# EDGAR Filing Document

**Accession Number:** 0001966678
**File Stem:** 0001493152-25-021374
**Filing Date:** 2025-11
**Character Count:** 76801
**Document Hash:** d6f37270f58535583b061c522736019c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-021374.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001493152-25-021374

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DirectBooking Technology Co., Ltd.
- **CENTRAL INDEX KEY:** 0001966678
- **STANDARD INDUSTRIAL CLASSIFICATION:** GENERAL BUILDING CONTRACTORS - NONRESIDENTIAL BUILDINGS [1540]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291405
- **FILM NUMBER:** 251464221

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM 2912, 29/F., NEW TECH PLAZA
- **STREET 2:** 34 TAI YAU STREET
- **CITY:** SAN PO KONG, KOWLOON
- **PROVINCE COUNTRY:** K3
- **BUSINESS PHONE:** 852-3997-3682

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM 2912, 29/F., NEW TECH PLAZA
- **STREET 2:** 34 TAI YAU STREET
- **CITY:** SAN PO KONG, KOWLOON
- **PROVINCE COUNTRY:** K3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Primega Group Holdings Ltd
- **DATE OF NAME CHANGE:** 20230221

**As filed with the Securities and Exchange Commission on November 10, 2025**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**DIRECTBOOKING TECHNOLOGY CO., LTD.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Cayman Islands** | **N/A** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**Room 2912, 29/F., New Tech Plaza**

**34 Tai Yau Street**

**San Po Kong**

**Kowloon, Hong Kong**

(Address, including zip code, of registrant's principal executive offices)

**DIRECTBOOKING TECHNOLOGY CO., LTD.**

**2025 STOCK INCENTIVE PLAN**

(Full title of the plan)

**Cogency Global Inc.**

**122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor**

**New York, NY 10168**

**(800) 221-0102**

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, 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. ☐

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**ITEM 1. PLAN INFORMATION\***

**ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION\***

\* Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act and the Note to Part I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants in the 2025 Stock Incentive Plan covered by this Registration Statement, as specified by Rule 428(b)(1) under the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE**

The following documents previously filed by the Registrant with the Securities and Exchange Commission (the "Commission") are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant's annual report on [Form 20-F](https://www.sec.gov/Archives/edgar/data/1966678/000164117225023752/form20-f.htm) for the fiscal year ended March 31, 2025, originally filed with the Commission on August
 14, 2025 pursuant to Section 13(a) of the Securities Exchange Act of 1934 (the "Exchange Act"); and

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 description of the Registrant's Ordinary Shares incorporated by reference in the Registrant's registration statement
 on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1966678/000149315224028299/form8-a12b.htm) (File No. 001-42181) filed with the Commission on July 18, 2024, including any amendment and report subsequently filed
 for the purpose of updating that description.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold, or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein, or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**ITEM 4. DESCRIPTION OF SECURITIES**

Not applicable.

**ITEM 5. INTEREST OF NAMED EXPERTS AND COUNSEL**

Not applicable.

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS**

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences or committing a crime. The Registrant's currently effective memorandum and articles of association provide that the Registrant shall indemnify its directors, secretary, officers and the personal representatives of the same (each an indemnified person) against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such indemnified person, other than by reason of such indemnified person's own dishonesty, willful default or fraud, in or about the conduct of the Registrant's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of such indemnified person's duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such indemnified person in defending (whether successfully or otherwise) any civil proceedings concerning the Registrant or its affairs in any court whether in the Cayman Islands or elsewhere.

Pursuant to the indemnification agreements, the form of which was filed as Exhibit 10.1 to the Registrant's registration statement on Form F-1, as amended (File No. 333-277692), the Registrant has agreed to indemnify its directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.

Pursuant to the 2025 Stock Incentive Plan, the Registrant has agreed to indemnify its plan administrative committee members and other directors against certain liabilities and expenses incurred by such persons in connection with claims made by reason of any action or failure to act pursuant to the Plan.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED**

Not applicable.

**ITEM 8. EXHIBITS**

The Exhibits listed on the accompanying Exhibit Index are filed as a part of, or incorporated by reference into, this Registration Statement (See Exhibit Index below).

**ITEM 9. UNDERTAKINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&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;(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;(ii) to
 reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
 post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
 forth in the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
 or any material change to such information in the Registration Statement;

*provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That,
 for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a
 new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
 deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To
 remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
 termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of
 the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each
 filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
 in this Registration Statement 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;(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 foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
 Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
 the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
 or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
 is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will,
 unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
 the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
 by the final adjudication of such issue.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Exhibit** |
| 4.1 | [Memorandum and Articles of Association of the Company (incorporated herein by reference to Exhibit 3.1 to the registration statement on Form F-1/A (File No. 333-282018), as amended, initially filed with the SEC on September 12, 2024)](https://www.sec.gov/Archives/edgar/data/1966678/000149315224035956/ex3-1.htm) |
| 4.2 | [Registrant's Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form F-1 (File No. 333-277692), as amended, initially filed with the SEC on March 6, 2024)](https://www.sec.gov/Archives/edgar/data/1966678/000149315224008973/ex4-1.htm) |
| 5.1 | [Opinion of Appleby, Cayman Islands counsel to the Registrant, regarding the validity of the ordinary shares being registered (filed herewith)](ex5-1.htm) |
| 10.1 | [The 2025 Stock Incentive Plan (filed herewith)](ex10-1.htm) |
| 23.1 | [Consent of Independent Registered Public Accounting Firm (filed herewith)](ex23-1.htm) |
| 23.2 | [Consent of Appleby (included in Exhibit 5.1)](ex5-1.htm) |
| 24.1 | [Power of Attorney (included on the signature page to this Registration Statement)](#poa_001) |
| 107 | [Filing Fee Table (filed herewith)](ex107.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong, on November 10, 2025.

---

| | |
|:---|:---|
| **DirectBooking Technology Co., Ltd.** | **DirectBooking Technology Co., Ltd.** |
| By: | */s/ Tan Yu* |
| Name: | Tan Yu |
| Title: | Chairman of the Board and Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Tan Yu as his or her true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities set forth below on November 10, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| */s/ Tan Yu* | Chief Executive Officer, Chairman of the Board and Director |
| Tan Yu |  |
| */s/ Liu Wei* | Chief Finance Officer |
| Liu Wei |  |
| */s/ Fang Chenxi* | Independent Director |
| Fang Chenxi | (Principal Accounting and Financial Officer) |
| */s/ Jiang Lina* | Independent Director |
| Jiang Lina |  |
| */s/ Zhao Yong* | Independent Director |
| Zhao Yong |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of DirectBooking Technology Co., Ltd., has signed this registration statement or amendment thereto in New York on November 10, 2025.

---

| | |
|:---|:---|
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| Authorized U.S. Representative | Authorized U.S. Representative |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice-President on behalf of Cogency Global Inc. |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **DirectBooking Technology Co., Ltd.** | Email <u>ccheng@applebyglobal.com</u> |
| 71 Fort Street |  |
| PO Box 500, George Town | **Direct Dial** +852 2905 5719 |
| Grand Cayman KY1-1106 |  |
| Cayman Islands |  |
|  | **Tel** +852 2523 8123 |
| **Attention** The Board of Directors | **Fax** +852 2524 5548 |
|  | **Appleby Ref** 454954.0003 |
|  | 10 November 2025 |

---

---

| | |
|:---|:---|
|  | **DirectBooking Technology Co., Ltd. (Company)** |
| Suites 3504B-06<br> 35/F, Two Taikoo Place 979 King's Road<br> Quarry Bay<br> Hong Kong<br>Tel +852 2523 8123<br>applebyglobal.com <br>**Managing Partner**<br> **David Bulley**<br> **Partners**<br> **Fiona Chan**<br> **Vincent Chan**<br> **Chris Cheng**<br> **Richard Grasby**<br> **Eason Huang**<br> **Judy Lee**<br> **John McCarroll SC Lorinda Peasland**<br> **Eliot Simpson** | **INTRODUCTION**<br>This opinion as to Cayman Islands law is addressed to you in connection with a registration statement on Form S-8 to be filed with the Securities and Exchange Commission (the **Commission**) (the **Registration Statement**) relating to the registration under the United States Securities Act of 1933, as amended, (the **Securities Act**) of 4,600,000 ordinary shares of par value US$0.00005 each in the share capital of the Company (the **Equity Incentive Plan Shares**), issuable under the 2025 equity incentive plan of the Company adopted on 23 October 2025 (the **Plan**).<br>We are furnishing this opinion as Exhibit 5.1 to the Registration Statement.<br>**OUR REVIEW**<br>For the purposes of giving this opinion we have examined and relied upon the documents listed in Schedule 1 (**Documents**). We have not examined any other documents, even if they are referred to in the Documents.<br>We have not made any other enquiries concerning the Company and in particular we have not investigated or verified any matter of fact or opinion (whether set out in any of the Documents or elsewhere) other than as expressly stated in this opinion.<br>Unless otherwise defined herein, capitalised terms have the meanings assigned to them in Schedule 1.<br>|
|  | **LIMITATIONS**<br>Our opinion is limited to, and should be construed in accordance with, the laws of the Cayman Islands at the date of this opinion. We express no opinion on the laws of any other jurisdiction. |

---

<br>Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius Seychelles ■ Shanghai<br>

![](ex5-1_001.jpg)

---

| |
|:---|
| This opinion is limited to the matters stated in it and does not extend, and is not to be extended by implication, to any other matters.<br>|
| This opinion is given solely for the benefit of the addressee(s) in connection with the matters referred to herein and, except with our prior written consent it may not be transmitted or disclosed to or used or relied upon by any other person or be relied upon for any other purpose whatsoever.<br>|
| **ASSUMPTIONS AND RESERVATIONS**<br>|
| We give the following opinions on the basis of the assumptions set out in Schedule 2 (**Assumptions**), which we have not verified, and subject to the reservations set out in Schedule 3 (**Reservations**).<br>|

---

---

| | |
|:---|:---|
| **OPINIONS** | **OPINIONS** |
| 1. | **Incorporation and Status**: The Company is an exempted company incorporated with limited liability and existing under the laws of the Cayman Islands and is a separate legal entity. The Company is in good standing with the Registrar of Companies of the Cayman Islands. |
| 2. | **Issue of Shares:** The Equity Incentive Plan Shares to be allotted and issued by the Company have been duly authorised, and when fully paid, allotted and issued by the Company in the manner set out in the Registration Statement and in accordance with the Resolutions, will be validly issued, fully paid and non-assessable. The reference in this opinion to Equity Incentive Plan Shares being non-assessable shall mean solely that no further sums of money are required to be paid by the holders of such Equity Incentive Plan Shares in connection with the issuance thereof. |

---

---

| |
|:---|
| Yours faithfully |
| ![](ex5-1_002.jpg) |
| **Appleby** |

---

2 <br> Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

Schedule 1

**Documents Examined**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Scanned
 copies of (i) the certificate of incorporation of the Company dated 14 April 2022, and (ii) the certificate of incorporation on change
 of name of the Company dated 12 September 2025 (**Certificates of Incorporation**).

2. Scanned
 copies of the amended and restated memorandum and articles of association of the Company adopted on 18 July 2024 and effective on
 24 July 2024 (the **Constitutional Documents**).

3. A
 scanned copy of the certificate of good standing dated 24 July 2025 issued by the Registrar of Companies in respect of the Company
 (**Certificate of Good Standing**).

4. A
 scanned copy of the certificate of incumbency dated 24 July 2025 issued by the Company's registered office provider in respect
 of the Company (**Certificate of Incumbency**).

5. A
 scanned copy of the written resolutions by all the directors of the Company passed on 23 October 2025 (**Resolutions**).

6. A
 scanned copy of the register of directors and officers of the Company as of 20 October 2025 (**Register of Directors and Officers**).

7. A
 copy of the latest draft Registration Statement.

3 <br> Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

Schedule 2

**Assumptions**

We have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i)
 that the originals of all documents examined in connection with this opinion are authentic, accurate and complete; and (ii) the authenticity,
 accuracy, completeness and conformity to original documents of all documents submitted to us as copies;

2. that
 there has been no change to the information contained in the Certificates of Incorporation, the Certificate of Incumbency or the
 Register of Directors and Officers and that the Constitutional Documents remain in full force and effect and are unamended;

3. that
 the signatures, initials and seals on all documents and certificates submitted to us as originals or copies of executed originals
 are authentic;

4. that
 where incomplete documents, drafts or signature pages only have been supplied to us for the purposes of issuing this opinion, the
 original documents have been duly completed and correspond in all material respects with the last version of the relevant documents
 examined by us prior to giving our opinion;

5. that
 none of the Company's directors or its registered office has received any notice of any litigation or threatened litigation
 to which the Company is or may be party;

6. that
 the Company has not (i) received notice of any stop notice under Order 50 of the Grand Court Rules in respect of any of its shares
 or (ii) received notice of any restrictions notice under the Beneficial Ownership Transparency Act (as amended) of the Cayman Islands
 in respect of any of its shares, which restrictions notice has not been withdrawn by the registered office or ceased by court order;

7. that
 (i) any meetings at which the Resolutions were passed were duly convened and had a duly constituted quorum present and voting throughout
 and any Resolutions passed in writing were adopted in accordance with the law and the Constitutional Documents, (ii) all interests
 of the directors of the Company on the subject matter of the Resolutions, if any, were declared and disclosed in accordance with
 the law and Constitutional Documents, (iii) the Resolutions have not been revoked, amended or superseded, in whole or in part, and
 remain in full force and effect at the date of this opinion, and (iv) the directors of the Company have concluded that the transactions
 approved by the Resolutions are *bona fide* in the best interests of the Company and for a proper purpose of the Company;

8. that
 the Certificate of Incumbency and the Register of Directors and Officers accurately reflects the names of all directors and officers
 of the Company, as at the dates the Resolutions were passed or adopted and as at the date of this opinion;

9. that
 there are no records of the Company, agreements, documents or arrangements other than the Constitutional Documents, the Resolutions
 and the documents expressly referred to herein as having been examined by us which materially affect, amend or vary the transactions
 contemplated in the Documents or restrict the powers and authority of the directors of the Company in any way which would affect
 opinions expressed herein; and

10. that
 the directors or members of the Company have not taken any steps to have the Company struck off or placed in liquidation, no steps
 have been taken to wind up the Company and no receiver has been appointed over any of the Company's property or assets.

4 <br> Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

![](ex5-1_001.jpg)

Schedule 3

**Reservations**

Our opinion is subject 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;1. **Currency of Court Judgments**: The Cayman Islands Grand Court Rules 1995 expressly contemplate that judgments may be granted by the Grand
 Court of the Cayman Islands in currencies other than Cayman Islands dollars or United States dollars. Such Rules provide for various
 specific rates of interest payable upon judgment debts according to the currency of the judgment.

2. **Conversion of Debts**: In the event the Company is placed into liquidation, the Cayman Islands court is likely to require that all debts are
 converted (at the official exchange rate at the date of conversion) into and paid in a common currency which is likely to be Cayman
 Islands dollars or United States dollars.

3. **Summary Court Register**: We have not examined the register of the summary court of the Cayman Islands on the basis that claims in such
 court are limited to a maximum of approximately USD24,000.

4. **Preferences**:
 Every conveyance or transfer of property, or charge thereon, and every payment obligation and judicial proceeding, made, incurred,
 taken or suffered by a company at a time when that company was unable to pay its debts within the meaning of section 93 of the Companies
 Act (as amended) of the Cayman Islands (**Companies Act**), and made or granted in favour of a creditor with a view to giving
 that creditor a preference over the other creditors of the company, would be voidable upon the application of the company's
 liquidator pursuant to section 145(1) of the Companies Act, if made, incurred, taken or suffered within the six months preceding
 the commencement of a liquidation of the company. Such actions will be deemed to have been made with a view to giving
 such creditor a preference if it is a "related party" of the company. A creditor shall be treated as a related party
 if it has the ability to control a company or exercise significant influence over a company in making financial and operating decisions.

5. **Undervalues**:
 Any disposition of property made at an undervalue by or on behalf of a company and with an intent to defraud its creditors (which
 means an intention to wilfully defeat an obligation owed to a creditor), shall be voidable (i) under section 146 of the Companies
 Act at the instance of the company's official liquidator, and (ii) under the Fraudulent Dispositions Act (as amended) of the
 Cayman Islands, at the instance of a creditor thereby prejudiced.

5 <br> Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Defrauding Creditors**: If any business of a company has been carried on with intent to defraud creditors of the company or creditors of any
 other person or for any fraudulent purpose, the Cayman Islands court may declare that any persons who were knowingly parties to the
 carrying on of the business of the company in such manner are liable to make such contributions, if any, to the company's assets
 as the court thinks proper.

7. **Good Standing**: Our opinion as to good standing is based solely upon receipt of the Certificate of Good Standing issued by the Registrar
 of Companies. The Company shall be deemed to be in good standing under section 200A of the Companies Act on the date of issue of
 the certificate if all fees and penalties under the Companies Act have been paid and the Registrar of Companies has no knowledge
 that the Company is in default under the Companies Act.

8. **Corporate Documents**: The Registry of Companies in the Cayman Islands is not public in the sense that copies of the Constitutional Documents
 and information on shareholders is not publicly available and information on directors is limited. We have therefore obtained scanned
 copies of the corporate documents specified in Schedule 1 and relied exclusively on such scanned copies for the verification of such
 corporate information.

9. **Issue of shares:** The English case of *Houldsworth v City of Glasgow Bank* (1880) 5 App Cas 317 HL, provided that (i) in the event
 of a misrepresentation by a company on which a shareholder relied in agreeing to subscribe for shares in such company, the shareholder
 may be entitled to rescind the share subscription agreement and thereafter claim damages against such company for any additional
 loss suffered as a result of the misrepresentation; (ii) such a claim for damages will not arise unless and until the shareholder
 has successfully rescinded the share subscription agreement; and (iii) that a shareholder may be barred from rescinding on the grounds
 of delay or affirmation and if such company is wound up (whether voluntarily or compulsorily), such shareholder will lose the right
 to rescind the share subscription agreement (**The Rule of Houldsworth**). The Rule of Houldsworth was expressly not followed
 by the Cayman Islands Grand Court in a first instance decision (currently under appeal). Our assessment is that the Rule of Houldsworth
 as framed above is of questionable status in the Cayman Islands and if a company enters winding up (whether voluntarily or compulsorily)
 a shareholder would not necessarily lose the right to rescind the share subscription agreement.

6 <br> Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

## Exhibit 10.1

**Exhibit 10.1**

**DirectBooking Technology Co., Ltd.**

**2025 Stock Incentive Plan**

**1.**  **<u>Purposes of this Plan</u>.** The purposes of this Plan are to attract and retain the best available personnel, to provide additional incentives
 to Employees, Directors and Consultants and to promote the success of the Company's and the Related Entities' business.
 For the avoidance of doubt, this Plan does not intend to provide incentive to and shall not be applicable to any other person.

**2.**  **<u>Definitions</u>** .
 The following definitions shall apply as used herein and in the individual Award Agreements except as defined otherwise in an individual
 Award Agreement. In the event a term is separately defined in an individual Award Agreement, such definition shall supersede the
 definition contained in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Administrator** "
 means the Board or one or more committees appointed by the Board or another committee (within its delegated authority) to administer
 all or certain aspects of this Plan. Any such committee shall be comprised solely of one or more directors or such number of directors
 as may be required under applicable law.

(b) "**Applicable Laws**" means the legal requirements relating to this Plan and the Awards under applicable laws, regulations, rules, federal
 securities laws, state corporate and securities laws, the rules of any applicable stock exchange or national market system, and the
 laws, regulations, orders or rules of any jurisdiction applicable to the Awards granted to residents therein or the Grantees receiving
 such Awards.

(c) "**Assumed** "
 means that pursuant to a Corporate Transaction either (i) the Award is expressly affirmed by the Company or (ii) the contractual
 obligations represented by the Award are expressly assumed (and not simply by operation of law) by the successor entity or its Parent
 in connection with the Corporate Transaction with appropriate adjustments to the number and type of securities of the successor entity
 or its Parent subject to the Award and the exercise or purchase price thereof which at least preserves the compensation element of
 the Award existing at the time of the Corporate Transaction as determined in accordance with the instruments evidencing the agreement
 to assume the Award.

(d) "**Award** "
 means the grant of an Option, the direct issuance of Shares or any other right or benefit under this Plan.

(e) "**Award Agreement**" means the written agreement evidencing the grant of an Award executed by the Company and the Grantee, including
 any amendments thereto.

(f) "**Board** "
 means the board of directors of the Company.

(h) "**Company** "
 means DirectBooking Technology Co., Ltd., an exempted company incorporated with limited liability under the laws of the Cayman
 Islands or any successor corporation that adopts this Plan in connection with a Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Consultant** "
 means any person (other than an Employee or a Director, solely with respect to rendering services in such person's capacity
 as an Employee or Director) who is engaged by the Company or any Related Entity to render consulting or advisory services to the
 Company or such Related Entity.

(j) "**Continuous Service**" means that the provision of services to the Company or a Related Entity in any capacity of a full-time Employee,
 Director or Consultant is not interrupted or terminated. In jurisdictions requiring notice in advance of an effective termination
 as an Employee, Director or Consultant, Continuous Service shall be deemed terminated upon the actual cessation of providing services
 to the Company or a Related Entity notwithstanding any required notice period that must be fulfilled before a termination as an Employee,
 Director or Consultant can be effective under Applicable Laws. A Grantee's Continuous Service shall be deemed to have terminated
 upon an actual termination of Continuous Service, if there has been a change in the entity for which the Grantee provides services,
 or upon the entity for which the Grantee provides services ceasing to be a Related Entity. Continuous Service shall not be considered
 interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Subsidiary, or any successor,
 in any capacity of Employee, Director or Consultant, or (iii) any change in status as long as the individual remains in the service
 of the Company or a Subsidiary in any capacity of Employee, Director or Consultant (except as otherwise provided in the Award Agreement).
 An approved leave of absence shall include sick leave or any other authorized personal leave.

(k) "**Control** "
 of a given Person means the power or authority, whether exercised or not, to direct the business, management and policies of such
 Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that such
 power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of
 more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power
 to control the composition of a majority of the board of directors of such Person.

(l) "**Corporate Transaction**" means (as determined by the Administrator acting reasonably) any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 merger, amalgamation, consolidation or other business combination of the Company with or into any Person, in which the Company is
 not the surviving entity, or any other transaction or series of transactions, as a result of which the shareholders of the Company
 immediately prior to such transaction or series of transactions will cease to own a majority of the voting power of the surviving
 entity immediately after consummation of such transaction or series of transactions, except for a transaction the principal purpose
 of which is to change the state in which the Company is incorporated;

(ii) the
 sale, transfer, exclusive license or other disposition of all or substantially all of the assets of the Company and its Subsidiaries;

(iii) the
 complete liquidation or dissolution of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a tender offer followed
 by a reverse merger) in which the Company is the surviving entity but (A) the Shares outstanding immediately prior to such merger
 are converted or exchanged by virtue of the merger into other property, whether in the form of securities, cash or otherwise, or
 (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding
 securities are transferred to a Person or Persons different from those who held such securities immediately prior to such merger
 or the initial transaction culminating in such merger, but excluding any such transaction or series of related transactions that
 the Administrator determines shall not be a Corporate Transaction; or

(v) acquisition
 in a single or series of related transactions by any Person or related group of Persons (other than the Company or by a Company-sponsored
 employee benefit plan) of beneficial ownership of securities possessing more than fifty percent (50%) of the total combined voting
 power of the Company's outstanding securities, but excluding any such transaction or series of related transactions that the
 Administrator determines shall not be a Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Director** "
 means a member of the Board or the board of directors of any Related Entity.

(n) "**Employee** "
 means any person, including a Director, who is in the employment of the Company or any Related Entity, subject to the control and
 direction of the Company or any Related Entity as to both the work to be performed and the manner and method of performance. The
 payment of a Director's fee by the Company or a Related Entity shall not be sufficient to constitute "employment"
 by the Company or the Related Entity.

(o) "**Exercise Window**" means such period of time Administrator shall determine in his sole discretion, with reasonable advance notice
 to Grantees.

(p) "**Grantee** "
 means an Employee, Director or Consultant who receives an Award under this Plan.

(q) "**M&A** "
 means the currently effective memorandum and articles of association of the Company, as amended from time to time.

(r) "**Option** "
 means an option to purchase Shares pursuant to an Award Agreement granted under this Plan.

(s) "**Parent** "
 means any company (other than the Company) in an unbroken chain of companies ending with the Company, if each of the companies (other
 than the Company) owns or Controls stock possessing 50% or more of the total combined voting power of all classes of stock in one
 of the other companies in such chain. A company that attains the status of a Parent on a date after the adoption of this Plan shall
 be considered a Parent commencing as of such date.

(t) "**Person** "
 means any individual, corporation, partnership, limited partnership, limited liability company, firm, joint venture, estate, trust,
 unincorporated organization, association, enterprise, institution, public benefit corporation, entity or governmental or regulatory
 authority or other entity of any kind or nature.

(u) "**Plan** "
 means this 2025 Stock Incentive Plan.

(v) "**Registration Date**" means, in the event of a Corporate Transaction, the date of the consummation of the Corporate Transaction if the
 same class of securities of the successor corporation (or its Parent) issuable in such Corporate Transaction shall have been sold
 to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission
 under the Securities Act of 1933, as amended, on or prior to the date of consummation of such Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Related Entity**" means any Subsidiary of the Company.

(x) "**Replaced** "
 means that pursuant to a Corporate Transaction the Award is replaced with a comparable share or stock award or a cash incentive program
 of the Company, the successor entity (if applicable) or Parent of either of them which preserves the compensation element of such
 Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same (or a more
 favorable) vesting schedule applicable to such Award. The determination of Award comparability shall be made by the Administrator
 and its determination shall be final, binding and conclusive.

(y) "**Share** "
 means the Company's ordinary shares of a par value of US$0.00005 each.

(z) "**Spin-off Transaction**" means a distribution by the Company to its shareholders of all or any portion of the securities of any Subsidiary
 of the Company.

(aa) "**Subsidiary** "
 means with respect to a specific entity, (i) any entity (x) more than fifty percent (50%) of whose shares or other interests entitled
 to vote in the election of directors or (y) more than a fifty percent (50%) interests in whose profits or capital, are owned or Controlled
 directly or indirectly by the subject entity or through one (1) or more Subsidiaries of the subject entity; (ii) any entity whose
 assets, or portions thereof, are consolidated with the net earnings of the subject entity and are recorded on the books of the subject
 entity for financial reporting purposes in accordance with U.S. GAAP; or (iii) any entity with respect to which the subject entity
 has the power to otherwise direct the business and policies of that entity directly or indirectly through another Subsidiary.

(g) "**Termination Event**" means, the Grantee's: (i) negligence in performing, or refusal to perform, any major duties to the Company
 or any Related Entity (as stated in the agreement between the Grantee and the Company or any Related Entity, or reasonably assigned
 by the Company or such Related Entity based on the Grantee's position), or material violation of any code of conduct, rules,
 regulations, or policies of the Company or any Related Entity, (ii) performance of any act or failure to perform any act in bad faith
 and to the detriment of the Company or a Related Entity (economical or reputational), (iii) dishonesty or commitment in an act of
 theft, embezzlement, fraud, or a breach of trust, (iv) any intentional misconduct or material breach of any labor contract (employment
 agreement), non-disclosure obligation, non-competition obligation, non-solicitation obligation, code of conducts, employee handbook
 or other agreement between the Grantee and the Company or any Related Entity, (v) leakage of the Company's trade secrets (including
 without limitation operational and technical information), (vi) breach of a fiduciary duty, or commission of a crime (other than
 minor traffic violations or similar offenses), (vii) material violation of any Applicable Laws or securities laws, (viii) any intentional
 act in a manner detrimental to the reputation, business operation, assets, or market image of the Company or any Related Entity,
 (ix) where the Grantee establishes employment relationship with a second employer while Continuous Service is not yet terminated.

**3.**  **<u>Shares Subject to this Plan</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Shares to be issued pursuant to the Awards under this Plan shall be authorized, but unissued, or reacquired Shares. Subject to the
 provisions of Section 9 below, the maximum aggregate number of Shares that may be issued pursuant to all Awards is 4,600,000 Shares
 (proportionally adjusted to reflect any share dividends, share splits, or similar transactions).

(b) Any
 Shares covered by an Award (or portion of an Award) which is forfeited, canceled or expires (whether voluntarily or involuntarily)
 shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares which may be issued under
 this Plan. Shares that actually have been issued under this Plan pursuant to an Award shall not be returned to this Plan and shall
 not become available for future issuance under this Plan, except that if unvested Shares are forfeited, or repurchased by the Company,
 such Shares shall become available for future grant under this Plan. To the extent not prohibited by the Applicable Law and the listing
 requirements of the applicable stock exchange or national market system on which the Shares are traded, any Shares covered by an
 Award which are surrendered (i) in payment of the Award exercise or purchase price or (ii) in satisfaction of tax withholding obligations
 incident to the exercise of an Award shall be deemed not to have been issued for purposes of determining the maximum number of Shares
 which may be issued pursuant to all Awards under this Plan, unless otherwise determined by the Administrator.

**4.**  **<u>Administration of this Plan</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Plan Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Administration</u>.
 This Plan shall be administered by the Administrator. The Administrator may authorize one or more officers or directors of the Company
 to grant such Awards and may limit such authority as the Administrator determines from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Administration Errors</u>. In the event an Award is granted in a manner inconsistent with the provisions of this subsection (a), such Award shall
 be presumptively valid as of its grant date to the extent permitted by the Applicable Laws and approved by the Administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Powers of the Administrator</u>. Subject to Applicable Laws and the provisions of this Plan (including any other powers given to the Administrator
 hereunder), the Administrator shall have the authority, in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 select the Employees, Directors and Consultants to whom Awards may be granted from time to time hereunder;

(ii) to
 determine whether and to what extent Awards are granted hereunder;

(iii) to
 determine the type or the number of Awards to be granted, the number of Shares or the amount of consideration to be covered by each
 Award granted hereunder;

(iv) to
 approve forms of Award Agreements for use under this Plan, to amend terms of the Award Agreements;

(v) to
 determine or alter the terms and conditions of any Award granted hereunder (including without limitation the vesting schedule and
 exercise price set forth in the relevant notice of award or Award Agreement);

(vi) to
 amend the terms of any outstanding Award granted under this Plan, provided that any amendment that would adversely affect the Grantee's
 rights under an outstanding Award in material aspects shall not be made without the Grantee's written consent;

(vii) to
 construe and interpret the terms of this Plan and Awards, including without limitation, any notice of award or Award Agreement, granted
 pursuant to this Plan;

(viii) to
 require the Grantee to provide representation or evidence that any currency used to pay the exercise price of any Award was legally
 acquired and taken out of the jurisdiction in which the Grantee resides in accordance with the Applicable Laws;

(ix) to
 determine whether and at what price to repurchase from the Grantee all or any portion of the Shares obtained by the Grantee upon
 exercise of any Awards; and

(x) to
 take such other action, not inconsistent with the terms of this Plan and the Applicable Laws, as the Administrator deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnification</u>.
 In addition to such other rights of indemnification as they may have as members of the Board or Employees of the Company or a Related
 Entity, members of the Board and any Employees of the Company or a Related Entity to whom authority to act for the Board, the Administrator
 or the Company is delegated shall be defended and indemnified by the Company to the extent permitted by Applicable Law and in the
 manner approved by the Administrator, on an after-tax basis, against all reasonable expenses, including attorneys' fees, actually
 and necessarily incurred in connection with the defense of any claim, investigation, action, suit or proceeding, or in connection
 with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in
 connection with this Plan, or any Award granted hereunder, and against all amounts paid by them in settlement thereof (provided such
 settlement is approved by the Company) or paid by them in satisfaction of a judgment in any such claim, investigation, action, suit
 or proceeding, except in relation to matters as to which it shall be adjudged in such claim, investigation, action, suit or proceeding
 that such Person is liable for gross negligence, bad faith or intentional misconduct; provided, however, that within thirty (30)
 days after the institution of such claim, investigation, action, suit or proceeding, such Person shall offer to the Company, in writing,
 the opportunity at the Company's expense to defend the same.

**5.**  **<u>Eligibility</u>** .
 Awards may be granted to Employees, Directors and Consultants. An Employee, Director or Consultant who has been granted an Award
 may, if otherwise eligible, be granted additional Awards.

**6.**  **<u>Terms and Conditions of Awards</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Types of Awards</u>. The Administrator is authorized under this Plan to award any type of arrangement to an Employee, Director or Consultant
 that is not inconsistent with the provisions of this Plan and that by its terms involves or might involve (i) the issuance of an
 Option or any other similar right with a fixed or variable price of the Shares and with an exercise or conversion privilege related
 to the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions; or
 (ii) the issuance of Shares directly, either through immediate purchase of such Shares or as a bonus.

(b) <u>Designation of Award</u>. Each Award shall be designated in the Award Agreement.

(c) <u>Conditions of Award</u>. Subject to the terms of this Plan, the Administrator shall determine the provisions, terms, and conditions of each
 Award including, but not limited to, the Award vesting schedule, forfeiture provisions, form of payment (cash, Shares, or other consideration)
 upon settlement of the Award, payment contingencies, and satisfaction of any performance criteria. Each Award shall be subject to
 the terms of an Award Agreement approved by the Administrator. The performance criteria may be applicable to the Company, Related
 Entities and/or any individual business units of the Company or any Related Entity.

(d) <u>Acquisitions and Other Transactions</u>. The Administrator may issue Awards under this Plan in settlement, assumption or substitution for, outstanding
 awards or obligations to grant future awards in connection with the Company or a Related Entity acquiring another entity, an interest
 in another entity or an additional interest in a Related Entity whether by merger, share purchase, asset purchase or other form of
 transaction.

(e) <u>Separate Programs</u>. The Administrator may establish one or more separate programs under this Plan for the purpose of issuing particular
 forms of Awards to one or more classes of Grantees on such terms and conditions as determined by the Administrator from time to time.

(f) <u>Term of Award</u>. The term of each Award shall be the term stated in the Award Agreement.

(g) <u>Non-transferability of Award</u>. The Grantee shall not transfer, sell, hypothecate, encumber or otherwise dispose of any shares, any Award, or any right
 or interest under this Plan without first obtaining the prior written consent of the Company and complying with the provisions of
 any applicable provisions of the Investor Rights Agreement and the M&A.

(h) <u>Time of Granting Awards</u>. The date of grant of an Award shall for all purposes be the date on which the Administrator makes the determination
 to grant such Award, or such other date as is determined by the Administrator.

**7.**  **<u>Award Exercise or Purchase Price, Consideration and Taxes</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise or Purchase Price</u>. The exercise or purchase price, if any, for an Award shall be determined by the Administrator. Notwithstanding
 the foregoing provisions of this Section 7(a), in the case of an Award issued pursuant to Section 6(d), above, the exercise or purchase
 price for the Award shall be determined in accordance with the provisions of the relevant instrument evidencing the agreement to
 issue such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Consideration</u>.
 Subject to Applicable Laws, the consideration to be paid for the Shares to be issued pursuant to an Award including the method of
 payment, shall be determined by the Administrator. In addition to any other types of consideration the Administrator may determine,
 the Administrator is authorized to accept as consideration for Shares issued pursuant to an Award the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cash;

(ii) check;

(iii) if
 the exercise or purchase occurs on or after the Registration Date, or as otherwise permitted by the Administrator, surrender of Shares
 or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require which have a value
 on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to which said Award shall be exercised;

(iv) with
 respect to Options, if the exercise occurs on or after the Registration Date, payment through a broker-dealer sale and remittance
 procedure pursuant to which the Grantee (A) shall provide written instructions to a Company designated brokerage firm to effect the
 immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise price
 payable for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates for the purchased
 Shares directly to such brokerage firm in order to complete the sale transaction; or

(v) any
 combination of the foregoing methods of payment.

The Administrator may at any time or from time to time, by adoption of or by amendment to the standard forms of Award Agreement described in Section 4(b)(iv), or by other means, grant Awards which do not permit all of the foregoing forms of consideration to be used in payment for the Shares or which otherwise restrict one or more forms of consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Taxes</u>.
 No Shares shall be delivered under this Plan to any Grantee or other Person until such Grantee or other Person has made arrangements
 acceptable to the Administrator for the satisfaction of any income and employment tax withholding obligations under any Applicable
 Laws. The Grantee shall be responsible for all taxes associated with the receipt, vest, exercise, transfer and disposal of the Awards
 and the Shares. Upon exercise of an Award, the Company and/or the Related Entity which is an employer of the Grantee shall have the
 right to withhold or collect from Grantee an amount sufficient to satisfy such tax obligations.

**8.**  **<u>Exercise of Award</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Procedure for Exercise; Rights as a Shareholder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 Award granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator under the
 terms of this Plan and specified in the Award Agreement. Any Award granted hereunder that has been vested may be exercised only during
 an Exercise Window.

(ii) An
 Award shall be deemed to be exercised when written notice of such exercise has been given to the Company, during an Exercise Window,
 in accordance with the terms of the Award by the Person entitled to exercise the Award and full payment for the Shares with respect
 to which the Award is exercised, including, to the extent selected, use of the broker-dealer sale and remittance procedure to pay
 the purchase price as provided in Section 7(b)(iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Exercise in Violation of Applicable Law</u>. Notwithstanding the foregoing, regardless of whether an Award has otherwise become exercisable,
 the Award shall not be exercised if the Administrator (in its sole discretion) determines that an exercise would violate any Applicable
 Laws.

(c) <u>Restrictions on Exercise</u>. Notwithstanding the foregoing, regardless of whether an Award has become vested and exercisable, no Award may be
 exercised until after the Registration Date (subject to any further blackout/silence period as required by law).

**9.**  **<u>Conditions Upon Issuance of Shares</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares
 shall not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such
 Shares pursuant thereto shall comply with all Applicable Laws, the M&A and the relevant Award Agreement, and shall be further
 subject to the approval of counsel for the Company with respect to such compliance.

(b) As
 a condition to the exercise of an Award, the Company may require the Person exercising such Award to represent and warrant at the
 time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute
 such Shares if, in the opinion of counsel for the Company, such a representation is required by any Applicable Laws.

(c) As
 a condition to the exercise of an Award, the applicable Award Agreement may require the Grantee to grant a power of attorney to the
 Board or any Person designated by the Board to exercise the voting rights with respect to the Shares and the Company may require
 the Person exercising such Award to acknowledge and agree to be bound by the provisions of the currently effective M&A and other
 documents of the Company in relation to the Shares (if any, including any Investor Rights Agreement), as if the Grantee is a holder
 of Shares thereunder.

**10.**  **<u>Termination</u>** .
 Upon termination of the Grantee's Continuous Service for any reason, or upon occurrence of any Termination Event (without regard
 to whether Grantee's Continuous Service terminates), all Awards, whether vested or unvested, will be terminated immediately
 without further effect.

**11.**  **<u>Adjustments Upon Changes in Capitalization</u>** . Subject to any required action by the shareholders of the Company, the number of Shares covered
 by each outstanding Award, the number of Shares which have been authorized for issuance under this Plan but as to which no Awards
 have yet been granted or which have been returned to this Plan, the exercise or purchase price of each such outstanding Award, the
 maximum number of Shares with respect to which Awards may be granted to any Grantee in any fiscal year of the Company, as well as
 any other terms that the Administrator determines require adjustment shall be proportionately adjusted for (i) any increase or decrease
 in the number of issued Shares resulting from a share split, reverse share split, share dividend, combination or reclassification
 of the Shares, or similar transaction affecting the Shares, (ii) any other increase or decrease in the number of issued Shares effected
 without receipt of consideration by the Company, or (iii) as the Administrator may determine in its discretion, any other transaction
 with respect to Shares including a corporate merger, consolidation, acquisition of property or equity, separation (including a spin-off
 or other distribution of shares or property), reorganization, liquidation (whether partial or complete) or any similar transaction;
 provided, however that conversion of any convertible securities of the Company shall not be deemed to have been "effected without
 receipt of consideration." Such adjustment shall be made by the Administrator and its determination shall be final, binding
 and conclusive. Except as the Administrator determines, no issuance by the Company of shares of any class, or securities convertible
 into shares of any class, shall affect, and no adjustment by reason hereof shall be made with respect to, the number or price of
 Shares subject to an Award. In the event of a Spin-off Transaction, the Administrator may in its discretion make such adjustments
 and take such other action as it deems appropriate with respect to outstanding Awards under this Plan, including but not limited
 to: (i) adjustments to the number and kind of Shares, the exercise or purchase price per Share and the vesting periods of outstanding
 Awards, (ii) prohibit the exercise of Awards during certain periods of time prior to the consummation of the Spin-off Transaction,
 or (iii) the substitution, exchange or grant of Awards to purchase securities of the Subsidiary; provided that the Administrator
 shall not be obligated to make any such adjustments or take any such action hereunder.

**12.**  **<u>Corporate Transactions</u>** . In the event of a Corporate Transaction, each Award can be, as determined by the Administrator, Assumed or
 Replaced (or without taking any action) immediately prior to the specified effective date of such Corporate Transaction. All outstanding
 Awards under this Plan shall terminate upon the consummation of such Corporate Transaction, provided however that, all such Awards
 shall not terminate to the extent they are Assumed or Replaced in connection with the Corporate Transaction.

**13.**  **<u>Effective Date and Term of Plan</u>** . This Plan shall become effective upon its adoption by the Board or the Company's shareholders or
as otherwise specified by the Board or the Company's shareholders when adopting this Plan. This Plan shall continue in effect for
a term of ten (10) years after the date of adoption, unless sooner terminated. Subject to Applicable Laws, Awards may be granted under
this Plan upon its becoming effective.

**14.**  **<u>Amendment, Suspension or Termination of this Plan</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Board may at any time amend (including extend the term of this Plan), suspend or terminate this Plan; provided, however, that no
 such amendment, suspension or termination shall be made without the approval of the Company's shareholders to the extent such
 approval is required by the M&A, the Applicable Laws or as otherwise determined by the board at the time of adoption of this
 Plan.

(b) No
 Award may be granted during any suspension of this Plan or after termination of this Plan.

(c) Unless
 otherwise determined by the Administrator in good faith, the suspension, amendment or termination of this Plan (including termination
 of this Plan under Section 12, above) shall not materially adversely affect any rights under Awards already granted to a Grantee.

**15.**  **<u>Reservation of Shares</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient
 to satisfy the requirements of this Plan.

(b) The
 inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company's
 counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect
 of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

**16.**  **<u>No Effect on Terms of Employment/Consulting Relationship</u>** . This Plan shall not confer upon any Grantee any right with respect
 to the Grantee's Continuous Service, nor shall it interfere in any way with his or her right or the right of the Company or
 any Related Entity to terminate the Grantee's Continuous Service at any time, with or without cause, and with or without notice.

**17.**  **<u>No Effect on Retirement and Other Benefit Plans</u>** . Except as specifically provided in a retirement or other benefit plan of the
 Company or a Related Entity, Awards shall not be deemed compensation for purposes of computing benefits or contributions under any
 retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit plan of any kind or
 any benefit plan subsequently instituted under which the availability or amount of benefits is related to level of compensation.
 This Plan is not a "Retirement Plan" or "Welfare Plan" under the Employee Retirement Income Security Act
 of 1974, as amended.

**18.**  **<u>Vesting Schedule</u>** . The Awards to be issued to any Grantee at such time prior to the Registration Date shall be subject to the vesting
 schedule as specified in the Award Agreement of such Grantee. The Administrator shall have the right to adjust the vesting schedule
 of the Awards granted to the Grantees.

**19.**  **<u>Section 409A</u>** . This Plan and all Awards granted hereunder are intended to comply with, or otherwise be exempt from, the requirements
 of Section 409A of the Inland Revenue Code (the "**Code** "). The Plan and all Awards granted under this Plan shall
 be administered, interpreted, and construed in a manner consistent with Section 409A of the Code to the extent necessary to avoid
 the imposition of additional taxes under Section 409A(a)(1)(B) of the Code. Notwithstanding anything in this Plan to the contrary,
 in no event shall the Administrator exercise its discretion to accelerate the payment or settlement of an Award where such payment
 or settlement constitutes deferred compensation within the meaning of Section 409A of the Code unless, and solely to the extent that,
 such accelerated payment or settlement is permissible under Section 1.409A-3(j)(4) of the Treasury Regulations.

**20.**  **<u>Holding Company, Trustee, etc</u>** . Notwithstanding anything to the contrary in this Plan, any Award Agreement, any notice of award or
 the terms on which any Award is granted or vested, any underlying Share of the Awards may, at the Administrator's own discretion,
 be held by one or more holding companies or trustees or other nominees (collectively, the "**Trustees**") as designated
 by the Administrator for the Grantees, and this Plan may be implemented and administrated by the Administrator through the Trustees.

**21.**  **<u>Unfunded Obligation</u>** . Any amounts payable to Grantees pursuant to this Plan shall be unfunded and unsecured obligations for all purposes.
 Neither the Company nor any Related Entity shall be required to segregate any monies from its general funds, or to create any trusts,
 or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of
 any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments
 or the creation or maintenance of any trust or any Grantee account shall not create or constitute a trust or fiduciary relationship
 between the Administrator, the Company or any Related Entity and a Grantee, or otherwise create any vested or beneficial interest
 in any Grantee or the Grantee's creditors in any assets of the Company or a Related Entity. The Grantees shall have no claim
 against the Company or any Related Entity for any changes in the value of any assets that may be invested or reinvested by the Company
 with respect to this Plan.

**22.**  **<u>Non-exclusivity of this Plan</u>** . Neither the adoption of this Plan by the Board nor the submission of this Plan to the shareholders of the Company
 for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements
 as it may deem desirable, including, without limitation, the granting of stock options or other equity-based awards otherwise than
 under this Plan, and such arrangements may be either applicable generally or only in specific cases.

**23.**  **<u>Other Agreements</u>** . Notwithstanding the above, the Administrator may require, as a condition to the grant of and/or the receipt of
 Shares under an Award, that the Grantee execute lock-up, shareholder or other agreements, as it may determine in its sole and absolute
 discretion.

**24.**  **<u>Construction</u>** .
 Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision
 of this Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include
 the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise. Masculine
 pronouns and other words of masculine gender shall refer to both men and women.

**25.**  **<u>Severability</u>** .
 If any provision of this Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable
 in any jurisdiction, such provision shall be construed or deemed amended to conform to the applicable laws in the manner that most
 closely reflects the original intent of the Award or this Plan, or if it cannot be construed or deemed amended without, in the determination
 of the Committee, materially altering the intent of this Plan or the Award, such provision shall be construed or deemed stricken
 as to such jurisdiction and the remainder of this Plan and any such Award shall remain in full force and effect.

**26.**  **<u>Governing Law</u>** . This Plan is to be construed in accordance with and governed by the laws of the State of New York, without giving effect
 to any choice of law rule that would cause the application of the laws of any jurisdiction other than the laws of the State of New
 York to the rights and duties of the parties.

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 dated November 10, 2025 of DirectBooking Technology Co., Ltd. and Subsidiaries ("the Company") of our report dated August 14, 2025, relating to our audits of the consolidated financial statements as of March 31, 2025 and 2024, and for each of the three years in the period ended March 31, 2025, which is in the Company's Annual Report on Form 20-F for the year ended March 31, 2025.

We also consent to the reference to us under the heading "Experts" in such Registration Statement.

**/s/ ZH CPA, LLC**

Denver, Colorado

November 10, 2025

999 18th Street, Suite 3000, Denver, CO, 80202, USA. Phone: 1.303.386.7224 Fax: 1.303.386.7101 Email: admin@zhcpa.us

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

**S-8**

*(Form Type)*

**DirectBooking Technology Co., Ltd.**

*(Exact Name of Registrant as Specified in its Charter)*

…………………………………………………

*(Translation of Registrant's Name into English)*

Newly Registered and Carry Forward Securities

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security Class Title** | **Fee Calculation or Carry Forward Rule** | **Amount Registered** | **Amount Registered** | **Proposed Maximum Offering Price Per Unit<sup>(2)</sup>** | **Maximum Aggregate Offering Price<sup>(2)</sup>** | **Fee Rate** | **Amount of Registration Fee<sup>(3)</sup>** |
| Fees to be Paid | Equity | Ordinary Shares, par value $0.00005 per share | Other<sup>(2)</sup> |  | 4600000<sup>(1)</sup> | $0.512 | $2355200 | $0.0001381 | $325.25 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  |  | $2355200 |  | $325.25 |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  | $0 |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  | 0 |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  |  |  | $325.25 |

---

(1) Pursuant
 to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall
 also cover any additional shares of Ordinary Shares ("Ordinary Shares") of DirectBooking Technology Co., Ltd. (the "Registrant")
 that become issuable under the Registrant's 2025 Stock Incentive Plan ("Plan") by reason of any stock dividend,
 stock split, recapitalization or any other similar transaction effected without receipt of consideration which results in an increase
 in the number of outstanding Ordinary Shares.

(2) Estimated
 pursuant to Rule 457(c) and Rule 457(h) solely for the purpose of calculating the registration fee on the basis of $0.512 per share,
 which is the average of the high and low prices of the Ordinary Shares as reported on The Nasdaq Capital Market on November 5,
 2025 (rounded up to the nearest cent).

(3) No
 Fees were previously paid.