a person other than a director has been appointed an alternate director for more than one
 director, he shall be entitled to a separate vote in right of each director for whom he has
 been appointed an alternate.

15.8 An
 alternate director, however, is not entitled to receive any remuneration from the Company
 for services rendered as an alternate director.

**Appointment ceases when the appointor ceases to be a director**

15.9 An
 alternate director shall cease to be an alternate director if the director who appointed
 him ceases to be a director.

**Status of alternate director**

15.10 An
 alternate director shall carry out all functions of the director who made the appointment.

15.11 Save
 where otherwise expressed, an alternate director shall be treated as a director under these
 Articles.

15.12 An
 alternate director is not the agent of the director appointing him.

15.13 An
 alternate director is not entitled to any remuneration for acting as alternate director.

**Status of the director making the appointment**

15.14 A
 director who has appointed an alternate is not thereby relieved from the duties which he
 owes the Company.

---

| | |
|:---|:---|
| **16** | **Powers of directors** |

---

**Powers of directors**

16.1 Subject
 to the provisions of the Act, the Memorandum and these Articles, the business of the Company
 shall be managed by the directors who may for that purpose exercise all the powers of the
 Company.

16.2 No
 prior act of the directors shall be invalidated by any subsequent alteration of the Memorandum
 or these Articles. However, to the extent allowed by the Act, Members may by Special Resolution
 validate any prior or future act of the directors which would otherwise be in breach of their
 duties.

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**Appointments to office**

16.3 The
 directors may appoint a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 chairman of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
 managing director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 any other executive office

for such period and on such terms, including as to remuneration, as they think fit.

16.4 The
 appointee must consent in writing to holding that office.

16.5 Where
 a chairman is appointed he shall, unless unable to do so, preside at every meeting of directors.

16.6 If
 there is no chairman, or if the chairman is unable to preside at a meeting, that meeting
 may select its own chairman; or the directors may nominate one of their number to act in
 place of the chairman should he ever not be available.

16.7 Subject
 to the provisions of the Act, the directors may also appoint any person, who need not be
 a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the directors decide.

16.8 The
 Secretary or Officer must consent in writing to holding that office.

16.9 A
 director, Secretary or other Officer of the Company may not the hold the office, or perform
 the services, of auditor.

**Remuneration**

16.10 Every
 director may be remunerated by the Company for the services he provides for the benefit of
 the Company, whether as director, employee or otherwise, and shall be entitled to be paid
 for the expenses incurred in the Company's business including attendance at directors'
 meetings.

16.11 A
 director's remuneration shall be fixed by the Company by Ordinary Resolution. Unless
 that resolution provides otherwise, the remuneration shall be deemed to accrue from day to
 day.

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16.12 Remuneration
 may take any form and may include arrangements to pay pensions, health insurance, death or
 sickness benefits, whether to the director or to any other person connected to or related
 to him.

16.13 Unless
 his fellow directors determine otherwise, a director is not accountable to the Company for
 remuneration or other benefits received from any other company which is in the same group
 as the Company or which has common shareholdings.

**Disclosure of information**

16.14 The
 directors may release or disclose to a third party any information regarding the affairs
 of the Company, including any information contained in the register of members relating to
 a Member, (and they may authorise any director, Officer or other authorised agent of the
 Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company or that person, as the case may be, is lawfully required to do so under the laws
 of any jurisdiction to which the Company is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 disclosure is in compliance with the rules of any stock exchange upon which the Company's
 shares are listed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such
 disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 directors are of the opinion such disclosure would assist or facilitate the Company's
 operations.

---

| | |
|:---|:---|
| **17** | **Delegation of powers** |

---

**Power to delegate any of the directors' powers to a committee**

17.1 The
 directors may delegate any of their powers to any committee consisting of one or more persons
 who need not be Members. Persons on the committee may include non-directors so long as the
 majority of those persons are directors.

17.2 The
 delegation may be collateral with, or to the exclusion of, the directors' own powers.

17.3 The
 delegation may be on such terms as the directors think fit, including provision for the committee
 itself to delegate to a sub-committee; save that any delegation must be capable of being
 revoked or altered by the directors at will.

17.4 Unless
 otherwise permitted by the directors, a committee must follow the procedures prescribed for
 the taking of decisions by directors.

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**Power to appoint an agent of the Company**

17.5 The
 directors may appoint any person, either generally or in respect of any specific matter,
 to be the agent of the Company with or without authority for that person to delegate all
 or any of that person's powers. The directors may make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.6 The
 directors may appoint any person, whether nominated directly or indirectly by the directors,
 to be the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for
 the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject
 to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the directors under these Articles. The directors may do so by power of attorney or any other manner they think fit.

17.7 Any
 power of attorney or other appointment may contain such provision for the protection and
 convenience for persons dealing with the attorney or authorised signatory as the directors
 think fit. Any power of attorney or other appointment may also authorise the attorney or
 authorised signatory to delegate all or any of the powers, authorities and discretions vested
 in that person.

**Power to appoint a proxy**

17.8 Any
 director may appoint any other person, including another director, to represent him at any
 meeting of the directors. If a director appoints a proxy, then for all purposes the presence
 or vote of the proxy shall be deemed to be that of the appointing director.

17.9 Articles
 15.1 to 15.4 inclusive (relating to the appointment by directors of alternate directors)
 apply, mutatis mutandis, to the appointment of proxies by directors.

17.10 A
 proxy is an agent of the director appointing him and is not an officer of the Company.

34 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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18 Meetings of directors

**Regulation of directors' meetings**

18.1 Subject
 to the provisions of these Articles, the directors may regulate their proceedings as they
 think fit.

**Calling meetings**

18.2 Any
 director may call a meeting of directors at any time. The Secretary, if any, must call a
 meeting of the directors if requested to do so by a director.

**Notice of meetings**

18.3 Every
 director shall be given notice of a meeting, although a director may waive retrospectively
 the requirement to be given notice. Notice may be oral.

**Period of notice**

18.4 At
 least five Clear Days' notice of a meeting of directors must be given to directors.
 But a meeting may be convened on shorter notice with the consent of all directors.

**Use of technology**

18.5 A
 director may participate in a meeting of directors through the medium of conference telephone,
 video or any other form of communications equipment providing all persons participating in
 the meeting are able to hear and speak to each other throughout the meeting.

18.6 A
 director participating in this way is deemed to be present in person at the meeting.

**Place of meetings**

18.7 If
 all the directors participating in a meeting are not in the same place, they may decide that
 the meeting is to be treated as taking place wherever any of them is.

**Quorum**

18.8 The
 quorum for the transaction of business at a meeting of directors shall be two unless the
 directors fix some other number or unless the Company has only one director.

**Voting**

18.9 A
 question which arises at a board meeting shall be decided by a majority of votes. If votes
 are equal the chairman may, if he wishes, exercise a casting vote.

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**Validity**

 

18.10 Anything
 done at a meeting of directors is unaffected by the fact that it is later discovered that
 any person was not properly appointed, or had ceased to be a director, or was otherwise not
 entitled to vote.

**Recording of dissent**

18.11 A
 director present at a meeting of directors shall be presumed to have assented to any action
 taken at that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his
 dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 has forwarded to the Company as soon as practical following the conclusion of that meeting
 signed dissent.

A director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.12 The
 directors may pass a resolution in writing without holding a meeting if all directors sign
 a document or sign several documents in the like form each signed by one or more of those
 directors.

18.13 Despite
 the foregoing, a resolution in writing signed by a validly appointed alternate director or
 by a validly appointed proxy need not also be signed by the appointing director. But if a
 written resolution is signed personally by the appointing director, it need not also be signed
 by his alternate or proxy.

18.14 Such
 written resolution shall be as effective as if it had been passed at a meeting of the directors
 duly convened and held; and it shall be treated as having been passed on the day and at the
 time that the last director signs.

**Sole director's minute**

18.15 Where
 a sole director signs a minute recording his decision on a question, that record shall constitute
 the passing of a resolution in those terms.

36 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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19 Permissible directors' interests and disclosure

**Permissible interests subject to disclosure**

19.1 Save
 as expressly permitted by these Articles or as set out below, a director may not have a direct
 or indirect interest or duty which conflicts or may possibly conflict with the interests
 of the Company.

19.2 If,
 notwithstanding the prohibition in the preceding Article, a director discloses to his fellow
 directors the nature and extent of any material interest or duty in accordance with the next
 Article, he may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 a party to, or otherwise interested in, any transaction or arrangement with the Company or
 in which the Company is or may otherwise be interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 interested in another body corporate promoted by the Company or in which the Company is otherwise
 interested. In particular, the director may be a director, secretary or officer of, or employed
 by, or be a party to any transaction or arrangement with, or otherwise interested in, that
 other body corporate.

19.3 Such
 disclosure may be made at a meeting at a meeting of the board or otherwise (and, if otherwise,
 it must be made in writing). The director must disclose the nature and extent of his direct
 or indirect interest in or duty in relation to a transaction or arrangement or series of
 transactions or arrangements with the Company or in which the Company has any material interest.

19.4 If
 a director has made disclosure in accordance with the preceding Article, then he shall not,
 by reason only of his office, be accountable to the Company for any benefit that he derives
 from any such transaction or arrangement or from any such office or employment or from any
 interest in any such body corporate, and no such transaction or arrangement shall be liable
 to be avoided on the ground of any such interest or benefit.

**Notification of interests**

19.5 For
 the purposes of the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 general notice that a director gives to the other directors that he is to be regarded as
 having an interest of the nature and extent specified in the notice in any transaction or
 arrangement in which a specified person or class of persons is interested shall be deemed
 to be a disclosure that he has an interest in or duty in relation to any such transaction
 of the nature and extent so specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 interest of which a director has no knowledge and of which it is unreasonable to expect him
 to have knowledge shall not be treated as an interest of his.

19.6 A
 director shall not be treated as having an interest in a transaction or arrangement if he
 has no knowledge of that interest and it is unreasonable to expect the director to have that
 knowledge.

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**Voting where a director is interested in a matter**

19.7 A
 director may vote at a meeting of directors on any resolution concerning a matter in which
 that director has an interest or duty, whether directly or indirectly, so long as that director
 discloses any material interest pursuant to these Articles. The director shall be counted
 towards a quorum of those present at the meeting. If the director votes on the resolution,
 his vote shall be counted.

19.8 Where
 proposals are under consideration concerning the appointment of two or more directors to
 offices or employment with the Company or any body corporate in which the Company is interested,
 the proposals may be divided and considered in relation to each director separately and each
 of the directors concerned shall be entitled to vote and be counted in the quorum in respect
 of each resolution except that concerning his or her own appointment.

---

| | |
|:---|:---|
| **20** | **Minutes** |

---

The Company shall cause minutes to be made in books kept for the purpose in accordance with the Act.

21 Accounts and audit

**Accounting and other records**

21.1 The
 directors must ensure that proper accounting and other records are kept, and that accounts
 and associated reports are distributed in accordance with the requirements of the Act.

**No automatic right of inspection**

21.2 Members
 are only entitled to inspect the Company's records if they are expressly entitled to do so
 by law, or by resolution made by the directors or passed by Ordinary Resolution.

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**Sending of accounts and reports**

21.3 The
 Company's accounts and associated directors' report or auditor's report that are required
 or permitted to be sent to any person pursuant to any law shall be treated as properly sent
 to that person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they
 are sent to that person in accordance with the notice provisions: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they
 are published on a website providing that person is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 fact that publication of the documents has been published on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 address of the website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 place on the website where the documents may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) how
 they may be accessed.

21.4 If,
 for any reason, a person notifies the Company that he is unable to access the website, the
 Company must, as soon as practicable, send the documents to that person by any other means
 permitted by these Articles. This, however, will not affect when that person is taken to
 have received the documents under the next Article.

**Time of receipt if documents are published on a website**

21.5 Documents
 sent by being published on a website in accordance with the preceding two Articles are only
 treated as sent at least five Clear Days before the date of the meeting at which they are
 to be laid if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 documents are published on the website throughout a period beginning at least five Clear
 Days before the date of the meeting and ending with the conclusion of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 person is given at least five Clear Days' notice of the hearing.

**Validity despite accidental error in publication on website**

21.6 If,
 for the purpose of a meeting, documents are sent by being published on a website in accordance
 with the preceding Articles, the proceedings at that meeting are not invalidated merely because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those
 documents are, by accident, published in a different place on the website to the place notified;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they
 are published for part only of the period from the date of notification until the conclusion
 of that meeting.

**When accounts are to be audited**

21.7 Unless
 the directors or the Members, by Ordinary Resolution, so resolve or unless the Act so requires,
 the Company's accounts will not be audited. If the Members so resolve, the Company's accounts
 shall be audited in the manner determined by Ordinary Resolution. Alternatively, if the directors
 so resolve, they shall be audited in the manner they determine.

39 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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---

| | |
|:---|:---|
| **22** | **Financial year** |

---

Unless the directors otherwise specify, the financial year of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 end on 31 December in the year of its incorporation and each following year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 begin when it was incorporated and on 1st January each following year.

---

| | |
|:---|:---|
| **23** | **Record dates** |

---

Except to the extent of any conflicting rights attached to Shares, the directors may fix any time and date as the record date for declaring or paying a dividend or making or issuing an allotment of Shares. The record date may be before or after the date on which a dividend, allotment or issue is declared, paid or made.

---

| | |
|:---|:---|
| **24** | **Dividends** |

---

**Declaration of dividends by Members**

24.1 Subject
 to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in
 accordance with the respective rights of the Members but no dividend shall exceed the amount
 recommended by the directors.

**Payment of interim dividends and declaration of final dividends by directors**

24.2 The
 directors may pay interim dividends or declare final dividends in accordance with the respective
 rights of the Members if it appears to them that they are justified by the financial position
 of the Company and that such dividends may lawfully be paid.

24.3 Subject
 to the provisions of the Act, in relation to the distinction between interim dividends and
 final dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 determination to pay a dividend or dividends described as interim by the directors in the

 is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 declaration of a dividend or dividends described as final by the directors in the dividend
 resolution, a debt shall be created immediately following the declaration, the due date to
 be the date the dividend is stated to be payable in the resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

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24.4 In
 relation to Shares carrying differing rights to dividends or rights to dividends at a fixed
 rate, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the share capital is divided into different classes, the directors may pay dividends on Shares
 which confer deferred or non-preferred rights with regard to dividends as well as on Shares
 which confer preferential rights with regard to dividends but no dividend shall be paid on
 Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
 dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors may also pay, at intervals settled by them, any dividend payable at a fixed rate
 if it appears to them that there are sufficient funds of the Company lawfully available for
 distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the directors act in good faith, they shall not incur any liability to the Members holding
 Shares conferring preferred rights for any loss those Members may suffer by the lawful payment
 of the dividend on any Shares having deferred or non- preferred rights.

**Apportionment of dividends**

24.5 Except
 as otherwise provided by the rights attached to Shares, all dividends shall be declared and
 paid according to the amounts paid up on the Shares on which the dividend is paid. All dividends
 shall be apportioned and paid proportionately to the amount paid up on the Shares during
 the time or part of the time in respect of which the dividend is paid. But if a Share is
 issued on terms providing that it shall rank for dividend as from a particular date, that
 Share shall rank for dividend accordingly.

**Right of set off**

24.6 The
 directors may deduct from a dividend or any other amount payable to a person in respect of
 a Share any amount due by that person to the Company on a call or otherwise in relation to
 a Share.

**Power to pay other than in cash**

24.7 If
 the directors so determine, any resolution declaring a dividend may direct that it shall
 be satisfied wholly or partly by the distribution of assets. If a difficulty arises in relation
 to the distribution, the directors may settle that difficulty in any way they consider appropriate.
 For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix
 the value of assets for distribution and make cash payments to some Members on the footing
 of the value so fixed in order to adjust the rights of Members; and

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 some assets in trustees.

41 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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**How payments may be made**

24.8 A
 dividend or other monies payable on or in respect of a Share may be paid in any of the following
 ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Member holding that Share or other person entitled to that Share nominates a bank account
 for that purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 cheque or warrant sent by post to the registered address of the Member holding that Share
 or other person entitled to that Share.

24.9 For
 the purpose of paragraph (a) of the preceding Article, the nomination may be in writing or
 in an Electronic Record and the bank account nominated may be the bank account of another
 person. For the purpose of paragraph (b) of the preceding Article, subject to any applicable
 law or regulation, the cheque or warrant shall be made to the order of the Member holding
 that Share or other person entitled to the Share or to his nominee, whether nominated in
 writing or in an Electronic Record, and payment of the cheque or warrant shall be a good
 discharge to the Company.

24.10 If
 two or more persons are registered as the holders of the Share or are jointly entitled to
 it by reason of the death or bankruptcy of the registered holder (**Joint Holders**),
 a dividend (or other amount) payable on or in respect of that Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the registered address of the Joint Holder of the Share who is named first on the register
 of members or to the registered address of the deceased or bankrupt holder, as the case may
 be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 the address or bank account of another person nominated by the Joint Holders, whether that
 nomination is in writing or in an Electronic Record.

24.11 Any
 Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable
 in respect of that Share.

**Dividends or other moneys not to bear interest in absence of special rights**

24.12 Unless
 provided for by the rights attached to a Share, no dividend or other monies payable by the
 Company in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

24.13 If
 a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was
 declared or both, the directors may pay it into a separate account in the Company's name.

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If a dividend is paid into a separate account, the Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

24.14 A
 dividend that remains unclaimed for a period of six years after it became due for payment
 shall be forfeited to, and shall cease to remain owing by, the Company.

---

| | |
|:---|:---|
| **25** | **Capitalisation of profits** |

---

**Capitalisation of profits or of any share premium account or capital redemption reserve**

25.1 The
 directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 part of the Company's profits not required for paying any preferential dividend (whether
 or not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 sum standing to the credit of the Company's share premium account or capital redemption reserve,
 if any.

The amount resolved to be capitalised must be appropriated to the Members who would have been entitled to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in either or both of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 issuing Fully Paid Shares, debentures or other securities of the Company to that Member or
 as that Member directs. The directors may resolve that any Shares issued to the Member in
 respect of partly paid Shares (**Original Shares**) rank for dividend only to the extent
 that the Original Shares rank for dividend while those Original Shares remain partly paid.

**Applying an amount for the benefit of members**

25.2 The
 amount capitalised must be applied to the benefit of Members in the proportions to which
 the Members would have been entitled to dividends if the amount capitalised had been distributed
 as a dividend.

25.3 Subject
 to the Act, if a fraction of a Share, a debenture, or other security is allocated to a Member,
 the directors may issue a fractional certificate to that Member or pay him the cash equivalent
 of the fraction.

43 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

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| | |
|:---|:---|
| **26** | **Share premium account** |

---

**Directors to maintain share premium account**

26.1 The
 directors shall establish a share premium account in accordance with the Act. They shall
 carry to the credit of that account from time to time an amount equal to the amount or value
 of the premium paid on the issue of any Share or capital contributed or such other amounts
 required by the Act.

**Debits to share premium account**

26.2 The
 following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 the redemption or purchase of a Share, the difference between the nominal value of that Share
 and the redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other amount paid out of a share premium account as permitted by the Act.

26.3 Notwithstanding
 the preceding Article, on the redemption or purchase of a Share, the directors may pay the
 difference between the nominal value of that Share and the redemption purchase price out
 of the profits of the Company or, as permitted by the Act, out of capital.

---

| | |
|:---|:---|
| 27 | Seal |

---

**Company seal**

27.1 The
 Company may have a seal if the directors so determine.

**Duplicate seal**

27.2 Subject
 to the provisions of the Act, the Company may also have a duplicate seal or seals for use
 in any place or places outside the Islands. Each duplicate seal shall be a facsimile of the
 original seal of the Company. However, if the directors so determine, a duplicate seal shall
 have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

27.3 A
 seal may only be used by the authority of the directors. Unless the directors otherwise determine,
 a document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 a director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a single director (or his alternate).

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**If no seal is adopted or used**

27.4 If
 the directors do not adopt a seal, or a seal is not used, a document may be executed in the
 following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 a director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a single director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

27.5 The
 directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the seal or a duplicate seal need not be affixed manually but may be affixed by some other
 method or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 a signature required by these Articles need not be manual but may be a mechanical or Electronic
 Signature.

**Validity of execution**

27.6 If
 a document is duly executed and delivered by or on behalf of the Company, it shall not be
 regarded as invalid merely because, at the date of the delivery, the Secretary, or the director,
 or other Officer or person who signed the document or affixed the seal for and on behalf
 of the Company ceased to be the Secretary or hold that office and authority on behalf of
 the Company.

28 Indemnity

**Indemnity**

28.1 To
 the extent permitted by law, the Company shall indemnify each existing or former Secretary,
 director (including alternate director), and other Officer of the Company (including an investment
 adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or
 sustained by the existing or former Secretary or Officer in or about the conduct of the Company's
 business or affairs or in the execution or discharge of the existing or former Secretary's
 or Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without
 limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
 or former Secretary or Officer in defending (whether successfully or otherwise) any civil,
 criminal, administrative or investigative proceedings (whether threatened, pending or completed)
 concerning the Company or its affairs in any court or tribunal, whether in the Islands or
 elsewhere.

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No such existing or former Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

28.2 To
 the extent permitted by law, the Company may make a payment, or agree to make a payment,
 whether by way of advance, loan or otherwise, for any legal costs incurred by an existing
 or former Secretary or Officer of the Company in respect of any matter identified in paragraph
 (a) or paragraph (b) of the preceding Article on condition that the Secretary or Officer
 must repay the amount paid by the Company to the extent that it is ultimately found not liable
 to indemnify the Secretary or that Officer for those legal costs.

**Release**

28.3 To
 the extent permitted by law, the Company may by Special Resolution release any existing or
 former director (including alternate director), Secretary or other Officer of the Company
 from liability for any loss or damage or right to compensation which may arise out of or
 in connection with the execution or discharge of the duties, powers, authorities or discretions
 of his office; but there may be no release from liability arising out of or in connection
 with that person's own dishonesty.

**Insurance**

28.4 To
 the extent permitted by law, the Company may pay, or agree to pay, a premium in respect of
 a contract insuring each of the following persons against risks determined by the directors,
 other than liability arising out of that person's own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 existing or former director (including alternate director), Secretary or Officer or auditor
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 trustee of an employee or retirement benefits scheme or other trust in which any of the persons
 referred to in paragraph (a) is or was interested.

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| | |
|:---|:---|
| 29 | Notices |

---

**Form of notices**

29.1 Save
 where these Articles provide otherwise, any notice to be given to or by any person pursuant
 to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 writing signed by or on behalf of the giver in the manner set out below for written notices;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
 Signature and authenticated in accordance with Articles about authentication of Electronic
 Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

29.2 Without
 limitation to Articles 15.1 to 15.4 inclusive (relating to the appointment and removal by
 directors of alternate directors) and to Articles 17.8 to 17.10 inclusive (relating to the
 appointment by directors of proxies), a notice may only be given to the Company in an Electronic
 Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 directors so resolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 resolution states how an Electronic Record may be given and, if applicable, specifies an
 email address for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 terms of that resolution are notified to the Members for the time being and, if applicable,
 to those directors who were absent from the meeting at which the resolution was passed.

If the resolution is revoked or varied, the revocation or variation shall only become effective when its terms have been similarly notified.

29.3 A
 notice may not be given by Electronic Record to a person other than the Company unless the
 recipient has notified the giver of an Electronic address to which notice may be sent.

**Persons authorised to give notices**

29.4 A
 notice by either the Company or a Member pursuant to these Articles may be given on behalf
 of the Company or a Member by a director or company secretary of the Company or a Member.

47 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

**Delivery of written notices**

29.5 Save
 where these Articles provide otherwise, a notice in writing may be given personally to the
 recipient, or left at (as appropriate) the Member's or director's registered
 address or the Company's registered office, or posted to that registered address or
 registered office.

**Joint holders**

29.6 Where
 Members are joint holders of a Share, all notices shall be given to the Member whose name
 first appears in the register of members.

**Signatures**

29.7 A
 written notice shall be signed when it is autographed by or on behalf of the giver, or is
 marked in such a way as to indicate its execution or adoption by the giver.

29.8 An
 Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

29.9 A
 notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
 the time, date and content of the transmission, and if no notification of failure to transmit
 is received by the giver.

29.10 A
 notice given in writing shall be deemed sent if the giver can provide proof that the envelope
 containing the notice was properly addressed, pre-paid and posted, or that the written notice
 was otherwise properly transmitted to the recipient.

**Giving notice to a deceased or bankrupt Member**

29.11 A
 notice may be given by the Company to the persons entitled to a Share in consequence of the
 death or bankruptcy of a Member by sending or delivering it, in any manner authorised by
 these Articles for the giving of notice to a Member, addressed to them by name, or by the
 title of representatives of the deceased, or trustee of the bankrupt or by any like description,
 at the address, if any, supplied for that purpose by the persons claiming to be so entitled.

29.12 Until
 such an address has been supplied, a notice may be given in any manner in which it might
 have been given if the death or bankruptcy had not occurred.

48 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

 

**Date of giving notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.13 A
 notice is given on the date identified in the following table.

 

---

| | |
|:---|:---|
| <br> **Method for giving notices** | <br> **When taken to be given** |
| Personally | At the time and date of delivery |
| By leaving it at the member's registered address | At the time and date it was left |
| If the recipient has an address within the Islands, by posting it by prepaid post to the street or postal address of that recipient | 48 hours after it was posted |
| If the recipient has an address outside the Islands, by posting it by prepaid airmail to the street or postal address of that recipient | 7 Clear Days after posting |
| By Electronic Record (other than publication on a website), to recipient's Electronic address | Within 24 hours after it was sent |
| By publication on a website | See the Articles about the time when notice of a meeting of Members or accounts and reports, as the case may be, are published on a website |

---

 

**Saving provision**

29.14 None
 of the preceding notice provisions shall derogate from the Articles about the delivery of
 written resolutions of directors and written resolutions of Members.

30 Authentication of Electronic Records

**Application of Articles**

30.1 Without
 limitation to any other provision of these Articles, any notice, written resolution or other
 document under these Articles that is sent by Electronic means by a Member, or by the Secretary,
 or by a director or other Officer of the Company, shall be deemed to be authentic if either
 Article 30.2 or Article 30.4 applies.

49 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

**Authentication of documents sent by Members by Electronic means**

30.2 An
 Electronic Record of a notice, written resolution or other document sent by Electronic means
 by or on behalf of one or more Members shall be deemed to be authentic if the following conditions
 are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of
 those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, that Member to an address specified in accordance with these Articles for the purpose
 for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article
 30.7 does not apply.

30.3 For
 example, where a sole Member signs a resolution and sends the Electronic Record of the original
 resolution, or causes it to be sent, by facsimile transmission to the address in these Articles
 specified for that purpose, the facsimile copy shall be deemed to be the written resolution
 of that Member unless Article 30.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

30.4 An
 Electronic Record of a notice, written resolution or other document sent by or on behalf
 of the Secretary or an Officer or Officers of the Company shall be deemed to be authentic
 if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Secretary or the Officer or each Officer, as the case may be, signed the original document,
 and for this purpose **Original Document** includes several documents in like form signed
 by the Secretary or one or more of those Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, the Secretary or that Officer to an address specified in accordance with these Articles
 for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article
 30.7 does not apply.

This Article applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

30.5 For
 example, where a sole director signs a resolution and scans the resolution, or causes it
 to be scanned, as a PDF version which is attached to an email sent to the address in these
 Articles specified for that purpose, the PDF version shall be deemed to be the written resolution
 of that director unless Article 30.7 applies.

50 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

**Manner of signing**

30.6 For
 the purposes of these Articles about the authentication of Electronic Records, a document
 will be taken to be signed if it is signed manually or in any other manner permitted by these
 Articles.

**Saving provision**

30.7 A
 notice, written resolution or other document under these Articles will not be deemed to be
 authentic if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes
 that the signature of the signatory has been altered after the signatory had signed the original
 document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes
 that the original document, or the Electronic Record of it, was altered, without the approval
 of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise
 doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

31 Transfer by way of continuation

31.1 The
 Company may, by Special Resolution, resolve to be registered by way of continuation in a
 jurisdiction outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 other jurisdiction in which it is, for the time being, incorporated, registered or existing.

31.2 To
 give effect to any resolution made pursuant to the preceding Article, the directors may cause
 the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 application be made to the Registrar of Companies to deregister the Company in the Islands
 or in the other jurisdiction in which it is for the time being incorporated, registered or
 existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 such further steps as they consider appropriate to be taken to effect the transfer by way
 of continuation of the Company.

51 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

 

---

| | |
|:---|:---|
| **32** | **Winding up** |

---

**Distribution of assets in specie**

32.1 If
 the Company is wound up, the Members may, subject to these Articles and any other sanction
 required by the Act, pass a Special Resolution allowing the liquidator to do either or both
 of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 divide in specie among the Members the whole or any part of the assets of the Company and,
 for that purpose, to value any assets and to determine how the division shall be carried
 out as between the Members or different classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 vest the whole or any part of the assets in trustees for the benefit of Members and those
 liable to contribute to the winding up.

**No obligation to accept liability**

32.2 No
 Member shall be compelled to accept any assets if an obligation attaches to them.

**The directors are authorised to present a winding up petition**

32.3 The
 directors have the authority to present a petition for the winding up of the Company to the
 Grand Court of the Cayman Islands on behalf of the Company without the sanction of a resolution
 passed at a general meeting.

33 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

33.1 Subject
 to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change
 the provisions of its Memorandum with respect to its objects, powers or any other matter
 specified in the Memorandum.

**Power to amend these Articles**

33.2 Subject
 to the Act and as provided in these Articles, the Company may, by Special Resolution, amend
 these Articles in whole or in part.

52 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

Dated 6 March 2025

---

| | | | |
|:---|:---|:---|:---|
| **Name and address of Subscriber** | **Number of shares taken** | **Signature** | **Signature** |
| Ogier Global Subscriber (Cayman) Limited | 1 |  |  |
|  |  | per: | ![](ex3-1_004.jpg) |
| 89 Nexus Way |  |  |  |
|  |  | Name: | Jill Mojica |
| Camana Bay |  |  |  |
|  |  | Authorised Signatory | Authorised Signatory |
| Grand Cayman, KY1-9009 |  |  |  |
| Cayman Islands |  |  |  |

---

---

| | |
|:---|:---|
| **Witness to above signature** |  |
|  | ![](ex3-1_005.jpg) |
|  | Name: Saniquie Smith |
|  | Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands |
|  | Occupation: Administrator |

---

53 <br> *Auth Code: C82967950308* <br> *www.verify.gov.ky*

## Exhibit 3.2

**Exhibit 3.2**

**Companies Act (Revised)**<br>**Company Limited by Shares**<br>

 **<br> AMENDED AND RESTATED<br> Memorandum of association<br> of<br> Angie Holdings Limited**

<br> (Conditionally adopted by special resolution passed on 30 September 2025 and with effect from the effective date of the registration statement on Form F-1 in connection with the listing of the Ordinary Shares on the Nasdaq Capital Market)

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Memorandum of Association**

**of**

**Angie Holdings Limited** 

(Conditionally adopted by special resolution passed on 30 September 2025 and with effect from the effective date of the registration statement on Form F-1 in connection with the listing of the Ordinary Shares on the Nasdaq Capital Market)

1 The name of the Company is Angie Holdings Limited.

2 The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide.

3 The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands.

4 The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of a bank or trust company without being licensed in that behalf under the Banks and Trust
Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
or broker without being licensed in that behalf under the Insurance Act (Revised);or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the business of company management without being licensed in that behalf under the Companies Management
Act (Revised).

---

| | |
|:---|:---|
| 6 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

8 The share capital of the Company is USD 20,000 divided into 200,000,000 Ordinary Shares of par value USD0.0001 each. Subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to redeem or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to issue any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred, qualified or special rights, privileges or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to alter any of those rights, privileges, conditions, limitations or restrictions.

9 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

---

| |
|:---|
| **Companies Act (Revised)**<br>**Company Limited By Shares**<br>AMENDED AND RESTATED<br> articles of association<br> of<br> **Angie Holdings Limited** |
| (Conditionally adopted by special resolution passed on 30 September 2025 and with effect from the effective date of the registration statement on Form F-1 in connection with the listing of the Ordinary Shares on the Nasdaq Capital Market) |

---

**Contents**

---

| | |
|:---|:---|
| **1 Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | 1 |
| Interpretation | 4 |
| Exclusion of Table A Articles | 5 |
| **2 Shares** | **5** |
| Power to issue Shares and options, with or without special rights | 5 |
| Power to issue fractions of a Share | 6 |
| Power to pay commissions and brokerage fees | 6 |
| Trusts not recognised | 6 |
| Security interests | 6 |
| Power to vary class rights | 6 |
| Effect of new Share issue on existing class rights | 7 |
| No bearer Shares or warrants | 7 |
| Treasury Shares | 7 |
| Rights attaching to Treasury Shares and related matters | 7 |
| Register of Members | 8 |
| Annual Return | 8 |
| **3 Share certificates** | **8** |
| Issue of share certificates | 8 |
| Renewal of lost or damaged share certificates | 9 |
| **4 Lien on Shares** | **9** |
| Nature and scope of lien | 9 |
| Company may sell Shares to satisfy lien | 10 |
| Authority to execute instrument of transfer | 10 |
| Consequences of sale of Shares to satisfy lien | 10 |
| Application of proceeds of sale | 11 |
| **5 Calls on Shares and forfeiture** | **11** |
| Power to make calls and effect of calls | 11 |
| Time when call made | 11 |
| Liability of joint holders | 11 |
| Interest on unpaid calls | 12 |
| Deemed calls | 12 |
| Power to accept early payment | 12 |
| Power to make different arrangements at time of issue of Shares | 12 |
| Notice of default | 12 |
| Forfeiture or surrender of Shares | 13 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 13 |
| Effect of forfeiture or surrender on former Member | 13 |
| Evidence of forfeiture or surrender | 14 |
| Sale of forfeited or surrendered Shares | 14 |
| **6 Transfer of Shares** | **14** |
| Form of Transfer | 14 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | 14 |
| Suspension of transfers | 15 |
| Company may retain instrument of transfer | 15 |
| Notice of refusal to register | 15 |
| **7 Transmission of Shares** | **15** |
| Persons entitled on death of a Member | 15 |

---

---

| | |
|:---|:---|
| Registration of transfer of a Share following death or bankruptcy | 16 |
| Indemnity | 16 |
| Rights of person entitled to a Share following death or bankruptcy | 16 |
| **8 Alteration of capital** | **17** |
| Increasing, consolidating, converting, dividing and cancelling share capital | 17 |
| Dealing with fractions resulting from consolidation of Shares | 17 |
| Reducing share capital | 18 |
| **9 Redemption and purchase of own Shares** | **18** |
| Power to issue redeemable Shares and to purchase own Shares | 18 |
| Power to pay for redemption or purchase in cash or in specie | 18 |
| Effect of redemption or purchase of a Share | 18 |
| **10 Meetings of Members** | **19** |
| Annual and extraordinary general meetings | 19 |
| Power to call meetings | 19 |
| Content of notice | 20 |
| Period of notice | 20 |
| Persons entitled to receive notice | 21 |
| Accidental omission to give notice or non-receipt of notice | 21 |
| **11 Proceedings at meetings of Members** | **21** |
| Quorum | 21 |
| Lack of quorum | 22 |
| Chairman | 22 |
| Right of a Director to attend and speak | 22 |
| Accommodation of Members at Virtual Meeting | 22 |
| Security | 23 |
| Adjournment, postponement and cancellation | 23 |
| Method of voting | 23 |
| Taking of a poll | 23 |
| Chairman's casting vote | 24 |
| Written resolutions | 24 |
| Sole-Member Company | 25 |
| **12 Voting rights of Members** | **26** |
| Right to vote | 26 |
| Rights of joint holders | 26 |
| Representation of corporate Members | 26 |
| Member with mental disorder | 27 |
| Objections to admissibility of votes | 27 |
| Form of proxy | 27 |
| How and when proxy is to be delivered | 28 |
| Voting by proxy | 29 |
| **13 Number of Directors** | **29** |
| **14 Appointment, disqualification and removal of Directors** | **29** |
| First Directors | 29 |
| No age limit | 29 |
| Corporate Directors | 30 |
| No shareholding qualification | 30 |
| Appointment of Directors | 30 |
| Board's power to appoint Directors | 30 |
| Removal of Directors | 30 |

---

---

| | |
|:---|:---|
| Resignation of Directors | 31 |
| Termination of the office of Director | 31 |
| **15 Alternate Directors** | **31** |
| Appointment and removal | 31 |
| Notices | 32 |
| Rights of alternate Director | 32 |
| Appointment ceases when the appointor ceases to be a Director | 32 |
| Status of alternate Director | 33 |
| Status of the Director making the appointment | 33 |
| **16 Powers of Directors** | **33** |
| Powers of Directors | 33 |
| Directors below the minimum number | 33 |
| Appointments to office | 34 |
| Provisions for employees | 34 |
| Exercise of voting rights | 34 |
| Remuneration | 35 |
| Disclosure of information | 35 |
| **17 Delegation of powers** | **36** |
| Power to delegate any of the Directors' powers to a committee | 36 |
| Local boards | 36 |
| Power to appoint an agent of the Company | 36 |
| Power to appoint an attorney or authorised signatory of the Company | 37 |
| Borrowing Powers | 37 |
| Corporate Governance | 37 |
| **18 Meetings of Directors** | **38** |
| Regulation of Directors' meetings | 38 |
| Calling meetings | 38 |
| Notice of meetings | 38 |
| Use of technology | 38 |
| Quorum | 38 |
| Chairman or deputy to preside | 38 |
| Voting | 38 |
| Recording of dissent | 39 |
| Written resolutions | 39 |
| Validity of acts of Directors in spite of formal defect | 39 |
| **19 Permissible Directors' interests and disclosure** | **40** |
| **20 Minutes** | **40** |
| **21 Accounts and audit** | **40** |
| Auditors | 40 |
| **22 Record dates** | **41** |
| **23 Dividends** | **41** |
| Source of dividends | 41 |
| Declaration of dividends by Members | 41 |
| Payment of interim dividends and declaration of final dividends by Directors | 42 |
| Apportionment of dividends | 42 |
| Right of set off | 43 |
| Power to pay other than in cash | 43 |
| How payments may be made | 43 |

---

---

| | |
|:---|:---|
| Dividends or other monies not to bear interest in absence of special rights | 44 |
| Dividends unable to be paid or unclaimed | 44 |
| **24 Capitalisation of profits** | **44** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | 44 |
| Applying an amount for the benefit of Members | 45 |
| **25 Share Premium Account** | **45** |
| Directors to maintain share premium account | 45 |
| Debits to share premium account | 45 |
| **26 Seal** | **45** |
| Company seal | 45 |
| Duplicate seal | 45 |
| When and how seal is to be used | 46 |
| If no seal is adopted or used | 46 |
| Power to allow non-manual signatures and facsimile printing of seal | 46 |
| Validity of execution | 46 |
| **27 Indemnity** | **46** |
| Release | 47 |
| Insurance | 47 |
| **28 Notices** | **48** |
| Form of notices | 48 |
| Electronic communications | 48 |
| Persons entitled to notices | 49 |
| Persons authorised to give notices | 49 |
| Delivery of written notices | 49 |
| Joint holders | 49 |
| Signatures | 49 |
| Giving notice to a deceased or bankrupt Member | 50 |
| Date of giving notices | 50 |
| Saving provision | 51 |
| **29 Authentication of Electronic Records** | **51** |
| Application of Articles | 51 |
| Authentication of documents sent by Members by Electronic means | 51 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 51 |
| Manner of signing | 52 |
| Saving provision | 52 |
| **30 Transfer by way of continuation** | **52** |
| **31 Winding up** | **53** |
| Distribution of assets in specie | 53 |
| No obligation to accept liability | 53 |
| **32 Amendment of Memorandum and Articles** | **53** |
| Power to change name or amend Memorandum | 53 |
| Power to amend these Articles | 53 |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated<br> Articles of Association**

**of**

**Angie Holdings Limited** 

(Conditionally adopted by special resolution passed on 30 September 2025 and with effect from the effective date of the registration statement on Form F-1 in connection with the listing of the Ordinary Shares on the Nasdaq Capital Market)

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular articles of these Articles;

and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the calendar day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the calendar day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as any class of the Company's Shares are there listed and any other stock exchange on which any class of the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share and any premium payable
in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully
paid or credited as paid in money or money's worth;

**general meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a general meeting passed by a simple majority of the votes by Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a written resolution signed by the requisite majority in accordance with Article 11.14;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, that the par value for that Share and any premium payable in respect
of the issue of that Share, has not been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has not been
fully paid or credited as paid in money or money's worth;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a general meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.16;

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; and

**Virtual Meeting** means any general meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**Interpretation**

1.2 In the interpretation of these Articles, the following provisions apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to a statute of the Cayman Islands as known
by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect the interpretation of these Articles, unless
there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing is to be done under these Articles is not a Business Day, the
act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also denotes the plural, a word which denotes the plural also denotes
the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes, as appropriate, a company, trust, partnership, joint venture,
association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined meaning another part of speech or grammatical form in respect
to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to time in the place where the Company's
registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words **written** and **in writing** include all modes of representing or reproducing words
in a visible form, but do not include an Electronic Record where the distinction between a document in writing and an Electronic Record
is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar expression are to be
construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The term "**present**" means, in respect of any person attending a meeting, such person's
presence at a general meeting of Members (or any meeting of the holders of any class of Shares), which may be satisfied by means of such
person or, if a corporation or other non-natural person, its duly authorized representative (or, in the case of any Member, a proxy which
has been validly appointed by such Member in accordance with these Articles), being: (a) physically present at the meeting; or (b) in
the case of any meeting at which Electronic Communication Facilities are permitted in accordance with these Articles, including any Virtual
Meeting, connected by means of the use of such Electronic Communication Facilities.

1.3 The headings in these Articles are intended for convenience only and shall not affect the interpretation
of these Articles.

**Exclusion of Table A Articles**

1.4 The regulations contained in Table A in the First Schedule of the Act and any other regulations contained
in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

---

| | |
|:---|:---|
| 2 | Shares |

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**Power to issue Shares and options, with or without special rights**

2.1 Subject to the provisions of the Act and these Articles about the redemption and purchase of the Shares,
the Directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over
or otherwise deal with any unissued Shares to such persons, at such times and on such terms and conditions as they may decide. No Share
may be issued at a discount except in accordance with the provisions of the Act.

2.2 Without limitation to the preceding Article, the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend,
voting, return of capital or otherwise.

2.3 Without limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company may issue rights, options, warrants or convertible securities or securities of similar nature
conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company
at such times and on such terms and conditions as the Directors may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

**Power to issue fractions of a Share**

2.4 Subject to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share shall
be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences,
privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.5 The Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

2.6 The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.

**Trusts not recognised**

2.7 Except as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

**Security interests**

2.8 Notwithstanding the preceding Article, the Company may (but shall not be obliged to) recognise a security
interest of which it has actual notice over shares. The Company shall not be treated as having recognised any such security interest unless
it has so agreed in writing with the secured party.

**Power to vary class rights**

2.9 If the share capital is divided into different classes of Shares then, unless the terms on which a class
of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding not less than two-thirds of the issued Shares of that class consent in writing to
the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution passed at a separate general meeting of
the Members holding the issued Shares of that class.

2.10 For the purpose of Article 2.11(b), all the provisions of these Articles relating to general meetings apply,
mutatis mutandis, to every such separate meeting except that the necessary quorum shall be one or more persons holding, or representing
by proxy, not less than one third of the issued Shares of the class.

2.11 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such classes of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate classes of Shares.

**Effect of new Share issue on existing class rights**

2.12 Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member
holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with
the existing Shares of that class.

**No bearer Shares or warrants**

2.13 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.14 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Act
shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.15 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to Members on a winding up) may be made to the Company in respect of a Treasury Share.

2.16 The Company shall be entered in the register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Member for any purpose and shall not exercise any right in respect
of the Treasury Shares, and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Act.

2.17 Nothing in Article 2.18 prevents an allotment of Shares as Fully Paid Up bonus shares in respect of a
Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

2.18 Treasury Shares may be disposed of by the Company in accordance with the Act and otherwise on such terms
and conditions as the Directors determine.

**Register of Members**

2.19 The Directors shall keep or cause to be kept a register of Members as required by the Act and may cause
the Company to maintain one or more branch registers as contemplated by the Act, provided that where the Company is maintaining one or
more branch registers, the Directors shall ensure that a duplicate of each branch register is kept with the Company's principal
register of Members and updated within such number of days of any amendment having been made to such branch register as may be required
by the Act.

2.20 The title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in accordance
with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes, the register of Members
may be maintained in accordance with section 40B of the Act.

**Annual Return**

2.21 The Directors in each calendar year shall prepare or cause to be prepared an annual return and declaration
setting forth the particulars required by the Act and shall deliver a copy thereof to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

3.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. If the Directors
resolve that share certificates shall be issued, upon being entered in the register of Members as the holder of a Share, the Directors
may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all the Shares of each class held by that Member (and, upon transferring
a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the Directors may determine for every certificate after the first,
several certificates each for one or more of that Member's Shares.

3.2 Every certificate shall specify the number, class and distinguishing numbers (if any) of the Shares to
which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may be executed under seal or executed in such other
manner as the Directors determine.

3.3 Every certificate shall bear legends required under the applicable laws, including the U.S. Securities
Act (to the extent applicable).

3.4 The Company shall not be bound to issue more than one certificate for Shares held jointly by several persons
and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.5 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any)
as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

4.1 The Company has a first and paramount lien on all Shares (whether Fully Paid Up or not) registered in
the name of a Member (whether solely or jointly with others). The lien is for all monies payable to the Company by the Member or the Member's
estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

4.2 At any time the Board may declare any Share to be wholly or partly exempt from the provisions of this
Article.

**Company may sell Shares to satisfy lien**

4.3 The Company may sell any Shares over which it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence
of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be sold;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen (14) Clear Days after that notice is deemed to be given under these
Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

4.4 The Lien Default Shares may be sold in such manner as the Board determines.

4.5 To the maximum extent permitted by law, the Directors shall incur no personal liability to the Member
concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To give effect to a sale, the Directors may authorise any person to execute an instrument of transfer
of the Lien Default Shares sold to, or in accordance with the directions of, the purchaser.

4.7 The title of the transferee of the Lien Default Shares shall not be affected by any irregularity or invalidity
in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate (if any) for those Lien Default
Shares.

4.9 Notwithstanding the provisions of Article 4.8, such person shall remain liable to the Company for all
monies which, at the date of sale, were presently payable by him to the Company in respect of those Lien Default Shares. That person shall
also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that
sale or, failing that, at the Default Rate. The Board may waive payment wholly or in part or enforce payment without any allowance for
the value of the Lien Default Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

4.10 The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Lien Default Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Lien Default Shares was issued, upon surrender to the Company of that certificate
for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject to the terms of allotment, the Board may make calls on the Members in respect of any monies unpaid
on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving at least 14 Clear Days'
notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called on his Shares as required
by the notice.

5.2 Before receipt by the Company of any sum due under a call, that call may be revoked in whole or in part
and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company may revoke the call
in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining instalments
in whole or in part.

5.3 A Member on whom a call is made shall remain liable for that call notwithstanding the subsequent transfer
of the Shares in respect of which the call was made. He shall not be liable for calls made after he is no longer registered as Member
in respect of those Shares.

**Time when call made**

5.4 A call shall be deemed to have been made at the time when the resolution of the Directors authorising
the call was passed.

**Liability of joint holders**

5.5 Members registered as the joint holders of a Share shall be jointly and severally liable to pay all calls
in respect of the Share.

**Interest on unpaid calls**

5.6 If a call remains unpaid after it has become due and payable the person from whom it is due and payable
shall pay interest on the amount unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall
be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the amount had
become due and payable by virtue of a call.

**Power to accept early payment**

5.8 The Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares held
by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject to the terms of allotment, the Directors may make arrangements on the issue of Shares to distinguish
between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

5.10 If a call remains unpaid after it has become due and payable the Directors may give to the person from
whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied with the Shares in respect of which the call is made will
be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If the notice given pursuant to Article 5.10 is not complied with, the Directors may, before the payment
required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include
all dividends or other monies payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the
Board may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member holding that Share
in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in
such manner as the Board determine either to the former Member who held that Share or to any other person. The forfeiture or surrender
may be cancelled on such terms as the Directors think fit at any time before a sale, re-allotment or other disposition. Where, for the
purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the Directors may authorise some person
to execute an instrument of transfer of the Share to the transferee.

**Effect of forfeiture or surrender on former Member**

5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
or surrendered Shares.

5.15 Despite the forfeiture or surrender of his Shares, that person shall remain liable to the Company for
all monies which at the date of forfeiture or surrender were presently payable by him to the Company in respect of those Shares together
with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A declaration, whether statutory or under oath, made by a Director or the Secretary shall be conclusive
evidence of the following matters stated in it as against all persons claiming to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any person to whom the forfeited or surrendered Shares are disposed of shall not be bound to see to the
application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any irregularity in, or invalidity
of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.

6 Transfer of Shares

**Form of Transfer**

6.1 Subject to the following Articles about the transfer of Shares, and provided that such transfer complies
with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares to another person by completing an instrument
of transfer in a common form or in a form prescribed by the Designated Stock Exchange (if such Shares are listed on the Designated Stock
Exchange) or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

6.2 The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered
into the register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

6.3 Where the Shares of any cass in question are not listed on or subject to the rules of any Designated Stock
Exchange, the Directors may in their absolute discretion decline to register any transfer of such Shares which are not Fully Paid Up or
on which the Company has a lien. The Directors may also, but are not required to, decline to register any transfer of any such Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged with the Company, accompanied by the certificate (if any) for the
Shares to which it relates and such other evidence as the Board may reasonably require to show the right of the transferor to make the
transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred
does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any applicable fee of such maximum sum as the Designated Stock Exchanges may determine to be payable,
or such lesser sum as the Board may from time to time require, related to the transfer is paid to the Company.

**Suspension of transfers**

6.4 The registration of transfers may, on 14 Clear Days' notice being given by advertisement in such
one or more newspapers or by electronic means, be suspended and the register of Members closed at such times and for such periods as the
Directors may, in their absolute discretion, from time to time determine, provided always that such registration of transfer shall not
be suspended nor the register of Members closed for more than 30 Clear Days in any year.

**Company may retain instrument of transfer**

6.5 All instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

6.6 If the Directors refuse to register a transfer of any Shares of any class not listed on a Designated Stock
Exchange, they shall within one month after the date on which the instrument of transfer was lodged with the Company send to each of the
transferor and the transferee notice of the refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

7.1 If a Member dies, the only persons recognised by the Company as having any title to the deceased Members'
interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

7.2 Nothing in these Articles shall release the deceased Member's estate from any liability in respect
of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect
to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

7.4 That person must produce such evidence of his entitlement as the Directors may properly require.

7.5 If the person elects to become the holder of the Share, he must give notice to the Company to that effect.
For the purposes of these Articles, that notice shall be treated as though it were an executed instrument of transfer.

7.6 If the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is nil or Partly Paid Up, the transferor and the transferee must execute an instrument of
transfer.

7.7 All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the
instrument of transfer.

**Indemnity**

7.8 A person registered as a Member by reason of the death or bankruptcy of another Member shall indemnify
the Company and the Directors against any loss or damage suffered by the Company or the Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were registered as the holder of the Share. But, until he is registered as Member in respect
of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting of the holders of that
class of Shares.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of the following
and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the
attached rights, priorities and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall
be the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the passing of that Ordinary Resolution, have not been taken or agreed
to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled or, in the case of Shares
without nominal par value, diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever, as a result of a consolidation of Shares, any Members would become entitled to fractions of
a Share the Directors may on behalf of those Members deal with the fractions as it thinks fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either round up or down the fraction to the nearest whole number, such rounding to be determined by the
Directors acting in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell the Shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Act, the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute the net proceeds in due proportion among those Members.

8.3 For the purposes of Article 8.2, the Directors may authorise some person to execute an instrument of transfer
of the Shares to, in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of
the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings
in respect of the sale.

**Reducing share capital**

8.4 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member
holding those redeemable Shares, on the terms and in the manner its Directors determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights
attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option of
the Company on the terms and in the manner which the Directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in
the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When making a payment in respect of the redemption or purchase of Shares, the Directors may make the payment
in cash or *in specie* (or partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares
or by the terms applying to those Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect of the Share other than
the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the register of Members with respect to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

9.4 For the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's
name is removed from the register of Members with respect to the Shares the subject of the redemption or purchase.

10 Meetings of Members

**Annual and extraordinary general meetings**

10.1 The Company may, but shall not (unless required by the applicable Designated Stock Exchange Rules) be
obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the Board, in accordance
with these Articles.

10.2 All general meetings other than annual general meetings shall be called extraordinary general meetings.

**Power to call meetings**

10.3 The Directors may call a general meeting at any time.

10.4 If there are insufficient Directors to constitute a quorum and the remaining Directors are unable to agree
on the appointment of additional Directors, the Directors must call a general meeting for the purpose of appointing additional Directors.

10.5 The Directors must also call a general meeting if requisitioned in the manner set out in the next two
Articles.

10.6 The requisition must be in writing and given by one or more Members who together hold at least ten per
cent of the rights to vote at such general meeting.

10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged
to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

10.8 Should the Directors fail to call a general meeting within 21 Clear Days' from the date of receipt
of a requisition, the requisitioners or any of them may call a general meeting within three months after the end of that period.

10.9 Without limitation to the foregoing, if there are insufficient Directors to constitute a quorum and the
remaining Directors are unable to agree on the appointment of additional Directors, any one or more Members who together hold at least
five (5) per cent of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business specified
in the notice of meeting which shall include as an item of business the appointment of additional Directors.

10.10 If the Members call a meeting under the above provisions, the Company shall reimburse their reasonable
expenses.

**Content of notice**

10.11 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the meeting is to be held in any part at a physical place, the address of such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the meeting is to be held in two or more places, or in any part virtually, the Electronic Communication
Facilities that will be used to facilitate the meeting, including the procedures to be followed by any Member or other participant of
the meeting who wishes to utilise such Electronic Communication Facilities for the purposes of attending and participating in such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to paragraph (f) and the requirements of (to the extent applicable) the Designated Stock Exchange
Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a resolution is proposed as a Special Resolution, the text of that resolution.

10.12 In each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend and vote is entitled to appoint one or more proxies to attend
and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

10.13 At least five (5) Clear Days' notice must be given to Members for any general meeting.

10.14 Subject to the Act, a meeting may be convened on shorter notice, subject to the Act with the consent of
the Member or Members who, individually or collectively, hold at least ninety per cent of the voting rights of all those who have a right
to vote at that meeting.

**Persons entitled to receive notice**

10.15 Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Auditors (if appointed).

10.16 The Board may determine that the Members entitled to receive notice of, attend and vote at a meeting are
those persons entered on the register of Members at the close of business on a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

10.17 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

10.18 In addition, where a notice of meeting is published on a website proceedings at the meeting shall not
be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date of the notification until the conclusion of the meeting to which
the notice relates.

11 Proceedings at meetings of Members

**Quorum**

11.1 Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum
is present in person or by proxy at the meeting. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has only one Member: that Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member: one or more Members holding Shares that represent not less than
one-third of the outstanding Shares carrying the right to vote at such general meeting.

**Lack of quorum**

11.2 If a quorum is not present at the meeting within fifteen minutes of the time appointed for the meeting,
or if at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand adjourned to the same time and place seven days hence, or to
such other time or place as is determined by the Directors. If a quorum is not present at the meeting within fifteen minutes of the time
appointed for the adjourned meeting, then the Members present in person or by proxy at the meeting shall constitute a quorum.

**Chairman**

11.3 The chairman of a general meeting (including any Virtual Meeting) shall be the chairman of the Board or
such other Director as the Directors may determine. Absent any such person being present at the meeting within fifteen minutes of the
time appointed for the meeting, the Directors present shall elect one of their number to chair the meeting. The chairman of the meeting
shall be entitled to attend and participate at any such general meeting by means of Electronic Communication Facilities, and to act as
the chairman of such general meeting, in which event the chairman of the meeting shall be deemed to be present at the meeting.

11.4 If no Director is present within fifteen minutes of the time appointed for the meeting, or if no Director
is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair
the meeting.

**Right of a Director to attend and speak**

11.5 Even if a Director is not a Member, he shall be entitled to attend and speak at any general meeting and
at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

11.6 A Member entitled to receive notice and attend a meeting will be deemed to be in attendance at such meeting
despite their attendance being virtual if adequate facilities are available to ensure that the Member is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to participate in the business for which the meeting has been convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to hear all that happens at the meeting.

Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

11.7 In addition to any measures which the Board may be required to take due to the location or venue of the
meeting, the Board may make any arrangement and impose any restriction it considers appropriate and reasonable in the circumstances to
ensure the security of a meeting including, without limitation, the searching of any person attending the meeting and the imposing of
restrictions on the items of personal property that may be taken into the meeting place. The Board may refuse entry to, or eject from,
a meeting a person who refuses to comply with any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

11.8 A meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed or cancelled prior to the meeting at the discretion of the Directors by written notice provided
to all persons entitled to attend the meeting, unless the meeting was requisitioned by Members or otherwise called by Members pursuant
to Article 10; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned, with or without an appointed date for resumption, at any time during the meeting at the discretion
of the chairman with the consent of the Members constituting a quorum.

The chairman must adjourn the meeting if so directed by the Members constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

11.9 Should a meeting be adjourned for more than seven (7) Clear Days, whether because of a lack of quorum
or otherwise, Members shall be given at least seven (7) Clear Days' notice of the date, time and place of the adjourned meeting
and the general nature of the business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.10 A resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

11.11 A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not
be Members) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a
Virtual Meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers
that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and
time when that can occur.

**Chairman's casting vote**

11.12 In the case of an equality of votes, the Chairman of the meeting shall be entitled to a second or casting
vote.

**Written resolutions**

11.13 Without limitation to section 60(1) of the Act, Members may pass a Special Resolution in writing without
holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are given notice of the resolution as if the same were
being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or
more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed when all such Members have so signified their agreement to the resolution.

11.14 Members may pass an Ordinary Resolution in writing without holding a meeting if the following conditions
are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given notice of the resolution as if the same were being proposed at a meeting of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notified in the same or an accompanying notice of the date by which the resolution must be passed if it
is not to lapse, being a period of five (5) Clear Days beginning with the date that the notice is first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required majority of the Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article, the date next immediately following the end of the period of five (5) Clear Days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of 14 days beginning with the date that notice of it is first given.

11.15 If all Members entitled to be given notice of the Ordinary Resolution consent, a written resolution may
be passed as soon as the required majority have signified their agreement to the resolution, without any minimum period of time having
first elapsed. Save that the consent of the majority may be incorporated in the written resolution, each consent shall be in writing or
given by Electronic Record and shall otherwise be given to the Company in accordance with Article 28 (*Notices*) prior to the written
resolution taking effect.

11.16 The Directors may determine the manner in which written resolutions shall be put to Members. In particular,
they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have
been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many
against the resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis
as on a poll.

11.17 If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect
accordingly.

11.18 The Directors may determine the manner in which written resolutions shall be put to Members. In particular,
they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have
been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many
against the resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis
as on a poll.

**Sole-Member Company**

11.19 If the Company has only one Member, and the Member records in writing his decision on a question, that
record shall constitute both the passing of a resolution and the minute of it.

12 Voting rights of Members

**Right to vote**

12.1 Unless their Shares carry no right to vote, or unless a call or other amount presently payable has not
been paid, all Members are entitled to vote at a general meeting and all Members holding Shares of a particular class of Shares are entitled
to vote at a meeting of the holders of that class of Shares.

12.2 Members may vote in person or by proxy.

12.3 On a poll, a Member shall have one vote for each Share he holds, unless any Share carries special voting
rights.

12.4 No Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his Shares in
the same way.

**Rights of joint holders**

12.5 If Shares are held jointly, only one of the joint holders may vote. If more than one of the joint holders
tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the register of Members shall be accepted
to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

12.6 Save where otherwise provided, a corporate Member must act by a duly authorised representative.

12.7 A corporate Member wishing to act by a duly authorised representative must identify that person to the
Company by notice in writing.

12.8 The authorisation may be for any period of time, and must be delivered to the Company before the commencement
of the meeting at which it is first used.

12.9 The Directors of the Company may require the production of any evidence which they consider necessary
to determine the validity of the notice.

12.10 Where a duly authorised representative is present at a meeting that Member is deemed to be present in
person; and the acts of the duly authorised representative are personal acts of that Member.

12.11 A corporate Member may revoke the appointment of a duly authorised representative at any time by notice
to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised representative before
the Directors of the Company had actual notice of the revocation.

**Member with mental disorder**

12.12 A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Cayman
Islands or elsewhere) in matters concerning mental disorder may vote by that Member's receiver, *curator bonis* or other person
authorised in that behalf appointed by that court.

12.13 For the purpose of the preceding Article, evidence to the satisfaction of the Directors of the authority
of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant meeting or the
adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic means.
In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.14 An objection to the validity of a person's vote may only be raised at the meeting or at the adjourned
meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman whose decision shall be
final and conclusive.

**Form of proxy**

12.15 An instrument appointing a proxy shall be in any common form or in any other form approved by the Directors.

12.16 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other body corporate, under seal or signed by an authorised officer,
secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.17 The Directors may require the production of any evidence which they consider necessary to determine the
validity of any appointment of a proxy.

12.18 A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance
with Article 12.16.

12.19 No revocation by a Member of the appointment of a proxy made in accordance with Article 12.18 will affect
the validity of any acts carried out by the relevant proxy before the Directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.20 Subject to the following Articles, the Directors may, in the notice convening any meeting or adjourned
meeting, or in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be
deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting
to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the
Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the form of appointment
of a proxy and any authority under which it is signed (or a copy of the authority certified notarially or in any other way approved by
the Directors) must be delivered so that it is received by the Company before the time for holding the meeting or adjourned meeting at
which the person named in the form of appointment of proxy proposes to vote. They must be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place within the Cayman Islands specified in the notice convening the meeting or in any
form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions, a notice may be given to the Company in an Electronic Record, an
Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions unless another address
for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation to appoint a proxy issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Article 12.20(a) and Article 12.20(b), the chairman of the Company may, in any event at
his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.21 If the form of appointment of proxy is not delivered on time, it is invalid.

12.22 When two or more valid but differing appointments of proxy are delivered or received in respect of the
same Share for use at the same meeting and in respect of the same matter, the one which is last validly delivered or received (regardless
of its date or of the date of its execution) shall be treated as replacing and revoking the other or others as regards that Share. lf
the Company is unable to determine which appointment was last validly delivered or received, none of them shall be treated as valid in
respect of that Share.

12.23 The Board may at the expense of the Company send forms of appointment of proxy to the Members by post
(that is to say, pre-paying and posting a letter), or by Electronic communication or otherwise (with or without provision for their return
by pre-paid post) for use at any general meeting or at any separate meeting of the holders of any class of Shares, either blank or nominating
as proxy in the alternative any one or more of the Directors or any other person. lf for the purpose of any meeting invitations to appoint
as proxy a person or one of a number of persons specified in the invitations are issued at the Company's expense, they shall be
issued to all (and not to some only) of the Members entitled to be sent notice of the meeting and to vote at it. The accidental omission
to send such a form of appointment or to give such an invitation to, or the non-receipt of such form of appointment by, any Member entitled
to attend and vote at a meeting shall not invalidate the proceedings at that meeting

**Voting by proxy**

12.24 A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had
except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may
attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless
in respect of different Shares, shall be invalid.

12.25 The instrument appointing a proxy to vote at a meeting shall not confer any further right to speak at
the meeting, except with the permission of the chairman of the meeting.

13 Number of Directors

13.1 There shall be a Board consisting of not less than one person provided however that the Company may by
Ordinary Resolution increase or reduce the limits in the number of Directors. Unless fixed by Ordinary Resolution, the maximum number
of Directors shall be unlimited.

14 Appointment, disqualification and removal of Directors

**First Directors**

14.1 The first Directors shall be appointed in writing by the subscriber or subscribers to the Memorandum,
or a majority of them.

**No age limit**

14.2 There is no age limit for Directors save that they must be at least eighteen years of age.

**Corporate Directors**

14.3 Unless prohibited by law, a body corporate may be a Director. If a body corporate is a Director, the Articles
about representation of corporate Members at general meetings apply, mutatis mutandis, to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless a shareholding qualification for Directors is fixed by Ordinary Resolution, no Director shall be
required to own Shares as a condition of his appointment.

**Appointment of Directors**

14.5 A Director may be appointed by Ordinary Resolution or by the Directors. Any appointment may be to fill
a vacancy or as an additional Director.

14.6 The remaining Director(s) may appoint a Director even though there is not a quorum of Directors.

14.7 No appointment can cause the number of Directors to exceed the maximum (if one is set); and any such appointment
shall be invalid.

14.8 For so long as Shares are listed on a Designated Stock Exchange, the Directors shall include at least
such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange Rules require as determined
by the Board.

**Board's power to appoint Directors**

14.9 Without prejudice to the Company's power to appoint a person to be a Director pursuant to these
Articles, the Board shall have power at any time to appoint any person who is willing to act as a Director, either to fill a vacancy or
as an addition to the existing Board, subject to the total number of Directors not exceeding any maximum number fixed by or in accordance
with these Articles.

14.10 An appointment of a Director may be on terms that the Director shall automatically retire from office
(unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified
period in a written agreement between the Company and the Director, if any; but no such term shall be implied in the absence of express
provision. Each Director whose term of office expires shall be eligible for re-election at a meeting of the Members or re-appointment
by the Board.

**Removal of Directors**

14.11 A Director may be removed by Ordinary Resolution.

**Resignation of Directors**

14.12 A Director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant
to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

14.13 Unless the notice specifies a different date, the Director shall be deemed to have resigned on the date
that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A Director may retire from office as a Director by giving notice in writing to that effect to the Company
at the registered office, which notice shall be effective upon such date as may be specified in the notice, failing which upon delivery
to the registered office.

14.15 Without prejudice to the provisions in these Articles for retirement (by rotation or otherwise), a Director's
office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Cayman Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the opinion of a registered medical practitioner by whom he is being treated he becomes physically
or mentally incapable of acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he is given notice by the majority of the other Directors (not being less than two in number) to vacate
office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such Director);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without the consent of the other Directors, he is absent from meetings of Directors for a continuous period
of six months.

15 Alternate Directors

**Appointment and removal**

15.1 Any Director may appoint any other person, including another Director, to act in his place as an alternate
Director. No appointment shall take effect until the Director has given notice of the appointment to the Board.

15.2 A Director may revoke his appointment of an alternate at any time. No revocation shall take effect until
the Director has given notice of the revocation to the Board.

15.3 A notice of appointment or removal of an alternate Director shall be effective only if given to the Company
by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile transmission to that
facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's
registered office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in
which event notice shall be taken to be given on the date of an error-free transmission report from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email address a scanned copy
of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a
scanned copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies),
in which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office (as appropriate)
in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered
in accordance with those provisions in writing.

**Notices**

15.4 All notices of meetings of Directors shall continue to be given to the appointing Director and not to
the alternate.

**Rights of alternate Director**

15.5 An alternate Director shall be entitled to attend and vote at any Board meeting or meeting of a committee
of the Directors at which the appointing Director is not personally present, and generally to perform all the functions of the appointing
Director in his absence. An alternate Director, however, is not entitled to receive any remuneration from the Company for services rendered
as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

15.6 An alternate Director shall cease to be an alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director who appointed him revokes his appointment by notice delivered to the Board or to the registered
office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any event happens in relation to him which, if he were a Director of the Company, would cause his office
as Director to be vacated.

**Status of alternate Director**

15.7 An alternate Director shall carry out all functions of the Director who made the appointment.

15.8 Save where otherwise expressed, an alternate Director shall be treated as a Director under these Articles.

15.9 An alternate Director is not the agent of the Director appointing him.

15.10 An alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A Director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.

16 Powers of Directors

**Powers of Directors**

16.1 Subject to the provisions of the Act, the Memorandum and these Articles the business of the Company shall
be managed by the Directors who may for that purpose exercise all the powers of the Company.

16.2 No prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum or these
Articles. However, to the extent allowed by the Act, Members may, by Special Resolution, validate any prior or future act of the Directors
which would otherwise be in breach of their duties.

**Directors below the minimum number**

16.3 lf the number of Directors is less than the minimum prescribed in accordance with these Articles, the
remaining Director or Directors shall act only for the purposes of appointing an additional Director or Directors to make up such minimum
or of convening a general meeting of the Company for the purpose of making such appointment. lf there are no Director or Directors able
or willing to act, any two Members may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed
shall hold office (subject to these Articles) only until the dissolution of the annual general meeting next following such appointment
unless he is re-elected during such meeting.

**Appointments to office**

16.4 The Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

16.5 The appointee must consent in writing to holding that office.

16.6 Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

16.7 If there is no chairman, or if the chairman is unable to preside at a meeting, that meeting may select
its own chairman; or the Directors may nominate one of their number to act in place of the chairman should he ever not be available.

16.8 Subject to the provisions of the Act, the Directors may also appoint and remove any person, who need not
be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

16.9 The Secretary or Officer must consent in writing to holding that office.

16.10 A Director, Secretary or other Officer of the Company may not the hold the office, or perform the services,
of auditor.

**Provisions for employees**

16.11 The Board may make provision for the benefit of any persons employed or formerly employed by the Company
or any of its subsidiary undertakings (or any member of his family or any person who is dependent on him) in connection with the cessation
or the transfer to any person of the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The Board may exercise the voting power conferred by the Shares in any body corporate held or owned by
the Company in such manner in all respects as it thinks fit (including, without limitation, the exercise of that power in favour of any
resolution appointing any Director as a Director of such body corporate, or voting or providing for the payment of remuneration to the
Directors of such body corporate).

**Remuneration**

16.13 Every Director may be remunerated by the Company for the services he provides for the benefit of the Company,
whether as Director, employee or otherwise, and shall be entitled to be paid for the expenses incurred in the Company's business
including attendance at Directors' meetings.

16.14 Until otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate
Directors) shall be entitled to such remuneration by way of fees for their services in the office of Director as the Directors may determine.

16.15 Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or
sickness benefits, whether to the Director or to any other person connected to or related to him.

16.16 Unless his fellow Directors determine otherwise, a Director is not accountable to the Company for remuneration
or other benefits received from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 Subject to compliance with applicable laws, including the applicable federal securities laws of the United
States, the Directors may release or disclose to a third party any information regarding the affairs of the Company, including any information
contained in the register of Members relating to a Member, (and they may authorise any Director, Officer or other authorised agent of
the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case may be, is lawfully required to do so under the laws of any jurisdiction
to which the Company is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the Designated Stock Exchange Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Directors are of the opinion such disclosure would assist or facilitate the Company's operations.

17 Delegation of powers

**Power to delegate any of the Directors' powers to a committee**

17.1 The Directors may delegate any of their powers to any committee consisting of one or more persons who
need not be Members. Persons on the committee may include non-Directors so long as the majority of those persons are Directors. For so
long as Shares are listed on a Designated Stock Exchange, any such committee shall be made up of such number of Independent Directors
as required from time to time by the Designated Stock Exchange Rules or otherwise required by applicable law.

17.2 The delegation may be collateral with, or to the exclusion of, the Directors' own powers.

17.3 The delegation may be on such terms as the Directors think fit, including provision for the committee
itself to delegate to a sub-committee; save that any delegation must be capable of being revoked or altered by the Directors at will.

17.4 Unless otherwise permitted by the Directors, a committee must follow the procedures prescribed for the
taking of decisions by Directors.

17.5 For so long as Shares are listed on a Designated Stock Exchange, the Board shall, if required by the Designated
Stock Exchange Rules, establish an audit committee, a compensation committee and a nominating and corporate governance committee. Each
of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in these Articles.
Each of the audit committee, compensation committee and nominating and corporate governance committee shall consist of at least three
Directors (or such larger minimum number as may be required from time to time by the Designated Stock Exchange Rules). The committees
shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise
required by applicable law, subject to any exemptions permitted under the Designated Stock Exchange Rules and other applicable laws.

**Local boards**

17.6 The Board may establish any local or divisional board or agency for managing any of the affairs of the
Company whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional Board, or to be
managers or agents, and may fix their remuneration.

17.7 The Board may delegate to any local or divisional board, manager or agent any of its powers and authorities
(with power to sub-delegate) and may authorise the members of any local or divisional board or any of them to fill any vacancies and to
act notwithstanding vacancies.

17.8 Any appointment or delegation under this Article 17.8 may be made on such terms and subject to such conditions
as the Board thinks fit and the Board may remove any person so appointed, and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The Directors may appoint any person, either generally or in respect of any specific matter, to be the
agent of the Company with or without authority for that person to delegate all or any of that person's powers. The Directors may
make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The Directors may appoint any person, whether nominated directly or indirectly by the Directors, to be
the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any power of attorney or other appointment may contain such provision for the protection and convenience
for persons dealing with the attorney or authorised signatory as the Directors think fit. Any power of attorney or other appointment may
also authorise the attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in that person.

17.12 The Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

17.13 The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property and assets both present and future and uncalled capital, or any part thereof, and to issue debentures and other
securities, whether outright or as collateral security for any debt, liability or obligation of the Company or its parent undertaking
(if any) or any subsidiary undertaking of the Company or of any third party.

**Corporate Governance**

17.14 The Board may, from time to time, and except as required by applicable law or the Designated Stock Exchange
Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company, which shall be intended
to set forth the guiding principles and policies of the Company and the Board on various corporate governance related matters as the Board
shall determine by resolution from time to time.

18 Meetings of Directors

**Regulation of Directors' meetings**

18.1 Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think
fit.

**Calling meetings**

18.2 Any Director may call a meeting of Directors at any time. The Secretary must call a meeting of the Directors
if requested to do so by a Director.

**Notice of meetings**

18.3 Notice of a Board meeting may be given to a Director personally or by word of mouth or given in writing
or by Electronic communications at such address as he may from time to time specify for this purpose (or, if he does not specify an address,
at his last known address). A Director may waive his right to receive notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A Director may participate in a meeting of Directors through the medium of conference telephone, video
or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other
throughout the meeting.

18.5 A Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

18.6 The quorum for the transaction of business at a meeting of Directors shall be two unless the Directors
fix some other number.

**Chairman or deputy to preside**

18.7 The Board may appoint a chairman and one or more deputy chairman or chairmen and may at any time revoke
any such appointment.

18.8 The chairman, or failing him any deputy chairman (the longest in office taking precedence if more than
one is present), shall preside at all Board meetings. If no chairman or deputy chairman has been appointed, or if he is not present within
five minutes after the time fixed for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors present shall
choose one of their number to act as chairman of the meeting.

**Voting**

18.9 A question which arises at a Board meeting shall be decided by a majority of votes. If votes are equal
the chairman may, if he wishes, exercise a casting vote.

**Recording of dissent**

18.10 A Director present at a meeting of Directors shall be presumed to have assented to any action taken at
that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The Directors may pass a resolution in writing without holding a meeting if all Directors sign a document
or sign several documents in the like form each signed by one or more of those Directors.

18.12 A written resolution signed by a validly appointed alternate Director need not also be signed by the appointing
Director.

18.13 A written resolution signed personally by the appointing Director need not also be signed by his alternate.

18.14 A resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13 shall be
as effective as if it had been passed at a meeting of the Directors duly convened and held; and it shall be treated as having been passed
on the day and at the time that the last Director signs (and for the avoidance of doubt, such day may or may not be a Business Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All acts done by a meeting of the Board, or of a committee of the Board, or by any person acting as a
Director or an alternate Director, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director or member of the committee, or that any of them were disqualified or had vacated office or were
not entitled to vote, be as valid as if every such person had been duly appointed and qualified and had continued to be a Director or
alternate Director and had been entitled to vote.

19 Permissible Directors' interests and disclosure

19.1 A Director who is in any way, whether directly or indirectly, interested in a contract or transaction
or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general
notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded
as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made or transaction so consummated. Subject to the Designated Stock Exchange Rules and disqualification
by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction or proposed contract or transaction
notwithstanding that he may be interested therein provided the Director discloses to his fellow directors the nature and extent of any
material interests in respect of any contract or transaction or proposed contract or transaction and if he does so his vote shall be counted
and he may be counted in the quorum at any meeting of the Directors at which any such contract or transaction or proposed contract or
transaction shall come before the meeting for consideration.

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| | |
|:---|:---|
| 20 | Minutes |

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20.1 The Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of Officers and committees made by the Board and of any such Officer's remuneration;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of Directors present at every meeting of the Directors, a committee of the Board, the Company
or the holders of any class of shares or debentures, and all orders, resolutions and proceedings of such meetings.

20.2 Any such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings were
held or by the chairman of the next succeeding meeting or the Secretary, shall be prima facie evidence of the matters stated in them.

21 Accounts and audit

21.1 The Directors must ensure that proper accounting and other records are kept, and that accounts and associated
reports are distributed in accordance with the requirements of the Act.

21.2 The books of account shall be kept at the registered office of the Company and shall always be open to
inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by the Act or as authorised by the Directors or by Ordinary Resolution.

21.3 Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each year and begin on 1 January in each year.

**Auditors**

21.4 The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors
determine.

21.5 At any general meeting convened and held at any time in accordance with these Articles, the Members may,
by Ordinary Resolution, remove the Auditor before the expiration of his term of office. If they do so, the Members shall, by Ordinary
Resolution, at that meeting appoint another Auditor in his stead for the remainder of his term.

21.6 The Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
of their duties.

21.7 The Auditors shall, if so requested by the Directors, make a report on the accounts of the Company during
their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Company.

22 Record dates

22.1 Except to the extent of any conflicting rights attached to Shares, the resolution declaring a dividend
on Shares of any class, whether it be an Ordinary Resolution of the Members or a Director's resolution, may specify that the dividend
is payable or distributable to the persons registered as the holders of those Shares at the close of business on a particular date, notwithstanding
that the date may be a date prior to that on which the resolution is passed.

22.2 If the resolution does so specify, the dividend shall be payable or distributable to the persons registered
as the holders of those Shares at the close of business on the specified date in accordance with their respective holdings so registered,
but without prejudice to the rights *inter se* in respect of the dividend of transferors and transferees of any of those Shares.

22.3 The provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues, distributions
of realised capital profits or offers or grants made by the Company to the Members.

23 Dividends

**Source of dividends**

23.1 Dividends may be declared and paid out of any funds of the Company lawfully available for distribution.

23.2 Subject to the requirements of the Act regarding the application of a company's Share premium account
and with the sanction of an Ordinary Resolution, dividends may also be declared and paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance
with the respective rights of the Members but no dividend shall exceed the amount recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The Directors may declare and pay interim dividends or recommend final dividends in accordance with the
respective rights of the Members if it appears to them that they are justified by the financial position of the Company and that such
dividends may lawfully be paid.

23.5 Subject to the provisions of the Act, in relation to the distinction between interim dividends and final
dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or dividends described as interim by the Directors in the dividend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends described as final by the Directors in the dividend resolution,
a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable in the
resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.6 In relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the
following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different classes, the Directors may pay dividends on Shares which
confer deferred or non-preferred rights with regard to dividends as well as on Shares which confer preferential rights with regard to
dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate if it appears
to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors act in good faith, they shall not incur any liability to the Members holding Shares conferring
preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having deferred or non-preferred
rights.

**Apportionment of dividends**

23.7 Except as otherwise provided by the rights attached to Shares all dividends shall be declared and paid
according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately
to the amount Paid Up on the Shares during the time or part of the time in respect of which the dividend is paid. But if a Share is issued
on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

**Right of set off**

23.8 The Directors may deduct from a dividend or any other amount payable to a person in respect of a Share
any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

23.9 If the Directors so determine, any resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the Directors may settle that
difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments to some Members on the footing of the
value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

23.10 A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other person entitled to that Share nominates a bank account for that
purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address of the Member holding that Share or other
person entitled to that Share.

23.11 For the purposes of Article 23.10(a), the nomination may be in writing or in an Electronic Record and
the bank account nominated may be the bank account of another person. For the purposes of Article 23.10(b), subject to any applicable
law or regulation, the cheque or warrant shall be made to the order of the Member holding that Share or other person entitled to the Share
or to his nominee, whether nominated in writing or in an Electronic Record, and payment of the cheque or warrant shall be a good discharge
to the Company.

23.12 If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason
of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that
Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint Holder of the Share who is named first on the register of Members
or to the registered address of the deceased or bankrupt holder, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another person nominated by the Joint Holders, whether that nomination
is in writing or in an Electronic Record.

23.13 Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect
of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company
in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.15 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or
both, the Directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate account, the
Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

23.16 A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited
to, and shall cease to remain owing by, the Company.

24 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of the Company's profits not required for paying any preferential dividend (whether or
not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the Company's share premium account or capital redemption reserve,
if any.

24.2 The amount resolved to be capitalised must be appropriated to the Members who would have been entitled
to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in
either or both of the following ways::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Up Shares, debentures or other securities of the Company to that Member or as that
Member directs. The Directors may resolve that any Shares issued to the Member in respect of Partly Paid Up Shares (**Original Shares**)
rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain Partly Paid Up.

**Applying an amount for the benefit of Members**

24.3 The amount capitalised must be applied to the benefit of Members in the proportions to which the Members
would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

24.4 Subject to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member,
the Directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

25 Share Premium Account

**Directors to maintain share premium account**

25.1 The Directors shall establish a share premium account in accordance with the Act. They shall carry to
the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital
contributed or such other amounts required by the Act.

**Debits to share premium account**

25.2 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between the nominal value of that Share and the
redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

25.3 Notwithstanding the preceding Article, on the redemption or purchase of a Share, the Directors may pay
the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted
by the Act, out of capital.

---

| | |
|:---|:---|
| 26 | Seal |

---

**Company seal**

26.1 The Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any
place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if
the Directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A seal may only be used by the authority of the Directors. Unless the Directors otherwise determine, a
document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If the Directors do not adopt a seal, or a seal is not used, a document may be executed in the following
manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method
or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles need not be manual but may be a mechanical or Electronic Signature.

**Validity of execution**

26.6 If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded
as invalid merely because, at the date of the delivery, the Secretary, or the Director, or other Officer or person who signed the document
or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.

27 Indemnity

27.1 To the extent permitted by law, the Company shall indemnify each existing or former Director (including
alternate Director), Secretary and other Officer of the Company (including an investment adviser or an administrator or liquidator) and
their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by the existing or former Director (including alternate Director), Secretary or Officer in or about the conduct of the Company's
business or affairs or in the execution or discharge of the existing or former Director's (including alternate Director's),
Secretary's or Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former Director (including alternate Director), Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal,
administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court
or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

27.2 To the extent permitted by Act, the Company may make a payment, or agree to make a payment, whether by
way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director (including alternate Director), Secretary
or Officer of the Company in respect of any matter identified in Article 27.1 on condition that the Director (including alternate Director),
Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Director
(including alternate Director), Secretary or that Officer for those legal costs.

**Release**

27.3 To the extent permitted by Act, the Company may by Special Resolution release any existing or former Director
(including alternate Director), Secretary or other Officer of the Company from liability for any loss or damage or right to compensation
which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office;
but there may be no release from liability arising out of or in connection with that person's own dishonesty.

**Insurance**

27.4 To the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of a contract
insuring each of the following persons against risks determined by the Directors, other than liability arising out of that person's
own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including alternate Director), Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred
to in paragraph (a) is or was interested.

---

| | |
|:---|:---|
| 28 | Notices |

---

**Form of notices**

28.1 Save where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules, any notice
to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the giver in the manner set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
Signature and authenticated in accordance with Articles about authentication of Electronic Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

28.2 A notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so resolve or otherwise accept the notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Director or Officer provides the giver of the notice an electronic address to which the notice may
be sent and a notice is sent to that address within a reasonable period of time.

28.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has provided the giver of the notice with an Electronic address to which notice may be sent.

28.4 Subject to the Act, the Designated Stock Exchange Rules and to any other rules which the Company is bound
to follow, the Company may also send any notice or other document pursuant to these Articles to a Member by publishing that notice or
other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the Member have agreed to his having access to the notice or document on a website (instead
of it being sent to him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notice or document is one to which that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance with any requirements laid down by the Act and, in a manner for
the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the publication of the notice or document on a website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of that website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on that website where the notice or document may be accessed, and how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the notice or document is published on that website throughout the publication period, provided that,
if the notice or document is published on that website for a part, but not all of, the publication period, the notice or document shall
be treated as being published throughout that period if the failure to publish that notice of document throughout that period is wholly
attributable to circumstances which it would not be reasonable to have expected the Company to prevent or avoid. For the purposes of this
Article 28.4 "publication period" means a period of not less than twenty-one days, beginning on the day on which the notification
referred to in Article 28.4(c) is deemed sent.

**Persons entitled to notices**

28.5 Any notice or other document to be given to a Member may be given by reference to the register of Members
as it stands at any time within the period of twenty-one days before the day that the notice is given or (where and as applicable) within
any other period permitted by, or in accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange Rules
and/or the Designated Stock Exchanges. No change in the register of Members after that time shall invalidate the giving of such notice
or document or require the Company to give such item to any other person.

**Persons authorised to give notices**

28.6 A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company
or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient,
or left at (as appropriate) the Member's or Director's registered address or the Company's registered office, or posted
to that registered address or registered office.

**Joint holders**

28.8 Where Members are joint holders of a Share, all notices shall be given to the Member whose name first
appears in the register of Members.

**Signatures**

28.9 A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in
such a way as to indicate its execution or adoption by the giver.

28.10 An Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

28.11 A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.

28.12 A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing
the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

28.13 A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of Shares shall be deemed to have received due notice of the meeting and, where requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A notice may be given by the Company to the persons entitled to a Share in consequence of the death or
bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, addressed
to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address,
if any, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until such an address has been supplied, a notice may be given in any manner in which it might have been
given if the death or bankruptcy had not occurred.

**Date of giving notices**

28.16 A notice is given on the date identified in the following table

---

| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| (A) Personally | At the time and date of delivery |
| (B) By leaving it at the Member's registered address | At the time and date it was left |
| (C) By posting it by prepaid post to the street or postal address of that recipient | 48 hours after the date it was posted |
| (D) By Electronic Record (other than publication on a website), to recipient's Electronic address | 48 hours after the date it was sent |
| (E) By publication on a website | 24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

**Saving provision**

28.17 None of the preceding notice provisions shall derogate from the Articles about the delivery of written
resolutions of Directors and written resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

29.1 Without limitation to any other provision of these Articles, any notice, written resolution or other document
under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a Director or other Officer of the Company,
shall be deemed to be authentic if either Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An Electronic Record of a notice, written resolution or other document sent by Electronic means by or
on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

29.3 For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution,
or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall
be deemed to be the written resolution of that Member unless Article 29.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary
or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for
this purpose **Original Document** includes several documents in like form signed by the Secretary or one or more of those Officers;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For example, where a sole Director signs a resolution and scans the resolution, or causes it to be scanned,
as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF version shall
be deemed to be the written resolution of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For the purposes of these Articles about the authentication of Electronic Records, a document will be
taken to be signed if it is signed manually or in any other manner permitted by these Articles.

**Saving provision**

29.7 A notice, written resolution or other document under these Articles will not be deemed to be authentic
if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory has been altered after the signatory had signed the original
document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or the Electronic Record of it, was altered, without the approval
of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

30 Transfer by way of continuation

30.1 The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction
outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To give effect to any resolution made pursuant to the preceding Article, the Directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies of the Cayman Islands to deregister the Company in
the Cayman Islands or in the other jurisdiction in which it is for the time being incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation
of the Company.

31 Winding up

**Distribution of assets in specie**

31.1 If the Company is wound up the Members may, subject to these Articles and any other sanction required
by the Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the Members the whole or any part of the assets of the Company and, for that
purpose, to value any assets and to determine how the division shall be carried out as between the Members or different classes of Members;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of Members and those liable to
contribute to the winding up.

**No obligation to accept liability**

31.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

31.3 The Directors are authorised to present a winding up petition

31.4 The Directors have the authority to present a petition for the winding up of the Company to the Grand
Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.

32 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

32.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum with respect to its objects, powers or any other matter specified
in the Memorandum.

**Power to amend these Articles**

32.2 Subject to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **Angie Holdings Limited** | **D +852 3656 6054** |
| **Angie Holdings Limited** | **E nathan.powell@ogier.com** |
| **Angie Holdings Limited** |  |
| **Angie Holdings Limited** | Reference: NMP/512768.00001 |

---

9 October 2025

Dear Sirs

**Angie Holdings Limited (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Securities Act**). The Registration Statement relates to the offering (the **Offering**) of 1,500,000 Ordinary Shares (as defined below) (the **Public Offering Shares**), together with an over-allotment option granted to the underwriter of the Company for a period of 45 days from the closing of the Offering for the underwriter of the Company to purchase additional Ordinary Shares representing fifteen percent (15%) of the Public Offering Shares sold in the Offering (collectively, the **IPO Shares**).

We are furnishing this opinion as Exhibit 5.1, Exhibit 8.1 and Exhibit 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 (as defined in below). The headings herein are for convenience only and do not affect the construction of this opinion.

---

| | |
|:---|:---|
| **1** | **Documents examined** |

---

---

| | |
|:---|:---|
| For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents: (the **Documents**): | For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents: (the **Documents**): |
| (a) | the certificate of incorporation of the Company dated 6 March 2025 issued by the Registrar of Companies of the Cayman Islands (the **Registrar**); |
| (b) | the amended and restated memorandum and articles of association of the Company conditionally adopted by special resolution passed on 30 September 2025 and with effect from the effective date of the Registration Statement (the **Memorandum and Articles**); |
| (c) | a certificate of good standing dated 30 September 2025 issued by the Registrar in respect of the Company (the **Good Standing Certificate**); |

---

---

| | | | |
|:---|:---|:---|:---|
| **Ogier**<br> Providing advice on British Virgin Islands, 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** | **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 | 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> <sup>‡</sup> not ordinarily resident in Hong Kong |

---

Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 register of directors of the Company as provided to us on 29 September 2025 (the **Register of Directors**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 register of members of the Company as provided to us on 29 September 2025 (the **Register of Members**, together with the Register
 of Directors, the **Registers**)

(f) copies
 of the written resolutions of the directors of the Company dated 30 September 2025 approving among others, the Company's filing
 of the Registration Statement and issuance of the IPO Shares;

(g) a
 certificate dated 8 October 2025 as to certain matters of fact signed by the directors of the Company (the **Director's Certificate**);

(h) the
 Registration Statement; and

(i) a
 draft copy of the underwriting agreement to be exhibited to the Registration Statement (the **Underwriting Agreement**);.

---

| | |
|:---|:---|
| **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, the Director's Certificate and the Registers is accurate and complete as at the date of this
 opinion;

(e) the
 Memorandum and Articles provided to us are in full force and effect and have not been amended, varied, supplemented or revoked in
 any respect;

(f) 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;

(g) the
 Board Resolutions remain in full force and effect, have not been, and will not be rescinded or amended, and the sole director 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 in approving the Offering and the transactions set out in the Board Resolutions and no director
 has a financial interest in or other relationship to a party of the transactions contemplated by the Offering and the Board Resolutions
 which has not been properly disclosed in the Board Resolutions;

Page 3 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no
 invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands to subscribe for any shares
 of the Company and none of the shares have been offered or issued to residents of the Cayman Islands;

(i) the
 Company is, and after the allotment and issuance of the IPO Shares will be, able to pay its liabilities as they fall due; and

(j) there
 is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have any implication in relation to the
 opinions expressed herein.

---

| | |
|:---|:---|
| **3** | **Opinions** |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has been duly incorporated as an exempted company with limited liability and is validly existing and in good standing with
 the Registrar.

**Authorised Share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 authorised share capital of the Company is USD20,000 divided into 200,000,000 Ordinary shares of par value of USD0.0001 each (the **Ordinary Shares**).

**Corporate Authorisation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company has taken all requisite corporate action to authorise the issuance and sale of the IPO Shares under the Registration Statement.

**Valid Issuance of IPO 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 Memorandum and Articles; 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.

**Registration Statement – Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 statements contained in the Registration Statement in the section headed "*Material Income Tax Considerations - Cayman Islands Taxation* ", in so far as they purport to summarise the laws or regulations of the Cayman Islands, are accurate in all material
 respects and that such statements constitute our opinion.

Page 4 of 4

---

| | |
|:---|:---|
| **4** | **Limitations and Qualifications** |
| 4.1 | We offer no opinion: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of this opinion, made any investigation
 of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of references in the Documents
 to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands; or

(b) except
 to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or the validity, enforceability or effect
 of the Registration Statement, the accuracy of representations, the fulfilment of warranties or conditions, the occurrence of events
 of default or terminating events or the existence of any conflicts or inconsistencies among the Registration Statement and any other
 agreements into which the Company may have entered or any other documents.

---

| | |
|:---|:---|
| 4.2 | Under the Companies Act (Revised) (**Companies Act**) of the Cayman Islands annual returns in respect of the Company must be filed with the Registrar of Companies in the Cayman Islands, together with payment of annual filing fees. A failure to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which its assets will be vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit of the public of the Cayman Islands. |
| 4.3 | In **good standing** means only that as of the date of this opinion the Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar of Companies. We have made no enquiries into the Company's good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands other than the Companies Act. |
| **5** | **Governing law of this opinion** |
| 5.1 | This opinion is: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed
 by, and shall be construed in accordance with, the laws of the Cayman Islands;

(b) limited
 to the matters expressly stated in it; and

(c) confined
 to, and given on the basis of, the laws and practice in the Cayman Islands at the date of this opinion.

5.2 Unless
 otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to that legislation as amended to, and
 as in force at, the date of this opinion.

---

| | |
|:---|:---|
| **6** | **Reliance** |

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings "*Enforceability of Civil Liabilities*", "*Taxation*" and "*Legal Matters*" of the Registration Statement. In giving such consent, we do not believe that we are "experts" within the meaning of such term used in the Securities Act or the rules and regulations of the Commission issued thereunder with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

This opinion may be used only in connection with the offer and sale of the IPO Shares and while the Registration Statement is effective.

Yours faithfully

![](ex5-1_002.jpg)

**Ogier**

## Exhibit 8.2

**Exhibit 8.2**

---

| | |
|:---|:---|
| **TWSL** **PARTNERS** | Unit 1602, 16/F., COFCO Tower<br> 262 Gloucester Road, Causeway Bay, Hong Kong |
| **黃梁律師事務所** | 香港銅鑼灣告士打道 262 號中糧大廈 16 樓 1602 室 |
|  | Tel 電話: (852) 3619 8260 |
|  | Fax 傳真: (852) 3462 3086 |
|  | Email 電郵: enquiry@twp-law.com |
|  | 9 October 2025 |

---

**<u>PRIVATE & CONFIDENTIAL</u>**

**<u>BY POST & BY EMAIL</u>**

Angie Holdings Limited

3/F., West Gate Tower

No. 7 Wing Hong Street

Lai Chi Kok

Kowloon

Hong Kong

Attn.: <u>The Board of Directors</u>

Dear Sirs,

RE: <u>Hong Kong Legal Opinion</u>

1. We
 are instructed by Angie Holdings Limited, a company incorporated in the Cayman Islands with limited liability (the "**Company** ")
 in relation to the Company's proposed listing of its certain ordinary shares (the "**Ordinary Shares**") on
 Nasdaq Capital Market by way of an initial public offering (the "**IPO**") (the "**Purpose**") as set
 forth in the Company's registration statement Form F-1, including all amendments or supplements thereto (collectively, the
 "**Registration Statement**") filed by the Company with the Securities and Exchange Commission of the United States
 of America (the "**SEC**") under the U.S. Securities Act of 1993 (as amended) in relation to the IPO.

2. We
 have acted as the Hong Kong legal advisers to the Company, which holds the entire issued share capital of Angie International Limited
 (the "**Hong Kong Company** "), a company incorporated in the Hong Kong Special Administrative Region of the People's
 Republic of China ()"**Hong Kong**") with limited liability, a wholly-owned subsidiary of the Company.

3. We
 confirm that we are lawyers qualified to practice in Hong Kong to give this legal opinion (the "**Opinion** ").

4. For
 the purpose of this Opinion, we have carried out due diligence on the Hong Kong Company, reviewed and examined copies of the Registration
 Statement, and such other documents as we have considered necessary or advisable for the purpose of rendering this Opinion, which
 are provided to us by the Company and the Hong Kong Company and/or obtained through public searches (collectively, the "**Documents** ").
 Apart from the Documents, we have relied upon a written confirmation signed by all the directors of the Hong Kong Company on 25 September
 2025 (the "**Written Confirmation**") confirming certain matters of fact that are relevant to the rendering of this
 Opinion.

---

| | | | |
|:---|:---|:---|:---|
| **Partners** | **Consultant** | **Associates** | in association with Y. T. Chan & Co. |
| Timothy Wong 黃錦華律師 | Leon Chan 陳念良律師 | Eunis Chow 周肇筠律師 | 聯營律師事務所: 陳應達律師事務所 |
| Stephen Leung 梁盛蔭律師 |  | Christine Suen 孫楚嵛律師 |  |

---

**<u>Assumptions and Qualifications</u>**

5. For
 the purposes of this Opinion, we have assumed without investigation that: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 copies of the Documents conform to their originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 applicable, all signatures on the Documents are genuine, authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 applicable, all individuals signing or executing the Documents have the requisite legal capacity
 and are duly authorised to sign or execute the Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 information provided by the Company and/or the Hong Kong Company is true and correct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 information disclosed in the public record did not fail to disclose any information which
 had been delivered for filing or registration.

6. This
 Opinion is limited to and is given based on our understanding of the current laws in Hong
 Kong as at the date hereof. As we are lawyers qualified to practice in the jurisdiction of
 Hong Kong, this Opinion shall not be taken to express or imply any opinion on the laws of
 any jurisdictions other than Hong Kong, and we have not investigated the laws of any jurisdiction
 other than Hong Kong.

7. This
 Opinion is limited to the matters referred to herein and shall not be construed as extending
 to any other matter or document not referred to herein. This Opinion speaks as of its date
 and we undertake no obligation to update this Opinion based on events, changes in the law
 or other matters occurring after the date hereof or to provide any notice to any person or
 entity of any subsequent events, facts or other matters which might affect the opinions given
 herein.

8. This
 Opinion is based solely upon our inspection of the Documents and the Written Confirmation,
 without any further independent investigation with respect thereto.

9. This
 Opinion is provided to you solely for the Purpose. As such, they may be relied upon by you
 only in consummating the Purpose and may not be used or relied upon on any other transactions
 or matters or by any other person for any other purposes whatsoever without our prior written
 consent.

10. Save
 as the above, we hereby consent to the use of this Opinion in, and the filing hereof as an
 exhibit to, the Registration Statement, and to the reference to our name in such Registration
 Statement. In giving such consent, we do not hereby admit that we come within the category
 of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933 (as
 amended), or the regulations promulgated thereunder.

**<u>Legal Opinion</u>**

11. Subject
 to the Assumptions and Qualifications listed and based on the due diligence results, we are
 of the opinion that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Hong Kong Company is incorporated on June 11, 2015, and has since been validly existing under
 the Companies Ordinance (Cap. 622 of the Laws of Hong Kong). As at the date of this Opinion,
 (i) no resolution has been passed to voluntarily wind up the Hong Kong Company; (ii) no winding
 up petition has been presented to the Hong Kong Company; (iii) no order has been made by
 any court for the winding up or administration of the Hong Kong Company; and (iv) no receiver
 or administrator has been appointed in relation to the Hong Kong Company or any of its assets
 or revenues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 description of the matters in relation to Hong Kong laws and/or regulations as set forth
 in the Registration Statement, including but not limited to sections headed "Prospectus
 Summary", "Risk Factors", "Enforceability of Civil Liabilities",
 "Corporate History and Structure", "Management's Discussion and Analysis
 of Financial Condition and Results of Operations", "Business", "Regulations",
 "Management", and "Related Party Transactions" correctly summarise
 and describe the matters referred to therein as at the date of this Opinion and are true
 and accurate in all material aspects and the descriptions are not misleading in any material
 aspect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 the extent that the discussion relates to matters of Hong Kong tax law and the statements
 set forth in the Registration Statement under the caption "Hong Kong Profits Taxation",
 it is our opinion, being the Company's special Hong Kong counsel that those discussions
 and statements are true and accurate in all material aspects.

12. We
 hereby consent to the use of this Opinion in, and the filing hereof as an exhibit to, the
 Registration Statement, and to the references to our name in Such Registration Statement.

---

| |
|:---|
| Yours faithfully, |
| ![](ex23-1_003.jpg)<br>|
| **TWSL PARTNERS** |

---

## Exhibit 10.1

**Exhibit 10.1**

**<u>DIRECTOR AGREEMENT</u>**

**THIS DIRECTOR AGREEMENT** (this "Agreement"), dated as of [ ], 2025, is by and between **Angie Holdings Limited**, a company incorporated under the laws of the Cayman Islands (the "Company"), and [ ], an individual (the "Director").

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Appointment</u>.** The Director was appointed as director and chairman of the board of the Company on [ ]. This Agreement serves to regulate the employment relationship between the Company and the Director from the closing date of the Company's initial public offering. For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of the Director on [ ]. The Company shall employ the Director and the Director shall diligently and faithfully serve the Company as a director and chairman of the board pursuant to the terms and conditions of this Agreement and subject to the amended and restated memorandum and articles of association of the Company, the Nasdaq Stock Market Rules (to the extent applicable) and other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Term</u>.** The term of such appointment shall commence from the closing date of the Company's initial public offering and shall continue until the Director's successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current memorandum and articles of association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "Expiration Date"). In the event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Compensation</u>**. Upon the closing date of the Company's initial public offering and during the term of this Agreement, the Director shall receive a monthly remuneration of HK$[ ] which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month , the Director shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "Compensation"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the closing date of the Company's initial public offering. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Duties</u>.** The Director shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his office as a director and chairman of the board of the Company and, where relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management of the strategic planning, corporate management and business development of the Group;

&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) faithfully and diligently perform such duties and exercise such powers as are consistent with his office in relation to the Company and/or the Group;

&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) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the best of his skills and ability;

&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) perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;

&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) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may require in connection with his office in relation to the Company and/or the Group;

&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) act in accordance with his powers and obligations as a director and chairman of the board of the Company and use his best endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of the Group, whether in the United States, Hong Kong, or elsewhere; (c) the Nasdaq Stock Market Rules; (d) amended and restated memorandum and articles of association of the Company; (e) shareholders' and board resolutions of the Company; (f) the Securities Act of 1933; and (g) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

The Director shall carry out his duties and exercise his powers jointly with any other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Director to cease performing any of his duties or exercising any of his power under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Conflicts of Interest/Applicable Law</u>**. In the event that the Director has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Director is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Director shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Corporate Opportunities</u>**. Whenever the Director becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Director to make available to the Company, the Director shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Confidentiality</u>**. The Director agrees and acknowledges that, by reason of the nature of the Director's duties on the Board, the Director will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company (the "Confidential Information"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Director has had access by reason of the Director's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Director or the Director's representatives; or (ii) is required to be disclosed by the Director due to governmental regulatory or judicial process. The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Director acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Director by the Company or otherwise acquired or developed by the Director, shall at all times be the property of the Company. Upon termination of the Director's services hereunder, the Director shall return to the Company any such property or documents which are in the Director's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Director, generally known to the public. The obligations of the Director under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Director may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Code of Business Conduct and Ethics</u>**. The Director agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of directors of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Expenses</u>**. Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a member of each committee of the Board to which the Director may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Indemnit</u>y**. The Company and the Director agree that indemnification with respect to the Director's service on the Board shall be governed by that certain Indemnification Agreement attached as <u>Exhibit A</u> hereto (the "Indemnification Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Withholding</u>**. The Director agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Binding Effect</u>**. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Recitals</u>**. The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Validity</u>**. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Headings and Captions</u>.** The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Neutral Construction.</u>** Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Counterparts</u>.** This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>Miscellaneous</u>.** This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Director Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Angie Holdings Limited** | **Angie Holdings Limited** |
| By: |  |
| Name: | Wai Sing FONG |
| Title: | Chairman of the Board and Director |

---

---

| | |
|:---|:---|
| **DIRECTOR** | **DIRECTOR** |
|  | /s/ [ ] |
| Name: | [ ] |

---

Signature Page to Director Agreement

<u>EXHIBIT A</u> 

INDEMNIFICATION AGREEMENT

(Attached)

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (this "Agreement"), dated as of [ ], 2025, is by and between **Angie Holdings Limited**, a company incorporated under the laws of the Cayman Islands (the "Company") and [ ] (the "Indemnitee") and shall become effective on the closing date of the Company's initial public offering (the "Effective Date").

**<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "Board") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's Certificate of Incorporation or Memorandum and Articles of Association (collectively, the "Constituent Documents"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1 below) to, Indemnitee as set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&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) "<u>Beneficial Owner</u>" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (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;(b) "<u>Chan</u>g<u>e in Control</u>" means the occurrence after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 51% or more of the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) "<u>Claim</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

&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) "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

&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) "<u>Expenses</u>" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, and (ii) for purposes of <u>Section 4</u> only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&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) "<u>Expense Advance</u>" means any payment of Expenses advanced to Indemnitee by the Company pursuant to <u>Section 3</u> or <u>Section 4</u> hereof.

&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) "<u>Indemnifiable Event</u>" means any event or occurrence, whether occurring before, on or after the Effective Date, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "Enterprise") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under 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;(h) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under 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;(i) "<u>Losses</u>" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

&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) "<u>Person</u>" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of 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;(k) "<u>Standard of Conduct Determination</u>" shall have the meaning ascribed to it in <u>Section 8</u>(b) below.

&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) "<u>Voting Securities</u>" means any securities of the Company that vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Indemnification**. Subject to <u>Section 8</u> and <u>Section 9</u> of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of New York in effect on the Effective Date, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Advancement of Expenses**. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event at the written request of Indemnitee. Indemnitee shall set forth in such request reasonable evidence that such Expenses have been paid or incurred by Indemnitee. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances to Indemnitee is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Indemnification for Expenses in Enforcing Rights**. To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with <u>Section 3</u>, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this <u>Section 4</u> shall be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Partial Indemnity**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Notification and Defense of Claims**.

&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) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by 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;(b) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Procedure upon Application for Indemnification**. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with <u>Section 8</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Determination of Right to 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) <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with <u>Section 2</u> to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be 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;(b) <u>Standard of Conduct</u>. To the extent that the provisions of <u>Section 8</u>(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under New York law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "Standard of Conduct Determination") shall be made 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; 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) if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

&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) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under <u>Section 8</u>(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under <u>Section 8</u>(b) shall not have made a determination within thirty days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to <u>Section 7</u> (the date of such receipt being the "Notification Date") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&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) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Indemnitee shall be entitled to indemnification pursuant to <u>Section 8</u>(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to <u>Section 8</u>(b) or <u>Section 8</u>(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within thirty days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

&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) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in <u>Section 1</u>, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this <u>Section 8</u>(e) to make the Standard of Conduct Determination shall have been selected within twenty days after the Company gives its initial notice pursuant to the first sentence of this <u>Section 8</u>(e) or Indemnitee gives its initial notice pursuant to the second sentence of this <u>Section 8</u>(e), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by such court or such other person as the court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to <u>Section 8</u>(b).

&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) <u>Presumptions and Defenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Exclusions from Indemnification**. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) proceedings referenced in <u>Section 4</u> above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings;

&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) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable 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;(c) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Settlement of Claims**. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Duration**. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Non-Exclusivity**. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the New York Business Corporation Law, any other contract or otherwise (collectively, "Other Indemnity Provisions"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the Effective Date, Indemnitee will be deemed to have such greater right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Liability Insurance**. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers, as applicable. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Subrogation**. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendments**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Binding Effect**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Notices**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand; (ii) otherwise delivered against receipt therefor; (iii) mailed by postage prepaid, certified or registered mail; (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (v) sent by e-mail with confirmation of receipt:

&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) if
 to Indemnitee, to the email address set forth on the signature page hereto.

(b) if
 to the Company:

Angie Holdings Limited

3/F., West Gate Tower

No. 7 Wing Hong Street

Lai Chi Kok

Kowloon Hong Kong

Telephone: +852 2777 7623

E-mail: [ ]

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and all of which together shall constitute one and the same Agreement.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Angie Holdings Limited** | **Angie Holdings Limited** |
| By: |  |
| Name: | Wai Sing FONG |
| Title: | Chairman of the Board and Director |

---

---

| | |
|:---|:---|
| **INDEMNITEE** | **INDEMNITEE** |
|  | /s/ [ ] |
| Name: | [ ] |
| Email: | [ ] |

---

Signature Page to Indemnification Agreement

## Exhibit 10.2

**Exhibit 10.2**

**<u>INDEPENDENT DIRECTOR AGREEMENT</u>**

**THIS INDEPENDENT DIRECTOR AGREEMENT** (this "Agreement"), dated as of [ ], 2025, is by and between **Angie Holdings Limited**, a company incorporated under the laws of the Cayman Islands (the "Company"), and [ ], an individual (the "Director") and shall become effective on the closing date of the Company's initial public offering (the "Effective Date").

**<u> </u>**

**<u>RECITALS</u>**

**WHEREAS**, the Company desires to appoint the Director to serve on the Company's board of directors (the "Board") and the Director desires to accept such appointment to serve on the Board; and

**WHEREAS**, the Director may be appointed to serve as a member or chair of one or more committees of the Board.

**<u>AGREEMENT</u>**

**NOW, THEREFORE**, in consideration of the foregoing and the Director's services to the Company as a member of the Board, as a member of such committees of the Board to which the Director may be appointed from time to time and as chair of one or more committees to which the Director may be appointed in such capacity from time to time, and intending to be legally bound hereby, the Company and the Director hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Term.** The Company hereby appoints the Director, and the Director hereby accepts such appointment by the Company, for the purposes and upon the terms and conditions contained in this Agreement. The term of such appointment shall commence on the Effective Date and shall continue until the Director's successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current Memorandum and Articles of Association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "Expiration Date"). In the event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Compensation**. Upon the Effective Date and during the term of this Agreement, the Director shall receive a monthly remuneration of HK$[ ] which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Director shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "Compensation"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the Effective Date. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Independence.** The Director acknowledges that appointment to the Board is contingent upon the Board's determination that the Director is "independent" with respect to the Company, as such term is defined by Rule 5605 of the Nasdaq Stock Market's Listing Rules, and any other applicable rules, and that the Director may be removed from the Board in the event that the Director does not maintain such independence. The Director acknowledges and agrees that the acceptance, directly or indirectly, of any consulting, advisory, or other compensatory fee, other than for Board service, from the Company or any subsidiary thereof will impair the Director's independence, and the Director agrees not to accept any such fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Duties.** The Director shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, attending all required meetings of the Board or applicable committees thereof, executive sessions of the independent directors, reviewing filing reports and other corporate documents as requested by the Company, providing comments and opinions as to business matters as requested by 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;(a) <u>Conflicts of Interest/A</u>p<u>plicable Law</u>. In the event that the Director has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Director is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Director shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable 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;(b) <u>Corporate Opportunities</u>. Whenever the Director becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Director to make available to the Company, the Director shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, 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;(c) <u>Confidentialit</u>y. The Director agrees and acknowledges that, by reason of the nature of the Director's duties on the Board, the Director will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company (the "Confidential Information"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Director has had access by reason of the Director's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Director or the Director's representatives; or (ii) is required to be disclosed by the Director due to governmental regulatory or judicial process. The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Director acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Director by the Company or otherwise acquired or developed by the Director, shall at all times be the property of the Company. Upon termination of the Director's services hereunder, the Director shall return to the Company any such property or documents which are in the Director's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Director, generally known to the public. The obligations of the Director under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Director may have to the Company under general legal or 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;(d) <u>Code of Business Conduct and Ethics</u>. The Director agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of directors of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Expenses**. Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a member of each committee of the Board to which the Director may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Indemnity**. The Company and the Director agree that indemnification with respect to the Director's service on the Board shall be governed by that certain Indemnification Agreement attached as Exhibit A hereto (the "Indemnification Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Withholding**. The Director agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Binding Effect**. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Recitals**. The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Validity**. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Headings and Captions**. The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Neutral Construction**. Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Miscellaneous**. This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Independent Director Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **Angie Holdings Limited** | **Angie Holdings Limited** |
| By: |  |
| Name: | Wai Sing FONG |
| Title: | Chairman of the Board and Director |

---

---

| | |
|:---|:---|
| **DIRECTOR** | **DIRECTOR** |
|  | /s/ [ ] |
| Name: | [ ] |

---

Signature Page to Independent Director Agreement

<u> </u>

<u>EXHIBIT A</u>

INDEMNIFICATION AGREEMENT<br>

(Attached)

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (this "Agreement"), dated as of [ ], 2025, is by and between **Angie Holdings Limited**, a company incorporated under the laws of the Cayman Islands (the "Company") and [ ] (the "Indemnitee") and shall become effective on the closing date of the Company's initial public offering (the "Effective Date").

**<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "Board") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's Certificate of Incorporation or Memorandum and Articles of Association (collectively, the "Constituent Documents"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1 below) to, Indemnitee as set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

**<u> </u>**

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&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) "<u>Beneficial Owner</u>" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (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;(b) "<u>Chan</u>g<u>e in Control</u>" means the occurrence after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 51% or more of the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Claim</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Expenses</u>" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, and (ii) for purposes of <u>Section 4</u> only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Expense Advance</u>" means any payment of Expenses advanced to Indemnitee by the Company pursuant to <u>Section 3</u> or <u>Section 4</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Indemnifiable Event</u>" means any event or occurrence, whether occurring before, on or after the Effective Date, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "Enterprise") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under 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;(h) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under 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;(i) "<u>Losses</u>" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

&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) "<u>Person</u>" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of 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;(k) "<u>Standard of Conduct Determination</u>" shall have the meaning ascribed to it in <u>Section 8</u>(b) below.

&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) "<u>Voting Securities</u>" means any securities of the Company that vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Indemnification**. Subject to <u>Section 8</u> and <u>Section 9</u> of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of New York in effect on the Effective Date, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Advancement of Expenses**. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event at the written request of Indemnitee. Indemnitee shall set forth in such request reasonable evidence that such Expenses have been paid or incurred by Indemnitee. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances to Indemnitee is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Indemnification for Expenses in Enforcing Rights**. To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with <u>Section 3</u>, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this <u>Section 4</u> shall be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Partial Indemnity**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Notification and Defense of Claims**.

&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) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by 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;(b) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Procedure upon Application for Indemnification**. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with <u>Section 8</u> below.

8. **Determination of Right to Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with <u>Section 2</u> to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be 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;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Standard of Conduct</u>. To the extent that the provisions of <u>Section 8</u>(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under New York law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "Standard of Conduct Determination") shall be made 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) if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; 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;(ii) if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under <u>Section 8</u>(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under <u>Section 8</u>(b) shall not have made a determination within thirty days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to <u>Section 7</u> (the date of such receipt being the "Notification Date") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&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) Indemnitee shall be entitled to indemnification pursuant to <u>Section 8</u>(a);

&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 Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to <u>Section 8</u>(b) or <u>Section 8</u>(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within thirty days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in <u>Section 1</u>, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this <u>Section 8</u>(e) to make the Standard of Conduct Determination shall have been selected within twenty days after the Company gives its initial notice pursuant to the first sentence of this <u>Section 8</u>(e) or Indemnitee gives its initial notice pursuant to the second sentence of this <u>Section 8</u>(e), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by such court or such other person as the court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to <u>Section 8</u>(b).

(f) <u>Presumptions and Defenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Exclusions from Indemnification**. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) proceedings referenced in <u>Section 4</u> above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings;

&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) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable 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;(c) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Settlement of Claims**. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Duration**. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Non-Exclusivity**. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the New York Business Corporation Law, any other contract or otherwise (collectively, "Other Indemnity Provisions"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the Effective Date, Indemnitee will be deemed to have such greater right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Liability Insurance**. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers, as applicable. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Subrogation**. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendments**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Binding Effect**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Notices**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand; (ii) otherwise delivered against receipt therefor; (iii) mailed by postage prepaid, certified or registered mail; (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (v) sent by e-mail with confirmation of receipt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if to Indemnitee, to the email address set forth on the signature page 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Company:

Angie Holdings Limited

3/F., West Gate Tower

No. 7 Wing Hong Street

Lai Chi Kok

Kowloon Hong Kong

Telephone: +852 2777 7623

E-mail: [ ]

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and all of which together shall constitute one and the same Agreement.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Angie Holdings Limited** | **Angie Holdings Limited** |
| By: |  |
| Name: | Wai Sing FONG |
| Title: | Chairman of the Board and Director |

---

---

| | |
|:---|:---|
| **INDEMNITEE** | **INDEMNITEE** |
|  | /s/ [ ] |
| Name: | [ ] |
| Email: | [ ] |

---

Signature Page to Indemnification Agreement

## Exhibit 10.3

**Exhibit 10.3**

**<u>EXECUTIVE OFFICER AGREEMENT</u>**

**THIS EXECUTIVE OFFICER AGREEMENT** (this "Agreement"), dated as of [ ], 2025, is by and between **Angie Holdings Limited**, a company incorporated under the laws of the Cayman Islands (the "Company"), and [ ], an individual (the "Executive Officer").

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Appointment.** The Executive Officer was appointed as [ ] on [ ]. This Agreement serves to regulate the employment relationship between the Company and the Executive Officer from the closing date of the Company's initial public offering. For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of the Executive Officer on [ ]. The Company shall employ the Executive Officer and the Executive Officer shall diligently and faithfully serve the Company as [ ] pursuant to the terms and conditions of this Agreement and subject to the amended and restated memorandum and articles of association of the Company, the Nasdaq Stock Market Rules (to the extent applicable) and other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Term.** The term of such appointment shall commence from the closing date of the Company's initial public offering and shall continue until the Executive Officer's successor is duly elected or appointed and qualified or until the Executive Officer's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current memorandum and articles of association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "Expiration Date"). In the event that the Executive Officer's successor has not been duly elected or appointed as of the Expiration Date, the Executive Officer agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Compensation**. Upon the closing date of the Company's initial public offering and during the term of this Agreement, the Executive Officer shall receive a monthly remuneration of HK$[ ] which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Executive Officer shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "Compensation"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the closing date of the Company's initial public offering. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Duties.** The Executive Officer shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his/her office as a [ ] of the Company and, where relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management of the strategic planning, corporate management and business development of the Group;

(b)faithfully and diligently perform such duties and exercise such powers as are consistent with his/her office in relation to the Company and/or the Group;

(c)in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the best of his/her skills and ability;

(d)perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his/her office;

(e)at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may require in connection with his/her office in relation to the Company and/or the Group;

(f)act in accordance with his/her powers and obligations as a [ ] of the Company and use his/her best endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of the Group, whether in the United States, Hong Kong, or elsewhere; (c) the Nasdaq Stock Market Rules; (d) amended and restated memorandum and articles of association of the Company; (e) shareholders' and board resolutions of the Company; (f) the Securities Act of 1933; and (g) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

The Executive Officer shall carry out his/her duties and exercise his/her powers jointly with any other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Executive Officer to cease performing any of his/her duties or exercising any of his/her power under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Conflicts of Interest/Applicable Law**. In the event that the Executive Officer has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Executive Officer is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Executive Officer shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Executive Officer acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Corporate Opportunities**. Whenever the Executive Officer becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Executive Officer to make available to the Company, the Executive Officer shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Confidentiality**. The Executive Officer agrees and acknowledges that, by reason of the nature of the Executive Officer's duties on the Board, the Executive Officer will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company (the "Confidential Information"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Executive Officer has had access by reason of the Executive Officer's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Executive Officer or the Executive Officer's representatives; or (ii) is required to be disclosed by the Executive Officer due to governmental regulatory or judicial process. The Executive Officer agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Executive Officer acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Executive Officer by the Company or otherwise acquired or developed by the Executive Officer, shall at all times be the property of the Company. Upon termination of the Executive Officer's services hereunder, the Executive Officer shall return to the Company any such property or documents which are in the Executive Officer's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Executive Officer, generally known to the public. The obligations of the Executive Officer under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Executive Officer may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Code of Business Conduct and Ethics**. The Executive Officer agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of executive officers of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Expenses**. Upon submission of adequate documentation by the Executive Officer to the Company, the Executive Officer shall be reimbursed for all reasonable expenses incurred in connection with the Executive Officer's positions as a member of the Board and for services as a member of each committee of the Board to which the Executive Officer may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Indemnity**. The Company and the Executive Officer agree that indemnification with respect to the Executive Officer's service shall be governed by that certain Indemnification Agreement attached as <u>Exhibit A</u> hereto (the "<u>Indemnification A</u>g<u>reement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Withholding**. The Executive Officer agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Binding Effect**. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Recitals.** The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Validity**. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Headings and Captions**. The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Neutral Construction**. Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Miscellaneous**. This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Executive Officer's service and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Executive Officer's service. The Executive Officer acknowledges that he/she has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Executive Officer Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Angie Holdings Limited** | **Angie Holdings Limited** |
| By: |  |
| Name: | Wai Sing FONG |
| Title: | Chairman of the Board and Director |

---

---

| | |
|:---|:---|
| **DIRECTOR** | **DIRECTOR** |
|  | /s/ [ ] |
| Name: | [ ] |

---

Signature Page to Executive Officer Agreement

<u> </u>

<u>EXHIBIT A</u>

INDEMNIFICATION AGREEMENT

(Attached)

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (this "Agreement"), dated as of [ ], 2025, is by and between **Angie Holdings Limited**, a company incorporated under the laws of the Cayman Islands (the "Company") and [ ] (the "Indemnitee") and shall become effective on the closing date of the Company's initial public offering (the "Effective Date").

**<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "Board") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's Certificate of Incorporation or Memorandum and Articles of Association (collectively, the "Constituent Documents"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1 below) to, Indemnitee as set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&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) "<u>Beneficial Owner</u>" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (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;(b) "<u>Chan</u>g<u>e in Control</u>" means the occurrence after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 51% or more of the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Claim</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Expenses</u>" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, and (ii) for purposes of <u>Section 4</u> only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Expense Advance</u>" means any payment of Expenses advanced to Indemnitee by the Company pursuant to <u>Section 3</u> or <u>Section 4</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Indemnifiable Event</u>" means any event or occurrence, whether occurring before, on or after the Effective Date, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "Enterprise") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under 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;(h) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under 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;(i) "<u>Losses</u>" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

&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) "<u>Person</u>" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of 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;(k) "<u>Standard of Conduct Determination</u>" shall have the meaning ascribed to it in <u>Section 8</u>(b) below.

&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) "<u>Voting Securities</u>" means any securities of the Company that vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Indemnification**. Subject to <u>Section 8</u> and <u>Section 9</u> of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of New York in effect on the Effective Date, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Advancement of Expenses**. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event at the written request of Indemnitee. Indemnitee shall set forth in such request reasonable evidence that such Expenses have been paid or incurred by Indemnitee. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances to Indemnitee is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Indemnification for Expenses in Enforcing Rights**. To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with <u>Section 3</u>, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this <u>Section 4</u> shall be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Partial Indemnity**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Notification and Defense of Claims**.

&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) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by 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;(b) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Procedure upon Application for Indemnification**. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with <u>Section 8</u> below.

8. **Determination of Right to Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with <u>Section 2</u> to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be 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;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Standard of Conduct</u>. To the extent that the provisions of <u>Section 8</u>(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under New York law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "Standard of Conduct Determination") shall be made 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) if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; 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;(ii) if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under <u>Section 8</u>(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under <u>Section 8</u>(b) shall not have made a determination within thirty days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to <u>Section 7</u> (the date of such receipt being the "Notification Date") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&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) Indemnitee shall be entitled to indemnification pursuant to <u>Section 8</u>(a);

&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 Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to <u>Section 8</u>(b) or <u>Section 8</u>(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within thirty days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in <u>Section 1</u>, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this <u>Section 8</u>(e) to make the Standard of Conduct Determination shall have been selected within twenty days after the Company gives its initial notice pursuant to the first sentence of this <u>Section 8</u>(e) or Indemnitee gives its initial notice pursuant to the second sentence of this <u>Section 8</u>(e), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by such court or such other person as the court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to <u>Section 8</u>(b).

(f) <u>Presumptions and Defenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Exclusions from Indemnification**. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) proceedings referenced in <u>Section 4</u> above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings;

&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) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable 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;(c) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Settlement of Claims**. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Duration**. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Non-Exclusivity**. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the New York Business Corporation Law, any other contract or otherwise (collectively, "Other Indemnity Provisions"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the Effective Date, Indemnitee will be deemed to have such greater right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Liability Insurance**. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers, as applicable. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Subrogation**. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendments**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Binding Effect**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Notices**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand; (ii) otherwise delivered against receipt therefor; (iii) mailed by postage prepaid, certified or registered mail; (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (v) sent by e-mail with confirmation of receipt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if to Indemnitee, to the email address set forth on the signature page 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Company:

Angie Holdings Limited

3/F., West Gate Tower

No. 7 Wing Hong Street

Lai Chi Kok

Kowloon Hong Kong

Telephone: +852 2777 7623

E-mail: [ ]

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and all of which together shall constitute one and the same Agreement.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Angie Holdings Limited** | **Angie Holdings Limited** |
| By: |  |
| Name: | Wai Sing FONG |
| Title: | Chairman of the Board and Director |

---

---

| | |
|:---|:---|
| **INDEMNITEE** | **INDEMNITEE** |
|  | /s/ [ ] |
| Name: | [ ] |
| Email: | [ ] |

---

Signature Page to Indemnification Agreement

## Exhibit 10.4

**Exhibit 10.4**

***Certain information has been redacted in accordance with Item 601(b)(10)(iv) of Regulation S-K because such information (i) is not material and (ii) is the type of information the registrant treats as private or confidential. Information that has been so redacted from this exhibit has been marked with "[\*\*\*]" to indicate the omission.***

***This exhibit is an English translation of a foreign language document. The Company hereby agrees to supplementally furnish to the SEC, upon request, a copy of the foreign language document.***

**Garment Processing Cooperation Agreement**

Party A: Angie International Limited

Business Registration Number: 64877158

Address: Room 03, 11th Floor, Hilder Centre, 2 Chung Ping Street, Hung Hom, Hong Kong

Contact Person: FONG Mei Yuk

Party B: Guangzhou Liwan District Jiabaishang Clothing Store

Unified Social Credit Code: 92440103MAC3QU0N3E

Address: Room 601, Building 3, No. 3 Luochonggang, Chongkou Street, Liwan District, Guangzhou

Legal Representative: He Lishan

Whereas

Party A is a Hong Kong enterprise engaged in uniform design, production management, and sales, requiring delegation to mainland enterprises for garment processing; Party B is a mainland enterprise qualified for garment production. The parties, through friendly negotiation, have reached an agreement on Party A's delegation to Party B for processing garments using specified fabrics, in accordance with relevant Hong Kong laws and the Civil Code of the People's Republic of China, and hereby enter into this agreement.

Article 1: Cooperation Content

1.1 Processing Scope:

The varieties, specifications, quantities, and process requirements of garments delegated by Party A to Party B for processing shall be based on the garment processing orders sent by Party A monthly/quarterly.

1.2 Fabric Procurement Requirements:

- Party B must procure the fabrics required for garments from fabric suppliers specified in writing by Party A. Without Party A's written consent, Party B shall not change suppliers or procure fabrics from non-specified suppliers;

- Party B shall ensure that the procured fabrics meet Party A's quality requirements for garments and provide Party A with copies of the original procurement invoices from the fabric suppliers and fabric quality inspection reports as settlement basis.

1.3 Price Agreement:

- The total cost for Party B's garment processing is processing fee + fabric cost price (fabric cost price defined as: the invoice amount issued by the fabric supplier to Party B, including the supplier's purchase cost, taxes, and direct transportation fees to Party B's factory, excluding Party B's profit, management fees, or other additional expenses);

- Party B shall provide Party A with copies of the original procurement invoices from the fabric suppliers and detailed processing costs (including direct expenses such as labor, equipment depreciation, water and electricity) as settlement basis;

- Party B promises that, under this agreement for fabric procurement and processing, it shall not charge Party A any additional commissions or fees under any name (including but not limited to [\*\*\*]).

Article 2: Garment Quality and Acceptance

2.1 Quality Standards: Garments must meet the following requirements:

- Technical specification sheet provided by Party A, including fabric composition, color code, size tolerances, process details, etc.;

- Sealed sample standards (garment samples provided by Party A).

2.2 Acceptance Process:

- Party A has the right to conduct random re-inspection at Party B's factory or designated location within [\*\*\*] working days after delivery (sampling ratio: [\*\*\*]%); if the re-inspection fails, Party A has the right to reject and require Party B to rework or replace with compliant garments within [\*\*\*] working days, with the resulting expenses (including rework materials, labor cost, transportation fees, etc.) borne by Party B;

- If garment quality issues lead to claims, returns, or other losses from Party A's downstream customers, Party B shall fully compensate Party A for the losses incurred (including but not limited to compensation, litigation fees, attorney fees, brand reputation losses, etc.).

Article 3: Delivery and Settlement

3.1 Delivery Time and Location:

- Party B shall complete processing and deliver to the location specified by Party A within [\*\*\*] working days after receiving Party A's "[\*\*\*]"; if delayed due to force majeure such as delayed fabric delivery from suppliers, Party B must notify Party A in writing [\*\*\*] working days in advance and provide proof, otherwise, for each day of delay, pay Party A a penalty of [\*\*\*]% of the order amount for that batch.

3.2 Settlement Method:

- The parties settle [\*\*\*], and Party B shall submit the "[\*\*\*]" to Party A within [\*\*\*] working days after the end of each [\*\*\*];

- After Party A verifies without error, payment shall be made to Party B within [\*\*\*] working days;

- Payment method: [\*\*\*] (to the receiving account required by Party B).

Article 4: Rights and Obligations of Both Parties

Party A's Obligations:

- Provide the "[\*\*\*]" and quality requirements (including fabric specifications, process standards, etc.) on time;

- Pay processing fees and fabric costs on time as agreed;

- Timely verify and confirm the settlement documents submitted by Party B;

- Provide necessary materials such as garment design drawings, trademark logos, etc. (if any), and ensure the materials are legal and compliant.

Party B's Obligations:

- Strictly procure fabrics from specified suppliers as per Article 1 of this agreement, and retain original procurement vouchers from suppliers (invoices, delivery notes, quality inspection reports, etc.) until [\*\*\*] years after transaction completion;

- Process garments according to Party A's required production processes and quality standards, without unauthorized modification of designs or reduction of processes;

- Properly safeguard the design drawings, trademarks, and other business information provided by Party A, and not disclose or use them to third parties without Party A's written consent;

- Cooperate with Party A's reasonable requirements such as quality inspections, factory audits, sample confirmations, etc.;

- Fulfill confidentiality obligations regarding Party A's customer information, order data, etc., learned during processing.

Article 5: Liability for Breach

5.1 If Party B violates the "specified supplier" or "cost price" provisions in Article 1 of this agreement (including but not limited to changing suppliers, falsely reporting fabric costs/processing fees, charging commissions), Party A has the right to:

- Refuse to accept the corresponding batch of garments;

- Require Party B to pay a penalty of [\*\*\*]% of the order amount for that batch;

- If there are [\*\*\*] cumulative breaches, Party A may unilaterally terminate this agreement and require Party B to compensate for all losses (including previously paid amounts, expected profits, customer claims, etc.).

5.2 If the delivered garments have quality issues (confirmed by both parties or identified by a third-party testing agency), Party A has the right to:

- Return the goods and require Party B to refund the paid amount;

- Require Party B to pay a quality breach penalty of [\*\*\*]% of the order amount for that batch;

- Party B shall fully bear any customer returns, claims, brand losses, etc., caused by quality issues.

5.3 If Party B delays delivery without justifiable reason, for every [\*\*\*] days of delay, pay Party A a penalty of [\*\*\*]% of the order amount for that batch; if delayed over [\*\*\*] days, Party A has the right to cancel the order and require Party B to pay a penalty of [\*\*\*]% of the order amount.

Article 6: Intellectual Property Rights and Confidentiality

6.1 The intellectual property rights to garment design drawings, trademark logos, process technologies, etc., provided by Party A belong to Party A. Party B shall not copy, modify, transfer, or use them for other purposes without authorization; otherwise, pay Party A a penalty of [\*\*\*] per instance and compensate for all losses.

6.2 Both parties shall strictly keep confidential the other party's trade secrets learned during cooperation (including but not limited to customer information, order data, cost prices, production processes, etc.), and not disclose or use them to any third party without the other party's written consent; this clause remains effective independently after termination of the agreement.

Article 7: Agreement Term and Termination

7.1 This agreement is effective from [\*\*\*] to [\*\*\*]. The parties may negotiate renewal [\*\*\*] months before expiration.

7.2 Either party may terminate the agreement by giving [\*\*\*] months' written notice to the other party, but must settle any incurred transaction payments.

7.3 If one party seriously breaches (e.g., Party B repeatedly changes suppliers, Party A chronically delays payments), the non-breaching party may unilaterally terminate the agreement and require the breaching party to bear compensation liability. If Party B unilaterally terminates early without authorization, it shall pay Party A a penalty of [\*\*\*]% of the total transaction amount.

Article 8: Dispute Resolution

This agreement is governed by Hong Kong law. If disputes arise under this agreement, the parties shall first negotiate amicably; if negotiation fails, either party may submit to arbitration at the Hong Kong International Arbitration Centre.

Article 9: Other Provisions

9.1 For matters not covered in this agreement, the parties may enter into supplementary agreements; in case of conflict between supplementary agreements and this agreement, the supplementary agreements prevail.

9.2 This agreement is made in duplicate, with each party holding one copy, effective from the date of signature and seal by both parties.

Party A (Seal): ___[Company seal affixed]_______________

Legal Representative/Authorized Representative (Signature): ____/s/ Angie International Limited ______________

Date: January 1, 2021

Party B (Seal): ___[Company seal affixed]_______________

Legal Representative/Authorized Representative (Signature): __/s/ Guangzhou Liwan District Jiabaishang Clothing Store ________________

Date: January 1, 2021

## Exhibit 10.5

**Exhibit 10.5**

***Certain information has been redacted in accordance with Item 601(b)(10)(iv) of Regulation S-K because such information (i) is not material and (ii) is the type of information the registrant treats as private or confidential. Information that has been so redacted from this exhibit has been marked with "[\*\*\*]" to indicate the omission.***

***This exhibit is an English translation of a foreign language document. The Company hereby agrees to supplementally furnish to the SEC, upon request, a copy of the foreign language document.***

 

**Garment Processing Cooperation Agreement**

Party A: Angie International Limited

Business Registration Number: 64877158

Address: Room 03, 11th Floor, Hilder Centre, 2 Chung Ping Street, Hung Hom, Hong Kong

Contact Person: FONG Mei Yuk

Party B: Guangzhou Baiyun District Yizhou Garment Factory

Unified Social Credit Code: 91440111574042551

Address: Room 402, 4th Floor, Building A2, Second Community, No. 2, Xiamou Haikou Xiacun Industrial Avenue, Baiyun Lake Street, Baiyun District, Guangzhou

Legal Representative: Wang Qingping

Whereas

Party A is a Hong Kong enterprise engaged in uniform design, production management, and sales, requiring delegation to mainland enterprises for garment processing; Party B is a mainland enterprise qualified for garment production. The parties, through friendly negotiation, have reached an agreement on Party A's delegation to Party B for processing garments using specified fabrics, in accordance with relevant Hong Kong laws and the Civil Code of the People's Republic of China, and hereby enter into this agreement.

Article 1: Cooperation Content

1.1 Processing Scope:

The varieties, specifications, quantities, and process requirements of garments delegated by Party A to Party B for processing shall be based on the garment processing orders sent by Party A monthly/quarterly.

1.2 Fabric Procurement Requirements:

- Party B must procure the fabrics required for garments from fabric suppliers specified in writing by Party A. Without Party A's written consent, Party B shall not change suppliers or procure fabrics from non-specified suppliers;

- Party B shall ensure that the procured fabrics meet Party A's quality requirements for garments and provide Party A with copies of the original procurement invoices from the fabric suppliers and fabric quality inspection reports as settlement basis.

1.3 Price Agreement:

- The total cost for Party B's garment processing is processing fee + fabric cost price (fabric cost price defined as: the invoice amount issued by the fabric supplier to Party B, including the supplier's purchase cost, taxes, and direct transportation fees to Party B's factory, excluding Party B's profit, management fees, or other additional expenses);

- Party B shall provide Party A with copies of the original procurement invoices from the fabric suppliers and detailed processing costs (including direct expenses such as labor, equipment depreciation, water and electricity) as settlement basis;

- Party B promises that, under this agreement for fabric procurement and processing, it shall not charge Party A any additional commissions or fees under any name (including but not limited to [\*\*\*]).

Article 2: Garment Quality and Acceptance

2.1 Quality Standards: Garments must meet the following requirements:

- Technical specification sheet provided by Party A, including fabric composition, color code, size tolerances, process details, etc.;

- Sealed sample standards (garment samples provided by Party A).

2.2 Acceptance Process:

- Party A has the right to conduct random re-inspection at Party B's factory or designated location within [\*\*\*] working days after delivery (sampling ratio: [\*\*\*]%); if the re-inspection fails, Party A has the right to reject and require Party B to rework or replace with compliant garments within [\*\*\*] working days, with the resulting expenses (including rework materials, labor cost, transportation fees, etc.) borne by Party B;

- If garment quality issues lead to claims, returns, or other losses from Party A's downstream customers, Party B shall fully compensate Party A for the losses incurred (including but not limited to compensation, litigation fees, attorney fees, brand reputation losses, etc.).

Article 3: Delivery and Settlement

3.1 Delivery Time and Location:

- Party B shall complete processing and deliver to the location specified by Party A within [\*\*\*] working days after receiving Party A's "[\*\*\*]"; if delayed due to force majeure such as delayed fabric delivery from suppliers, Party B must notify Party A in writing [\*\*\*] working days in advance and provide proof, otherwise, for each day of delay, pay Party A a penalty of [\*\*\*]% of the order amount for that batch.

3.2 Settlement Method:

- The parties settle [\*\*\*], and Party B shall submit the "[\*\*\*]" to Party A within [\*\*\*] working days after the end of each [\*\*\*];

- After Party A verifies without error, payment shall be made to Party B within [\*\*\*] working days;

- Payment method: [\*\*\*] (to the receiving account required by Party B).

Article 4: Rights and Obligations of Both Parties

Party A's Obligations:

- Provide the "[\*\*\*]" and quality requirements (including fabric specifications, process standards, etc.) on time;

- Pay processing fees and fabric costs on time as agreed;

- Timely verify and confirm the settlement documents submitted by Party B;

- Provide necessary materials such as garment design drawings, trademark logos, etc. (if any), and ensure the materials are legal and compliant.

Party B's Obligations:

- Strictly procure fabrics from specified suppliers as per Article 1 of this agreement, and retain original procurement vouchers from suppliers (invoices, delivery notes, quality inspection reports, etc.) until [\*\*\*] years after transaction completion;

- Process garments according to Party A's required production processes and quality standards, without unauthorized modification of designs or reduction of processes;

- Properly safeguard the design drawings, trademarks, and other business information provided by Party A, and not disclose or use them to third parties without Party A's written consent;

- Cooperate with Party A's reasonable requirements such as quality inspections, factory audits, sample confirmations, etc.;

- Fulfill confidentiality obligations regarding Party A's customer information, order data, etc., learned during processing.

Article 5: Liability for Breach

5.1 If Party B violates the "specified supplier" or "cost price" provisions in Article 1 of this agreement (including but not limited to changing suppliers, falsely reporting fabric costs/processing fees, charging commissions), Party A has the right to:

- Refuse to accept the corresponding batch of garments;

- Require Party B to pay a penalty of [\*\*\*]% of the order amount for that batch;

- If there are [\*\*\*] cumulative breaches, Party A may unilaterally terminate this agreement and require Party B to compensate for all losses (including previously paid amounts, expected profits, customer claims, etc.).

5.2 If the delivered garments have quality issues (confirmed by both parties or identified by a third-party testing agency), Party A has the right to:

- Return the goods and require Party B to refund the paid amount;

- Require Party B to pay a quality breach penalty of [\*\*\*]% of the order amount for that batch;

- Party B shall fully bear any customer returns, claims, brand losses, etc., caused by quality issues.

5.3 If Party B delays delivery without justifiable reason, for every [\*\*\*] days of delay, pay Party A a penalty of [\*\*\*]% of the order amount for that batch; if delayed over [\*\*\*] days, Party A has the right to cancel the order and require Party B to pay a penalty of [\*\*\*]% of the order amount.

Article 6: Intellectual Property Rights and Confidentiality

6.1 The intellectual property rights to garment design drawings, trademark logos, process technologies, etc., provided by Party A belong to Party A. Party B shall not copy, modify, transfer, or use them for other purposes without authorization; otherwise, pay Party A a penalty of [\*\*\*] per instance and compensate for all losses.

6.2 Both parties shall strictly keep confidential the other party's trade secrets learned during cooperation (including but not limited to customer information, order data, cost prices, production processes, etc.), and not disclose or use them to any third party without the other party's written consent; this clause remains effective independently after termination of the agreement.

Article 7: Agreement Term and Termination

7.1 This agreement is effective from [\*\*\*] to [\*\*\*]. The parties may negotiate renewal [\*\*\*] months before expiration.

7.2 Either party may terminate the agreement by giving [\*\*\*] months' written notice to the other party, but must settle any incurred transaction payments.

7.3 If one party seriously breaches (e.g., Party B repeatedly changes suppliers, Party A chronically delays payments), the non-breaching party may unilaterally terminate the agreement and require the breaching party to bear compensation liability. If Party B unilaterally terminates early without authorization, it shall pay Party A a penalty of [\*\*\*]% of the total transaction amount.

Article 8: Dispute Resolution

This agreement is governed by Hong Kong law. If disputes arise under this agreement, the parties shall first negotiate amicably; if negotiation fails, either party may submit to arbitration at the Hong Kong International Arbitration Centre.

Article 9: Other Provisions

9.1 For matters not covered in this agreement, the parties may enter into supplementary agreements; in case of conflict between supplementary agreements and this agreement, the supplementary agreements prevail.

9.2 This agreement is made in duplicate, with each party holding one copy, effective from the date of signature and seal by both parties.

Party A (Seal): ___[Company seal affixed]_______________

Legal Representative/Authorized Representative (Signature): ____/s/ Angie International Limited ______________

Date: January 1, 2021

Party B (Seal): ___[Company seal affixed]_______________

Legal Representative/Authorized Representative (Signature): __/s/ Guangzhou Baiyun District Yizhou Garment Factory ________________

Date: January 1, 2021

## Exhibit 10.6

**Exhibit 10.6**

***Certain information has been redacted in accordance with Item 601(b)(10)(iv) of Regulation S-K because such information (i) is not material and (ii) is the type of information the registrant treats as private or confidential. Information that has been so redacted from this exhibit has been marked with "[\*\*\*]" to indicate the omission.***

 

***This exhibit is an English translation of a foreign language document. The Company hereby agrees to supplementally furnish to the SEC, upon request, a copy of the foreign language document.***

**Garment Processing Cooperation Agreement**

Party A: Angie International Limited

Business Registration Number: 64877158

Address: Room 03, 11th Floor, Hilder Centre, 2 Chung Ping Street, Hung Hom, Hong Kong

Contact Person: FONG Mei Yuk

Party B: Guangzhou Jialong Clothing Company Limited

Unified Social Credit Code: 91440101MA59L60G65

Address: Room 01, 3rd Floor, Taisha Road, Haizhu District, Guangzhou

Legal Representative: Liu Zhongping

Whereas

Party A is a Hong Kong enterprise engaged in uniform design, production management, and sales, requiring delegation to mainland enterprises for garment processing; Party B is a mainland enterprise qualified for garment production. The parties, through friendly negotiation, have reached an agreement on Party A's delegation to Party B for processing garments using specified fabrics, in accordance with relevant Hong Kong laws and the Civil Code of the People's Republic of China, and hereby enter into this agreement.

Article 1: Cooperation Content

1.1 Processing Scope:

The varieties, specifications, quantities, and process requirements of garments delegated by Party A to Party B for processing shall be based on the garment processing orders sent by Party A monthly/quarterly.

1.2 Fabric Procurement Requirements:

- Party B must procure the fabrics required for garments from fabric suppliers specified in writing by Party A. Without Party A's written consent, Party B shall not change suppliers or procure fabrics from non-specified suppliers;

- Party B shall ensure that the procured fabrics meet Party A's quality requirements for garments and provide Party A with copies of the original procurement invoices from the fabric suppliers and fabric quality inspection reports as settlement basis.

1.3 Price Agreement:

- The total cost for Party B's garment processing is processing fee + fabric cost price (fabric cost price defined as: the invoice amount issued by the fabric supplier to Party B, including the supplier's purchase cost, taxes, and direct transportation fees to Party B's factory, excluding Party B's profit, management fees, or other additional expenses);

- Party B shall provide Party A with copies of the original procurement invoices from the fabric suppliers and detailed processing costs (including direct expenses such as labor, equipment depreciation, water and electricity) as settlement basis;

- Party B promises that, under this agreement for fabric procurement and processing, it shall not charge Party A any additional commissions or fees under any name (including but not limited to [\*\*\*]).

Article 2: Garment Quality and Acceptance

2.1 Quality Standards: Garments must meet the following requirements:

- Technical specification sheet provided by Party A, including fabric composition, color code, size tolerances, process details, etc.;

- Sealed sample standards (garment samples provided by Party A).

2.2 Acceptance Process:

- Party A has the right to conduct random re-inspection at Party B's factory or designated location within [\*\*\*] working days after delivery (sampling ratio: [\*\*\*]%); if the re-inspection fails, Party A has the right to reject and require Party B to rework or replace with compliant garments within [\*\*\*] working days, with the resulting expenses (including rework materials, labor cost, transportation fees, etc.) borne by Party B;

- If garment quality issues lead to claims, returns, or other losses from Party A's downstream customers, Party B shall fully compensate Party A for the losses incurred (including but not limited to compensation, litigation fees, attorney fees, brand reputation losses, etc.).

Article 3: Delivery and Settlement

3.1 Delivery Time and Location:

- Party B shall complete processing and deliver to the location specified by Party A within [\*\*\*] working days after receiving Party A's "[\*\*\*]"; if delayed due to force majeure such as delayed fabric delivery from suppliers, Party B must notify Party A in writing [\*\*\*] working days in advance and provide proof, otherwise, for each day of delay, pay Party A a penalty of [\*\*\*]% of the order amount for that batch.

3.2 Settlement Method:

- The parties settle [\*\*\*], and Party B shall submit the "[\*\*\*]" to Party A within [\*\*\*] working days after the end of each [\*\*\*];

- After Party A verifies without error, payment shall be made to Party B within [\*\*\*] working days;

- Payment method: [\*\*\*] (to the receiving account required by Party B).

Article 4: Rights and Obligations of Both Parties

Party A's Obligations:

- Provide the "[\*\*\*]" and quality requirements (including fabric specifications, process standards, etc.) on time;

- Pay processing fees and fabric costs on time as agreed;

- Timely verify and confirm the settlement documents submitted by Party B;

- Provide necessary materials such as garment design drawings, trademark logos, etc. (if any), and ensure the materials are legal and compliant.

Party B's Obligations:

- Strictly procure fabrics from specified suppliers as per Article 1 of this agreement, and retain original procurement vouchers from suppliers (invoices, delivery notes, quality inspection reports, etc.) until [\*\*\*] years after transaction completion;

- Process garments according to Party A's required production processes and quality standards, without unauthorized modification of designs or reduction of processes;

- Properly safeguard the design drawings, trademarks, and other business information provided by Party A, and not disclose or use them to third parties without Party A's written consent;

- Cooperate with Party A's reasonable requirements such as quality inspections, factory audits, sample confirmations, etc.;

- Fulfill confidentiality obligations regarding Party A's customer information, order data, etc., learned during processing.

Article 5: Liability for Breach

5.1 If Party B violates the "specified supplier" or "cost price" provisions in Article 1 of this agreement (including but not limited to changing suppliers, falsely reporting fabric costs/processing fees, charging commissions), Party A has the right to:

- Refuse to accept the corresponding batch of garments;

- Require Party B to pay a penalty of [\*\*\*]% of the order amount for that batch;

- If there are [\*\*\*] cumulative breaches, Party A may unilaterally terminate this agreement and require Party B to compensate for all losses (including previously paid amounts, expected profits, customer claims, etc.).

5.2 If the delivered garments have quality issues (confirmed by both parties or identified by a third-party testing agency), Party A has the right to:

- Return the goods and require Party B to refund the paid amount;

- Require Party B to pay a quality breach penalty of [\*\*\*]% of the order amount for that batch;

- Party B shall fully bear any customer returns, claims, brand losses, etc., caused by quality issues.

5.3 If Party B delays delivery without justifiable reason, for every [\*\*\*] days of delay, pay Party A a penalty of [\*\*\*]% of the order amount for that batch; if delayed over [\*\*\*] days, Party A has the right to cancel the order and require Party B to pay a penalty of [\*\*\*]% of the order amount.

Article 6: Intellectual Property Rights and Confidentiality

6.1 The intellectual property rights to garment design drawings, trademark logos, process technologies, etc., provided by Party A belong to Party A. Party B shall not copy, modify, transfer, or use them for other purposes without authorization; otherwise, pay Party A a penalty of [\*\*\*] per instance and compensate for all losses.

6.2 Both parties shall strictly keep confidential the other party's trade secrets learned during cooperation (including but not limited to customer information, order data, cost prices, production processes, etc.), and not disclose or use them to any third party without the other party's written consent; this clause remains effective independently after termination of the agreement.

Article 7: Agreement Term and Termination

7.1 This agreement is effective from [\*\*\*] to [\*\*\*]. The parties may negotiate renewal [\*\*\*] months before expiration.

7.2 Either party may terminate the agreement by giving [\*\*\*] months' written notice to the other party, but must settle any incurred transaction payments.

7.3 If one party seriously breaches (e.g., Party B repeatedly changes suppliers, Party A chronically delays payments), the non-breaching party may unilaterally terminate the agreement and require the breaching party to bear compensation liability. If Party B unilaterally terminates early without authorization, it shall pay Party A a penalty of [\*\*\*]% of the total transaction amount.

Article 8: Dispute Resolution

This agreement is governed by Hong Kong law. If disputes arise under this agreement, the parties shall first negotiate amicably; if negotiation fails, either party may submit to arbitration at the Hong Kong International Arbitration Centre.

Article 9: Other Provisions

9.1 For matters not covered in this agreement, the parties may enter into supplementary agreements; in case of conflict between supplementary agreements and this agreement, the supplementary agreements prevail.

9.2 This agreement is made in duplicate, with each party holding one copy, effective from the date of signature and seal by both parties.

Party A (Seal): ___[Company seal affixed]_______________

Legal Representative/Authorized Representative (Signature): ____/s/ Angie International Limited ______________

Date: January 1, 2021

Party B (Seal): ___[Company seal affixed]_______________

Legal Representative/Authorized Representative (Signature): __/s/ Guangzhou Jialong Clothing Company Limited ________________

Date: January 1, 2021

## Exhibit 10.7

**Exhibit 10.7**

***Certain information has been redacted in accordance with Item 601(b)(10)(iv) of Regulation S-K because such information (i) is not material and (ii) is the type of information the registrant treats as private or confidential. Information that has been so redacted from this exhibit has been marked with "[\*\*\*]" to indicate the omission.***

**This Agreement is made this 28th day March of 2022**

**For the Project of** 

**Agile Omnichannel Business Platform for School Uniform Ordering and Manufacturing** [\*\*\*]

 

**BETWEEN**

(1) **THE HONG KONG RESEARCH INSTITUTE OF TEXTILES AND APPAREL LIMITED** ("HKRITA"), a company incorporated in Hong Kong whose registered office is at R906-08, 9/F, Shirley Chan Building, The Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong

AND

(2) **ANGIE INTERNATIONAL LIMITED** (the "Company"), a company incorporated in Hong Kong whose registered office is at Flat/Room 03, 11/F, Hilder Centre, 2 Sung Ping Street, Hung Hom, Kowloon, Hong Kong.

**WHEREAS**

(1) HKRITA
 is operating the R&D Centre which was set up with funding from the Innovation and Technology
 Fund (the "ITF") administered by the Government of the Hong Kong Special Administrative
 Region (the "Government").

(2) HKRITA
 has entered into the R&D Project Agreement (defined below) and the Sub-grant Agreement
 (defined below) in relation to the R&D Project. The Company has agreed to cooperate with
 HKRITA and the Collaborator in relation to, and provide funding for, the R&D Project.

(3) The
 Company may also secure certain rights to exploit or commercialise the results of the R&D
 Project, all upon the terms of this Agreement.

**IT IS AGREED** as follows:

---

| | | | |
|:---|:---|:---|:---|
| 1. | Definitions and Interpretation | Definitions and Interpretation | Definitions and Interpretation |
|  | 1.I | Definitions | Definitions |
|  |  | Acquired Property | has the meaning given to it in clause 19. |
|  |  | Agreement | means this agreement between HKRITA and the Company as from time to time amended or supplemented. |
|  |  | Appendix | means the appendix to this Agreement. |
|  |  | Audited Accounts | means the annual audited accounts and final audited accounts prepared based on the Financial Statements and submitted or to be submitted by HKRITA to the Government under the R&D Project Agreement. |

---

---

| | |
|:---|:---|
| CIT | means the Commissioner for Innovation and Technology of the Government or anyone acting on his behalf. |
| Collaborator | means The Hong Kong Polytechnic University. |
| Collaborator's R&D Project Account | means the interest-bearing account of the Collaborator opened with a bank holding a full banking licence under the Banking Ordinance (Cap. 155) under the Collaborator's name for processing all receipts and expenditures arising from or relating to the R&D Project. |
| Commencement Date | means 28 March 2022. |
| Commercialise | means in respect of the Acquired Property and the IPRs in the Acquired Property, to license any or all of the same to any person, and in respect of the Project Deliverables, to produce, sell, hire, supply or otherwise deal with a Product (excluding prototypes), process or to provide a service, incorporating the Project Deliverables or any IPRs developed in respect of the R&D Project, whether by the Company or any person permitted by the Company, or to the extent permitted by this Agreement, by HKRITA or any person permitted by HKRITA; Commercialisation is to be similarly construed. |
| Commercialisation Period | means the period of [\*\*\*] consecutive years immediately following the end of the R&D Project Period. |
| Completion Date | means 27 March 2024 or failing successful completion of the R&D Project in accordance with clause 54 on or before such date, then such other date as HKRITA may stipulate in writing. |

---

---

| | |
|:---|:---|
| Equipment | means all software, hardware, equipment, instrument or machinery procured or acquired by HKRITA and/or the Collaborator using the Funds, Matching Funds or monies from the Collaborator's **R&D** Project Account. |
| Final Report | means the final report to be submitted by the Collaborator to HKRITA and the Government under the Guide and/or the Sub-grant Agreement. |
| Financial Statements | means the financial statements submitted or to be submitted by the Collaborator to HKRITA under the Guide and/or the Sub- grant Agreement. |
| Funds | has the meaning given to it in clause 14. |
| Guide | means the "Guide to R & D Project Applications from The Hong Kong Research Institute of Textiles and Apparel", as published by HKRITA from time to time. |
| IPRs | means patents, trade marks, service marks, trade names, design rights, copyright, domain names, database rights, rights in Knowhow, inventions, designs or processes and other intellectual property rights of whatever nature and howsoever arising, whether now known or hereafter created, and in each case whether registered or unregistered and including applications for the grant of any such rights. |
| Industry Sponsorship | means such part of the contribution to the Project Cost which is identified as the Industry Sponsorship in the Project Proposal. |
| Interest | means all interest from time to time accruing on the Funds, the Matching Funds, the R&D Project Income and all other sums in the R&D Project Account whilst these sums are deposited into, and<br> retained in, the R&D Project Account or should have accrued if these sums were paid into and retained in the R&D Project Account in accordance with the Terms of the R&D Project. |

---

---

| | |
|:---|:---|
| ITF Guidelines | means the "Guidelines on the Administration of Funding from the Innovation and Technology Fund (ITF) for (a) the Establishment and Operation of R&D Centre; (b) the R&D Projects Undertaken by R&D Centre" issued by CIT in May 2006; "Guide on Intellectual Property Arrangements for Research and Development Projects Funded under the Innovation and Technology Fund (ITF)" published by Government in July 2019; and "Funding and Administrative Guidelines for Successful Applicants" published by the Government in January 2022 as from time to time revised by the CIT. |
| Knowhow | [\*\*\*] |
| Matching Funds | means the funds and the assets that the Company has agreed to contribute to the R&D Project as specified in clause 12. |
| Products | means any and all products and/or services which are produced, manufactured and/or supplied by the Company based on or using, wholly or partly, the Project Deliverables or IPRs in the Acquired Property. |

---

---

| | |
|:---|:---|
| Project Deliverables | [\*\*\*] |
| Progress Report | means the progress reports submitted or to be submitted by the Collaborator to HKRITA and the Government under the Guide and/or the Sub-grant Agreement. |
| Reclaimed Funds | has the meaning given to it in clause 15. means the unspent balance of the **R&D** |
| Return of Residual Funds | Project Income, all Interest, the unspent balance of the Funds, the Matching Funds, any amount which the Government has paid in excess of the Funds and all other amounts standing to the credit of the R&D Project Account (each item as shown in the final Audited Accounts of the R&D Project). |
| R&D Project | means the project entitled "Agile Omnichannel Business Platform for School Uniform Ordering and Manufacturing" to be carried out in accordance with the Terms of the **R&D** Project. |
| **R&D** Project Agreement | means the agreement dated 28 March 2022 entered into between the Government and HKRITA in relation to the carrying out of the R&D Project by HKRITA. |

---

---

| | |
|:---|:---|
| R&D Project Cost | means the cost of the R&D Project mentioned in clause 11. |
| R&D Project Income | means the income (other than interest income) generated from the R&D Project and the Project Deliverables during the Commercialisation Period. |
| R&D Project Period | means the term of the **R&D** Project commencing from the Commencement Date and ending on the Completion Date or the date when this Agreement is earlier terminated in accordance with its terms. |
| R&D Project Proposal | means the project proposal of the **R&D** Project in the Appendix. |
| Reports | means all reports, accounts and Financial Statements which may be submitted by the Collaborator to HKRITA and the Government from time to time pursuant to the Terms of the R&D Project (including the Progress Reports and the Final Report), and "Report" means any one of them. |
| Steering Committee | has the meaning given to it in clause 9. |
| Sub-grant Agreement | means the agreement 28 March 2022 entered into between HKRITA and the Collaborator in relation to the carrying out of the R&D Project by the Collaborator. |
| Terms of the R&D Project | means the terms of the Sub-grant Agreement and this Agreement (including the R&D Project Proposal, the ITF Guidelines and the Guide). |
| Trial Period | means the period of one year from the Completion Date or such earlier date as may be agreed between HKRITA and the Company. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 In
 this Agreement, except where the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 headings
 to clauses are for convenience only and do not affect the interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 a
 reference to any statute or statutory provision shall be construed as a reference to the
 same as it may have been, or may from time to time be, amended, modified or reenacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 words
 denoting the singular shall include the plural and vice versa and words denoting any one
 gender shall include all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 a
 "person" shall mean any person or body of persons whether incorporated or unincorporated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5 references
 to HKRITA and the Company shall include their respective permitted assigns and any person
 deriving title under them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6 references
 to clauses, Schedule and Appendix shall mean the clauses of, and the schedule or appendix
 to, this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7 for
 the avoidance of doubt, there is no difference in meaning between the expressions "pay
 into" and "deposit into" an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The
 Sub-grant Agreement, ITF Guidelines, the R&D Project Proposal and the Guide shall form
 part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Any
 form or template to be provided by CIT pursuant to any applicable provision of this Agreement
 shall be deemed to be provided by HKRITA and may be amended or supplemented from time to
 time by CIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 In
 the event that there is any conflict, contradiction or ambiguity between any documents which
 form part of this Agreement or which are otherwise referred to herein, the following order
 of precedence shall be applied in order to resolve any such conflict, contradiction or ambiguity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1 this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2 the
 Sub-grant Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.3 the
 R&D Project Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.4 the
 ITF Guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.5 the
 Guide.

<u>**Commencement and Completion of the R&D Project**</u>

2. The
 parties agree, confirm and ratify that this Agreement is effective as from the Commencement
 Date. It is anticipated that the R&D Project shall be successfully completed on the Completion
 Date. This Agreement shall continue until the end of the Commercialisation Period (unless
 this Agreement is earlier terminated as provided herein) and the term of this Agreement may,
 on mutual agreement of the Company and HKRITA, be extended for an agreed period, subject
 always to the Government consenting to such extension.

<u>**Company's Obligations**</u>

3. In
 consideration of HKRITA coordinating the R&D Project as well as granting the rights to
 the Company under this Agreement in respect of the Project Deliverables and IPRs developed
 in the R&D Project, the Company hereby agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 comply
 in all respects with the provisions of this Agreement (including the Sub-grant Agreement,
 the R&D Project Proposal, the ITF Guidelines and the Guide) and provide such assistance
 as HKRITA or the Collaborator may request for the purpose of the R&D Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 [\*\*\*].

<u>**Company's Warranties and Undertakings**</u>

4. The
 Company hereby represents and warrants in favour of HKRITA (acting for itself and the Government)
 that throughout the continuance of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 it
 has been and will be able to pay its debts as they fall due and it has not been or will not
 be insolvent; and it has not entered or will not enter into any moratorium with creditors
 to suspend payment generally or other arrangements for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 whether
 through its board of directors or members, no resolution for its winding up has been or will
 be passed and there has been and will be no intention to pass any such resolution; and it
 has had or will have no intention of ceasing to conduct its business or a substantial part
 of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 no
 petition has been or will be presented, no proceeding has been or will be commenced, and
 no order has been or will be made and no effective resolution has been or will be passed
 for the winding-up, administration, dissolution or bankruptcy of the Company or appointment
 of liquidator; and no receiver, trustee or similar official has been or will be appointed
 over or against its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 it
 has known or will know of no circumstance where any person has intended or will intend or
 has threatened or will threaten to do any of foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 it
 has not or will not, and the associates, associated persons, employees, officers, servants,
 directors, sub-contractors, consultants, representatives, agents and other personnel involved
 in the R&D Project and appointed by the Company have not or will not, in carrying out
 the R&D Project (if the Company participates in the research and development of the R&D
 Project) or the Commercialisation of the Project Deliverables, infringed or infringe any
 IPRs or any other rights of any nature of any party.

5. The
 Company hereby undertakes that it will forthwith notify each of HKRITA and the Government
 in writing upon its becoming aware of the occurrence of any event or circumstance which renders
 the representation and warranty set out in clause 4 to become untrue or inaccurate.

6. The
 Company hereby undertakes that it and the Collaborator will not, and will procure that all
 its or their respective associates, associated persons, employees, servants, officers, directors,
 sub-contractors, consultants, representatives, agents and other personnel involved in the
 R&D Project and appointed by the Company and/or the Collaborator will not, in carrying
 out the R&D Project, infringe any IPRs or any other rights of any nature of any party.

<u>**Company's Indemnity**</u>

7. The
 Company shall indemnify and keep indemnified each of the Government and HKRITA (acting for
 itself and the Government) from and against (a) all and any claims, actions, investigations,
 liabilities, demands, proceedings, judgments threatened, brought or instituted against the
 Collaborator, HKRITA and/or the Government (whether or not successful, compromised or settled);
 and (b) all liabilities (including liabilities to pay damages or compensation), damages,
 costs, losses, charges and expenses which the Collaborator, HKRITA and/or the Government
 may sustain or incur (including all legal and other costs, charges, and expenses, on a full
 indemnity basis, which HKRITA and/or the Government may pay or incur in initiating or disputing
 or defending any action or proceeding), which in any case arise directly or indirectly from,
 or as a result of, or in connection with, or which relate in any way to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 any
 accidental damage to property, death or personal injury or other loss or damage of whatever
 nature caused by the defective or negligent design, development or manufacture of any Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 the
 breach by the Company of any provision of the Terms of the R&D Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 the
 negligence, recklessness, or wilful misconduct of the Company or of any employee, officer,
 servant, director, sub-contractor, consultant, representative, agent or other personnel of
 the Company in the conduct of the R&D Project (if the Company participates in the research
 and development of the R&D Project); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Commercialisation
 of the Project Deliverables by the Company.

<u>**Probity Clause**</u>

8. The
 Company shall observe the Prevention of Bribery Ordinance (Cap. 201) and shall advise its
 employees, officers, servants, directors, sub-contractors, consultants, representatives,
 agents and other personnel who are in any way involved in the R&D Project that they are
 not allowed to offer to or solicit or accept from any person any money, gifts or advantages
 as defined in the Prevention of Bribery Ordinance in relation to the R&D Project in the
 conduct of, or otherwise for the purposes of, the R&D Project or the Commercialisation
 of the Project Deliverables. If the Company or any of its employees, officers, servants,
 directors, sub-contractors, consultants, representatives, agents or other personnel who are
 in any way involved in the R&D Project commits any offence under the Prevention of Bribery
 Ordinance in relation to the R&D Project or the Commercialisation of the Project Deliverables,
 HKRITA shall be entitled to early terminate this Agreement in accordance with clause 36.4.

<u>**Steering Committee**</u>

9. A
 steering committee for the R&D Project (the "Steering Committee") has been
 established, [\*\*\*].

10. The
 Steering Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 monitor
 the progress of the **R&D** Project generally and review and endorse each Progress
 Report of the R&D Project before its submission to the Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 review
 and endorse the Final Report of the R&D Project before its submission to the Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 review
 and endorse the Audited Accounts of the R&D Project before their submission to the Government.

<u>**R&D Project Cost**</u>

11. The
 cost of the R&D Project is estimated to be HK.$[\*\*\*].

<u>**Matching Funds**</u>

12. The
 Company shall contribute HK$ [\*\*\*] and inject the [\*\*\*] of the Industry Sponsorship into
 the R&D Project with an aggregate cash value of HK$[\*\*\*] as specified in the Project
 Proposal (the "Matching Funds") as its part of contribution to the R&D Project
 Cost, which contribution shall be made wholly in cash.

13. Unless
 otherwise approved by CIT, the Matching Funds shall be paid by the Company in the manner
 below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 HK$[\*\*\*],
 representing [\*\*\*]% of the R&D Project Cost shall be paid into HKRITA's R&D
 Project Account upon signing of this Agreement by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 the
 remaining HK$[\*\*\*] shall be paid into HKRITA's R&D Project Account by [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 In
 addition, the Company shall pay to the Collaborator an amount representing [\*\*\*]% of the
 sum equal to the Matching Funds less the unspent balance of the Matching Funds (as shown
 in the final Audited Account of the R&D Project) as contribution to the administrative
 overheads of the R&D Project. Such contribution to the administrative overheads shall
 be paid into HKRITA's R&D Project Account within 30 days upon notice by HKRITA
 that the final Audited Accounts have been approved by the CIT.

<u>**Method of Payment of the Funds**</u>

14. Subject
 to receipt of funding from the Government and payment of the Matching Funds by the Company
 and the Collaborator's due and punctual compliance with and observance of the Terms
 of the R&D Project, HKRITA shall contribute not more than HK$[\*\*\*] to the R&D Project
 Cost (the "Funds") in the manner specified in clauses 14.1 and 14.2, and contribute
 to the administrative overheads of the R&D Project in the manner specified in clause
 14.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 HK$[\*\*\*],
 representing [\*\*\*]% of the R&D Project Cost shall be paid into the Collaborator's
 R&D Project Account upon signing of this Agreement and against production by the Company
 of evidence to the satisfaction of HKRITA showing due contribution and payment by the Company
 of the instalment of the Matching Funds payable under clause 13.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 The
 outstanding balance of the Funds (i.e. HK$[\*\*\*]) shall be paid into the Collaborator's
 R&D Project Account within 60 days after acceptance by CIT of the Progress Report in
 relation to the period from the Commencement Date to 31 March 2023 and against production
 by the Company of evidence to the satisfaction of HKRITA showing due contributions and injection
 of the Matching Funds in accordance with clause 13.2 to the extent such portion of the Matching
 Funds fall due and payable or contributable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Notwithstanding
 clause 14.2, HKRITA shall have power to, or in the case CIT makes similar determination pursuant
 to the R&D Project Agreement, HKRITA will be obliged to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1 defer
 payment under clause 14.2 until such time as HKRITA or CIT (as the case may be) considers
 appropriate if at any material time there remains a credit balance in the Collaborator's
 R&D Project Account representing no less than [\*\*\*]% of the estimated cashflow requirement
 for the period from the [\*\*\*] month to the [\*\*\*] month following the period to which the
 latest Progress Report relates as specified in the cashflow schedule contained in the R&D
 Project Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2 abstain
 from making payment under clause 14.2 if HKRITA terminates this Agreement on the occurrence
 of any events mentioned in clause 36 or the Sub-grant Agreement is early terminated or expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.3 defer
 payment under clause 14.2 until such time as HKRITA or CIT (as the case may be) considers
 appropriate if HKRITA or CIT is not satisfied with any of the Progress Report or Financial
 Statements or the Collaborator's execution of the R&D Project; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.4 without
 cause, defer payment of [\*\*\*]% of the Funds until all the milestones stipulated in the R&D
 Project Proposal have been completed and all other requirements of the Terms of the R&D
 Project have been met to the satisfaction of HKRITA or CIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 The
 Company acknowledges that HKRITA has retained from the payment under clause 14 HK$[\*\*\*] for
 audit related expenses in relation to the R&D Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 HKRITA
 shall, subject to receipt of the funds payable by the Government for such purpose, pay to
 the [\*\*\*] for deposit into the [\*\*\*] Account an amount representing [\*\*\*]% of the sum equal
 to the Funds less the unspent balance thereof (as shown in the final Audited Accounts of
 the R&D Project) as contribution to the administrative overheads of the R&D Project
 within 30 days upon receipt by HKRITA of all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.1 the
 [\*\*\*] written application for such payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.2 the
 Final Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.3 the
 final Audited Accounts of the R&D Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.4 the
 Return of Residual Funds from the Collaborator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.5 evidence
 showing due contribution by the Company to the administrative overheads of the R&D Project
 referred to in clause 14;and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.6 contribution
 to the administrative overheads payable by the Government under the [\*\*\*] Agreement in the
 same amount.

15. The
 Company confirms and acknowledges that, as trustee of funds for the Government, HKRlTA is
 entitled to recover the Funds or any portion thereof or an amount equal to the Funds (whether
 spent or unspent) ("Reclaimed Funds") (together with any excessive contribution
 to the administrative overheads and interest on the Reclaimed Funds and such excessive contribution
 at the rate stipulated in the Sub-grant Agreement) if the Collaborator does not apply any
 portion of such funds exclusively for the purpose of the R&D Project or any portion of
 such funds is not applied in accordance with the Terms of the R&D Project.

<u>**Interest**</u>

16. [\*\*\*].

17. The
 Interest and the R&D Project Income in respect of the period covered by a set of the
 Financial Statements or Audited Accounts shall be audited (if applicable) and shown as separate
 items in each such Financial Statements or Audited Accounts.

18. In
 the event the Company shall fail to pay any sum of money on the date it falls due or payable
 under this Agreement, it shall pay on demand to HKRlTA interest on the amount overdue from
 the date of default up to the date of actual payment in full (as well after as before judgment)
 at the default rate equal to [\*\*\*] per cent ([\*\*\*]%) per armum. Such interest shall accrue
 on a daily basis and in a year of 365 days.

<u>**Intellectual Property Rights**</u>

19. Subject
 to anything in the Terms of the R&D Project to the contrary including without limitation punctual compliance with the terms set
 out in clauses 3 and 12 to 13 and other clauses of this Agreement by the Company and the expiry of the Trial Period without any termination
 of this Agreement under clause 52, the Company is and shall be the owner of all Project Deliverables (excluding any prototype of
 the Project Deliverables), the design of the Project Deliverables and the Knowhow (collectively the "Acquired Property"),
 and all IPRs in the Acquired Property shall vest in the Company to the exclusion of HKRITA immediately upon their creation.

20. The
 Company undertakes to do or permit to be done any act which would or might effectuate or
 validate any registration or application for registration of any registered or registrable
 IPRs in the Acquired Property or which might affect its ownership, title, right or interest
 in or to any such IPRs.

21. The
 Company will on request give to HKRITA or its authorized representative any information as
 to its use of the IPRs in the Acquired Property during the R&D Project Period and the
 Commercialisation Period which HKRITA may require.

22. HKRITA
 shall not make any representation nor do any act which may be taken to indicate that it has
 any ownership, title, right or interest in or to the Project Deliverables and the IPRs in
 the Acquired Property except under the terms of this Agreement.

23. The
 Company undertakes to ensure that any agreements under which it employs or engages any employees,
 officers, servants, directors, sub-contractors, consultants, representatives, agents, other
 personnel or third parties in the Commercialisation of the Project Deliverables shall contain
 express terms imposing on such persons similar obligations or restrictions in relation to
 the IPRs as are contained in clauses 19 to 27. HKRITA reserves the right to obtain authenticated
 copies of such agreements to ensure compliance with this clause 23.

24. HKRITA
 shall have the right to inspect all items with respect to which the Company uses the IPRs
 in the Acquired Property including without limitation the Products and packaging and marketing
 materials during the R&D Project Period and the Commercialisation Period, to ensure compliance
 with the provisions of this Agreement.

25. If
 the Company is aware that any products, or its use, proposed use, publication or advertising
 infringes or may infringe any of the IPRs in the Acquired Property during the R&D Project
 Period, the Trial Period or the Commercialisation Period, it shall immediately notify HKRITA
 of full particulars of such infringement or possible infringement in writing and provide
 information within its possession and provide full cooperation and assistance to HKRITA in
 any action, claim or proceedings HKRITA may be involved.

26. If
 the Company becomes aware that any person alleges that any IPRs in the Acquired Property
 is invalid or that use of any such IPRs infringes any rights of another person or that any
 such IPRs is otherwise challenged or challengeable during the R&D Project Period, the
 Trial Period or the Commercialisation Period, the Company shall immediately give HKRITA full
 particulars in writing thereof. The Company shall have the conduct of all proceedings relating
 to any IPRs and HKRITA shall provide full cooperation and assistance to the Company and take
 such actions as reasonably required by the Company in any actions, claims or proceedings
 brought or threatened by any third party subject to the provision of an indemnity by the
 Company in such form as HKRlTA may consider appropriate and satisfactory.

27. The
 Company undertakes that it shall not, and shall procure all its employees, officers, servants,
 directors, sub-contractors, consultants, representatives, agents, other personnel or third
 parties involved in the Commercialisation of the Project Deliverables will not, infringe
 any IPRs or any other rights of any nature of any other party in the Commercialisation of
 the Project Deliverables. Without prejudice to clause 7, the Company shall indemnify and
 keep indemnified each of HKRITA and the Government from and against all and any claims, actions,
 proceedings, liabilities, demands, charges, damages, losses, costs and expenses directly
 or indirectly arising out of or resulting from or otherwise relating to such infringement
 which HKRlTA and/or the Government may sustain or incur.

<u>**Confidentiality and Publication of Results**</u>

28. Except
 with the prior consent in writing of HKRlTA or otherwise necessary for the purpose of exercising
 its right to Commercialise the Project Deliverables granted hereunder (in which case the
 Company shall ensure that the persons to whom the following materials or matters are disclosed
 shall be under the same obligation of confidentiality), the Company shall not, and shall
 procure that its employees, officers, servants, directors, sub-contractors, consultants,
 representatives, agents and other personnel shall not, make use of any samples, documentation,
 reports or other materials or information whether received from HKRITA or directly or indirectly
 produced by the Collaborator in the course of the **R&D** Project (including but not
 limited to the Project Deliverables, Knowhow, Acquired Property and IPRs in the Acquired
 Property) or disclose any such materials or matters to any person.

<u>**Limitation of Liability**</u>

29. Nothing
 in this Agreement shall exclude liability for death or personal injury resulting from the
 negligence of either party, its employees, officers, servants, directors, sub-contractors,
 consultants, representatives agents or other personnel.

30. To
 the fullest extent permitted by law, HKRlTA shall not be liable to the Company for any direct,
 indirect, consequential or other loss, damage or expense of any kind whatsoever arising out
 of or in connection with this Agreement whether sustained by the Company or any other person.

31. Under
 no circumstances shall HKRlTA's liability in contract, tort or otherwise with respect
 to any claim arising in respect of its acts or omissions under this Agreement, if any, exceed
 the amount of the Funds already paid to the Collaborator under clause 14 (subject to any
 necessary downward adjustment under such clause) or HK.$[\*\*\*], whichever is less.

32. For
 the purpose of clause 31 any number of acts or omissions whether successive or concurrent,
 which together result in or contribute to substantially the same loss or damage shall be
 treated as being subject to the limitation set out in clause 31.

33. Except
 in respect of liability for death or personal injury, HKRITA shall be discharged of all liability
 (if any) in respect of any transaction subject to this Agreement, whether in contract or
 in tort, including negligence, unless suit is brought within two years after the Company
 first becomes (or should reasonably have become) aware of the facts constituting the cause
 of action.

34. All
 terms expressed or implied by statute or otherwise on the part of HKRITA are hereby excluded
 to the fullest extent permitted by law.

<u>**Title to the Equipment**</u>

35. The
 Company confirms and acknowledges that the title to and beneficial ownership of the Equipment
 shall vest with [\*\*\*] regardless of the party that initiates the procurement of or procures
 the Equipment and the source of funding.

<u>**Termination**</u>

36. HKRITA
 may terminate this Agreement on the occurrence of any one of the following events by serving
 a [\*\*\*] days' written notice on the Company whereupon this Agreement shall be and be
 deemed to be terminated at the end of the last day of that [\*\*\*] period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.1 the
 Company fails to duly and punctually perform or comply with any provision of the Terms of
 the **R&D** Project, and in respect of a failure which in the opinion of HKRITA is
 capable of remedy, the Company does not remedy such failure to HKRITA's satisfaction
 within 7 days (or such longer period as HKRITA may approve) after receipt of written notice
 from HKRlTA requiring it to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2 any
 representation or warranty made or deemed to be made by the Company in or in connection with
 this Agreement or the R&D Project Proposal or in any of the Progress or Final Reports
 is incorrect or misleading (including those set out in clauses 4 to 5);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3 HKRlTA
 or CIT shall form the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3.1 the
 objectives of the R&D Project are no longer relevant to the needs of the industry as
 a result of any material change in the circumstances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3.2 it
 is unlikely that the R&D Project will be completed in accordance with the Terms of the
 R&D Project; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3.3 the
 R&D Project ought to be terminated in public interest in such events as the continuation
 of any portion or the whole of the R&D Project is not permitted under the laws of Hong
 Kong or will generate public resentment and/or repugnance on reasonable grounds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.4 the
 Company or the Collaborator engages in any conduct prejudicial to the R&D Project; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.5 the
 early termination or expiry of the Sub-grant Agreement (except that this Agreement shall
 remain in force in accordance with clause 2 for the purpose of Commercialisation of the Project
 Deliverables in the event of the expiry of the Sub-grant Agreement upon successful completion
 of the **R&D** Project).

37. Notwithstanding
 anything herein to the contrary, this Agreement shall be and be deemed to be terminated forthwith
 upon the early termination or expiry of the **R&D** Project Agreement (except that
 this Agreement shall remain in force in accordance with clause 2 for the purpose of Commercialisation
 of the Project Deliverables in the event of the expiry of the R&D Project Agreement upon
 successful completion of the R&D Project).

<u>**Termination Consequences**</u>

38. Upon
 the expiry or termination of this Agreement (for whatever reasons, including pursuant to
 clause 36, 37 or 52), the Company undertakes and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1 to
 account for and pay into the R&D Project Account in accordance with clauses 12 and 13
 the amounts specified therein, and all interest payable under clause 18 (if any) (provided
 that the Company shall have no obligation to pay any part of the amounts not yet due and
 payable under clause 13 if this Agreement is terminated by HKRlTA pursuant to clause 36.3
 otherwise than due to the Company's fault);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2 that
 HKRITA shall have no further obligation to pay any part of the amounts specified in clause
 14 but which is not yet due and payable thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.3 that
 (without prejudice to clause 40) the Company shall not be entitled to recover from or claim
 against the Government, the Collaborator or HKRITA for any amount of the Matching Funds,
 the R&D Project Income, the Interest, the unspent balance of the Funds, the balance standing
 to the credit of the Collaborator's R&D Project Account or any other money which
 the Company has paid in excess of the final audited amounts of such items as shown in the
 final Audited Accounts of the R&D Project.

39. The
 expiry or termination of this Agreement (howsoever occasioned and whether pursuant to clause
 36, 37 or 52 or otherwise) shall not prejudice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.1 (a)
 any rights or remedies accrued to the Government, the Collaborator or HKRITA prior to such
 termination or expiry; and (b) any rights or remedies the Government, the Collaborator or
 HKRITA may have against the Company under any Terms of the R&D Project or otherwise at
 law arising from the Company's prior breach(es) of any Terms of the R&D Project
 (including without limitation the rights under clauses 7 and 38); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2 without
 prejudice to clause 39.1, any provisions of this Agreement which are required by the context
 or are otherwise expressed to continue to subsist after the expiry or termination of this
 Agreement shall continue in force and effect notwithstanding such expiry or termination (including
 without limitation clauses 1, 7, 19 to 27, 38 and 39).

40. Upon
 successful completion of the R&D Project in accordance with clause 54 and subject to
 receipt of such an amount from the Collaborator, HKRITA shall return to the Company the unspent
 balance of the Matching Funds (as shown in the final Audited Accounts of the R&D Project)
 within 30 days after approval of the final Audited Accounts by CIT or receipt of the amount
 from the Collaborator, whichever is the later.

<u>**Conditions of Commercialisation of Project Deliverables**</u>

41. Subject
 to successful completion of the R&D Project and the expiry of the Trial Period without
 any termination of this Agreement under clause 52, the Company hereby unconditionally and
 irrevocably grants to each of HKRITA and the authorized users, assigns, or successors in
 title of HKRITA [\*\*\*] licence or sub-licence (where applicable) including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.1 the
 right to do all acts restricted by copyright specified in sections 22 to 29 of the Copyright
 Ordinance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.2 the right to do all acts which a proprietor of patent may prevent a third party not having its consent from doing as specified in sections 73 and 74 of the Patents Ordinance,

by any means and in any manner and strictly for the purpose of design, development, manufacture of products and use of such products by each of HKRITA and the Government departments or bureaux or public bodies for the provision of services to the public. Such licence (or sub-licence as the case may be) shall take effect from the date of the Project Deliverables or Knowhow in which the IPRs in the Acquired Property subsist have been created and shall continue in effect so long as all or any of the relevant IPRs continue to subsist therein notwithstanding the early termination or expiry of this Agreement or the Sub-grant Agreement.

42. [\*\*\*]
 shall retain and reserve the rights to use, publish, or license to any other parties the
 right to use or publish, the Project Deliverables and the IPRs in the Acquired Property for
 academic, teaching, research and development or scientific purposes.

43. The
 Company shall be solely responsible for all costs and expenses incurred in the Commercialisation
 of the Project Deliverables (including but not limited to the cost for setting up, acquiring
 or developing the systems, plants, apparatus and/or manufacturing process for Commercialisation
 of the Project Deliverables and the cost of manpower, equipment and materials).

44. The
 Company shall not represent that HKRITA, the Government or the Collaborator endorses or is
 in any way responsible for the Products.

45. The
 Company acknowledges and agrees that neither HKRITA nor the Government makes or has made
 any representation as to the safety, value or utility of the R&D Project, Project Deliverables
 or Products, nor shall the fact of HKRITA's and/or the Government's participation
 in or funding of the R&D Project, or the exercise of their rights under the R&D Project
 Agreement, the Sub-grant Agreement or this Agreement be deemed an endorsement of the R&D
 Project or the Products, nor shall the name of HKRITA or the Government be used for any commercial
 purpose by the Company or be publicised in any way by the Company, except in acknowledgement
 of the funding support from the Government placed by HKRITA or the Company on equipment,
 facilities, publicity or media events related to the R&D Project as well as in publications
 arising from/relating to the **R&D** Project.

46. HKRITA
 gives no representation or warranty that the manufacture, sale, supply, marketing, distribution
 or use of the Products will not infringe any third party rights, and gives no representation
 or warranty that the results of the **R&D** Project **will** produce Project Deliverables
 of satisfactory quality or fit for the purpose for which the Company intended.

47. The
 Company shall ensure that all the Products sold, supplied, marketed or distributed by the
 Company or any person permitted by the Company shall be of satisfactory quality and comply
 with all applicable laws and regulations, including those related to product safety and liability.
 The Company shall take full responsibility and liability for the quality and safety of the
 Products and the outcome of the manufacturing process of the Products, and shall be solely
 responsible for any maintenance and after-sale services to its clients and customers.

48. The
 Company shall keep true, complete, detailed and up-to-date records and accounts showing the
 quantity, description and value of the Products manufactured, sold, supplied and distributed
 and the amount of revenues and profits received in respect of the Commercialisation of the
 Project Deliverables, and shall provide to HKRITA such information and records as HKRITA
 may require on a monthly basis during the Commercialisation Period.

49. The
 Company shall acknowledge in all the marketing and advertising materials for the Products
 and mark on the Products in a legible manner and in formats to be mutually agreed indicating
 that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.1 patents
 (if any) in relation to the Project Deliverables have been applied for and/or granted and
 giving the relevant patent application number(s) and/or patent number(s) (if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.2 the
 Company is the owner of the IPRs in the Project Deliverables and the IPRs are used with the
 permission of the Company.

50. The
 Company agrees to use commercially reasonable efforts to protect and enforce the IPRs developed
 in the R&D Project against third parties.

51. The
 Company shall collaborate with HKRITA to disseminate or transfer the project results to industries,
 subject always to the ongoing confidentiality obligations as set out in clause 28.

52. In
 the event that the Company is not satisfied with the results of the R&D Project, it may
 notify HKRITA in writing upon the expiry of the Trial Period, and subject to the right of
 HKRITA under clause 54, if HKRITA and the Company (both parties acting in good faith and
 reasonably in discussion) mutually agree that the results of the R&D Project are unsatisfactory
 for the purpose of Commercialisation, the licence granted by the Company to HKRITA under
 clause 41 and this Agreement shall be deemed to be terminated automatically.

53. Subject
 to successful completion of the R&D Project, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.1 pay
 to HKRITA the [\*\*\*] fee or the [\*\*\*] of [\*\*\*] sharing for the Commercialisation of the Project
 Deliverables during the Commercialisation Period in accordance with the terms and conditions
 contained in Schedule I hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.2 at
 the request of [\*\*\*], license the use of any or all of the Acquired Property and the IPRs
 in the Acquired Property to any person for any new collaborative project upon payment by
 such person of an amount or amounts of licence fee or royalty which shall not exceed in aggregate
 the amount of the [\*\*\*] (including, for such purpose, any funds paid under the last part
 of clause 13).

54. For
 the purposes of clause 41 and/or the determination of the Completion Date (where appropriate),
 the R&D Project shall be deemed to be successfully completed upon written notice by HKRITA
 to the Company of the completion of the R&D Project and HKRITA's acceptance of
 the results of the R&D Project, and the determination of HKRITA in such respect shall
 be final and conclusive.

<u>**General**</u>

55. The
 Company may not assign or transfer its rights or obligations under this Agreement save with
 the prior written consent of HKRITA, but subject thereto, this Agreement shall be binding
 on, and shall enure for the benefit of each party's successors and permitted assigns.
 Notwithstanding any provision to the contrary in this clause, the Company shall be entitled
 to assign or transfer any or all of the Acquired Property and the IPRs in the Acquired Property
 or any part thereof to a third party on arm's length and commercial basis during the
 Commercialisation Period. The Company shall procure and ensure that any such assignment or
 transfer shall be subject to, and such or any subsequent assignee or transferee shall fully
 observe and perform, clauses 41 to 47 and 50, and shall immediately pay to HKRITA an amount
 equivalent to [\*\*\*]% of the Funds (including, for such purpose, any funds paid under clause
 14.5). Upon HKRITA's receipt of such payment by the Company, this Agreement shall be
 deemed to be terminated and clauses 38 and 39 shall be applicable accordingly.

56. The
 Company undertakes that it will not, and will procure that its associates, associated persons,
 employees, officers, servants, directors, sub-contractors, consultants, representatives,
 agents or other personnel will not, without limit in point of time, divulge or communicate
 to any third party the contents of this Agreement or the affairs of HKRITA or the Collaborator,
 except necessary for the proper performance of the functions or otherwise its obligations
 under this Agreement or save for such information as may have come into the public knowledge
 otherwise than by reason of a breach of the Company of this clause or save pursuant to a
 court order issued by a competent court of Hong Kong or required by any applicable laws or
 regulations or save with the prior written consent of the HKRITA.

57. The
 Company shall be responsible for all acts, omissions and defaults of each employee, officer,
 servant, director, sub-contractor, consultant, representative, agent or other personnel of
 the Company performed or done in relation to this Agreement as if they were the acts, omissions
 and defaults of the Company.

58. Time
 shall be of the essence of the Terms of the R&D Project (as regards to the times specified
 herein and in the **R&D** Project Proposal) but no failure or delay by HKRITA or the
 Government to exercise any right, power or remedy available to it under the Terms of the **R&D** Project or at law shall operate as a waiver thereof; nor shall any single
 or partial exercise of the same preclude any other or further exercise thereof or the exercise
 of any other right or remedy; and the rights and remedies of HKRITA and of the Government
 herein contained shall be cumulative and not exclusive of any other rights or remedies provided
 by law or in equity. Without limiting the foregoing, no waiver by HKRITA and/or by the Government
 of any breach by the Company of any provision of the Terms of the R&D Project shall be
 valid unless made in writing, and no such waiver shall be deemed to be a waiver of any subsequent
 breach of that or any other provision hereof.

59. Notices,
 demands or other communications given or made under this Agreement shall be in writing and
 delivered or sent to the relevant party at its address, facsimile number or e-mail address
 set out below (or such other address, facsimile number or e-mail address as the addressee
 has by five days' prior written notice specified to the other party):

---

| | | |
|:---|:---|:---|
| <u>To HKRITA</u> | Address | R906-908,9/F,Shirley Chan |
|  |  | Building, The Hong Kong<br> Polytechnic University, Hung Hom,<br> Kowloon, Hong Kong |
|  | Attention | [\*\*\*] |
|  | Facsimile Number | [\*\*\*] |
|  | E-mail address | [\*\*\*] |
| <u>To the Corngan:,,</u> | Address | Flat/Room 03, 11/F, Hilder Centre,<br> 2 Sung Ping Street, Hung Horn,<br> Kowloon, Hong Kong |
|  | Attention | [\*\*\*] |
|  | Facsimile Number | [\*\*\*] |
|  | E-mail address | [\*\*\*] |

---

60. Such
 notices, demands or other communications shall be addressed as provided in clause 59 and,
 if so addressed, shall be deemed to have been duly given or made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.1 if
 sent by personal delivery, upon delivery at the address of the relevant party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.2 if
 sent by post, two business days (for local post) and five business days (for overseas post)
 after the date of posting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.3 if
 sent by facsimile, when despatched with confirmed receipt as evidenced by the transmission

 used for such transmission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.4 if
 sent by e-mail, when despatched with confirmed receipt as evidenced by a return receipt email
 generated automatically by the recipient opening the email.

61. If
 at any time, any provision of the Terms of the R&D Project is or becomes illegal, invalid,
 or unenforceable in any respect, the legality, validity, and enforceability of the remaining
 provisions of the Terms of the **R&D** Project shall not be affected or impaired thereby.

62. The
 Terms of the R&D Project constitute the entire agreement between the parties with respect
 to the subject matter hereof and supersedes all prior agreements, oral or written, between
 the parties concerning the subject matter of this Agreement.

**AS** WITNESS whereof this Agreement is signed by the parties hereto the day and year first above written.

---

| | | |
|:---|:---|:---|
|  |  | Signature |
| SIGNED BY | [\*\*\*] | ![](ex10-7_001.jpg) |
|  | (Name and Position/Title) | ![](ex10-7_001.jpg) |
| for and on behalf of |  | ![](ex10-7_001.jpg) |
| The Hong Kong Research Institute of Textiles and Apparel Limited |  | ![](ex10-7_002.jpg) |
|  | [\*\*\*] | ![](ex10-7_002.jpg) |
| in the presence of | (Name and Position/Title of Witness) | ![](ex10-7_002.jpg) |
| SIGNED BY | Mr. Kevin Fong | ![](ex10-7_003.jpg) |
|  | General Manager | ![](ex10-7_003.jpg) |
|  | (Name and Position/Title) | ![](ex10-7_003.jpg) |
| for and on behalf of |  |  |
| Angie International Limited |  |  |
|  |  | ![](ex10-7_004.jpg) |
| in the presence of | [\*\*\*] | ![](ex10-7_004.jpg) |
|  | (Name and Position/Title of Witness) | ![](ex10-7_004.jpg) |

---

63. The
 Company enters into this Agreement with HKRITA as an independent contractor only and shall
 not represent itself as an employee, servant, agent or partner ofHKRITA.

64. Subject
 to the provisions of the Terms of the R&D Project, no alteration or amendment of or to
 the provisions of this Agreement shall be valid unless made in writing and duly signed by
 all parties to this Agreement. Other parts of the Terms of the R&D Project may from time
 to time be revised by, or at the direction of or with the approval of, HKRITA or CIT, where
 applicable.

65. The
 Terms of the R&D Project shall be governed by and construed in accordance with the laws
 of Hong Kong. Each of the parties hereto agrees to be subject to the exclusive jurisdiction
 of the courts of Hong Kong.

66. All
 of the provisions of the Terms of the R&D Project shall remain in full force and effect
 notwithstanding completion of the R&D Project (except insofar as those obligations which
 have been fully performed on such completion).

67. This
 Agreement shall be executed in two counterparts, each of which when so executed shall be
 deemed an original and both of which together shall constitute one and the same instrument.

68. No
 person other than HKRITA or the Company will have any right under the Contracts (Rights of
 Third Parties) Ordinance to enforce or enjoy the benefit of any of the provisions of this
 Agreement.

<u>**Schedule I**</u>

---

| | | |
|:---|:---|:---|
| 1. | The Company shall pay to HKRITA, for each Year (or such period if less than one Year) during the Commercialisation Period, the commercialisation fee calculated by [\*\*\*] for such Year (or the relevant period if less than one Year); or the fixed amount of minimum benefit sharing (contained in Appendix) to HKRITA for such Year (or the relevant period if less than one Year). | The Company shall pay to HKRITA, for each Year (or such period if less than one Year) during the Commercialisation Period, the commercialisation fee calculated by [\*\*\*] for such Year (or the relevant period if less than one Year); or the fixed amount of minimum benefit sharing (contained in Appendix) to HKRITA for such Year (or the relevant period if less than one Year). |
| 2. | For the purposes of this Schedule, | For the purposes of this Schedule, |
|  | 2.1 | "Percentage" means two per cent ([\*\*\*]%); |
|  | 2.2 | "Sales Revenue" means the sales quantity of the Company (such reference to the "Company" shall include, for the purpose of this Schedule, any entity that may be utilized or permitted by the Company to book such revenue) attributable to the Commercialisation of the Project Deliverables and/or the sale, supply and distribution of the Products in the relevant Year (or the relevant period if less than one Year); |
|  |  | and |
|  | 2.3 | "Year" means each period of one year immediately following the end of the R&D Project Period or (as the case may be) another Year. |
| 3. | All sums payable under this Schedule shall be paid within [\*\*\*] days from the end of the relevant Year (or the relevant period if less than one Year) and payments thereof shall be remitted to such bank account in Hong Kong as may be designated by HKRITA in writing from time to time. | All sums payable under this Schedule shall be paid within [\*\*\*] days from the end of the relevant Year (or the relevant period if less than one Year) and payments thereof shall be remitted to such bank account in Hong Kong as may be designated by HKRITA in writing from time to time. |
| 4. | Payment of the commercialisation fee shall be accompanied by a statement (the **"Statement")** as to the Sales Unit for the Year (or the relevant period if less than one Year) in respect of which the commercialisation fee is payable. Such statement shall be certified by a director of the Company and, if and whenever so required by HKRITA, by the Company's auditors at the Company's costs. | Payment of the commercialisation fee shall be accompanied by a statement (the **"Statement")** as to the Sales Unit for the Year (or the relevant period if less than one Year) in respect of which the commercialisation fee is payable. Such statement shall be certified by a director of the Company and, if and whenever so required by HKRITA, by the Company's auditors at the Company's costs. |
| 5. | Upon three (3) business days' prior written notice from HKRITA, the Company shall permit HKRITA and/or its designated agent to enter the Company's offices, factories and places of business and to access, inspect, audit and make copies of the relevant books, accounts and records of the Company to ensure compliance with this Schedule. If it is determined from the inspection and audit that there has been an overpayment or underpayment of the commercialisation fee, the Company and HKRITA shall promptly cooperate to determine the proper amount owing and adjust or refund payments accordingly. The cost of all such inspection and audit shall be borne by HKRITA, provided, however, that if it is determined from the inspection and audit that there has been an underpayment of the commercialisation fee in the Statement of greater than [\*\*\*] per cent., the Company shall bear all the cost of such inspection and audit incurred, including airplane tickets, accommodation, local transportation and audit fees. | Upon three (3) business days' prior written notice from HKRITA, the Company shall permit HKRITA and/or its designated agent to enter the Company's offices, factories and places of business and to access, inspect, audit and make copies of the relevant books, accounts and records of the Company to ensure compliance with this Schedule. If it is determined from the inspection and audit that there has been an overpayment or underpayment of the commercialisation fee, the Company and HKRITA shall promptly cooperate to determine the proper amount owing and adjust or refund payments accordingly. The cost of all such inspection and audit shall be borne by HKRITA, provided, however, that if it is determined from the inspection and audit that there has been an underpayment of the commercialisation fee in the Statement of greater than [\*\*\*] per cent., the Company shall bear all the cost of such inspection and audit incurred, including airplane tickets, accommodation, local transportation and audit fees. |

---

Appendix

The Project Proposal

of

the R&D Project

Agile Omnichannel Business (AOB) Platform for School Uniform Ordering and

Manufacturing

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

Board of Directors and Shareholders of

Angie Holdings Limited

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the inclusion of our report dated May 27, 2025 in the Amendment No. 2 to the Registration Statement on Form F-1, under the Securities Act of 1933 (File No. 333-290239) with respect to the consolidated balance sheets of Angie Holdings Limited and its subsidiaries (collectively the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of income and comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes included herein.

We also consent to the reference of our firm under the caption "Experts" in such Registration Statement.

---

| | |
|:---|:---|
|  | /s/ WWC, P.C. |
| San Mateo, California | WWC, P.C. |
| October 9, 2025 | Certified Public Accountants |
|  | PCAOB ID No.1171 |

---

![](ex23-1_002.jpg)

## Exhibit 23.4

**Exhibit 23.4**

---

| | |
|:---|:---|
| ![](ex23-4_001.jpg) | 3006, Two Exchange Square,<br> 8 Connaught Place, Hong Kong<br> Tel: 852 2191 7566<br> Fax: 852 2191 7995<br> **www.frost.com** |

---

Date: October 9, 2025

**Angie Holdings Limited**

Room 03, 11/F, Hilder Centre

2 Sung Ping Street

Hung Hom, Kowloon

Hong Kong

**Re: Consent of Frost & Sullivan Limited**

Ladies and Gentlemen,

We understand that Angie Holdings Limited (the "**Company**") intends to file a registration statement (the "**Registration Statement**") with the United States Securities and Exchange Commission (the "**SEC**") in connection with its initial public offering (the "**Proposed IPO**").

We hereby consent to the references to our name and the inclusion of information, data, and statements from our research reports and amendments thereto, including but not limited to the industry research report titled "Corporate Uniform with Special Functionality Market Study" (the "**Report**"), and any subsequent amendments to the Report, as well as the citation of our research report and amendments thereto, (i) in the Registration Statement and any amendments thereto, (ii) in any written correspondences with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F, Form 6-K or other SEC filings (collectively, the **"SEC Filings"**), (iv) on the websites of the Company and its subsidiaries and affiliates, (v) in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the rules and regulations of the SEC thereunder.

Yours faithfully

For and on behalf of

**Frost & Sullivan Limited**

---

| | |
|:---|:---|
| ![](ex23-4_002.jpg) | ![](ex23-4_002.jpg) |
| Name: | Terry Tse |
| Title: | Consulting Director |

---

## Exhibit 99.1

**Exhibit 99.1**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**OF**

**ANGIE HOLDINGS LIMITED**

1. <u>Introduction.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;1.1. The
 Board of Directors (the "Board") of Angie Holdings Limited (the "Company")
 has adopted this Code of Ethics and Business Conduct (the "Code") in order to:
 (a) promote honest and ethical conduct, including the ethical handling of actual or apparent
 conflicts of interest; (b) promote full, fair, accurate, timely and understandable disclosure
 in reports and documents that the Company files with, or submits to, the Securities and Exchange
 Commission (the "SEC") and in other public communications made by the Company;
 (c) promote compliance with applicable governmental laws, rules and regulations; (d) promote
 the protection of Company assets, including corporate opportunities and confidential information;
 (e) promote fair dealing practices; (f) deter wrongdoing; and (g) ensure accountability for
 adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. All
 directors, officers and employees are required to be familiar with the Code, comply with
 its provisions and report any suspected violations as described below in Section 10, Reporting
 and Enforcement.

2. <u>Honest and Ethical Conduct.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;2.1. The
 Company's policy is to promote high standards of integrity by conducting its affairs
 honestly and ethically.

&nbsp;&nbsp;&nbsp;&nbsp;2.2. Each
 director, officer and employee must act with integrity and observe the highest ethical standards
 of business conduct in his or her dealings with the Company's customers, suppliers,
 partners, service providers, competitors, employees and anyone else with whom he or she has
 contact in the course of performing his or her job.

3. <u>Conflicts of Interest.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;3.1. The
 Company's policy is to promote high standards of integrity by conducting its affairs
 honestly and ethically. A conflict of interest occurs when an individual's private
 interest (or the interest of a member of his or her family) interferes, or even appears to
 interfere, with the interests of the Company as a whole. A conflict of interest can arise
 when an employee, officer or director (or a member of his or her family) takes actions or
 has interests that may make it difficult to perform his or her work for the Company objectively
 and effectively. Conflicts of interest also arise when an employee, officer or director (or
 a member of his or her family) receives improper personal benefits as a result of his or
 her position in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;3.2. Loans
 by the Company to, or guarantees by the Company of obligations of, employees or their family
 members are of special concern and could constitute improper personal benefits to the recipients
 of such loans or guarantees, depending on the facts and circumstances. Loans by the Company
 to, or guarantees by the Company of obligations of, any director or executive officer or
 their family members are expressly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;3.3. Whether
 or not a conflict of interest exists or will exist can be unclear. Conflicts of interest
 should be avoided unless specifically authorized as described in Section 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;3.4. Persons
 other than directors and executive officers who have questions about a potential conflict
 of interest or who become aware of an actual or potential conflict should discuss the matter
 with, and seek a determination and prior authorization or approval from, their supervisor
 or the Chief Financial Officer. A supervisor may not authorize or approve conflict of interest
 matters or make determinations as to whether a problematic conflict of interest exists without
 first providing the Chief Financial Officer with a written description of the activity and
 seeking the Chief Financial Officer's written approval. If the supervisor is himself
 involved in the potential or actual conflict, the matter should instead be discussed directly
 with the Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;3.5. Directors
 and executive officers must seek determinations and prior authorizations or approvals of
 potential conflicts of interest exclusively from the Audit Committee.

4. <u>Compliance.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;4.1. Employees,
 officers and directors should comply, both in letter and spirit, with all applicable laws,
 rules and regulations in the cities, states and countries in which the Company operates.

&nbsp;&nbsp;&nbsp;&nbsp;4.2. Although
 not all employees, officers and directors are expected to know the details of all applicable
 laws, rules and regulations, it is important to know enough to determine when to seek advice
 from appropriate personnel.

&nbsp;&nbsp;&nbsp;&nbsp;4.3. No
 director, officer or employee may purchase or sell any Company securities while in possession
 of material nonpublic information regarding the Company, nor may any director, officer or
 employee purchase or sell another company's securities while in possession of material
 nonpublic information regarding that company. It is against Company policies and illegal
 for any director, officer or employee to use material nonpublic information regarding the
 Company or any other company to: (a) obtain profit for himself or herself; or (b) directly
 or indirectly "tip" others who might make an investment decision on the basis
 of that information.

5. <u>Disclosure.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;5.1. The
 Company's periodic reports and other documents filed with the SEC, including all financial
 statements and other financial information, must comply with applicable federal securities
 laws and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;5.2. Each
 director, officer and employee who contributes in any way to the preparation or verification
 of the Company's financial statements and other financial information must ensure that
 the Company's books, records and accounts are accurately maintained. Each director,
 officer and employee must cooperate fully with the Company's accounting and internal
 audit departments, as well as the Company's independent public accountants and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;5.3. Each
 director, officer and employee who is involved in the Company's disclosure process
 must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 familiar with and comply with the Company's disclosure controls and procedures and
 its internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take
 all necessary steps to ensure that all filings with the SEC and all other public communications
 about the financial and business condition of the Company provide full, fair, accurate, timely
 and understandable disclosure.

6. <u>Protection and Proper Use of Company Assets.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;6.1. All
 directors, officers and employees should protect the Company's assets and ensure their
 efficient use. Theft, carelessness and waste have a direct impact on the Company's
 profitability and are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;6.2. All
 Company assets should be used only for legitimate business purposes. Any suspected incident
 of fraud or theft should be reported for investigation immediately.

&nbsp;&nbsp;&nbsp;&nbsp;6.3. The
 obligation to protect Company assets includes the Company's proprietary information.
 Proprietary information includes intellectual property such as trade secrets, patents, trademarks,
 and copyrights, as well as business and marketing plans, engineering and manufacturing ideas,
 designs, databases, records and any nonpublic financial data or reports. Unauthorized use
 or distribution of this information is prohibited and could also be illegal and result in
 civil or criminal penalties.

7. <u>Corporate Opportunities.</u> All directors, officers and employees owe a duty to the Company to advance
 its interests when the opportunity arises. Directors, officers and employees are prohibited
 from taking for themselves personally (or for the benefit of friends or family members) opportunities
 that are discovered through the use of Company assets, property, information or position.
 Directors, officers and employees may not use Company assets, property, information or position
 for personal gain (including gain of friends or family members). In addition, no director,
 officer or employee may compete with the Company.

8. <u>Confidentiality.</u> Directors, officers and employees should maintain the confidentiality of information entrusted
 to them by the Company or by its customers, suppliers or partners, except when disclosure
 is expressly authorized or is required or permitted by law. Confidential information includes
 all nonpublic information (regardless of its source) that might be of use to the Company's
 competitors or harmful to the Company or its customers, suppliers or partners if disclosed.

9. <u>Fair Dealing.</u> Each director, officer and employee must deal fairly with the Company's
 customers, suppliers, partners, service providers, competitors, employees and anyone else
 with whom he or she has contact in the course of performing his or her job. No director,
 officer or employee may take unfair advantage of anyone through manipulation, concealment,
 abuse or privileged information, misrepresentation of facts or any other unfair dealing practice.

10. <u>Reporting and Enforcement.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;10.1. Reporting
 and Investigation of Violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Actions
 prohibited by this Code involving directors or executive officers must be reported to the
 Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Actions
 prohibited by this Code involving anyone other than a director or executive officer must
 be reported to the reporting person's supervisor or the Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After
 receiving a report of an alleged prohibited action, the Audit Committee, the relevant supervisor
 or the Chief Financial Officer must promptly take all appropriate actions necessary to investigate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 directors, officers and employees are expected to cooperate in any internal investigation
 of misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;10.2. Enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company must ensure prompt and consistent action against violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 after investigating a report of an alleged prohibited action by a director or executive officer,
 the Audit Committee determines that a violation of this Code has occurred, the Audit Committee
 will report such determination to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If,
 after investigating a report of an alleged prohibited action by any other person, the relevant
 supervisor or the Chief Financial Officer determines that a violation of this Code has occurred,
 the supervisor or the Chief Financial Officer will report such determination to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 receipt of a determination that there has been a violation of this Code, the Board will take
 such preventative or disciplinary action as it deems appropriate, including, but not limited
 to, reassignment, demotion, dismissal and, in the event of criminal conduct or other serious
 violations of the law, notification of appropriate governmental authorities.

&nbsp;&nbsp;&nbsp;&nbsp;10.3. Waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Board may, in its discretion, waive any violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 waiver for a director or an executive officer shall be disclosed as required by SEC and Nasdaq
 rules.

&nbsp;&nbsp;&nbsp;&nbsp;10.4. Prohibition
 on Retaliation.

The Company does not tolerate acts of retaliation against any director, officer or employee who makes a good faith report of known or suspected acts of misconduct or other violations of this Code.

## Exhibit 99.2

**Exhibit 99.2**

**AUDIT COMMITTEE CHARTER**

**OF**

**ANGIE HOLDINGS LIMITED**

This Audit Committee Charter (the "<u>Charter</u>") was adopted by the Board of Directors (the "Board") of **Angie Holdings Limited** (the "Company") on _________________, 2025, and shall become effective upon the effectiveness of the registration statement on Form F-1 relating to the Company's initial public offering.

**I. Purpose**

The purpose of the Audit Committee (the "<u>Committee</u>") is to oversee the accounting and financial reporting processes of the Company and the audits of the financial statements of the Company. The Committee assists the Board with its oversight responsibilities regarding: (i) the integrity of the Company's financial statements; (ii) the Company's compliance with legal and regulatory requirements; (iii) the independent auditor's qualifications and independence; and (iv) the performance of the Company's internal audit function and independent auditor. The Committee shall prepare the report required by the rules of the Securities and Exchange Commission (the "<u>SEC</u>") to be included in the Company's annual report on Form 20-F.

In addition to the powers and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities delegated to it by the Board from time to time consistent with the Company's Memorandum and Articles of Association, as amended from time to time (the "<u>Articles</u>"). The powers and responsibilities delegated by the Board to the Committee in this Charter or otherwise shall be exercised and carried out by the Committee as it deems appropriate without requirement of Board approval, and any decision made by the Committee (including any decision to exercise or refrain from exercising any of the powers delegated to the Committee hereunder) shall be at the Committee's sole discretion. While acting within the scope of the powers and responsibilities delegated to it, the Committee shall have and may exercise all the powers and authority of the Board. To the fullest extent permitted by law, the Committee shall have the power to determine which matters are within the scope of the powers and responsibilities delegated to it.

Notwithstanding the foregoing, the Committee's responsibilities are limited to oversight. Although the Committee has the responsibilities set forth in this Charter, it is not the responsibility of the Committee to plan or conduct audits or to determine that the Company's financial statements and disclosure are complete and accurate and are in accordance with generally accepted accounting principles and applicable laws, rules and regulations. These are the responsibilities of the Company's management ("<u>Management</u>") and the independent auditor.

Furthermore, auditing literature, particularly Statement of Accounting Standards No. 71, defines the term "review" to include a particular set of required procedures to be undertaken by independent auditors. The members of the Committee are not independent auditors, and the term "review" as used in this Charter is not intended to have that meaning and should not be interpreted to suggest that the Committee members can or should follow the procedures required of auditors performing reviews of financial statements.

**II. Membership**

The Committee shall consist of at least three members of the Board, as determined by the Board. Each Committee member shall be financially literate as determined by the Board in its business judgment or must become financially literate within a reasonable period of time after his or her appointment to the Committee. Members of the Committee must (i) not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three years; and (ii) be able to read and understand fundamental financial statements, including a company's balance sheet, income statement, and cash flow statement. Members of the Committee are not required to be engaged in the accounting and auditing profession and, consequently, some members may not be expert in financial matters, or in matters involving auditing or accounting. However, at least one member of the Committee must have accounting or related financial management expertise, as determined by the Board in its business judgment. In addition, at least one member of the Committee shall be an "audit committee financial expert" within the definition adopted by the SEC or shall possess financial sophistication within the meaning of the Nasdaq Listing Rules, or the Company shall disclose in its annual report on Form 20-F required pursuant to the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), the reasons why at least one member of the Committee is not an "audit committee financial expert." At least a majority of the members of the Committee shall be independent within the meaning of Section 5605(a)(2) of the Nasdaq Listing Rules and will satisfy the independence requirements of Rule 10A-3(b)(1) under the Exchange Act within the 90-day period after the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering (the "<u>Effective Time</u>"). All Committee members must satisfy the independence requirements of Rule 10A-3(b)(1) under the Exchange Act beginning from the first anniversary of the Effective Time. No Committee member may simultaneously serve on the audit committee of more than two other public companies, unless the Board determines that such simultaneous service would not impair the ability of such member to effectively serve on the Committee and such determination is disclosed in the Company's annual report on Form 20-F.

The members of the Committee, including the chairperson (the "<u>Chair</u>") of the Committee, shall be appointed by the Board. Committee members may be removed from the Committee, with or without cause, by the Board.

**III. Meetings and Procedures**

The Chair (or in his or her absence, a member designated by the Chair) shall preside at each meeting of the Committee and set the agendas for Committee meetings. The Committee shall have the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Articles that are applicable to the Committee.

The Committee shall meet at least once during each fiscal quarter and more frequently as the Committee deems desirable. Except as required by law, all matters shall be approved by a simple majority of all the Committee members.

The Committee shall meet separately and periodically with Management, with the internal auditor, and with the independent auditor. Any meeting of the Committee may be conducted in person or via telephone conference or similar communications equipment where every meeting participant can hear each other.

All non-Management directors that are not members of the Committee may attend and observe meetings of the Committee, but shall not participate in any discussion or deliberation unless invited to do so by the Committee, and in any event shall not be entitled to vote. The Committee may, at its discretion, include in its meetings members of the Company's Management, representatives of the independent auditor, the internal auditor, and any other financial personnel employed or retained by the Company or any other persons whose presence the Committee believes to be necessary or appropriate. Notwithstanding the foregoing, the Committee may also exclude from its meetings any persons it deems appropriate, including, but not limited to, any non-Management director that is not a member of the Committee.

The Committee may retain any independent counsel, experts, or advisors (accounting, financial, or otherwise) that the Committee believes to be necessary or appropriate. The Committee may also utilize the services of the Company's regular legal counsel or other advisors to the Company. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to the independent auditor for the purpose of rendering or issuing an audit report or performing other audit, review, or attestation services, for payment of compensation to any counsel, experts, or advisors employed by the Committee and for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

The Committee may conduct or authorize investigations into any matters within the scope of the powers and responsibilities delegated to the Committee.

**IV. Powers and Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;1. *Appointment and Oversight*. The Committee shall be directly responsible for the appointment, compensation,
 retention, removal and oversight of the work of the independent auditor (including resolution
 of any disagreements between Management and the independent auditor regarding financial reporting)
 for the purpose of preparing or issuing an audit report or related work or performing other
 audit, review, or attestation services for the Company, and the independent auditor shall
 report directly to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Pre-Approval of Services*. Before the independent auditor is engaged by the Company or its subsidiaries
 to render audit or non-audit services, the Committee shall pre-approve the engagement. Committee
 pre-approval of audit and non-audit services will not be required if the engagement for the
 services is entered into pursuant to pre-approval policies and procedures established by
 the Committee regarding the Company's engagement of the independent auditor, provided
 that the policies and procedures are detailed as to the particular service, the Committee
 is informed of each service provided and such policies and procedures do not include delegation
 of the Committee's responsibilities under the Exchange Act to the Management. The Committee
 may delegate to one or more designated members of the Committee the authority to grant pre-approvals,
 provided that such pre-approvals are presented to the Committee at a subsequent meeting.
 If the Committee elects to establish pre-approval policies and procedures regarding non-audit
 services, the Committee must be informed of each non-audit service provided by the independent
 auditor. Committee pre-approval of non-audit services (other than review and attestation
 services) also will not be required if such services fall within available exceptions established
 by the SEC **.** 

&nbsp;&nbsp;&nbsp;&nbsp;3. *Independence of Independent Auditor.* The Committee shall, at least annually, review the independence
 and quality control procedures of the independent auditor and the experience and qualifications
 of the independent auditor's senior personnel that are providing audit services to
 the Company *.* In conducting its review:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Committee shall obtain and review a report prepared by the independent auditor describing
 (a) the auditing firm's internal quality-control procedures and (b) any material issues
 raised by the most recent internal quality-control review, or peer review, of the auditing
 firm, or by any inquiry or investigation by governmental or professional authorities, within
 the preceding five years, respecting one or more independent audits carried out by the auditing
 firm, and any steps taken to deal with any such issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Committee shall ensure that the independent auditor prepare and deliver, at least annually,
 a written statement delineating all relationships between the independent auditor and the
 Company. The Committee shall actively engage in a dialogue with the independent auditor with
 respect to any disclosed relationships or services that, in the view of the Committee, may
 impact the objectivity and independence of the independent auditor. If the Committee determines
 that further inquiry is advisable, the Committee shall take appropriate action in response
 to the independent auditor's report to satisfy itself of the auditor's independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Committee shall confirm with the independent auditor that the independent auditor is in compliance
 with the partner rotation requirements established by the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Committee shall, if applicable, consider whether the independent auditor's provision
 of any permitted information technology service or other non-audit service to the Company
 is compatible with maintaining the independence of the independent auditor.

&nbsp;&nbsp;&nbsp;&nbsp;4. *Meetings with Management, the Independent Auditor and the Internal Auditor.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Committee shall meet with Management, the independent auditor, and the internal auditor in
 connection with each annual audit to discuss the scope of the audit, the procedures to be
 followed, and the staffing of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Committee shall review and discuss with Management and the independent auditor any material
 off-balance sheet transactions, arrangements, obligations (including contingent obligations),
 and other relationships of the Company with unconsolidated entities of which the Committee
 is made aware that do not appear on the financial statements of the Company and that may
 have a material current or future effect on the Company's financial condition, results
 of operations, liquidity, capital expenditures, capital resources, or significant components
 of revenues or expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Committee shall review and discuss the annual audited financial statements with Management
 and the independent auditor, including the Company's disclosures under "Management's
 Discussion and Analysis of Financial Condition and Results of Operations" included
 in the Company's annual report on Form 20-F.

&nbsp;&nbsp;&nbsp;&nbsp;5. *Separate Meetings with the Independent Auditor.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Committee shall review with the independent auditor any problems or difficulties the independent
 auditor may have encountered during the course of the audit work, including any restrictions
 on the scope of activities or access to required information or any significant disagreements
 with Management and Management's responses to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Committee shall discuss with the independent auditor the report that such auditor is required
 to make to the Committee regarding: (a) all critical accounting policies and practices to
 be used; (b) all alternative treatments within U.S. GAAP for policies and practices related
 to material items that have been discussed among Management and the independent auditor,
 including the ramifications of the use of such alternative disclosures and treatments, and
 the treatment preferred by the independent auditor; and (c) all other material written communications
 between the independent auditor and Management, such as any Management letter, Management
 representation letter, reports on observations and recommendations on internal controls,
 independent auditor's engagement letter, independent auditor's independence letter,
 schedule of unadjusted audit differences and a listing of adjustments and reclassifications
 not recorded, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Committee shall discuss with the independent auditor the matters required to be discussed
 by Statement on Auditing Standards No. 61, "Communication with Audit Committees,"
 as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;6. *Recommendation to Include Financial Statements in Annual Report*. The Committee shall, based on the review
 and discussions in paragraphs 4(iii) and 5(iii) above, and based on the disclosures received
 from the independent auditor regarding its independence and discussions with the auditor
 regarding such independence pursuant to subparagraph 3(ii) above, determine whether to recommend
 to the Board that the audited financial statements be included in the Company's annual
 report on Form 20-F for the fiscal year subject to the audit.

&nbsp;&nbsp;&nbsp;&nbsp;7. The
 Committee shall discuss with Management and the independent auditor the Company's earnings
 press releases (with particular focus on any "pro forma" or "adjusted"
 non-GAAP information), as well as financial information and earnings guidance provided to
 analysts and rating agencies. The Committee's discussion in this regard may be general
 in nature (i.e., discussion of the types of information to be disclosed and the type of presentation
 to be made) and need not take place in advance of each earnings release or each instance
 in which the Company may provide earnings guidance.

&nbsp;&nbsp;&nbsp;&nbsp;8. The
 Committee shall review all related party transactions by the Company (including any of its
 subsidiaries and consolidated affiliates) on an ongoing basis and all such transactions must
 be approved by the Committee in advance. All related party transactions should be disclosed
 in accordance with applicable legal and regulatory requirements. The Committee recognizes
 that there are situations where the Company may have to obtain products or services of a
 nature, quantity or quality, or on other terms, that are not readily available from alternative
 sources or when the Company provides products or services to related persons on an arm's
 length basis on terms comparable to those provided to unrelated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Committee shall consider all of the relevant facts and circumstances available to the Committee,
 including (if applicable), but not limited to:

● The benefits to the Company;

● The impact on a director's independence in the event the related person is a director, an immediate family member of a director or an entity in which a director is a principal, member, partner, shareholder or executive officer;

● The availability of other sources for comparable products or services;

● The terms of the transaction; and

● The terms available to unrelated third parties and employees generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No
 member of the Committee shall participate in any review, consideration or approval of any
 related party transactions with respect to which such member or any of his or her immediate
 family members is the related person. The Board shall approve only those related party transactions
 that are in, or are not inconsistent with, the best interests of the Company and its shareholders,
 as the Committee determines in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;9. The
 Committee shall discuss with Management and the independent auditor any correspondence from
 or with regulators or governmental agencies, any employee complaints or any published reports
 that raise material issues regarding the Company's financial statements, financial
 reporting process, accounting policies, or internal audit function.

&nbsp;&nbsp;&nbsp;&nbsp;10. The
 Committee shall discuss with the Company's internal or outside counsel any legal matters
 brought to the Committee's attention that could reasonably be expected to have a material
 impact on the Company's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;11. The
 Committee shall request assurances from Management, the independent auditor, and the Company's
 internal auditors that the Company's subsidiaries and affiliated entities, if any,
 are operated in conformity with applicable legal requirements, including disclosure of related
 party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;12. The
 Committee shall discuss with Management the Company's policies with respect to risk
 assessment and risk management. The Committee shall discuss with Management the Company's
 significant financial risk exposures and the actions Management has taken to limit, monitor
 or control such exposures.

&nbsp;&nbsp;&nbsp;&nbsp;13. The
 Committee shall monitor the compliance with the Company's code of business conduct
 and ethics, including reviewing the adequacy and effectiveness of the Company's procedures
 to ensure proper compliance.

&nbsp;&nbsp;&nbsp;&nbsp;14. The
 Committee shall review the adequacy and effectiveness of the Company's accounting and
 internal control policies and procedures and any steps taken to monitor and control major
 financial risk exposures.

&nbsp;&nbsp;&nbsp;&nbsp;15. The
 Committee shall review and concur with Management on the need for an internal audit department
 and on the appointment, replacement, reassignment, or dismissal of an internal audit department
 senior manager or director. The Committee shall also review any internal reports to Management
 (or summaries thereof) prepared by the internal audit department, as well as Management's
 response.

&nbsp;&nbsp;&nbsp;&nbsp;16. The
 Committee shall set clear hiring policies for employees or former employees of the Company's
 independent auditor.

&nbsp;&nbsp;&nbsp;&nbsp;17. The
 Committee shall establish procedures for the receipt, retention and treatment of complaints
 received by the Company regarding accounting, internal accounting controls or auditing matters.
 The Committee shall also establish procedures for the confidential and anonymous submission
 by employees regarding questionable accounting or auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;18. The
 Committee shall provide the Company with the report of the Committee with respect to the
 audited financial statements required by Item 306 of Reg. S-K, for inclusion in each of the
 Company's annual reports filed on Form 20-F.

&nbsp;&nbsp;&nbsp;&nbsp;19. The
 Committee, through its Chair, shall report regularly to, and review with, the Board any issues
 that arise with respect to the quality or integrity of the Company's financial statements,
 the Company's compliance with legal or regulatory requirements, the performance and
 independence of the Company's independent auditor, the performance of the Company's
 internal audit function or any other matter the Committee determines is necessary or advisable
 to report to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;20. The
 Committee shall at least annually perform an evaluation of the performance of the Committee
 and its members, including a review of the Committee's compliance with this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;21. The
 Committee shall at least annually review and reassess this Charter and submit any recommended
 changes to the Board for its consideration.

**V. Delegation of Duties**

In fulfilling its responsibilities, the Committee shall be entitled to delegate any or all of its responsibilities to a subcommittee of the Committee to the extent permitted by, or consistent with provisions of, the Articles and applicable laws and regulations and rules of the markets in which the Company's securities then trade.

## Exhibit 99.3

**Exhibit 99.3**

**NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

**OF**

**ANGIE HOLDINGS LIMITED**

This Nominating and Corporate Governance Committee Charter (the "<u>Charter</u>") was adopted by the Board of Directors (the "<u>Board</u>") of **Angie Holdings Limited** (the "Company") on _________________, 2025, and shall become effective upon the effectiveness of the registration statement on Form F-1 relating to the Company's initial public offering.

**I. Purpose**

The purpose of the Nominating and Corporate Governance Committee (the "<u>Committee</u>") is to assist the Board in discharging the Board's responsibilities regarding:

&nbsp;&nbsp;&nbsp;&nbsp;1. identification and recommendation of qualified director nominees to be elected at the next annual meeting
of shareholders (or special meeting of shareholders at which directors are to be elected);

&nbsp;&nbsp;&nbsp;&nbsp;2. identification and recommendation of qualified candidates to fill any vacancies on the Board;

&nbsp;&nbsp;&nbsp;&nbsp;3. annual review of the composition of the Board in light of the characteristics of independence, qualification,
experience and availability of the Board members;

&nbsp;&nbsp;&nbsp;&nbsp;4. oversight of the evaluation of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;5. monitoring of compliance with the Company's code of business conduct and ethics, including reviewing
the adequacy and effectiveness of the Company's internal rules and procedures to ensure compliance with applicable laws and regulations.

In addition to the powers and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities delegated to it by the Board from time to time consistent with the Company's Memorandum and Articles of Association, as amended from time to time (the "<u>Articles</u>"). The powers and responsibilities delegated by the Board to the Committee in this Charter or otherwise may be exercised and carried out by the Committee as it deems appropriate without Board approval, and any decision made by the Committee (including any decision to exercise or refrain from exercising any of the powers delegated to the Committee hereunder) shall be at the Committee's sole discretion. While acting within the scope of the powers and responsibilities delegated to it, the Committee has and may exercise all the powers and authority of the Board. To the fullest extent permitted by law, the Committee shall have the power to determine which matters are within the scope of the powers and responsibilities delegated to it.

**II. Membership**

The Committee shall be comprised of two or more members of the Board, as determined by the Board, each of whom has experience, in the business judgment of the Board, that would be helpful in addressing the matters delegated to the Committee. In addition, at least a majority of the members of the Committee shall satisfy the independence requirements of Section 5605(a)(2) of the Nasdaq Listing Rules within the 90-day period after the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering (the "<u>Effective Time</u>"), and all of the members of the Committee shall satisfy the independence requirements of Section 5605(a)(2) of the Nasdaq Listing Rules beginning from the first anniversary of the Effective Time.

The members of the Committee, including the chairperson of the Committee (the "<u>Chair</u>"), shall be appointed by the Board. Committee members may be removed from the Committee, with or without cause, by the Board. Any action duly taken by the Committee shall be valid and effective, whether or not the members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership provided herein.

**III. Meetings and Procedures**

The Chair (or in his or her absence, a member designated by the Chair) shall preside at each meeting of the Committee and set the agendas for Committee meetings. The Committee shall have the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Articles that are applicable to the Committee.

The Committee shall meet on a regularly scheduled basis, at least twice per year and more frequently as and when the Committee deems necessary or desirable. A meeting of the Committee may be conducted in person or via telephone conference where every meeting participant can hear each other. Except as required by law, all matters shall be approved by a simple majority of all the Committee members.

All non-management directors who are not members of the Committee may attend and observe meetings of the Committee, but shall not participate in any discussion or deliberation unless invited to do so by the Committee, and in any event shall not be entitled to vote. The Committee may, at its discretion, include in its meetings members of the Company's management, or any other person whose presence the Committee believes to be desirable and appropriate. Notwithstanding the foregoing, the Committee may exclude from its meetings any persons, including any non-management director, who is not a member of the Committee.

The Committee may retain any independent counsel, experts or advisors that the Committee believes to be desirable and appropriate. The Committee may also use the services of the Company's regular legal counsel or other advisors to the Company. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any such persons employed by the Committee and for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties. The Committee shall have sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve such search firm's fees and other retention terms.

The Chair shall report to the Board regarding the activities of the Committee at appropriate times and as otherwise requested by the Chairman of the Board.

**IV. Duties and Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;1. (a) At an appropriate time prior to each annual meeting of shareholders at which directors are to be elected
or reelected, the Committee shall recommend to the Board for nomination by the Board such candidates as the Committee, in the exercise
of its judgment, has found to be well qualified and willing and available to serve.

&nbsp;&nbsp;&nbsp;&nbsp;1. (b) At an appropriate time after a vacancy arises on the Board or a director advises the Board of his
or her intention to resign, the Committee shall recommend to the Board for appointment by the Board to fill such vacancy, such candidate
as the Committee, in the exercise of its judgment, has found to be well qualified and willing and available to serve.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Committee shall annually review the performance of each incumbent director and shall consider the
results of such evaluation when determining whether or not to recommend the nomination of such director for an additional term.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Committee shall oversee the Board in the Board's annual review of its own performance and the
performance of management, and will make appropriate recommendations to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Committee shall consider, prepare and recommend to the Board such policies and procedures with respect
to corporate governance matters as may be required or required to be disclosed pursuant to any rules promulgated by the Securities and
Exchange Commission or otherwise considered to be desirable and appropriate in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Committee shall evaluate its own performance on an annual basis, including its compliance with this
Charter, and provide the Board with any recommendations for changes in procedures or policies governing the Committee. The Committee shall
conduct such evaluation and review in such manner as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Committee shall periodically report to the Board on its findings and actions.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Committee shall review and reassess this Charter at least annually and submit any recommended changes
to the Board for its consideration.

**V. Delegation of Duties**

In fulfilling its responsibilities, the Committee shall be entitled to delegate any or all of its responsibilities to a subcommittee of the Committee, to the extent consistent with the Articles and applicable law and rules of the markets in which the Company's securities then trade

## Exhibit 99.4

**Exhibit 99.4**

**COMPENSATION COMMITTEE CHARTER**

**OF**

**ANGIE HOLDINGS LIMITED**

This Compensation Committee Charter (the "<u>Charter</u>") was adopted by the Board of Directors (the "<u>Board</u>") of **Angie Holdings Limited** (the "Company") on _________________, 2025, and shall become effective upon the effectiveness of the registration statement on Form F-1 relating to the Company's initial public offering.

**I. Purpose**

The Compensation Committee (the "Committee") is appointed by the Board of the Company for the purposes of, among other things, (a) discharging the Board's responsibilities relating to the compensation of the Company's chief executive officer (the "CEO") and other executive officers of the Company, (b) administering or delegating the power to administer the Company's incentive compensation and equity-based compensation plans, and (c) if required by applicable rules and regulations, issuing a "Compensation Committee Report" to be included in the Company's annual report on Form 10-K or proxy statement, as applicable.

**II. Responsibilities**

In addition to such other duties as the Board may from time to time assign, the Committee shall:

● Establish, review, and approve the overall executive compensation philosophy and policies of the Company, including the establishment, if deemed appropriate, of performance-based incentives that support and reinforce the Company's long-term strategic goals, organizational objectives, and stockholder interests.

● Review and approve the Company's goals and objectives relevant to the compensation of the CEO, annually evaluate the CEO's performance in light of those goals and objectives and, based on this evaluation, determine the CEO's compensation level, including, but not limited to, salary, bonus or bonus target levels, long and short-term incentive and equity compensation, retirement plans, and deferred compensation plans as the Committee deems appropriate. In determining the long-term incentive component of the CEO's compensation, the Committee shall consider, among other factors, the Company's performance and relative stockholder return, the value of similar incentive awards to CEOs at comparable companies, and the awards given to the Company's CEO in past years. The CEO shall not be present during voting and deliberations relating to CEO compensation.

● Determine the compensation of all other executive officers, including, but not limited to, salary, bonus or bonus target levels, long and short-term incentive and equity compensation, retirement plans, and deferred compensation plans, as the Committee deems appropriate. Members of senior management may report on the performance of the other executive officers of the Company and make compensation recommendations to the Committee, which will review and, as appropriate, approve the compensation recommendations.

● Receive and evaluate performance target goals for the senior officers and employees (other than executive officers) and review periodic reports from the CEO as to the performance and compensation of such senior officers and employees.

● Administer or delegate the power to administer the Company's incentive and equity-based compensation plans, including the grant of stock options, restricted stock, and other equity awards under such plans.

● Review and make recommendations to the Board with respect to the adoption of, and amendments to, incentive compensation and equity-based plans and approve for submission to the stockholders all new equity compensation plans that must be approved by stockholders pursuant to applicable law.

● Review and approve any annual or long-term cash bonus or incentive plans in which the executive officers of the Company may participate.

● Review and approve for the CEO and the other executive officers of the Company any employment agreements, severance arrangements, and change in control agreements or provisions.

● Review and discuss with the Company's management the Compensation Discussion and Analysis set forth in Securities and Exchange Commission Regulation S-K, Item 402, if required, and, based on such review and discussion, determine whether to recommend to the Board of Directors of the Company that the Compensation Discussion and Analysis be included in the Company's annual report or proxy statement for the annual meeting of stockholders.

● Provide the Compensation Committee Report for the Company's annual report or proxy statement for the annual meeting of stockholders, if required.

● Conduct an annual performance evaluation of the Committee. In conducting such review, the Committee shall evaluate and address all matters that the Committee considers relevant to its performance, including at least the following: (a) the adequacy, appropriateness, and quality of the information received from management or others; (b) the manner in which the Committee's recommendations were discussed or debated; (c) whether the number and length of meetings of the Committee were adequate for the Committee to complete its work in a thorough and thoughtful manner; and (d) whether this Charter appropriately addresses the matters that are or should be within its scope.

● Oversee shareholder communications relating to executive compensation and review and make recommendations with respect to shareholder proposals related to compensation matters.

● Undertake such other responsibilities or tasks as the Board may delegate or assign to the Committee from time to time.

**III. Composition**

The Committee shall be comprised of two or more members (including a chairperson) of the Board, all of whom shall be "independent directors," as such term is defined in the rules and regulations of the Nasdaq Stock Market, except that the Committee may have as one of its members a "non-independent director" under exceptional and limited circumstances pursuant to the exemption under Rule 5605(d)(2)(B) of the Nasdaq Stock Market. At least two of the Committee members shall be "non-employee directors" as defined by Rule 16b-3 under the Securities Exchange Act of 1934 (the "Exchange Act"). The members of the Committee and the chairperson shall be selected not less frequently than annually by the Board and serve at the pleasure of the Board. A Committee member (including the chairperson) may be removed at any time, with or without cause, by the Board.

**IV. Meetings and Operations**

The Committee shall meet as often as necessary to enable it to fulfill its responsibilities. The Committee shall meet at the call of its chairperson or a majority of its members. The Committee may meet by telephone conference call or by any other means permitted by law. A majority of the members of the Committee shall constitute a quorum. The Committee shall act on the affirmative vote of a majority of members present at a meeting at which a quorum is present. The Committee may act by unanimous written consent of all members in lieu of a meeting. The Committee shall determine its own rules and procedures, including designation of a chairperson pro tempore in the absence of the chairperson, and designation of a secretary. The secretary need not be a member of the Committee and shall attend Committee meetings and prepare minutes. The Secretary of the Company shall be the Secretary of the Committee unless the Committee designates otherwise. The Committee shall keep written minutes of its meetings, which shall be recorded or filed with the books and records of the Company. Any member of the Board shall be provided with copies of such Committee minutes if requested.

The Committee may ask members of management, employees, outside counsel, or others whose advice and counsel are relevant to the issues then being considered by the Committee to attend any meetings (or a portion thereof) and to provide such pertinent information as the Committee may request.

The chairperson of the Committee shall be responsible for leadership of the Committee, including preparing the agenda which shall be circulated to the members prior to the meeting date, presiding over Committee meetings, making Committee assignments, and reporting the Committee's actions to the Board. Following each of its meetings, the Committee shall deliver a report on the meeting to the Board, including a description of all actions taken by the Committee at the meeting.

If at any time during the exercise of his or her duties on behalf of the Committee, a Committee member has a direct conflict of interest with respect to an issue subject to determination or recommendation by the Committee, such Committee member shall abstain from participation, discussion, and resolution of the instant issue, and the remaining members of the Committee shall advise the Board of their recommendation on such issue. The Committee shall be able to make determinations and recommendations even if only one Committee member is free from conflicts of interest on a particular issue.

**V. Authority**

The Committee has the authority, to the extent it deems appropriate, to conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities and to retain one or more compensation consultants to assist in the evaluation of CEO or executive compensation or other matters. The Committee shall have the sole authority to retain and terminate any such consulting firm, and to approve the firm's fees and other retention terms. The Committee shall evaluate whether any compensation consultant retained or to be retained by it has any conflict of interest in accordance with Item 407(e)(3)(iv) of Regulation S-K. The Committee shall also have the authority, to the extent it deems necessary or appropriate, to retain legal counsel or other advisors. In retaining compensation consultants, outside counsel, and other advisors, the Committee must take into consideration factors specified in the Nasdaq listing rules. The Company will provide for appropriate funding, as determined by the Committee, for payment of any such investigations or studies and the compensation to any consulting firm, legal counsel, or other advisors retained by the Committee.