# EDGAR Filing Document

**Accession Number:** 0002072315
**File Stem:** 0001213900-25-073768
**Filing Date:** 2025-8
**Character Count:** 1082961
**Document Hash:** f419e595544c98b21835b3429d420bbc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-073768.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001213900-25-073768

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 61

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bend NovaTech Group Ltd
- **CENTRAL INDEX KEY:** 0002072315
- **STANDARD INDUSTRIAL CLASSIFICATION:** FABRICATED STRUCTURAL METAL PRODUCTS [3440]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289451
- **FILM NUMBER:** 251199456

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CRICKET SQUARE, HUTCHINS DRIVE
- **STREET 2:** P.O. BOX 2681
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1111
- **BUSINESS PHONE:** 852-2186-9085

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CRICKET SQUARE, HUTCHINS DRIVE
- **STREET 2:** P.O. BOX 2681
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1111

**As filed with the United States Securities and Exchange Commission on August 8, 2025**

**Registration Statement No. 333-**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**Form F-1<br> REGISTRATION STATEMENT<br> *UNDER<br> THE SECURITIES ACT OF 1933***

**Bend NovaTech Group Limited**<br> (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **3440** | **Not Applicable** |
| (State or other jurisdiction of <br> incorporation or organization) | (Primary Standard Industrial <br> Classification Code Number) | (IRS Employer <br> Identification Number) |

---

**No. 51 & 53,<br> Fu Hi Street,<br> Yuen Long, Hong Kong<br> +852 2186 9085**

(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**

**(800) 221-0102**

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

***Copies to:***

 ****

---

| | |
|:---|:---|
| **Kevin (Qixiang) Sun, Esq.**<br> **Bevilacqua PLLC** <br> **1050 Connecticut Avenue, NW, Suite 500 Washington, DC 20036**<br> **(202) 869-0888** | **Fang Liu, Esq.**<br> **VCL Law LLP**<br> **1945 Old Gallows Road, Suite 260**<br> **Vienna, VA 22182**<br> **(703) 919-7285** |

---

**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<sup>†</sup> 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 the securities until the registration statement filed with the United States Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting any offer to buy these securities in any jurisdiction where such offer or sale is not permitted.

---

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

---

 ****

***1,250,000 Ordinary Shares***

![](image_001.jpg)

**Bend NovaTech Group Limited**

This is the initial public offering of ordinary shares, par value $0.0001 per ordinary share (the "Ordinary Shares" and each an "Ordinary Share"), of Bend NovaTech Group Limited (the "Company", "we", "us" or "our"), a company incorporated in the Cayman Islands. We are offering 1,250,000 Ordinary Shares and anticipate that the initial public offering price will be between $4.00 and $6.00per share.

Prior to this offering, there has been no public market for our Ordinary Shares. We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "BENN" This offering is contingent on the listing of our Ordinary Shares on the Nasdaq Capital Market. However, there is no assurance that such application will be approved, and if our application is not approved by Nasdaq, we will not proceed with this offering.

**Investors are cautioned that you are buying shares of a Cayman Islands holding company with operations in Hong Kong by its operating subsidiary.**

We are a holding company incorporated in the Cayman Islands with no material operations of its own, and we conduct our operations primarily in Hong Kong through our operating subsidiary, STG, a company incorporated under the laws of Hong Kong with limited liability. This is an offering of our Ordinary Shares, the shares of the holding company in 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. **You may never directly hold any equity interest in STG. This structure involves unique risks to the investors, and Chinese regulatory authorities could disallow this structure, which would likely result in a material change in the Company's operations and/or a material change in the value of the securities it is registering for sale, including that such event could cause the value of such securities to significantly decline or become worthless. Investing in our Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors — Risks Relating to Doing Business in Hong Kong — Our 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 our Ordinary 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.**

**Investing in our Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 17 to read about factors you should consider before buying our Ordinary Shares.**

Our operations are primarily located in Hong Kong, a Special Administrative Region of the People's Republic of China ("China" or the "PRC"), and therefore, we may be subject to unique risks due to uncertainty of the interpretation and the application of PRC laws and regulations. As of the date of this prospectus, we are not subject to the PRC government's direct influence or discretion over the manner in which we conduct business activities outside of the PRC. However, 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 also subject to the risks of uncertainty about any future actions of the PRC government or authorities in Hong Kong in this regard.

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 and/or the value of our securities;

● could 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.

We have direct ownership of our operating entity in Hong Kong and currently do not have or intend to have any contractual arrangement to establish a variable interest entity ("VIE") structure with any entity in mainland China. We are still subject to certain legal and operational risks associated with our operating subsidiary, STG, being based in Hong Kong and having all of its operations to date in Hong Kong. Additionally, the legal and operational risks associated in mainland China may also apply to operations in Hong Kong, and we face the risks and uncertainties associated with the complex and evolving PRC laws and regulations and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security, and anti-monopoly concerns, would be applicable to a company such as STG or the Company, given the substantial operations of STG in Hong Kong and the Chinese government may exercise significant oversight over the conduct of business in Hong Kong. These risks could result in material changes in our operations and/or the value of the securities we are registering for sale 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. 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 a cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement, which may in the future impact our ability to conduct out business, accept foreign investments or list on a U.S. or other foreign exchange if we were to become subject to such regulations. Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impacts such modified or new laws and regulations will have on our business operations, our ability to accept foreign investments and the listing of our Ordinary Shares on a U.S. or other foreign exchanges. If certain PRC laws and regulations were to become applicable to a company such as us in the future, the application of such laws and regulations may have a material adverse impact on our business, financial condition and results of operations and our ability to offer or continue to offer securities to investors, any of which may cause the value of our securities, including the Ordinary Shares, to significantly decline or become worthless. See "Risk Factors — Risks Related to Our Corporate Structure — Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China with little or no advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas, using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our operating subsidiary and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of the securities we are registering for sale." on page 29, "Risk Factors — Risks Related to Doing Business in Hong Kong — The enactment of the Law of the PRC on Safeguarding National Security in Hong Kong (the "Hong Kong National Security Law") could impact our Hong Kong operating subsidiary." on page 25, and "Risk Factors — Risks Related to Doing Business in Hong Kong — The Hong Kong legal system embodies uncertainties that could limit the availability of legal protections." on page 27. Additionally, on February 17, 2023, with the approval of the State Council of the PRC (the "State Council"), the China Securities Regulatory Commission (the "CSRC") released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Trial Measures") and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, mainland China domestic companies that seek to offer and list securities in overseas markets, either by direct or indirect means, are required to fulfill the filing procedures with the CSRC and report relevant information. We are a holding company incorporated in the Cayman Islands with an operating entity based in Hong Kong. As of the date of this prospectus, we are advised by our PRC counsel, Kingbridge Law Firm, that the CSRC's approval is not required for the listing and trading of our Ordinary Shares on a U.S. exchange as provided under The Regulation on Mergers and Acquisition of Domestic Companies by Foreign Investors (the "M&A Rules"), and we are not subject to filing requirements with the CSRC under the Trial Measures. See "Risk Factors — Risks Related to Our Corporate Structure — We may become subject to a variety of PRC laws and other obligations regarding M&A Rules and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations." on page 29 and "Prospectus Summary — Recent Regulatory Developments in the PRC" beginning on page 6.

As of the date of this prospectus, our operations in Hong Kong and our registered public offering in the United States are not subject to the review nor prior approval of the Cyberspace Administration of China (the "CAC") nor the CSRC. Uncertainties still exist, however, due to the possibility that laws, regulations, or policies in the PRC could change rapidly 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, or (ii) we inadvertently concluded that relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer our Ordinary Shares to investors and could cause the value of such securities to significantly decline or be worthless and even delisting of our Ordinary Shares. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment in the future.

Data security in Hong Kong is primarily governed by the Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (the "PDPO"). The PDPO regulates the conduct of data user, which is defined as a person who, either alone or jointly or in common with other persons, controls the collection, holding, processing or use of data. Non-compliance with the PDPO may lead to a variety of civil and criminal sanctions, such as fines, imprisonment and civil compensation to the aggrieved data subjects. See "Risk Factors — Risks Related to Doing Business in Hong Kong — If we or our Hong Kong operating subsidiary fails to comply with Hong Kong's Personal Data (Privacy) Ordinance and any other existing or future data privacy related laws, regulations and governmental orders, we could face significant civil penalties and/or criminal prosecution, which could adversely affect our business, financial condition, and results of operations." on page 21.

Furthermore, as more stringent criteria, including the Holding Foreign Companies Accountable Act (the "HFCA Act"), have been imposed by the SEC and the Public Company Accounting Oversight Board ("PCAOB"), recently, our Ordinary Shares may be prohibited from trading if our auditor cannot be fully inspected. Our auditor, Assentsure PAC, the independent registered public accounting firm headquartered in Singapore 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 Assentsure PAC's compliance with applicable professional standards, having its last inspection in 2024. See "Risk Factors — Risks Related to Our Ordinary Shares and This Offering — Although the audit report included in this prospectus is prepared by an auditor who is currently inspected by the PCAOB, there is no guarantee that future audit reports will be issued by auditors inspected by the PCAOB and, as such, in the future investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act ("Accelerating HFCA 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 securities may be prohibited from trading or delisted." on page 23. 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 Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. On December 29, 2022, the Accelerating HFCA Act, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, legislation titled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to Accelerating HFCA Act, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two. We cannot assure you whether Nasdaq or other regulatory authorities will apply additional or more stringent criteria to us. Such uncertainty could cause the market price of our Ordinary Shares to be materially and adversely affected.

We are not prohibited by the laws of the Cayman Islands or our Amended and Restated Memorandum and Articles from providing funding to our subsidiary incorporated in BVI and Hong Kong through loans and/or capital contributions. SMP and Smart Rebar, our wholly-owned subsidiaries incorporated in the BVI may under the laws of BVI provide funding to STG, our Hong Kong operating subsidiary, subject to compliance with the BVI Companies Act and their memorandum and articles of association. As a holding company, we may rely on dividends and other distributions on equity paid by our subsidiaries for our cash and financing requirements. According to the BVI Companies Act, a BVI company may declare and pay a dividend if the directors of the BVI company are satisfied, on reasonable grounds, that the BVI company will immediately after the distribution, satisfy the statutory solvency test, i.e. the value of the BVI company's assets exceeds its liabilities and the BVI company is able to pay its debts as they fall due. According to the Hong Kong Companies Ordinance, a Hong Kong company may only make a distribution out of profits available for distribution. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to us. During the fiscal years ended December 31, 2024 and 2023 and up to the date of this prospectus, we did not declare or pay any dividends and there was no transfer of assets among us and our subsidiaries. We do not have any current intention to distribute any earnings. If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent upon receipt of funds from our Hong Kong operating subsidiary, STG, by way of dividend payments. See "Dividend Policy," and "Consolidated Statements of Change in Equity" in the Report of Independent Registered Public Accounting Firm for further details.

**We are an "emerging growth company" 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 completion of this offering, we will have 25,000,000 Ordinary Shares issued and outstanding. Our largest shareholder, Star Equity Enterprises Limited ("Star Equity"), which is 100% owned by our Chief Executive Officer, Ching Yi Li, will beneficially own 76.19% of the total issued and outstanding Ordinary Shares, representing 76.19% of the total voting power, assuming no exercise of the underwriter's over-allotment option or 75.62% of the total issued and outstanding Ordinary Shares, representing 75.62% of the total voting power, assuming full exercise of the underwriter's over-allotment option. As a result, Star Equity has the ability to control the outcome of matters submitted to the shareholders for approval. As such, we will be deemed a "controlled company" under Nasdaq Listing Rules 5615(c), and we may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders. See "Risk Factors — Risks Related to Our Corporate Structure — Following this offering, Star Equity, our largest shareholder, will continue to own more than a majority of the voting power of our outstanding Ordinary Shares. As a result, Star Equity has the ability to control the outcome of matters submitted to the shareholders for approval. Additionally, we may be deemed to be a controlled company and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders." on page 31 and "Prospectus Summary — Implications of Being a Controlled Company." on page 10 of this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total<br> Without Over-<br> Allotment <br> Option<sup>(1)</sup>** | **Total<br> With Over-<br> Allotment <br> Option** |
| **Initial public offering price** | $| $| $|
| **Underwriting discounts<sup>(2)</sup>** | $| $| $|
| **Proceeds to our Company before expenses<sup>(3)</sup>** | $| $| $|

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&nbsp;&nbsp;&nbsp;&nbsp;(1) We have
 agreed to grant to the underwriter a 45-day option to purchase up to 15% of the aggregate number of Ordinary Shares sold in the offering
 (the "Over-Allotment Option").

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents
 underwriting discounts equal to seven percent (7%) (or $[\*] per Ordinary Share) of gross proceeds of this offering. Does not include
 an unaccountable expense allowance payable to the underwriter, excluding the Over-Allotment Option. See "Underwriting"
 for a description of compensation payable to the underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Excludes
 fees and expenses payable to the underwriter. The total estimated expenses related to this offering are set forth in in the section
 of this prospectus entitled "Expenses Related to this Offering."

This offering is being conducted on a firm commitment basis. The underwriter is obligated to take and pay for all of the Ordinary Shares if any such Ordinary Shares are taken. The underwriter expects to deliver the Ordinary Shares against payment in U.S. dollars in New York, New York on or about [\*], 2025. In addition, we will pay additional items of value in connection with this offering that are viewed by the Financial Industry Regulatory Authority ("FINRA"), as underwriting compensation. These payments will further reduce proceeds available to us before expenses.

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

The underwriters expect to deliver the ordinary shares against payment as set forth under "Underwriting," on or about [●], 2025.

![](image_002.jpg)

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

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [Prospectus Summary](#a_001) | 1 |
| [Special Note Regarding Forward-Looking Statements](#a_002) | 13 |
| [Summary Consolidated Financial Information](#a_003) | 16 |
| [Risk Factors](#a_004) | 17 |
| [Industry and Market Data](#a_005) | 46 |
| [Enforcement of Civil Liabilities](#a_006) | 51 |
| [Use of Proceeds](#a_007) | 52 |
| [Dividend Policy](#a_008) | 53 |
| [Capitalization](#a_009) | 54 |
| [Dilution](#a_010) | 55 |
| [Corporate History and Structure](#a_011) | 56 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_012) | 58 |
| [Business](#a_013) | 67 |
| [Regulations](#a_014) | 82 |
| [Management](#a_015) | 90 |
| [Related Party Transactions](#a_016) | 93 |
| [Principal Shareholders](#a_017) | 95 |
| [Description of Share Capital](#a_018) | 96 |
| [Shares Eligible for Future Sale](#a_019) | 104 |
| [Material Income Tax Considerations](#a_020) | 106 |
| [Underwriting](#a_021) | 112 |
| [Expenses Related to this Offering](#a_022) | 116 |
| [Legal Matters](#a_023) | 117 |
| [Experts](#a_024) | 117 |
| [Where You Can Find Additional Information](#a_025) | 117 |
| [Index to Consolidated Financial Statements](#a_026) | F-1 |

---

i

**About this Prospectus**

**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 takes no responsibility for any other information others may give you. We are not, and the underwriter is not, making an offer to sell our Ordinary Shares in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus is accurate as of any date other than the date on the front cover of this prospectus, and our business, financial condition, results of operations and/or prospects may have changed since 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 has 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.

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

**Until and including [\*], 2025 (25 days after the date of this prospectus), all dealers that buy, sell or trade our Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as 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 adopted by us on June 17, 2025 conditional upon and with effect from the date on which the Registration Statement becomes effective;

● "BVI" refers to the British Virgin Islands;

● "BVI Companies Act" refers to the BVI Business Companies Act, 2004, as amended from time to time;

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

● "Hong Kong Companies Ordinance" refers to the Companies Ordinance of Hong Kong (Chapter 622 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time;

● "Company," "we," "us," "our," or "our Company" refers to Bend NovaTech Group Limited, a company incorporated under the laws of the Cayman Islands with limited liability on April 17, 2025, that will issue the Ordinary Shares being offered;

● "Controlling Shareholder" refers to the ultimate beneficial owner of the Company, Star Equity Enterprises Limited.;

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

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

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

● "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;

● "IPO" refers to an initial public offering of securities;

● "Nasdaq" refers to Nasdaq Stock Market LLC;

● "SMP" refers to SMP Holding Limited, a company incorporated under the laws of BVI with limited liability and our wholly-owned subsidiary;

● "Smart Rebar" refers to Smart Rebar Holding Limited, a company incorporated under the laws of BVI with limited liability and our wholly-owned subsidiary;

● "STG" refers to Smart (Technology) Global Limited, a company incorporated under the laws of Hong Kong with limited liability, our indirect wholly owned subsidiary and operating subsidiary conducting business operations in Hong Kong;

● "Ordinary Shares" refers to our ordinary shares, par value of $0.0001 per ordinary share;

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

iii

● "PRC" or "China" refer to the People's Republic of China including Hong Kong and Macau and, excluding, for the purpose of this prospectus, Taiwan;

● "Star Equity" refers to our Controlling Shareholder, Star Equity Enterprises Limited, a BVI holding company 100% owned by Ching Yi Li;

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

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

● "U.S. dollars" or "$" or "USD" or "dollars" or "US$" refer 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.

We are a holding company that does not have any material operations of its own, with its operations conducted in Hong Kong through STG, our operating subsidiary, using Hong Kong dollars. Our reporting currency is Hong Kong dollars. This prospectus contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. The assets and liabilities of the Company are translated into U.S. dollars from Hong Kong dollars at the year-end exchange rate while its revenues and expenses are translated at the average exchange rate during the year. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. Unless otherwise stated, all other 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$7.7677.

The year-end and year-average exchange rates are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
|  | **Year-end** | **Year-end** | **Year average** | **Year average** | **Year-end** | **Year-end** | **Year-average** | **Year-average** |
| U.S. Dollar: Hong Kong dollars |  | 7.7085 |  | 7.8189 |  | 7.7535 |  | 7.8326 |

---

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 our Ordinary Shares. You should read the entire prospectus carefully, including "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the related notes thereto, in each case included in this prospectus. 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 "we," "us," "our," the "Company," and similar designations refer to Bend NovaTech Group Limited, an exempted Cayman Islands company and its wholly owned subsidiaries.*

**Overview**

We, through STG, our operating subsidiary, are a steel reinforcing bars service provider operating one of the six off-site steel reinforcing bar prefabrication yards approved by the Hong Kong Civil Engineering and Development Department ("CEDD") in Hong Kong.

Steel reinforcing bar is a vital component of the construction industry, providing strength to concrete structures such as foundations, buildings and bridges. As a service provider, we are responsible for providing customised cut-and-bend services to our customers at our prefabrication yard. The prefabricated steel reinforcing bars produced by us are ready for immediate use with consistent product quality that would reduce the works on construction sites, yielding better safety and less construction wastage.

Our direct customers are mostly the registered general building contractors under the Hong Kong Buildings Ordinance (Chapter 123 of the Laws of Hong Kong, "HKBO") and subcontractors of various types of building and infrastructure projects in Hong Kong. We principally provide prefabricated steel reinforcing bars for both (i) public sector projects, including infrastructure, public facilities and public residential developments, and (ii) private sector projects, which are mostly private commercial, residential and industrial developments.

We are committed to combining innovative technology with traditional reinforcing bar cutting and bending experience to re-industrialize the industry to achieve automation and smart manufacturing. Our effort and commitment are signified by:

&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 2021, The Hong Kong and Science Park (a public corporation set up by the Hong Kong Government
 to foster innovation and technology development in Hong Kong) agreeing to lease one of its
 facilities in the Yuen Long InnoPark as our production base;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 2022, the Innovation and Technology Commission of the Hong Kong Government agreeing to grant
 us funding support of $0.5 million from the Re-industrialisation Funding Scheme for the setting
 up of our smart production line for prefabricating steel reinforcing bar; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 2023, our prefabrication yard was admitted by CEDD as one of the six approved offsite steel
 reinforcing bar prefabrication yards in Hong Kong, representing that the quality of the prefabricated
 steel reinforcing bars produced by us have met the required standards for public construction
 work projects and recognized by the Hong Kong government (as a result, our revenue from public
 sectors increased by 130% from $4.0 million for the fiscal year ended December 31, 2023 to
 $9.3 million for the fiscal year ended December 31, 2024).

Our government-approved steel reinforcing bar prefabrication yard is equipped with advanced automatic cut and bend machines, capable of processing more than 60,000 tonnes per annum of steel reinforcing bar annually and is expected to increase to 90,000 tonnes per annum upon full implementation of our new machineries in the third quarter of 2025. Through the adoption of advance and innovative technology in our production lines, we strive to increase productivity, achieve intelligent and standardised production lines, reduce occupational hazards and minimize human errors and with a view to turning the reinforcing bar industry, which is considered as labour intensive, male-dominated, lower-educated, dangerous with an aging workforce, into a "knowledge-based" industry, attracting talented young people.

In May 2022, we obtained ISO9001:2015 and ISO14001:2015 certifications from the Hong Kong Quality Assurance Agency (a non-profit public organisation established by the Hong Kong Government for promoting good management practices to foster the sustainable development of industries and communities in Hong Kong) in respect of our quality management system and environmental management system for storage, handling, fabrication, testing and supply of prefabricated reinforcing bar products. Our commitment to providing quality services has enabled us to undertake a number of large scale construction projects in the public and private sectors including the public housing projects in Yuen Long, Fanling, Tuen Mun and Ngau Tau Kok, Hong Kong, the rebar fixing and drainage works for the Hong Kong Western Harbour Crossing and a number of residential developments in the private sector. For the fiscal years ended 31 December 2023 and 2024, we recorded revenue of $6.2 million and $13.2 million, respectively.

**Competitive Strengths**

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

● our commitment to apply innovative technology in our production;

● recognition of our product quality management by the Hong Kong Government;

● being one of the top service providers in Hong Kong reinforcing bar industry with an established reputation and proven track record;

● visionary and experienced management team with strong technical and operational expertise; and

● comprehensive solutions to meet the diverse demand of the Hong Kong construction industry.

**Growth Strategies**

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

● increase our market share;

● enhance our technological and research and development competence;

● expand our production capacity; and

● expand our workforce.

**Corporate Information**

Our principal executive office is located at 51 & 53, Fu Hi Street, Yuen Long, Hong Kong. Our telephone number is +852 2186 9085. Our registered office in the Cayman Islands is located at the office of Conyers Trust Company (Cayman) Limited at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, 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.

Information contained in, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus.

**Corporate History and Group Structure**

STG, our operating subsidiary, is owned as to 50% and 50% by SMP and Smart Rebar respectively. Since December 2024, we have undergone a reorganization to our legal structure such that (i) on December 27, 2024, Star Equity become the sole shareholder holding 100% interest of SMP and Smart Bar; (ii) we were incorporated under the laws of the Cayman Islands on April 17, 2025 with Star Equity being our sole shareholder; (iii) on the same date (April 17, 2025), Star Equity transferred 100% of its interest in SMP and Smart Rebar to us. As a result of the reorganisation completed on April 17, 2025, we became the holding company of SMP and Smart Rebar and therefore wholly-owned STG. Since each of SMP, Smart Rebar and STG have been under the common control of the same controlling shareholder, Star Equity, both before and after the reorganization, the consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.

On April 23, 2025, Star Equity sold an aggregate of 19.8% of our issued share capital to four investors for an aggregate consideration of $154,440. As of the date of this prospectus, our Controlling Shareholder owns 80.2% of our issued share capital and the remaining 19.8% of our share capital is held as to 4.98% by Daily Charm Inc., as to 4.97% by Miracle Worldwide Investment Limited, as to 4.95% by Max Premier Limited and as to 4.9% by Jumbo Harbour Group Limited.

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

![](image_003.jpg)

Upon completion of this offering based on 1,250,000 Ordinary Shares being offered, (assuming no exercise of the Over-Allotment Option), our share capital will be owned as to 76.19% by Star Equity, as to 4.73% by Daily Charm Inc., as to 4.72% by Miracle Worldwide Investment Limited, as to 4.70% by Max Premier Limited, as to 4.66% by Jumbo Harbour Group Limited and as to the remaining 5% by the public shareholders.

 

*<u>Upon completion of this offering</u>*

 

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, Star Equity, will own 76.19% of our total issued and outstanding Shares, representing 76.19% of the total voting power, assuming that the underwriter does not exercise the Over-Allotment Option. See "Prospectus Summary — Implications of Being a Controlled Company." on page 10 of this prospectus.

**Holding Company Structure**

We are a holding company incorporated in the Cayman Islands with no material operations of our own, and we conduct our operations primarily in Hong Kong through STG, our operating subsidiary. This is an offering of the Ordinary Shares of the Company, the holding company incorporated in the Cayman Islands, instead of the shares of STG. Investors in this offering will not directly hold any equity interests in STG.

As a result of our corporate structure, our ability to pay dividends may depend upon dividends paid by STG. If STG or any newly formed operating subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.

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

Our management monitors the cash position of our operating subsidiary, STG, and prepares budgets on a monthly basis to ensure the necessary funds to fulfill obligations for the foreseeable future are available 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.

We are not prohibited by the laws of the Cayman Islands or our Amended and Restated Memorandum and Articles from providing funding to our subsidiary incorporated in the BVI and Hong Kong through loans and/or capital contributions. Our subsidiaries incorporated under the laws of the BVI may also under the laws of the BVI provide funding to our Hong Kong operating subsidiary, subject to certain restriction set forth in the BVI Companies Act and the memorandum and articles of association of our subsidiary incorporated in the BVI.

According to the BVI Companies Act, SMP and Smart Rebar, may pay a dividend if the directors are satisfied, on reasonable grounds, SMP and/or Smart Reader (as the case may be) will immediately after the distribution, satisfy the statutory solvency test, i.e. the value of the assets of SMP or Smart Reader (as the case may be) exceeds its liabilities and SMP or Smart Reader (as the case may be) is able to pay its debts as they fall due. According to the Hong Kong Companies Ordinance, STG may only make a distribution out of profit 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.

During the years ended December 31, 2023 and 2024 and up to the date of this prospectus, we did not declare or pay any dividends and there was no transfer of assets among us and our subsidiaries.

If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our subsidiaries by way of dividend payments. SMP, Smart Rebar and STG may under the laws of the BVI and the laws of Hong Kong, respectively, provide funding to us through dividend distributions from STG to SMP and/or Smart Rebar and then to us.

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

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

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

Under Hong Kong law, dividends may only be paid out of distributable profits (that is, accumulated realized profits so far as not previously utilized by distribution or capitalization less accumulated realized losses so far as not previously written off in a reduction or reorganization of capital), 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 Hong Kong 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 the Company and its subsidiaries, across borders and to U.S. investors, nor there is any restrictions and limitations to distribute earnings from our business and subsidiaries, to the Company and ultimately to U.S. investors. 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.

**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 because of certain benefits associated with being a Cayman Islands exempted company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws than the United States and provides less protection for investors. In addition, Cayman Islands companies do not have standing to sue before the federal courts of the United States.

Currently, all of our operations are conducted in Hong Kong, and substantially all of our assets are located in Hong Kong, outside the United States. All our directors, officers and senior management are located in Hong Kong, and all or a substantial portion of their assets are located outside of the United States. As a result, it may be difficult or impossible for investors to effect service of process within the United States upon us or such persons or to enforce judgments obtained in United States courts against them or against us, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof.

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.

We have been advised by Conyers Dill & Pearman ("Conyers"), our counsel as to Cayman Islands law, that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of the U.S. courts obtained against us or our directors or executive officers that are predicated upon the civil liability provisions of the U.S. securities laws or any U.S. state; or (ii) entertain original actions brought in the Cayman Islands against us or our directors or executive officers that are predicated upon the U.S. securities laws or the securities laws of any U.S. state.

We have also been advised by Conyers, our counsel as to Cayman Islands law, that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States, the courts of the Cayman Islands would recognize as a valid judgment, a final and conclusive judgment *in personam* obtained in the federal or state courts of the United States against the Company under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or, in certain circumstances, an *in personam* judgment for non-monetary relief, and would give a judgment based thereon provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such courts did not contravene the rules of natural justice of the Cayman Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (f) there is due compliance with the correct procedures under the laws of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from United States courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

Haldanes ("Haldanes"), 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.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with 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 provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being a sum payable in respect of taxes or other charges of a like nature or in respect of 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.

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.

**Recent Regulatory Developments in the PRC**

The PRC government 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 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.

The Revised Draft remains unclear as to whether a Hong Kong company shall be subject to its provisions. We do not currently expect the Revised Draft to have an impact on our business, operations, or this offering, as we do not believe that STG is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, which are required to file for cybersecurity review before listing in the United States, because (i) STG is incorporated and operating in Hong Kong, and the Revised Draft remains unclear whether it shall be applied to a Hong Kong company; (ii) STG operates without any subsidiary nor VIE structure in mainland China; (iii) as of the date of this prospectus, STG has not collected or stored any personal information of PRC individual customers; (iv) as of the date of this prospectus, all of the data STG has collected is stored in servers located in Hong Kong; and (v) as of the date of this prospectus, STG has not been informed by any PRC governmental authority of any requirement that it must file for a cybersecurity review. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Revised Draft is adopted into law in the future and if STG is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, STG's operation and the listing of our Ordinary Shares in the United States could be subject to CAC's cybersecurity review in the future.

On December 28, 2021, the CAC published the revised Cybersecurity Review Measures ("CRM"), which further restates and expands the applicable scope of the cybersecurity review. The revised CRM 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 us or any of our subsidiaries as a "critical information infrastructure operator".

On February 17, 2023, the CSRC released the Trial Measures, which came into effect on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles as reflected in the Administrative Regulations of the State Council on Overseas Securities Offering and Listing by Domestic Companies (draft for comments), or the Draft Overseas Listing Regulations by providing substantially the same requirements for filings of overseas offering and listing by domestic companies, yet made the following updates compared to the Draft Overseas Listing Regulations: (a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements by setting different filing requirements for different types of overseas offering and listing. Pursuant to the Trial Measures, the Guidance Rules and Notice, PRC companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC within three working days following its submission of initial public offerings or listing application.

Since these statements and regulatory actions by the PRC government are newly published, their interpretation, application and enforcement to companies located in Hong Kong remains 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 market activities, our ability to offer, or continue to offer, securities to investors would be potentially hindered and the value of our securities might significantly decline or become worthless, by existing or future laws and regulations relating to its business or industry or by intervene or interruption by PRC governmental authorities, if (i) we or our subsidiaries do not receive or maintain such filings, permissions or approvals required by the PRC government, (ii) inadvertently conclude that such filings, permissions or approvals are not required, (iii) applicable laws, regulations, or interpretations change and we are required to obtain such filings, permissions or approvals in the future, or (iv) any intervention or interruption is caused by PRC governmental authorities with little or no advance notice.

In September 2024, 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) (2024 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. Given the novelty of the Negative List, there remain substantial uncertainties as to whether and what requirements, including filing requirements, will be imposed on a PRC company with respect to its listing and offerings overseas as well as with the interpretation and implementation of existing and future regulations in this regard.

Our operating subsidiary, STG, may collect and store certain data from our customers in Hong Kong in connection with our business and operations. Given that (1) STG, our operating subsidiary, is incorporated and located in Hong Kong; (2) we have no subsidiary, VIE structure, nor any direct operations in mainland China; and (3) pursuant to the Basic Law of the Hong Kong, which is a national law of the PRC and the constitutional document for Hong Kong (the "Basic Law"), national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is, as of the date of this prospectus, is mainly confined to laws relating to defense and foreign affairs, national security and nationality law, as well as other matters outside the autonomy of Hong Kong), and we do not currently expect the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law, the Draft Overseas Listing Regulations, or the Trial Measures and the Guidance Rules and Notice to have an impact on our business, operations, or this offering, as we do not believe that our operating subsidiary is deemed to be an "Operator" that is required to file for cybersecurity review before listing in the United States because (i) our operating subsidiary is incorporated in Hong Kong and operates in Hong Kong without any subsidiary or VIE structure in mainland China, and each of the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law, the Draft Overseas Listing Regulations, the Trial Measures, and the Guidance Rules and Notice remains unclear whether it shall be applied to a company based in Hong Kong; (ii) as of the date of this prospectus, our operating subsidiary has neither collected nor stored any personal information of PRC individuals; (iii) all of the data our operating subsidiary has collected is stored in servers located in Hong Kong; and (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 must file for a cybersecurity review or a CSRC review.

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 STG's daily business operations, its ability to accept foreign investments, and the listing of our Ordinary 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 Draft Overseas Listing Regulations are adopted into law in the future and become applicable to our operating subsidiary, if our operating subsidiary is deemed to be an "Operator," or if the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law, the Trial Measures or the Guidance Rules and Notice becomes applicable to our operating subsidiary, 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 CSRC Overseas Issuance and Listing review in the future. If the applicable laws, regulations, or interpretations change and our operating subsidiary becomes 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. If our operating subsidiary fails to receive or maintain such permissions or if the required approvals are denied, our 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 our Ordinary Shares to significantly decline or be worthless.

Additionally, 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 also subject to the risks of uncertainty about any future actions the PRC government or authorities in Hong Kong may take in this regard.

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;

● Could hinder our ability to continue to offer securities to investors; and

● May cause the value of our Ordinary Shares to significantly decline or be worthless.

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

As of the date of this prospectus, STG has received all requisite licenses and approvals for the operation of its business in Hong Kong. As of the date of this prospectus, we are not required to obtain any permission or approval from Hong Kong authorities to issue our Ordinary Shares to foreign investors. We are also not required to obtain permissions or approvals from any PRC authorities before listing in the United States and to issue our Ordinary Shares to foreign investors, including the CSRC, the CAC, or any other governmental agency that is required to approve our operations.

However, in the event that (i) the PRC government expanded the categories of industries and companies whose foreign securities offerings are subject to review by the 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 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 our Ordinary 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 a bill that, if passed by the U.S. House of Representatives and signed into law, would reduce 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, the 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, Assentsure PAC, 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 subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards. Assentsure PAC is headquartered in Singapore and can be inspected by the PCAOB.

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 our board of directors must be independent directors; unfettered ability to transfer information to the SEC.

On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination.

On December 23, 2022, the Accelerating HFCA Act, was signed into law, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, the Consolidated Appropriations Act was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to Accelerating HFCA Act, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two.

**Implications 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. We may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders. Should we elect to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors, our nominating and corporate governance and compensation committees might not consist entirely of independent directors and our director nominees may not be selected or recommended solely by independent directors after we complete this offering. See "Risk Factors — Risks Related to Our Ordinary Shares and This Offering — 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."

**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 larger 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 our Ordinary 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 $1.235 billion, or we issue more than $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 under the Exchange Act. Nasdaq Listing Rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow "home country" corporate governance practices in lieu of the otherwise applicable corporate governance standards of Nasdaq. The application of such exceptions requires that we disclose each Nasdaq corporate governance standard that we do not follow and describe the Cayman Islands corporate governance practices we do follow in lieu of the relevant Nasdaq corporate governance standard. Upon completion of this offering, we intend to follow Cayman Islands corporate governance practices in lieu of the corporate governance requirements of Nasdaq in respect of the following:

● the requirement under Section 5605(b)(2) of Nasdaq Listing Rules that the independent directors have regularly scheduled meetings at which only the independent directors are present;

● the requirement under Section 5610 of the Nasdaq Listing Rules that a company adopt one or more codes of conduct applicable to all directors, officers, and employees, and that such codes are publicly available; and

● the shareholder approval requirement under Section 5635, including the requirement under Section 5635(d) of Nasdaq Listing Rules that a listed issuer obtain shareholder approval prior to issuing or selling securities (or securities convertible into or exercisable for ordinary shares) that equal 20% or more of the issuer's outstanding ordinary shares or voting power prior to such issuance or sale.

Cayman Islands law does not impose a requirement that our independent directors meet regularly without other members present. Nor does Cayman Islands law require that we obtain shareholder approval prior to issuing or selling securities that equal 20% or more of our outstanding Ordinary Shares or voting power. Nor does Cayman Islands law require that we adopt one or more codes of conduct applicable to all directors, officers, and employees, and that such codes are publicly available.

We intend to avail ourselves of these exemptions. Therefore, for as long as we remain a "foreign private issuer," holders of our Ordinary Shares will not have the same protections afforded to shareholders of companies that are subject to all of these corporate governance requirements.

**THE OFFERING**

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| | |
|:---|:---|
| **Securities offered by us** | 1,250,000 Ordinary Shares, assuming an initial public offering price of $5.0 per share (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus); or 1,437,500 Ordinary Shares if the underwriter exercises the Over-Allotment Option in full. |
| **Ordinary Shares outstanding prior to completion of this offering** | 23,750,000 Ordinary Shares |
| **Ordinary Shares outstanding immediately after this offering** | 25,000,000 Ordinary Shares (or 25,187,500 Ordinary Shares if the underwriters exercise the Over-Allotment Option in full) |
| **Over-Allotment Option** | We have granted to the underwriters a 45-day option to purchase from us up to an additional 15% of the Ordinary Shares sold in the offering 187,500 additional shares, assuming an initial public offering price of $5.00 per share (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus)) at the initial public offering price, less the underwriting discounts and commissions. |
| **Use of proceeds** | We expect to receive net proceeds of approximately $4.5 million from this offering, assuming an initial public offering price of $5.00 per share (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus) and no exercise of the underwriters' Over-Allotment Option, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. |
|  | We plan to use the net proceeds of this offering for (i) enhancement of our production capacity; (ii) recruitment of additional personnel for middle management and operations; and (iii) working capital and general corporate purposes. See "Use of Proceeds" for more information on the use of proceeds. |
| **Lock-up** | We have agreed, subject to certain exceptions, not to offer, sell, contract to sell, or grant any option to purchase, or otherwise dispose of any of our Ordinary Shares or securities convertible into or exercisable or exchangeable for the Ordinary Shares (other than the Ordinary Shares acquired in or after this offering) for a period of three (3) months after the date of this offering, without first obtaining the underwriter's written consent. Our directors, officers, and shareholders owning 5% or more of our Ordinary Shares have agreed, subject to certain exceptions, not to offer, sell, contract to sell, or grant any option to purchase, or otherwise dispose of any of our Ordinary Shares or securities convertible into or exercisable or exchangeable for the Ordinary Shares (other than the Ordinary Shares acquired in or after this offering) for a period of six (6) months after the date of this offering, without first obtaining the underwriter's written consent. See "Shares Eligible for Future Sale" and "Underwriting" for more information. |
| **Listing** | We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the trading symbol "BENN". The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Ordinary Shares will be approved for listing on Nasdaq. |
| **Transfer Agent** | Vstock Transfer, LLC |
| **Risk factors** | The Ordinary Shares offered hereby involve a high degree of risk. You should read "Risk Factors" beginning on page 17 for a discussion of factors to consider before deciding to invest in our Ordinary Shares. |

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**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 services;

● 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;

● the impact of COVID-19 on us, the Hong Kong construction industry, and the overall economy in general;

● 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.

**SUMMARY OF RISK FACTORS**

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

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

● Our 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 our Ordinary 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. See "Risk Factors — Risks Relating to Doing Business in Hong Kong — Our 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 our Ordinary 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 of this prospectus.

● If the PRC government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless. See "Risk Factors — Risks Relating to Doing Business in Hong Kong — If the PRC government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless." on page 18.

**Risks Related to Our Corporate Structure**

● We rely on dividends and other distributions on equity paid by our subsidiaries to fund our cash and financing requirements, and any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. See "Risk Factors — Risks Related to Our Corporate Structure — We rely on dividends and other distributions on equity paid by our subsidiaries to fund our cash and financing requirements, and any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business" on page 28 of this prospectus.

**Risks Related to Our Business and Industry**

● The majority of our revenue has been generated from projects awarded by our major customers. Any significant decrease in the number of projects from such customers could materially and adversely impact our financial performance. See "Risk Factors — Risks Related to Our Business and Industry — The majority of our revenue has been generated from projects awarded by our major customers. Any significant decrease in the number of projects from such customers could materially and adversely impact our financial performance" on page 32 of this prospectus.

● An unexpected reduction or termination of public and private sector projects in Hong Kong could adversely impact our revenue and operational results. See "Risk Factors — Risks Related to Our Business and Industry — An unexpected reduction or termination of public and private sector projects in Hong Kong could adversely impact our revenue and operational results" on page 32 of this prospectus.

● Delay in the commencement and progress of public projects, which may be caused by factors such as political disagreements in relation to such projects, delay in approval of funding proposals due to objections or legal actions by the affected members of the public, and the occurrence of large-scale occupation activities may adversely affect STG's operations and our results of operation. See "Risk Factors — Risks Related to Our Business and Industry — Delay in the commencement and progress of public projects, which may be caused by factors such as political disagreements in relation to such projects, delay in approval of funding proposals due to objections or legal actions by the affected members of the public, and the occurrence of large-scale occupation activities may adversely affect STG's operations and our results of operation" on page 33 of this prospectus.

● Our insurance coverage may be inadequate to protect us from potential losses. See "Risk Factors — Risks Related to Our Business and Industry — Our insurance coverage may be inadequate to protect us from potential losses" on page 36 of this prospectus.

**Risks Related to Our Ordinary Shares**

● Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders. See "Risk Factors — Risks Related to Our Ordinary Shares — Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders" on page 40 of this prospectus.

● 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. See "Risk Factors — Risks Related to Our Ordinary Shares — 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" on page 43 of this prospectus.

● We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements. See "Risk Factors — Risks Related to Our Ordinary Shares — We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements" on page 44 of this prospectus.

● 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. See "Risk Factors — Risks Related to Our Ordinary Shares — 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." on page 45 of this prospectus.

**SUMMARY CONSOLIDATED FINANCIAL INFORMATION**

The following selected historical financial information should be read in conjunction with our consolidated financial statements and related notes included elsewhere in the prospectus and the information contained in "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" below.

The following summary consolidated financial data as of December 31, 2023 and 2024. This information is derived from our audited consolidated financial statements.

Our financial statements are prepared and presented in accordance with GAAP. Our historical results for any period are not necessarily indicative of our future performance.

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| | | |
|:---|:---|:---|
| | **Years Ended<br> December 31** | **Years Ended<br> December 31** |
| <br>**$'000** | **2023** | **2024** |
| **Statements of Loss Data** |  |  |
| Total revenue | 6171 | 13168 |
| Total expenses | (6359) | (11398) |
| Total other income | 48 | 634 |
| (Loss)/profit from operations | (140) | 2404 |
| Total finance costs | (410) | (908) |
| (Loss)/profit before income tax expense | (550) | 1496 |
| Income tax expense |  | (56) |
| Net (loss)/profit attributable to shareholders | (550) | 1440 |
| **Net (loss)/profit per share** |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | (0.023) | 0.061 |
| **Weighted average number of shares outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 23750000 | 23750000 |

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| <br>**$'000** | **2023** | **2024** |
| **Balance Sheet Data** |  |  |
| Cash and cash equivalents | 201 | 57 |
| Current assets | 3503 | 9469 |
| Total assets | 11090 | 15844 |
| Current liabilities | 9364 | 2404 |
| Total liabilities | 12196 | 14044 |
| Shareholders' (deficit) / equity | (1106) | 1800 |
| Total liabilities and shareholders' equity | 11090 | 15844 |

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**RISK FACTORS**

 

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

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

 ****

***Our 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 our Ordinary 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.***

We are a holding company and we conduct our operations in Hong Kong through STG. Hong Kong is a special administrative region of the PRC. As of the date of this prospectus, we are not materially affected by recent statements by the PRC government indicating an intention to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. However, due to certain long-arm provisions in the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws in China as they may affect Hong Kong. The PRC government may choose to exercise additional oversight and discretion over Hong Kong, and the policies, regulations, rules, and the enforcement of laws of the PRC government to which we are subject may change rapidly and with little advance notice to us or our shareholders. 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 are complex and evolving and may be interpreted and applied inconsistently by different agencies or authorities, which may result in inconsistency 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 recently the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. 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 our Ordinary Shares. For example, there is currently no restriction or limitation under the laws of Hong Kong on the conversion of Hong Kong 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 us and STG 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.

 ****

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

A substantial majority of our operations are conducted in Hong Kong, and are mainly governed by Hong Kong laws, rules, and regulations. The legal system in Hong Kong is a common law system, based on a combination of English common law, local cases and local legislation. However, our Hong Kong operating subsidiary, STG, may become subject to laws, rules, and regulations applicable to foreign investment in China. The PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions may be cited for reference but have limited precedential value. 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 our Ordinary 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.

 ****

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

Recent statements by the PRC government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China-based issuers. On July 10, 2021, for comments from the public, the CAC issued the Revised Draft, which required that, among others, in addition to "operator of critical information infrastructure" any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review. Pursuant to Article 6 of the Revised Draft, companies holding data of more than one million users must apply for cybersecurity approval when seeking overseas listings because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments." On December 28, 2021, the CAC published the revised CRM, which further restates and expands the applicable scope of the cybersecurity review. The revised CRM 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. Our business belongs to the construction industry, which does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. As a result, the likelihood of us being subject to the review of the CAC is remote.

On February 17, 2023, the CSRC released the Trial Measures, or the Trial Measures, which came into effect on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles as reflected in the Draft Overseas Listing Regulations by providing substantially the same requirements for filings of overseas offering and listing by domestic companies, yet made the following updates compared to the Draft Overseas Listing Regulations: (a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements by setting different filing requirements for different types of overseas offering and listing. Pursuant to the Trial Measures, the Guidance Rules and Notice, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC within three working days following its submission of initial public offerings or listing application.

As of the date of this prospectus, we are advised by our PRC counsel, Kingbridge Law Firm, that our registered public offering in the United States is not subject to the review or prior approval of the CAC nor the CSRC. We do not intend to seek approval of this offering from the CAC or the CSRC. Uncertainties still exist, however, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. It is uncertain whether the PRC government will adopt additional requirements or extend the existing requirements to apply to our operating subsidiary located in Hong Kong. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

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

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***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 recent 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 recent 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 recent 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 recent regulatory development in China, and that both countries should strengthen communications on regulating China-related issuers. Since we operate in Hong Kong, we cannot guarantee that we will not be subject to tightened regulatory review and we could be exposed to government interference from China.

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***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 Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.***

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

On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on 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 February 17, 2023, the CSRC released the Trial Measures, which came into effect on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles as reflected in the Draft Overseas Listing Regulations by providing substantially the same requirements for filings of overseas offering and listing by domestic companies, yet made the following updates compared to the Draft Overseas Listing Regulations: (a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements by setting different filing requirements for different types of overseas offering and listing. Pursuant to the Trial Measures, the Guidance Rules and Notice, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC within three working days following its submission of initial public offerings or listing application.

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 April 13, 2020. Measures for Cybersecurity Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services, and online platform operators (together with the operators of critical information infrastructure, the "Operators") carrying out data processing activities that affect or may affect national security, shall conduct a cybersecurity review, 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.

Given that (1) our operating subsidiary is incorporated and located in Hong Kong; (2) we have no subsidiary, VIE structure, nor any direct operations in mainland China; and (3) pursuant to the Basic Law, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is, as of the date of this prospectus, mainly confined to laws relating to defense and foreign affairs, national security and nationality law, as well as other matters outside the autonomy of Hong Kong), we do not currently expect the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law, the Draft Overseas Listing Regulations, the Trial Measures, the Guidance Rules and Notice, to have an impact on our business, operations, or this offering. Our belief is grounded on the following: (1) we do not believe that our operating subsidiary falls within the definition of an "Operator" that is required to file for cybersecurity review before listing in the United States, because (2) our operating subsidiary is incorporated in Hong Kong and operates in Hong Kong without any subsidiary or VIE structure in mainland China and each of the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law, and the Draft Overseas Listing Regulations, the Trial Measures, the Guidance Rules and Notice remains unclear whether it shall be applied to a company based in Hong Kong; (3) as of the date of this prospectus, our operating subsidiary has neither collected nor stored personal information of any PRC individuals; (4) all of the data our operating subsidiary has collected is stored in servers located in Hong Kong; and (5) as of the date of this prospectus, our operating subsidiary has not been informed by any PRC governmental authority of any requirement that it must file for a cybersecurity review or a CSRC review.

However, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation-making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business operations of our operating subsidiary, their respective abilities to accept foreign investments and the listing of our Ordinary Shares on a U.S. or other foreign exchanges. There remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Draft Overseas Listing Regulations are adopted into law in the future and become applicable to our operating subsidiary, if our operating subsidiary is deemed an "Operator" that is required to file for cybersecurity review before listing in the United States, or if the Measures for Cybersecurity Review (2021) or the PRC Personal Information Protection Law becomes applicable to our operating subsidiary, 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 CSRC Overseas Issuance and Listing review in the future. If our operating subsidiary becomes 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 the current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. In the event of a failure to comply, our 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 our Ordinary Shares to significantly decline or be worthless.

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***If we or our Hong Kong operating subsidiary fails to comply with Hong Kong's Personal Data (Privacy) Ordinance and any other existing or future data privacy related laws, regulations and governmental orders, we could face significant civil penalties and/or criminal prosecution, which could adversely affect our business, financial condition, and results of operations.***

Because of the operations of our operating subsidiary in Hong Kong, we are subject to a variety of laws and other obligations regarding data privacy and protection in Hong Kong.

In particular, the PDPO imposes a duty on any data user who, either alone or jointly with other persons, controls the collection, holding, processing or use of any personal data that relates directly or indirectly to a living individual and can be used to identify that individual. Under the PDPO, a data user shall not do an act or engage in a practice that contravenes any of the six data protection principles contained in Schedule 1 to the PDPO (collectively, the "Data Protection Principles") unless the act or practice (as the case may be) is required or permitted under the PDPO. The collective objective of Data Protection Principles is to ensure that personal data is collected on a fully informed basis and in a fair manner, with due consideration towards minimizing the amount of personal data collected. Data users shall take all practicable steps to protect the personal data they hold from any unauthorized or accidental access, processing, erasure, loss, or use. Once collected, such personal data should be processed in a secure manner and should not be kept longer than necessary for the fulfilment of the purpose for which it is or is to be used and shall be erased if it is no longer required, unless erasure is prohibited by law or is not in the public interest. Use of the data should be limited to or related to the original collection purpose. Data subjects are given certain rights such as (a) the right to be informed by a data user whether the data user holds personal data of which the individual is the data subject; (b) if the data user holds such data, to be supplied with a copy of such data; and (c) the right to request correction of any data they consider to be inaccurate.

The PDPO confers on the Privacy Commissioner for Personal Data ("Privacy Commissioner") power to conduct investigations and institute prosecutions. The Privacy Commissioner may carry out criminal investigations and institute prosecution for certain offenses. Depending on the severity of the cases, the Privacy Commissioner will decide whether to prosecute or refer cases involving suspected commission to the Department of Justice of Hong Kong. Victims may also seek compensation by civil action from data users for damage caused by a contravention of the PDPO. The Commissioner may provide legal assistance to the aggrieved data subjects if the Commissioner deems fit to do so.

We believe that we have been in compliance with the data privacy and personal information requirements of the PDPO and we have not encountered any investigations involving a breach of the PDPO. Moreover, we do not expect to be subject to any cybersecurity review by the Hong Kong government authorities for this offering. However, if we or our Hong Kong operating subsidiary conducting business operations in Hong Kong have violated certain provisions of the PDPO, we could face significant civil penalties and/or criminal prosecution, which could adversely affect our business, financial condition, and results of operations.

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***Failure to comply with Hong Kong Competition Law may result in material and adverse effect on our business, financial condition and results of operations.***

The Competition Ordinance prohibits (i) anti-competitive agreements if the object or effect of the agreement, concerted practice or decision is to prevent, restrict or distort competition in Hong Kong, (ii) abuse of market power by engaging in conduct that has as its effect the prevention, restriction or distortion of competition in Hong Kong and (iii) mergers that has or is likely to have the effect of substantially lessening competition in Hong Kong. As of the date hereof, the merger rule only applies where one or more of the undertakings participating in the merger directly or indirectly holds a "carrier license" within the meaning of the Telecommunications Ordinance (Chapter 106 of the Laws of Hong Kong) and is therefore not applicable to our business.

The Competition Commission is a statutory body in Hong Kong established to investigate any contravention against and enforce on the provisions of the Competition Ordinance, and the Competition Tribunal is a tribunal set up under the Competition Ordinance, as part of the Hong Kong judiciary, to hear and decide cases connected with competition law in Hong Kong. Under the guidelines and policies published by the Competition Commission, possible outcomes of investigation of contravention of the Competition Ordinance may include the acceptance of commitment given by infringer, the issuing of warning notice or infringement notice, commencement of proceedings in the Competition Tribunal, applying for consent order, referral of complaint to a government agency and the conduct of a market study. The Competition Tribunal may order remedies including pecuniary penalty (for violations of the Competition Rules, which penalty may be up to 10% of the total gross revenues of the offending company obtained in Hong Kong for up to three years in which the contravention occurs), a financial penalty (for violations relating to unlawful indemnification of another person, which penalty is not to exceed twice the value of such indemnification), and a disqualification order against a director for a period not exceeding 5 years or other order under the Competition Ordinance. The guidelines and policies published by the Competition Commission in Hong Kong did not mention any remedies which may impact on our ability to accept foreign investment or list on a U.S. or foreign exchange as a result of the non-compliance of the Competition Ordinance.

We confirm that we have not adopted any anti-competitive conduct described in the Competition Ordinance and will continue to act in compliance with the Competition Ordinance. However, there may be uncertainties on the full effect of the rules in respect of compliance, infringement, and its effect on our business especially when tendering is involved in securing contracts. We may face difficulties and may need to incur legal costs in ensuring our compliance with the rules. If we face any complaints of infringement of the Competition Ordinance, we may incur substantial legal costs and may result in business disruption and/or negative media coverage, which could adversely affect our business, results of operations and reputation.

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***Although the audit report included in this prospectus is prepared by an auditor who is currently inspected by the PCAOB, there is no guarantee that future audit reports will be issued by auditors inspected by the PCAOB and, as such, in the future investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating HFCA 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 securities may be prohibited from trading or delisted.***

The audit report included in this prospectus was issued by Assentsure PAC, a Singapore-based accounting firm that is registered with the PCAOB and can be inspected by the PCAOB, which had its last inspection in 2024. We have no intention of dismissing Assentsure PAC in the future or of engaging any auditor not based in the U.S. and not subject to regular inspection by the PCAOB. There is no guarantee, however, that any future auditor engaged by the Company would remain subject to full PCAOB inspection during the entire term of our engagement. The PCAOB is currently unable to conduct inspections without the approval of the PRC authorities. Currently, our auditor's audit work for us can be inspected by the PCAOB, and we have no operations in mainland China. 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 PRC, and we cannot assure you that our auditor's audit work for us will continue to be able to be inspected by the PCAOB. If it is later determined that the PCAOB is unable to inspect or investigate our auditor completely, investors may be deprived of the benefits of such inspection. Any audit reports not issued by auditors that are completely inspected by the PCAOB could result in a lack of assurance that our financial statements and disclosures are adequate and accurate.

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

As part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law, in particular mainland China's, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress 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 for such issuers completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges 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. It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations within the U.S. government regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets.

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

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements in the HFCA Act. On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act. The rules apply to public companies whose shares are registered with the SEC and are identified by the SEC 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 whose audit work that the PCAOB is unable to inspect or investigate. We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year under a process to be subsequently established by the SEC. The final amendments require any identified registrant to submit documentation to the SEC establishing that the registrant is not owned or controlled by a government entity in the public accounting firm's foreign jurisdiction, and they also require, among other things, disclosure in the registrant's annual report regarding the audit arrangements of, and government influence on, such registrants. 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 our Ordinary Shares being delisted. Furthermore, on December 29, 2022, the Consolidated Appropriations Act, was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to the Accelerating HFCA Act, which reduces the number of consecutive non-inspection years required for foreign companies to comply with PCAOB audits under the HFCA Act from what was originally three years to two, thus reducing the time period before their securities may be prohibited from trading or delisted.

On September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction in connection with their audit works 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 HFCA Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. In addition, the PCAOB's report identified the specific registered public accounting firms which are subject to these determinations.

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 the unfettered ability to transfer information to the SEC. There can be no assurance that we will be able to comply with requirements imposed by U.S. regulators if there is significant change to current political arrangements between mainland China and Hong Kong or if any component of our auditor's work papers become located in mainland China in the future. Delisting of our Ordinary Shares would force holders of our Ordinary Shares to sell their Ordinary Shares. The market price of our Ordinary Shares could be adversely affected as a result of anticipated negative impacts of these executive or legislative actions, regardless of whether these executive or legislative actions are implemented and regardless of our actual operating performance. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. On December 23, 2022, the Accelerating HFCA Act, was signed into law, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, the Consolidated Appropriations Act was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to Accelerating HFCA Act, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two.

Our registered public accounting firm, Assentsure PAC, is not headquartered in mainland China or Hong Kong, and was not identified in this report as a firm subject to the PCAOB's determination.

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

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***Recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the Holding Foreign Companies Accountable Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to our offerings.***

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 requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited to trade on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the HFCA Act. Furthermore, on December 29, 2022, the Consolidated Appropriations Act, was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to the Accelerating HFCA Act, which reduces the number of consecutive non-inspection years required for foreign companies to comply with PCAOB audits under the HFCA Act from what was originally three years to two.

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 shares 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. This situation will be costly and time consuming and will distract our management from developing our business. If such allegations are not proven to be groundless, we and our business operations will be severely affected and you could sustain a significant decline in the value of our shares.

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***The enactment of the Law of the PRC on Safeguarding National Security in Hong Kong (the "Hong Kong National Security Law") could impact our Hong Kong operating subsidiary.***

On June 30, 2020, the Standing Committee of the PRC National People's Congress adopted the Hong Kong National Security Law. This law defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories of offenses — secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger national security — and their corresponding penalties. On July 14, 2020, former U.S. President Donald Trump signed the Hong Kong Autonomy Act ("HKAA") into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. On August 7, 2020, the U.S. government imposed HKAA-authorized sanctions on 11 individuals, including the then HKSAR chief executive, Carrie Lam, and, John Lee, who succeeded to HKSAR chief executive on July 1, 2022. 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." In July 2021, President Joe Biden warned investors about the risks of doing business in Hong Kong, issuing an advisory saying China's push to exert more control over Hong Kong threatens the rule of law and endangers employees and data. The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect the foreign financial institutions as well as any third parties or customers dealing with any foreign financial institution that are targeted. It is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong. If our subsidiaries are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent authorities, our business operations could be materially and adversely affected.

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***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 our Ordinary 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 shares of many U.S.-listed Chinese companies that have been the subject of such scrutiny have sharply decreased in value. Many of these companies are now subject to shareholder lawsuits and/or SEC enforcement actions that are conducting internal and/or external investigations into the allegations.

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. Such investigations or allegations would be costly and time consuming and likely would distract our management from our normal business and could result in our reputation being harmed. Our share price could decline because of such allegations, even if the allegations are false.

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***A downturn in the Hong Kong, China, or the global economy, or a change in 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. Any prolonged slowdown in the global or Chinese economy may affect potential customers' confidence in financial market as a whole and have a negative impact on our business, results of operations, and financial condition. Additionally, continued turbulence in the international markets may adversely affect our ability to access the capital markets to meet liquidity needs.

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

Our business is conducted in Hong Kong through our operating subsidiary. Our books and records are maintained 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. Changes in the exchange rate between the Hong Kong dollar and the U.S. dollar will 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 the Hong Kong's political and economic conditions and perceived changes in the economy of Hong Kong and the United States. Any significant revaluation of the Hong Kong dollar may materially and adversely affect our cash flows, revenue, and financial condition. Further, our Ordinary Shares offered by this prospectus are denominated in U.S. dollars, and we will need to convert the net proceeds we receive into Hong Kong dollars in order to use the funds for our business. Changes in the conversion rate between the U.S. dollar and the Hong Kong dollar will affect that amount of proceeds we will have available for our business.

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

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***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 the business operations of STG. 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 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, President 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.

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

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

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***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 customers and suppliers of STG are located.***

Political events, international trade disputes, and other business interruptions could harm or disrupt international commerce and the global economy, and they could have a material adverse effect on the customers, suppliers, service providers, and potential partners of STG. International trade disputes could result in tariffs and other protectionist measures that may materially and adversely affect our business.

Tariffs could increase the cost of the services and products, which could affect customers' investment decisions. 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 customer confidence, which could materially and adversely affect the operations of STG. STG may also have access to fewer business opportunities, and its 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 the customers of STG, and we cannot provide any assurances as to whether such actions will occur or the form that they may take.

**Risks Related to Our Corporate Structure**

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

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

There are no statutory prohibitions in the Cayman Islands on the granting of financial assistance by a company to another person for the purchase of, or subscription for, its own, its holding company's or a subsidiary's shares. Therefore, a company may provide financial assistance provided that the directors of the company, when proposing to grant such financial assistance, discharge their duties of care and act in good faith, for a proper purpose and in the interests of the company. Such assistance should be on an arm's-length basis. Subject to a solvency test, as prescribed in the Cayman Islands Companies Act, and the provisions, if any, of the company's memorandum and articles of association, a company may pay dividends and distributions out of its share premium account. In addition, based upon English case law which is likely to be persuasive in the Cayman Islands, dividends may be paid out of profits.

According to the BVI Companies Act, a BVI company may declare and pay dividends and make distribution if the directors of the BVI company are satisfied, on reasonable grounds, that the BVI company will immediately after the distribution, satisfy the statutory solvency test, i.e. the value of the BVI company's assets exceeds its liabilities and the BVI company is able to pay its debts as they fall due. According to the Hong Kong Companies Ordinance, 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 Hong Kong 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.

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

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***We may experience difficulties in the management of STG, our Hong Kong operating company, due to its split ownership structure, which could adversely affect our business and financial conditions including our ability to pay dividends.***

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Our Hong Kong operating company, STG, is jointly owned by SMP and Smart Rebar, two wholly-owned BVI subsidiaries of our Company, each of which holds a 50% equity interest and voting power over STG. As a result of this equal ownership structure, corporate decisions of STG, the Hong Kong operating company, require the agreement of the boards of directors of both SMP and Smart Rebar. If the respective boards of directors are unable to reach consensus, significant corporate actions, including the declaration and payment of dividends, may be delayed or prevented entirely.

However, since each of the BVI subsidiaries has the same director with SMP having one director and Smart Rebar having one director, a disagreement between the boards of directors of SMP and Smart Rebar due to their separate governance is not expected.

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***Any deficit in the effectiveness of our 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 our Ordinary 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 addressing our internal control over financial reporting. 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 material weaknesses in our internal control over financial reporting as well as other control deficiencies for the fiscal years ended December 31, 2023 and 2024. 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 related to a lack of independent directors and an audit committee. We intend to implement measures designed to improve our internal control over financial reporting to address the underlying causes of these material weaknesses, including appointing independent directors, establishing an audit committee, and strengthening corporate governance. We intend to implement the above measures prior to the listing, and we expect the remediation to be completed upon listing.

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 our Ordinary 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 our Ordinary Shares. Any deficiency in our internal controls over financial reporting may inhibit investors from purchasing our Ordinary Shares and may make it more difficult for us to raise funds in 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 share price may decline, and we may be unable to maintain compliance with the Nasdaq Listing Rules.

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***Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China with little or no advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our operating subsidiary and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of the securities we are registering for sale.***

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

The uncertainties regarding the enforcement of laws and the fact that rules and regulations in China can change quickly with little advance notice, along with the risk that the Chinese government may intervene or influence our operating subsidiary's operations at any time could result in a material change in our operating subsidiary's operations and/or the value of the securities we are registering.

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

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors (the "M&A Rules"), adopted by six PRC regulatory agencies in 2006 and amended in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of domestic companies in mainland China and controlled by companies or individuals of mainland China to obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. In addition, on February 17, 2023, with the approval of the State Council, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, mainland China domestic companies that seek to offer and list securities in overseas markets, either by direct or indirect means, are required to fulfill the filing procedures with the CSRC and report relevant information.

We are a holding company incorporated in the Cayman Islands with an operating entity based in Hong Kong, as of the date of this prospectus, we have no subsidiary, VIE structure or any direct operations in mainland China, nor do we intend to have any subsidiary or VIE structure or to acquire any equity interests in any domestic companies in mainland China, and we are not controlled by any companies or individuals of mainland China. 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, as of the date of this prospectus, mainly confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). Therefore, as of the date of this prospectus, the CSRC's approval is not required for the listing and trading of our Ordinary Shares on a U.S. exchange as provided under the M&A Rules, and we are not subject to filing requirements with the CSRC under the Trial Measures as advised by our PRC counsel, Kingbridge Law Firm.

We are aware that, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China with little advance notice, including a cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. 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 mainland China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

In addition, on January 4, 2022, the CRM were published and became effective on February 15, 2022, which were originally promulgated by the CAC on April 13, 2020, and, as revised on July 10, 2021, required that, among other things, and in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and which further elaborate on the factors to be considered when assessing the national security risks of the relevant activities. The publication of the Measures indicates greater oversight by the CAC over data security, which may impact our business and this offering in the future. As of the date of this prospectus, our Hong Kong subsidiary, STG, does not have any mainland China individuals as customers. However, STG may collect and store certain data (including certain personal information) from its customers for "Know Your Clients" purposes, which may include mainland China individuals in the future. As of the date of this prospectus, we do not expect the CRM to have an impact on our business, operations or this offering to subject us or our Hong Kong subsidiary to permission requirements from the CAC or any other government agency that is required to approve our subsidiary's operations, as we do not believe that we will be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that are required to file for cybersecurity review before listing in the U.S., because (i) all of our subsidiary's operations are conducted by our Hong Kong subsidiary which currently solely serve the Hong Kong local market, we currently have no operations in mainland China; (ii) we do not have or intend to have any subsidiary nor do we have or intend to establish a VIE structure with any entity in mainland China and the CRM remain unclear whether they shall be applied to a company like us; (iii) as of the date of this prospectus, we have neither collected nor stored any personal information of any mainland China individual or within mainland China, nor do we entrust or expect to be entrusted by any individual or entity to conduct any data processing activities of any mainland China individual or within mainland China; (iv) as of the date of this prospectus, we have not been informed by any PRC governmental authority of any requirement that we must file for a cybersecurity review; and (v) 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, as of the date of this prospectus, mainly confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If we were deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, or if other regulations promulgated in relation to the CRM are deemed to apply to us, our subsidiary's business operations and the listing of our Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review or we and our subsidiary might be covered by permission from the CAC or any other government agency that is required to approve our subsidiary's operations in the future. Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It also remains highly uncertain what the potential impact such modified or new laws and regulations will have on our subsidiary's daily business operations, its ability to accept foreign investments and the listing of our Ordinary Shares on a U.S. or other foreign exchanges. If any or all of the foregoing were to occur, it may significantly limit or completely hinder our ability to complete this offering or cause the value of our Ordinary Shares to significantly decline or become worthless.

As of the date of this prospectus, we are advised by Hong Kong counsel, Haldanes, that we are not required to obtain permission or approval from Hong Kong authorities to offer the securities being registered to foreign investors. Should there be any change in applicable laws, regulations, or interpretations, and we or any of our subsidiaries are required to obtain such permissions or approvals in the future, we will strive to comply with the then applicable laws, regulations, or interpretations.

As of the date of this prospectus, neither we nor our operating subsidiary, STG, is subject to the M&A Rules, the Trial Measures, the CRM or the regulations or policies that have been issued by the CSRC or the CAC as of the date of this prospectus, nor are we currently covered by permission requirements from the CSRC, the CAC or any other PRC governmental agency that is required to approve our listing on the U.S. exchanges and offering securities. Hence, based on the foregoing, since we are not subject to the regulations or policies issued by the CAC to date, we believe that we are currently not required to be compliant with such regulations and policies issued by the CAC as of the date of this prospectus. Further, as of the date of this prospectus, neither we nor STG has ever applied for any such permission or approval, as we currently are not subject to the M&A Rules or the regulations and policies issued by the CAC. However, if there is 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.

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***Following this offering, Star Equity, our largest shareholder, will continue to own more than a majority of the voting power of our outstanding Ordinary Shares. As a result, Star Equity has the ability to control the outcome of matters submitted to the shareholders for approval. Additionally, we may be deemed to be a controlled company and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.***

Upon completion of this offering, our biggest shareholder, Star Equity, may beneficially own approximately 76.2% of the aggregate voting power of our outstanding Ordinary Shares, assuming the Underwriter does not exercise the Over-Allotment Option. As a result, Star Equity has the ability to control the outcome of matters submitted to the shareholders for approval, including the election of directors and any merger, consolidation, or sale of all or substantially all of our assets.

Under the Nasdaq Listing Rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and is permitted to elect to rely, and may rely, on certain exemptions from the obligation to comply with certain corporate governance requirements, including:

● the requirement that our director nominees must be selected or recommended solely by independent directors; and

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

Although we do not intend to rely on the "controlled company" exemptions under the Nasdaq Listing Rules even if we are deemed to be a "controlled company," we could elect to rely on these exemptions in the future. If we were to elect to rely on the "controlled company" exemptions, 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, if we rely on the exemptions, during the period we remain a controlled company and during any transition period following a time when we are no longer a controlled company, 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.

**Risks Related to Our Business and Industry**

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***The majority of our revenue has been generated from projects awarded by our major customers. Any significant decrease in the number of projects from such customers could materially and adversely impact our financial performance.***

A significant portion of our revenue has been derived from a limited number of customers. For the fiscal years ended December 31, 2023 and 2024, the revenue derived from the five largest customers of the operating subsidiary amounted to approximately 73.5% and 82.1%, respectively, of our total revenue. The percentage of our revenue attributable to the largest customer of the operating subsidiary amounted to approximately 18.7% and 30.0%, respectively, for the same periods. STG has maintained stable relationships with such customers, many of which have established business relationships with STG since its inception in 2021. If there is a significant decrease in the number of projects awarded by such customers, and the operating subsidiary is unable to secure suitable projects of comparable size and quantity as replacements from other customers, our financial condition and operating results would be materially and adversely affected. In addition, in the event that any of the major customers of STG experience any financial difficulties or cash flow problems, this may result in delay or default in payments to STG, in which case our business could be materially and adversely affected.

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***An unexpected reduction or termination of public and private sector projects in Hong Kong could adversely impact our revenue and operational results.***

The direct customers of STG are primarily the registered general building contractors under the HKBO and subcontractors of various types of building and infrastructure projects in Hong Kong. The customers of STG's public sector projects generally consist of general contractors engaged by different Hong Kong government departments, authorities, and statutory bodies, while the customers of the STG's private sector projects are primarily general contractors hired by private property developers. For the fiscal years ended December 31, 2023 and 2024, the revenue derived from construction projects in the public sector amounted to $3.5 million and $9.3 million respectively, of which 98% and 91% were derived from the five largest public sector projects during the same periods respectively. During the same periods, the revenue derived from construction projects in the private sector amounted to $2.7 million and $3.9 million respectively, of which 77% and 92% were derived from the five largest private sector projects respectively. Any reduction or termination of a significant project could lead to extended periods of reduced revenue. Financial difficulties faced by the major customers of STG could cause project delays, defaults on payments, or cancellations. STG's operational results would also suffer as a result of under-utilization of our workforce and resources, leading to inefficiencies and increased operational costs.

Additionally, changes in government policies, budget allocations, or economic conditions in Hong Kong could have profound effects on the initiation and continuation of public sector projects. Similarly, shifts in the construction market or economic downturns could affect private sector investments in building and infrastructure projects, thereby impacting our business prospects.

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***Our business relies on successful tenders of bids and any failure of STG to secure contracts would affect our operations and financial results.***

Most of our revenue is derived from service contracts for processing steel reinforcing bar awarded to STG through a competitive bidding process and is not recurring in nature. There is no right of first refusal upon the expiry of such contracts and, therefore, there is a risk that STG may not succeed in its bid for the same customer's projects upon the expiry of any contract from such customer. Hence, there is no guarantee that STG's existing customers will provide it with new business opportunities or that STG will secure new customers. Moreover, there is no assurance that (i) STG would be invited to, or be made aware of, the bidding process for new projects, (ii) the terms and conditions of the new contracts would be comparable to the existing contracts, or (iii) STG's tenders would be selected by customers. In the competitive bidding process, STG may have to lower its service charges or offer more favorable terms to prospective customers in order to increase the competitiveness of its bids. If STG is unable to reduce its service fees accordingly and maintain its competitiveness, our results of operations would be adversely affected. Furthermore, STG's customers typically maintain an evaluation system to ensure that the service providers meet certain standards of management, industrial expertise, financial capability, reputation and regulatory compliance when contemplating bids, which critera may change from time to time. There is no assurance that STG will continue to meet its customers' requirements, in which case STG may not be granted contracts with such customers and STG's reputation, business operations, as well as our financial condition and results of operations, may be adversely affected.

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***Errors or inaccurate estimations in a project duration and/or our costs when determining the tender price or an increase in construction costs may adversely affect our profitability or result in substantial loss incurred by us.***

STG's service contracts for processing steel reinforcing bar are awarded through a competitive tendering process. STG determines a tender price by estimating its operating costs as specified in the tender invitation documents. There is no assurance that tenders submitted by STG contain no mistake and error. Such mistakes and errors may be in the form of an inaccurate estimation, oversight of important tender terms, inadvertent typographical errors, errors in calculations, etc. Further, our operating costs may increase due to inflation of labor costs. In the case of contracts awarded to STG with mistakes or errors in the submitted bid, or if there is a substantial increase in labor costs, STG may be bound by the contract to undertake or complete such project at a substantial loss, and our profitability under such circumstances may be adversely affected.

Inaccurate estimation of a production schedule, production costs and technical difficulties in the bidding process may result in cost overruns when STG actually executes the awarded contracts. Many factors affect the time taken and the costs actually involved in the processing of steel reinforcing bar by STG. Examples of such factors include variations to the production plans demanded by customers, stringent technical product requirements, threatened claims and material disputes with general contractors, accidents and changes in a public authority's policies, other unforeseen problems or circumstances may also occur during production. If any of such factors arises and remains unresolved, completion of construction works may be delayed or we may be subject to cost overruns or STG's customers may even be entitled to unilaterally terminate the contract.

In addition, STG's failure to process steel reinforcing bars according to specifications and quality standards may result in disputes, contract termination, reputational harm, liabilities and/or lower returns than anticipated. Such delays or failure to complete and/or unilateral termination of a contract by customers may cause our revenue or profitability to be lower than we originally expected. We cannot guarantee that we will not encounter cost overruns or delays on our current and future projects. If such cost overruns or delays occur, we may experience increases in costs exceeding our budget or be required to pay liquidated damages, any of which events could reduce or eliminate the profits on the affected contracts.

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***Delay in the commencement and progress of public projects, which may be caused by factors such as political disagreements in relation to such projects, delay in approval of funding proposals due to objections or legal actions by the affected members of the public, and the occurrence of large-scale occupation activities may adversely affect STG's operations and results of operation.***

For the fiscal years ended December 31, 2023 and 2024, the revenue derived from construction projects in the public sector amounted to $3.5 million and $9.3 million respectively, of which 98% and 91% were derived from the five largest public sector projects during the same periods. Delay in the commencement and progress of public projects may be caused by, among other things, political disagreements in relation to such projects, delays in approval of the funding of proposals for public works due to objections, protests or legal actions by affected residents or entities. Any large-scale protests or occupation activity may also delay the construction works to be carried out in the affected areas. STG's engagement in public sector projects may also depend on the timing of the funding approval by the applicable committees of the Legislative Council of Hong Kong.

As a result, there may be uncertainty on the commencement date of the public sector projects (hence uncertainty on the demand of STG's steel reinforcing bar processing services), which may adversely affect our operations and financial position, including, but not limited to, our revenue for a given year, resource allocation and our analysis of the forecasted amount and timing of cash inflows and outflows of STG. Nevertheless, for the fiscal years ended December 31, 2023 and 2024, we did not experience any delay in the commencement and/or progress of public projects that had a material adverse impact on our business, financial condition or results of operations.

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***The construction services industry is highly schedule-driven, and failing to meet the schedule requirements of STG's contracts could adversely affect its reputation and expose it to financial liability.***

In some instances, STG commits to completing the production schedule by specific dates. Failing to meet these contractual schedule or completion requirements may result in various adverse consequences. These may include liability for costs due to delays, such as contractually agreed-upon liquidated damages or a requirement to cover the customers' actual costs arising from such delays. Furthermore, delays can lead to reduced profits or losses with respect to a production schedule, damage to STG's reputation, and could ultimately have a significant adverse impact on our financial position.

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***We have a limited operating history.***

We have a limited operating history since 2021. It may therefore be difficult to evaluate our future prospects accurately, which will be primarily dependent on our ability to secure tenders on construction projects and on other factors such as our ability to meet the evolving technological requirements in the construction industry.

***We incurred net losses for the fiscal year ended December 31, 2023.***

For the fiscal years ended December 31, 2023 and 2024, we recorded gross profit of $0.5 million and $3.6 million, respectively. In the same periods, we recorded net loss of $0.5 million and net profit of $1.4 million, respectively. Our increase in net profit is primarily due to the significant increase in the revenue from fiscal years 2023 to 2024. Please see "Management's Discussion and Analysis of Financial Condition and Results of Operations." for more information.

There is no assurance that we will be able to continue to generate profits in the future. Our ability to achieve future profitability depends largely on our ability to secure construction projects tenders and manage our costs and expenses. Any failure to increase our revenue sufficiently to keep pace with our investments and other expenses could prevent us from achieving or maintaining profitability or positive cash flow on a consistent basis.

***Repayment of shareholder's loans***.

As at December 31, 2024, we had total liabilities of $14.0 million which comprised loans of $9.8 million from a shareholder, which is repayable in December 2026. If we are required to repay the shareholder loan when due, we may need to divert cash resources from business operations, capital expenditures or other corporate purposes, which could impair our financial flexibility. In the event that we are unable to repay the shareholder loan, we may be forced to seek alternative financing on unfavorable terms, which could adversely affect our financial condition and business operations. There is no assurance that we will be able to refinance or restructure the shareholder loan on acceptable terms, if at all. Any adverse developments related to such shareholder loan could materially and adversely affect our business, financial condition, results of operations, and the trading price of our securities.

***The possibility of disruption, delay or equipment failure in our production facilities.***

We operate an off-site prefabrication yard in Hong Kong that specializes in the fabrication processing and fabricating of steel reinforcing bars tailored to the specific requirements of our customers. Our production facilities play a crucial role in supporting our operations as it allows us to efficiently cut and bend steel reinforcing bar accurately that meet the requirements of our customers. However, there can be no assurance that our facility will remain free from mechanical failure or operational disruptions. Our facility is subject to wear and tear, power supply issues, software or hardware malfunctions, or unforeseen technical problems that could interrupt production. In the event of a breakdown or deficiency, particularly if such issues are not promptly identified and addressed, the resulting downtime could lead to significant operational delays. These disruptions may compromise our ability to meet project timelines and fulfill contractual obligations, which could in turn harm our reputation within the market. Failure to deliver on time or at the expected quality could hinder our competitiveness when bidding for future tenders.

***Potential delay from suppliers and increase in raw materials price.***

Although our customers normally provide us with the steel bars or coils, we may be occasionally required by our customers to purchase the steel bars/coils for them to carry out the fabrication process for them. If we fail to purchase the raw materials such as the steel bar/coil on time, our production schedule may be delayed and we may not meet the deadlines imposed by our customers, which can lead to potential loss of sales in the future and an adverse impact on our reputation. In addition, steel is a key material in the construction industry and its price is subject to fluctuation. If there are any construction projects which we are responsible for the procurement of raw materials in the future when there is an increase in steel price, our profit margins may be adversely impacted.

***Competition from traditional on-site processing of steel reinforcing bars.***

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Although we operate an off-site fabrication yard, the construction market in Hong Kong remains reliant on traditional on-site rebar processing, where workers manually cut and bend rebar at the construction sites. While off-site fabrication can offer efficiency and quality benefits, many contractors and developers are accustomed to on-site rebar processing due to long-standing industry norms, perceived flexibility and lower perceived logistical complexity. As such, convincing these market participants to transition to off-site fabrication may require time, effort and education

***Failure to maintain safe work sites could result in significant losses, thereby potentially impacting our business and reputation materially.***

As STG may from time to time responsible for the delivery of the prefabricated steel reinforcing bars to construction sites of its customers, the construction sites pose potential hazards to its employees. Therefore, safety is a primary focus of our business, crucial to our reputation and operational performance. Neglecting to implement or effectively enforce safety procedures could result in employee injuries, investigations, and potential litigation. Inadequate safety standards, despite STG's safety programs, may further lead to reduced profitability or the loss of projects and customers.

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***There is no guarantee that STG can continue to lease with Hong Kong Science and Technology Park Corporation.***

STG currently leases a premises in the Yeun Long InnoPark from the Hong Kong Science and Technology Park Corporation as its production base which will expire in November 2027. There is no guarantee that the Hong Kong Science and Technology Park Corporation will renew the lease after its expiry. Under the circumstances, we will be required to seek for another production base with a higher rent and incur substantial cost for relocation.

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***There is no guarantee that STG's safety measures and procedures implemented at the construction sites will prevent the occurrence of industrial accidents of all kinds, which, in turn, might lead to claims and liability in respect to employees' compensation, personal injuries, fatal accidents, and/or property damages.***

STG has implemented work safety measures and procedures for its operating staff. However, STG relies on its personnel to oversee the implementation of these safety measures, and it cannot guarantee that all measures are consistently followed at all times. Furthermore, we can provide no assurance that the safety protocols are entirely sufficient to prevent all types of accidents. If STG's safety measures and procedures prove inadequate or are not strictly adhered to, it may lead to an accident for which STG may be sued. Consequently, this could result in liability for, and claims related to employees' compensation, personal injuries, fatal accidents, and/or property damage against STG for which insurance carried by STG or a general contractor may be insufficient.

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***There is no guarantee that STG will be remained in the CEDD's "List of Approved Steel Reinforcing Bar Prefabrication Yards".***

Our prefabrication yard is admitted as one of the six offsite steel reinforcing bar prefabrication yard approved by the CEDD in 2023. An approved prefabrication yard like us is required to maintain the compliance with the relevant quality assurance requirements for retention on CEDD's "List of Approved Steel Reinforcing Bar Prefabrication Yards". If we fail to satisfy the requirements set out by the CEDD, STG will be excluded from the list and therefore its steel reinforcing bar products may not be used in the public construction work of the Hong Kong government which will in turn have a material adverse impact on our revenue and financial condition. Nonetheless, since our admission to the list, we have not experienced any non-compliance with the standards and requirements set out by CEDD.

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***We rely heavily on our key executives, management team, and professional staff.***

Our success and growth hinge on the knowledge, experience, and expertise of our management team. It is therefore crucial for us to retain skilled management and technical personnel with the necessary industry expertise. We have secured service agreements with each director and employment contracts with our senior management and technical staff. These agreements and contracts are terminable by either party.

The potential departure of a significant number of directors, senior management, or key personnel with essential expertise could adversely impact our operations if suitable replacements cannot be promptly secured. There is no guarantee that we will successfully attract and retain qualified staff, or that existing team members will not resign in the future.

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***Our insurance coverage may be inadequate to protect us from potential losses.***

We have acquired employee compensation insurance for our directors, full-time employees and contracted workers. Besides the above, no other property insurance, business interruption insurance, directors, employees, fiduciary liability and officers liability insurance, or general third-party liability insurance is maintained. There is no guarantee that all potential losses and expenses arising from damages or liabilities related to our business can be fully reimbursed by our existing insurance coverage. If such insurance fails to cover such losses, damages, or liabilities entirely, the resulting payments that may be required to address these issues could materially adversely affect our business.

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***We may be subject to litigation, arbitration, or other legal proceeding risk.***

We may face arbitration claims and lawsuits as part of our regular business activities. As of the date of this prospectus, the Company is not aware of any impending legal proceedings that, in the view of our management, are likely to significantly impact our business, financial condition, or operations. Legal actions brought against us could lead to settlements, judgments, injunctions, fines, penalties, or other outcomes that may be unfavorable. A substantial judgment, settlement, fine, or penalty could have a material impact on our operating results or cash flows for a specific period, depending on our financial performance during that period. Additionally, such outcomes could potentially cause significant reputational damage, adversely affecting our business prospects.

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***A prolonged outbreak of the COVID-19 pandemic or any other similar health crisis could significantly harm our business, operating results, and financial condition.***

The pandemic triggered significant supply chain disruptions globally. For instance, prolonged lockdowns in major business hubs like Shanghai disrupted logistics severely, causing delays in the transport of goods. These disruptions, compounded by lockdowns in multiple countries, labor shortages, increased demand for goods, logistics network disruptions, and capacity constraints, resulted in higher freight costs and longer delivery times. Companies, including ours, reliant on construction materials faced challenges such as plant closures and supply shortages across the extended supply chain.

Furthermore, outbreaks of COVID-19 among construction site personnel could lead to labor shortages and temporary halts in construction operations, negatively impacting productivity and project timelines.

The potential resurgence of COVID-19 due to new variants, or any other similar health crisis, may pose a risk to our business. As of the date of this prospectus and for the fiscal years ended December 31, 2023 and 2024, STG has not been materially impacted by the COVID-19 pandemic or any other health crisis. However, future impacts on our operational results will depend largely on developments and information emerging about the duration and severity of any resurgence of COVID-19 or any similar health crisis, as well as governmental responses, which are beyond our control.

Given the global economic slowdown and market volatility exacerbated by the pandemic's impact on the construction industry, there is no guarantee that STG will sustain the growth rates experienced or projected. We remain vigilant, closely monitoring developments through 2024 and beyond.

**Risks Related to Our Ordinary Shares**

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***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 our Ordinary Shares at any reasonable price.***

The offering under this prospectus is an offering of our Ordinary Shares. Prior to the closing of the offering, there was no public market for our Ordinary Shares. While we plan to list our Ordinary Shares on the Nasdaq Capital Market, our listing application may not be approved. If our application to the Nasdaq Capital Market is not approved or we otherwise determine that we will not be able to secure the listing of the Ordinary Shares on the Nasdaq Capital Market, we will not complete the offering. 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 your Ordinary 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 Ordinary Shares and may impair our ability to acquire other companies by using our Ordinary Shares as consideration.

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***The trading price of our Ordinary Shares could be subject to rapid and substantial volatility, which could make it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares and result in substantial losses to the investors.***

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

The trading prices volatility and wide fluctuations could be due to factors beyond our control. This may happen due to 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. For example, if the trading volumes of our Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence the prices of our Ordinary Shares. This low volume of trades could also cause the price of our Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. 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 trading. The trading performances of other Hong Kong and Chinese companies' securities 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 our Ordinary 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 conducted any inappropriate activities. Furthermore, securities markets may from time to time experience significant price and volume fluctuations that are unrelated to our operating performance, which may have a material and adverse effect on the trading price of our Ordinary Shares.

In addition to the above factors, the price and trading volume of our Ordinary Shares may be highly volatile due to multiple factors, including the following:

● 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 services, our officers, directors, Controlling Shareholder, our business partners, or our industry;

● announcements by us or our competitors of new service 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, directors, or Controlling Shareholder;

● 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.

Any of these factors may result in large and sudden changes in the volume and price at which our Ordinary Shares will trade. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. A decline in the market price of our Ordinary Shares also could adversely affect our ability to issue additional Ordinary Shares and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all. In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition.

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

Assuming our Ordinary Shares are listed on Nasdaq, 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 our Ordinary Shares, we and our shareholders could face significant material adverse consequences, including**:**

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

● reduced liquidity for our Ordinary Shares;

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

● a limited amount of news 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 Ordinary Shares will be listed on Nasdaq, such securities will be covered securities. Although 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.

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

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

If you purchase our Ordinary Shares in this offering, you will pay substantially more than our net tangible book value per share. As a result, you will experience immediate and substantial dilution of $4.75 per share, representing the difference between our pro forma net tangible book value per share of $0.25 as of December 31, 2024, after giving effect to the net proceeds to us from this offering, assuming no change to the number of shares offered by us as set forth on the cover page of this prospectus, and an assumed public offering price of $5.00 per share (being 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 Ordinary Shares will be diluted upon the completion of this offering.

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***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 our Ordinary 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 Ordinary Shares sold in this offering, even if the initial sales by the underwriters 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.

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***Our Controlling Shareholder has 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, our Controlling Shareholder holds 80.2% of our Ordinary Shares. After this offering, our Controlling Shareholder will hold 76.19% 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 76.19% of our total issued and outstanding Ordinary Shares, representing approximately 76.19% of the total voting power.

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.

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***Our board of directors may decline to register the transfer of Ordinary Shares in certain circumstances.***

Our board of directors may under certain circumstances decline to register a transfer including any Ordinary Share which is not fully paid up or on which we have a lien. Further, our board of directors may generally require any shareholder or any person proposing to acquire our shares to provide information to show the right to make the transfer. If any such shareholder or proposed acquirer does not provide such information, or if our board of directors has reason to believe that any certification or other information provided pursuant to any such request is inaccurate or incomplete, our board of directors may delay or decline to register any transfer or to effect any issuance or purchase of shares to which such request is related.

Our directors may also decline to register any transfer of any Ordinary Share unless (i) a fee of such maximum sum as Nasdaq may determine to be payable or such lesser sum as our board of directors may from time to time require is paid to us in respect thereof; (ii) 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; (iii) the instrument of transfer is in respect of only one class of Ordinary Share; (iv) in the case of a transfer to joint holders, the number of joint holders to whom the Ordinary Share is to be transferred does not exceed four; and (v) if required, the instrument of transfer is properly stamped.

If our directors refuse to register a transfer, they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor was lodged and the transferee notice of such refusal. The registration of transfers may, after compliance with any notice required in accordance with the rules of the Nasdaq, 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 as our board of directors may determine. The period of 30 days may be extended for a further period or periods not exceeding 30 days in respect of any year if approved by our Shareholders by ordinary resolution.

This, however, is unlikely to affect market transactions of the Ordinary Shares purchased by investors in the public offering. Once the Ordinary Shares have been listed, the legal title to such Ordinary Shares and the registration details of those Ordinary Shares in the Company's register of members will remain with the Depository Trust Company. All market transactions with respect to those Ordinary Shares will then be carried out without the need for any kind of registration by the directors, as the market transactions will all be conducted through the Depository Trust Company systems.

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

We anticipate that we will use the net proceeds from this offering for our steel reinforcing bar cutting and bending business and other corporate purposes (see the section headed "Use of Proceeds" on page 52"). Our management will have significant discretion as to the use of the net proceeds to us from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the market price of our Ordinary Shares.

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

Upon the effectiveness of this offering, we will become subject to the periodic reporting requirements of the Exchange Act. We will design our disclosure controls and procedures to provide reasonable assurance that 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.

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

Our board of directors has complete discretion as to whether to distribute dividends. All dividends are subject to certain restrictions under the Cayman Islands law, namely the Company may only pay dividends either out of profit or share premium account, provided that in no circumstances may a dividend be paid out of share premium if such payment would result in the Company being unable to pay its debts as they fall due in the ordinary course of business.

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

***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.

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

We are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, all of our current directors and officers are nationals and residents of countries other than the United States. Substantially all of the assets of these persons 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 these persons or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands may render you unable to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands, see "Enforcement of Civil Liabilities." As a result of the foregoing, our shareholders may have more difficulties in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

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

We are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by the provisions of our Amended and Restated Memorandum and Articles, and by the provisions of the Cayman Islands Companies Act and the common law of 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 responsibilities 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 have no general rights under Cayman Islands law to obtain copies of the register of members or corporate records of the company. They will, however, have such rights as may be set out in the company's articles of association. A Cayman Islands exempted company may maintain its principal register of members and any branch registers in any country or territory, whether within or outside the Cayman Islands, as the company may determine from time to time. There is no requirement for an exempted company to make any returns of members to the Registrar of Companies in the Cayman Islands. The names and addresses of the members are, accordingly, not a matter of public record and are not available for public inspection. However, our Amended and Restated Memorandum and Articles contain provisions that expressly grant our shareholders the right to inspect our register of members without charge.

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

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

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The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (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. A "relevant entity" includes an exempted company incorporated in the Cayman Islands; however, it does not include an entity that is tax resident outside the Cayman Islands. Accordingly, for so long as we are a tax resident outside the Cayman Islands, we are not required to satisfy the economic substance test under the ES Act. Notwithstanding the foregoing, all companies, whether a relevant entity or not, are 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.

***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 ownership of the shares 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 nonpublic information under Regulation FD.

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

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***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 under the Exchange Act, we are permitted to take advantage of certain provisions in the Nasdaq Listing 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. For instance, we are permitted to follow the corporate governance practice of our home country in lieu of the following Nasdaq corporate government governance requirements:

● the requirement under Section 5605(b)(2) of Nasdaq Listing Rules that the independent directors have regularly scheduled meetings at which only the independent directors are present;

● the requirement under Section 5610 of the Nasdaq Listing Rules that a company adopt one or more codes of conduct applicable to all directors, officers, and employees, and that such codes are publicly available; and

● the shareholder approval requirement under Section 5635, including the requirement under Section 5635(d) of Nasdaq Listing Rules that a listed issuer obtain shareholder approval prior to issuing or selling securities (or securities convertible into or exercisable for ordinary shares) that equal 20% or more of the issuer's outstanding ordinary shares or voting power prior to such issuance or sale.

Cayman Islands law does not impose a requirement that our independent directors meet regularly without other members present. Nor does Cayman Islands law require that we obtain shareholder approval prior to issuing or selling securities that equal 20% or more of our outstanding Ordinary Shares or voting power. Nor does Cayman Islands law require that we adopt one or more codes of conduct applicable to all directors, officers, and employees, and that such codes are publicly available.

If in the future we decide to follow home country practice in lieu of the requirements under Nasdaq listing rules with respect to certain corporate governance standards, holders of our Ordinary Shares will not have the same protections afforded to shareholders of companies that are subject to all of these corporate governance requirements.

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

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

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***There can be no assurance that we will not be a Passive Foreign Investment Company ("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 our Ordinary 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 our Ordinary 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 our Ordinary 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 our Ordinary 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."

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

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

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. We 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.

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

Upon consummation of this offering, we will incur significant legal, accounting, and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley, as well as rules subsequently implemented by the SEC, impose various requirements on the corporate governance practices of public companies. We are an "emerging growth company," as defined in the JOBS Act and will remain an emerging growth company until the 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 $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior June 30; and (2) the date on which we have issued more than $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 our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

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***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.***

Under Section 5615(a)(7) of the Nasdaq Listing Rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and 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 Listing Rules, the requirement that our compensation and nominating and corporate governance committees consist entirely of independent directors and the requirement that our director nominees be selected or recommended solely by 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.

***Dilution of Shareholders' equity interests.***

We may need to raise additional funds to finance the future expansion of our existing operations or new acquisitions. As such, we may raise funds by way of issue of new equity or equity-linked securities of our Company to investors, in which case the percentage shareholding of our existing shareholders may be diluted or reduced.

**INDUSTRY AND MARKET DATA**

This prospectus includes statistical and other industry and market data that we obtained from industry publications and research, surveys, as well as estimates by our management based on such data. The market data and estimates used in this prospectus involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. Industry publications, research, surveys, studies, and forecasts generally state that the information they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus.

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

**Steel Reinforcing Bars**

Steel reinforcing bars, commonly known as rebars, play a crucial role in the construction industry. They are used to enhance the tensile strength of concrete. They allow structures to withstand various stresses and loads without cracking. The prefabrication of rebars for use in construction generally includes bending, cutting and welding to fit specific design requirements. Bending machines are used to shape the rebars into various angles and curves to conform with architectural plans. Cutting tools are employed to trim the rebars to necessary lengths, while welding is sometimes used to join multiple rebars together for added strength and stability.

High flexibility allows the rebars to be shaped and adapted to complex architectural designs, providing versatility in construction. Accurate and precise bending and cutting of rebars are essential for maintaining structural integrity and even distribution of load throughout the building structure, preventing stress concentrations which could lead to cracks or failures. Such accuracy and precision are crucial for the safety and durability of buildings, bridges and other infrastructure, making rebar a fundamental component in modern construction projects. Rebars also contribute to cost-effectiveness in construction projects, as they enhance the durability and longevity of concrete structures, making them more resistant to environmental factors such as temperature changes and moisture, thus reducing the need for frequent repairs and maintenance.

Whilst general contractors of a development project are customarily responsible for supervising the overall progress and quality of construction projects, monitoring daily operation of the construction site and coordinating subcontractors to carry out construction work, they will typically subcontract some of the construction work to subcontractors with specific expertise or capabilities based on their track records, business relationships and capital requirements. By leveraging the expertise of rebar subcontractors on their high efficiency and accuracy in bending, cutting and welding rebars, general contractors can ensure the quality of construction projects to meet specific architectural design requirements, which is crucial for maintaining the structural integrity of the construction. Such sub-contraction of rebar also helps streamline the construction process, as prefabricated rebars can be delivered ready for installation, reducing on-site labor and minimizing delays. Additionally, rebar subcontractors often have access to advanced equipment and technology, enabling them to produce rebar more cost-effectively and with less material wastage. Such collaboration between general contractors and rebar subcontractors not only enhances the overall efficiency and quality of construction projects but also allows general contractors to focus on their core responsibilities, such as project management and coordination.

**Market size of the Hong Kong Construction Market**

Due to the outbreak of the COVID-19 pandemic in early 2020, the construction industry in Hong Kong experienced a temporary decline from 2020 to 2022 due to the delays in the progress of the then ongoing construction projects and the commencement of new construction projects in Hong Kong. As the COVID-19 pandemic gradually subsided and the pandemic-related policies were relaxed in the first quarter of 2022, the construction industry started to recover since then. According to the Construction Industry Council of Hong Kong, the aggregate expenditure in Hong Kong for building work in both the public and private sectors and the civil works in the public sector (i.e., the construction work that most required the use of steel reinforcing bars) increased from US$17.6 billion in 2022 to a forecasted average of US$20.9 billion in 2025, representing a CAGR of 5.9%.

In recent years, the Hong Kong government has significantly advanced land and housing supply projects, which is expected to lead to a surge in the construction industry. Major projects include the Tung Chung New Town Extension, expected to be completed by 2030, and the New Central Harbourfront development, set to finish by 2027. Other notable projects include the Caroline Hill Road Causeway Bay commercial project, the Kwu Tung North New Development Area and the Yuen Long South New Development Areas, with completion dates ranging from 2026 to 2038. Additionally, the Hong Kong government will commence the development of Northern Metropolis, which aims to transform northern Hong Kong into a vibrant urban area, focusing on innovation, technology and connectivity with Shenzhen, the PRC and is expected to accommodate 2.5 million residents.

These infrastructure projects will significantly boost the construction industry in Hong Kong and therefore drive the demand for rebars in construction of bridges, stadiums, commercial buildings, residential buildings and recreational facilities. Based on the Construction Industry Council of Hong Kong, the expenditure for the above-mentioned types of construction work in Hong Kong is expected to further increase from a forecasted average of $21.6 billion in 2026 to $22.8 billion in 2027, representing a CAGR of 5.3% from 2022.

![](image_004.jpg)

*Source: Construction Expenditure Forecast, Construction Industry Council of Hong Kong*

 

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| | |
|:---|:---|
| *Note:* | *the amount of construction expenditure for 2023 to 2027 is based on the average of the lower and upper limits estimated by the Hong Kong Construction Industry Council.* |

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The growth drivers of rebar in Hong Kong include:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 demand generated from the above-mentioned planned and ongoing infrastructural and property
 developments in both public and private sectors in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 rising demand for technological advancement in construction industry;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 growing emphasis and continuous support from the Hong Kong government and the academia for
 the development of the construction industry to enhance the professionalism, innovation and
 capabilities of the industry.

**Key Growth Drivers**

 

*Demand for Public and Private Sectors Development*

According to the Hong Kong Government's Budget 2025-26, the financial secretary of Hong Kong had forecasted a budget deficit of $11.2 billion for the 2024-25 fiscal year, nearly doubled its original estimate of $6.2 billion. It is also expected that there will be a deficit of approximately $8.6 billion for the fiscal year ending March 31, 2026. Despite the anticipated budget deficit, the Hong Kong government had still allocated budgets for strengthening the construction industry and for infrastructural development and proposed to issue $19.2 billion to $25 billion worth of bonds under the Government Sustainable Bond Programme and the Infrastructure Bond Program every year. One of the primary focuses is the development of the Northern Metropolis, which aims to optimize industrial and spatial layouts, creating new opportunities for construction projects. The budget introduces a "large-scale land disposal" model to accelerate the completion of residential, industrial and public facilities, potentially saving over $128.2 billion in public funds. Some of the other sizeable public sector infrastructural projects include cross-boundary projects, namely, the Hong Kong-Shenzhen Western Rail Link (Hung Shui Kiu — Qianhai) and the Northern Link Spur Line; the New Development Areas in Kwu Tung North, Hung Shui Kiu/Ha Tsuen, Yuen Long South and expansion works of the Science Park and Cyberport. Meanwhile, private sector developments are also expected to subsist, including the commercial project in Caroline Hill Road Causeway Bay co-developed by Hysan Development and Chinachem Group (two of the largest property development groups in Hong Kong), which is expected to be completed in 2026. It is expected that the increase in demand for construction works will translate into growth opportunities for the construction industry in Hong Kong.

 

*Advancement in construction industry*

As the construction industry advances to accommodate the upgrading of infrastructure and buildings, the importance of rebar processing is becoming increasingly evident. Skilled professionals with expertise in specialized steel technologies and design are in high demand to ensure that new structures are safe, durable, and innovative. The growing trend towards advanced rebar prefabrication techniques is crucial for meeting these standards. In addition, the establishment of the engineering research center for steel construction at the Hong Kong Polytechnic University in 2015 also highlights the rising significance of the rebar and steel construction industry. This center is set to become a hub for cutting-edge research and development, fostering collaboration between academia and industry. The Hong Kong government's support for this initiative underscores its commitment to advancing the sector through education and innovation. By investing in the training and development of skilled professionals, Hong Kong aims to strengthen its construction industry, ensuring it remains competitive and capable of meeting future challenges.

 

*Government and Academia Supporting Industry Growth*

The 2025-26 Budget outlines several key policies and funding allocations to support the Construction Industry Council of Hong Kong. One of the primary focuses is enhancing the professionalism, innovation capabilities and cost-effectiveness management of the construction industry. The budget allocates $1.9 million for the Centre of Excellence for Major Project Leaders, which aims to improve the skills and expertise of construction professionals, promoting high standards and innovation within the industry. The rebar industry, as a key segment of Hong Kong's construction industry, is expected to benefit substantially from the government's funding to the Construction Industry Council of Hong Kong. Additionally, the government and Construction Industry Council will jointly allocate $12 million to provide on-the-job training subsidies for trainees enrolling in part-time construction-related degree programs so as to encourage more young people to join the construction industry. Furthermore, the Construction Industry Council will allocate $19 million to subsidize on-the-job training for graduates of degree programs in engineering, architecture, surveying, planning, and landscape architecture. It is anticipated that, with more extensive training, the construction industry (including the steel reinforcing bar industry) can overcome its long-standing labor challenges.

**Market Trends and Opportunities**

 

*Rising technological requirements in the construction industry*

The rebar manufacturing industry in Hong Kong is poised for significant growth, driven by the convergence of technological advancements and the construction sector's evolving demands for precision, efficiency and sustainability. Innovations such as micro-alloying, thermo-mechanical treatment and high-strength deformed bars are transforming the quality, strength and durability of rebars, offering enhanced resistance to corrosion, fatigue and seismic activity. These advancements, coupled with the integration of automated and digital manufacturing technologies, enable unparalleled precision, operational efficiency and cost optimization, aligning with the construction industry's need for high-performance materials.

The rising adoption of Building Information Modeling (BIM) is further enhancing the industry by enabling more efficient planning, design, and management of construction projects. BIM facilitates the precise modeling of rebar placement, reducing errors, ensuring optimal structural integrity and minimizing material wastage. As BIM adoption accelerates, it is driving demand for rebar that is meticulously manufactured to meet the exact specifications of digital construction models. This trend not only enhances accuracy and efficiency but also delivers substantial cost savings, positioning rebar manufacturers as critical partners in Hong Kong's progressive construction landscape.

With the construction sector increasingly prioritizing sustainability, safety, and compliance with rigorous standards, the market presents a compelling opportunity for rebar manufacturers equipped to deliver advanced, cutting-edge solutions. The synergy between technological innovation, BIM integration and market demand establishes a strong foundation for the industry to thrive, particularly in Hong Kong's space-constrained and high-density urban environment. This dynamic landscape offers rebar manufacturers a scalable and high-margin growth trajectory, solidifying their role as key players of modern construction practices.

 

*Sustainability and green building*

The rebar manufacturing industry in Hong Kong is strategically positioned to leverage the escalating focus on sustainability and green building practices within the construction sector. As the industry transitions toward eco-friendly solutions, manufacturers embracing sustainable practices, such as utilizing recycled steel scrap and deploying energy-efficient production methods, are securing a distinct competitive advantage. The rising demand for rebar with reduced carbon footprints is propelled by stringent green building certifications and regulatory frameworks that prioritize sustainable construction materials. Off-site rebar prefabrication amplifies these eco-friendly solutions by minimizing on-site waste, optimizing material usage, and reducing energy consumption during construction. This innovative approach not only aligns with rigorous environmental standards but also enhances project efficiency, precision, and timelines, addressing the evolving demands of Hong Kong's construction landscape. Given these dynamics, off-site rebar prefabricators are uniquely positioned to capitalize on this industry trend, offering cutting-edge, eco-conscious solutions and harnessing the operational efficiencies of prefabrication. This positions them as pivotal players in Hong Kong's rapidly advancing, sustainability-driven construction market, unlocking significant growth opportunities and long-term value for stakeholders.

 

*Advantages of Off-site Rebar Prefabrication* 

The off-site rebar prefabrication business represents a transformative growth opportunity, particularly in high-density urban markets like Hong Kong, where space constraints and logistical challenges have long hindered construction efficiency. By shifting the production of steel rebars to off-site facilities, this model addresses critical difficulties for developers, including the need for on-site storage space, project delays, and rising construction costs. In Hong Kong, where land scarcity is a defining characteristic, off-site prefabrication offers a scalable solution to optimize space utilization, reduce material waste, and accelerate project timelines, which are key factors in driving developer adoption.

The global construction industry's shift toward modular and prefabricated methods, coupled with increasing urbanization and infrastructure development, positions the off-site rebar prefabrication market for robust expansion. In Hong Kong, the construction sector is projected to grow steadily, fueled by government infrastructure initiatives and private sector investments in residential and commercial developments. By aligning with sustainability goals and delivering tangible cost and time savings, off-site rebar prefabrication is uniquely positioned to capture a significant share of this burgeoning market.

As developers increasingly prioritize efficiency and innovation, the off-site rebar prefabrication industry is poised to gain popularity of modern construction practices, offering a scalable business model with substantial growth potential in Hong Kong and beyond. This market opportunity is further amplified by the industry's ability to address the unique challenges of space-constrained urban environments, making it an indispensable solution for the future of construction.

**Market Challenges and Threats**

 

*Insufficient Skilled Labor*

Due to Hong Kong's aging population and more stringent requirements on workers' skills and qualifications, the construction industry has been facing a severe shortage of experienced and skilled labor. According to the "Manpower Forecast for Hong Kong Construction Industry" published by the Construction Industry Council of Hong Kong, there is a shortfall of 15,000 to 20,000 skilled construction workers in Hong Kong in 2025; the average age of the civil and building workers is 51.6, with workers aged 50 and above accounted for 58.7% of the workforce. Lack of skilled labor and the lack of new entrants may cause potential delays in projects as well as quality issues and reworks, which can lead to cost overruns and declined profitability. As such, industry players may face operational pressure, as they may not be able to take up new projects or expand their operations due to lack of manpower, which can also lead to loss of potential business opportunities and slower growth. In the event that STG is unable to hire labor with sufficient skills in adequate numbers, our ability to conduct our operations at the desired level could be impaired, which would have a materially adverse impact on our operating subsidiary's operations and our results of operation.

 

*Rising Project Requirements*

There has been a rising trend of project requirements in the construction industry with respect to sustainability and compliance. With a growing focus on sustainability in construction projects in Hong Kong, there may be more complexity in the design and construction process. For example, incorporating energy-efficient features or green spaces into a building design may require additional planning and expertise. Hong Kong also has strict building codes and regulations in place to ensure the safety and quality of construction projects. Compliance with these regulations can add complexity to the prefabrication process of rebar, particularly for large-scale and complicated projects. In the event that STG is unable to deliver rebars which meet the required standards and complexity of the customers, its operations and ability to generate revenue may be adversely impacted, which, in turn, could have a materially adverse impact on our results of operation.

 

*Hong Kong Government's Fiscal Deficit*

Under the challenges of fiscal deficits and declining reserves in recent years, the Hong Kong government has prioritized its spending, mainly in education and healthcare, and has been reducing overall expenditures to maintain a fiscal balance. As such, infrastructure projects in the public sector may inevitably face budget cuts or delays. This can impact the construction, maintenance and expansion of infrastructure such as roads, bridges and public transportation systems. These public infrastructure works play a significant role in urban development and can act as catalysts for private construction of buildings, as they enhance connectivity, accessibility, and the overall attractiveness of an area. Delay in infrastructure works can lead to a decrease in demand for private construction projects such as residential buildings, commercial complexes, and offices. In the event that the Hong Kong government reduces or delays the budget for infrastructure projects in the public sector, STG might have fewer projects, and its sales and revenues would, consequently, be materially adversely affected, which, in turn, could have a materially adverse impact on our results of operation.

**ENFORCEMENT 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 because of certain benefits associated with being a Cayman Islands exempted company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions, and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition, Cayman Islands companies do not have standing to sue before the federal courts of the United States.

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

We have appointed Cogency 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.

**Cayman Islands**

*Enforceability*

 

Conyers, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would: (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.

We have been advised by Conyers, our counsel as to Cayman Islands law, that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States, the courts of the Cayman Islands would recognize as a valid judgment, a final and conclusive judgment *in personam* obtained in the federal or state courts of the United States against the Company under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or, in certain circumstances, an *in personam* judgment for non-monetary relief, and would give a judgment based thereon provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such courts did not contravene the rules of natural justice of the Cayman Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (f) there is due compliance with the correct procedures under the laws of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from United States courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

**Hong Kong**

Haldanes, 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.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with 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, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being a sum payable in respect of taxes or other charges of a like nature or in respect of 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.

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.

**USE OF PROCEEDS**

Based upon an assumed initial public offering price of $5.00 per Ordinary Share, which is the midpoint of the estimated initial public offering 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 $4.5 million if the underwriter does not exercise the Over-Allotment Option, and $5.4 million if the underwriter exercises the Over-Allotment Option in full.

We plan to use the net proceeds we receive from this offering for the following purposes:

● approximately 70% for enhancement of our production capacity;

● approximately 20% for recruitment of additional personnel for middle management and operations; and

● approximately 10% for working capital for 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. We do not intend to use any portion of the net proceeds from this offering to repay any part of our bank borrowings and loan due to a related party. 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 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 have not previously declared or paid cash dividends and has no plan to declare or pay any dividends in the near future on our shares. We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business, and we do not anticipate declaring or paying any dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects, other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

Subject to the Cayman Islands Companies Act and our Amended and Restated Memorandum and Articles, our board of directors may, by resolution of directors, authorize and declare a dividend to our shareholders at such time and of such an amount as they think fit and if the dividend is to be paid out of our share premium account, they are satisfied that immediately following the date on which the dividend is proposed to be paid, we will be able to pay our debts as they fall due in the ordinary course of our business.

As we are a holding company with no substantial business operations, we will rely on dividends paid to us by our subsidiaries for our cash requirements, including funds to pay any dividends and other cash distributions to our shareholders, service any debt we may incur, and pay our operating expenses. Our ability to pay dividends to our shareholders will depend on, among other things, the availability of dividends from our subsidiaries. According to the BVI Companies Act, a BVI company may declare and pay dividends and make distribution if the directors of the BVI company are satisfied, on reasonable grounds, that the BVI company will immediately after the distribution, satisfy the statutory solvency test, i.e. the value of the BVI company's assets exceeds its liabilities and the BVI company is able to pay its debts as they fall due. According to the Hong Kong Companies Ordinance, 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.

**CAPITALIZATION**

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

● an actual basis; and

● a pro forma basis to give effect to the sale of Ordinary Shares in this offering at the assumed initial public offering price of $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, 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 <br> December 31, 2024** | **As of <br> December 31, 2024** |
|  | **Actual** | **Pro forma<sup>(1)</sup>** |
|  | **$'000** | **$'000** |
| Ordinary Shares, $0.0001 par value, 500,000,000 Ordinary Shares authorized, 23,750,000 Ordinary Shares issued and outstanding; 25,000,000 Ordinary Shares issued and outstanding pro forma | 2 | 3 |
| Additional paid-in capital | 1449 | 5968 |
| Subscription receivables | (2) | (2) |
| Retained earnings | 343 | 343 |
| Exchange reserve | 8 | 8 |
| Total shareholders' equity | 1800 | 6319 |
| Bank borrowings | - | - |
| Total capitalization | 1800 | 6319 |

---

(1) Reflects the sale of Ordinary Shares in this offering at an assumed IPO of $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, non-accountable expense allowance, and estimated offering expenses payable by us. The pro forma information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this offering determined at pricing. Additional paid-in capital reflects the net proceeds we expect to receive after deducting the underwriting discounts (underwriting discount equal to 7% per Ordinary Share), non-accountable expense allowance and estimated offering expenses payable by us ($1.2 million). We estimate that such net proceeds will be approximately $4.5 million. For an itemization of an estimation of the total offering expenses payable by us, see "Expenses Related to this Offering."

**DILUTION**

If you invest in our Ordinary Shares in this offering, your interest will be immediately diluted to the extent of the difference between the initial public offering 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 initial public offering price per Ordinary Share is substantially in excess of the net tangible book value per Ordinary Share. As of December 31, 2024, we had a historical net tangible book value of $1.8 million, or $0.08 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 December 31, 2024.

After giving effect to the sale of Ordinary Shares in this offering at the assumed initial public offering price of $5.00 per Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we will have 25,000,000 Ordinary Shares outstanding, and after deducting the underwriting discounts, non-accountable expense allowance, and estimated offering expenses payable by us, our pro forma net tangible book value at December 31, 2024 would have been $6.3 million, or $0.25 per Ordinary Share. This represents an immediate increase in pro forma net tangible book value of $0.18 per Ordinary Share to existing investors and immediate dilution of $4.75 per Ordinary Share to new investors. The following table illustrates this dilution to new investors purchasing Ordinary Shares in this offering:

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| | | |
|:---|:---|:---|
|  | **Post-<br> Offering<sup>(1)</sup>** | **Full <br> Exercise of<br> the Over-<br> Allotment <br> Option<sup>(2)</sup>** |
| Assumed initial public offering price per Ordinary Share | $5.00 | $5.00 |
| &nbsp;&nbsp;&nbsp;Net tangible book value per Ordinary Share as of December 31, 2024 | $0.08 | 0.08 |
| &nbsp;&nbsp;&nbsp;Increase in pro forma net tangible book value per Ordinary Share attributable to new investors purchasing Ordinary Shares in this offering | $0.18 | 0.21 |
| Pro forma net tangible book value per Ordinary Share after this offering | $0.25 | 0.29 |
| Dilution per Ordinary Share to new investors in this offering | $4.75 | 4.71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes gross proceeds from the offering of 1,250,000 Ordinary Shares, and assumes that the Over-Allotment Option has not been exercised.

(2) Assumes gross proceeds from the offering of 1,437,500 Ordinary Shares, and assumes that the Over-Allotment Option has been exercised in full.

Each $1.00 increase (decrease) in the assumed initial public offering price of $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 net tangible book value as of December 31, 2024, after this offering by approximately $0.05 per Ordinary Share, and would increase (decrease) dilution to new investors by $0.95 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, non-accountable expense allowance, and estimated offering expenses payable by us.

If the underwriter exercises the Over-Allotment Option in full, the pro forma net tangible book value per Ordinary Share after this offering would be $0.29, the increase in net tangible book value per Ordinary Share to existing shareholders would be $0.21, and the immediate dilution in net tangible book value per Ordinary Share to new investors in this offering would be $4.71.

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 December 31, 2024, 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 Shares paid at the assumed initial public offering price of $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, non-accountable expense allowance and estimated offering expenses. The total number of Ordinary Shares does not include Ordinary Shares issuable upon the exercise of the Over-Allotment Option granted to the underwriter.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares<br> purchased** | **Ordinary Shares<br> purchased** | **Total <br> consideration** | **Total <br> consideration** | |
|  | **Number** | **%** | **Amount** | **%** | **Average<br> price per<br> Ordinary**<br>**Share** |
| Existing shareholders | 23750000 | 95% | $1451 | 0.02 | $<0.01 |
| New investors | 1250000 | 5% | $6250000 | 99.98 | $5.00 |
| Total | 25000000 | 100% | $6251451 | 100 | $0.25 |

---

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

**CORPORATE HISTORY AND STRUCTURE**

**Our Corporate History**

STG, our wholly-owned operating subsidiary incorporated in Hong Kong in June 2021, is owned as to 50% and 50% by SMP and Smart Rebar respectively.

Since December 2024, we have undergone a reorganization of our legal structure such that (i) on December 27, 2024, Star Equity became the sole shareholder holding 100% interest of SMP and Smart Bar; (ii) we were incorporated under the laws of the Cayman Islands on April 17, 2025 with Star Equity being our sole shareholder; (iii) on the same date (April 17, 2025), Star Equity transferred 100% of its interest in SMP and Smart Rebar to us. As a result of the reorganization completed on April 17, 2025, we became the holding company of SMP and Smart Rebar and therefore wholly-owned STG. Since each of SMP, Smart Rebar and STG has been under the common control of the same controlling shareholder, Star Equity, both before and after the reorganization, the consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability and are the holding company of our BVI and Hong Kong subsidiaries. We have no material operations of our own. We conduct our operations primarily in Hong Kong through our operating subsidiary, STG. STG is a steel reinforcing bar service provider providing offsite cut-and-bend services to our customers engaged in the construction projects in public and private sectors in Hong Kong.

Our principal office is located at 51 & 53 Fu Hi Street, Yuen Long, Hong Kong. Our telephone number is +852 2186 9085. Our registered office in the Cayman Islands is located at the office of Conyers Trust Company (Cayman) Limited at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, 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. Information contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus.

**Our Corporate Structure**

The following diagram illustrates our corporate structure as of the date of this prospectus:

On April 23, 2025, Star Equity sold an aggregate of 19.8% of our issued share capital to four investors for an aggregate consideration of $154,440. As of the date of this prospectus, our Controlling Shareholder owns 80.2% of our issued share capital and the remaining 19.8% of our share capital is held as to 4.98% by Daily Charm Inc., as to 4.97% by Miracle Worldwide Investment Limited, as to 4.95% by Max Premier Limited and as to 4.9% by Jumbo Harbour Group Limited.

Upon completion of this offering based on 1,250,000 Ordinary Shares being offered, (assuming no exercise of the Over-Allotment Option), our share capital will be owned as to 76.19% by Star Equity, as to 76.19% by Daily Charm Inc., as to 4.72% by Miracle Worldwide Investment Limited, as to 4.70% by Max Premier Limited, as to 4.66% by Jumbo Harbour Group Limited and as to the remaining 5.0% by the public shareholders.

For details of our principal shareholders' ownership, please refer to the beneficial ownership table in the section captioned "Principal Shareholders."

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

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and 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.*

 

**Overview**

We, through STG, our wholly owned operating subsidiary, are a steel reinforcing bars service provider in Hong Kong operating one of the six steel reinforcing bar prefabrication yards approved by the CEDD in Hong Kong, providing customized offsite cut-and-bend services to our customers at our prefabrication yard. The prefabricated steel reinforcing bars produced are ready for immediate use, with consistent product quality that would reduce the works on construction site, yield better safety and less construction wastage.

Our direct customers are mostly the registered general building contractors under the HKBO and subcontractors of various types of building and infrastructure projects in Hong Kong. We principally provide prefabricated steel reinforcing bars for both (i) public sector projects, including infrastructure, public facilities and public residential developments, and (ii) private sector projects, which are mostly private commercial, residential and industrial developments. Public sector projects refer to projects in which the general contractors are employed by public authority, while private sector projects refer to projects that are not public sector projects. We are a fast growing company and our revenue increased by 113% from $6.2 million for the fiscal year ended December 31, 2023 to $13.2 million for the fiscal year ended December 31, 2024. Our revenue mainly comprised of (i) subcontracting fees for the bending and cutting of steel reinforcing bars (where we processed 31,500 and 57,800 tonnes of steel reinforcing bars during the fiscal years of 2023 and 2024 respectively); (ii) rental income from leasing of our machineries; and (iii) transportation income from delivering the prefabricated steel reinforcing bars to our customer's construction sites.

During the fiscal years 2023 and 2024, we have been engaged to undertake a number of large scale construction projects in the public and private sectors including the public housing projects in Yuen Long, Fanling, Tuen Mun and Ngau Tau Kok, Hong Kong, the rebar fixing and drainage works for the Hong Kong Western Harbour Crossing and a number residential developments in the private sector.

**<u>Results of Operations</u>**

**Comparison of Fiscal Years Ended December 31, 2023 and 2024**

The following table sets forth key components of our results of operations for the fiscal years ended December 31, 2023 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Fiscal Years Ended <br> December 31** | **For the Fiscal Years Ended <br> December 31** | | |
| <br>***($'000)*** | **2023** | **2024** |<br>**Variance** |<br>**%** |
| **Revenue – third parties** | $4317 | 12668 | 8351 | 193.4% |
| **Revenue – related parties** | 1854 | 500 | (1354) | (73.0)% |
| Cost of revenue | (5659) | (9567) | (3908) | 69.1% |
| **Gross profit** | 512 | 3601 | 3089 | 603.3% |
| Other income | 48 | 634 | 586 | 1220.8% |
| Allowance for credit loss on accounts receivables | (30) | (238) | (208) | 693.3% |
| Administration expenses | (670) | (1593) | (923) | 137.8% |
| **(Loss)/profit from operations** | (140) | 2404 | 2544 | 1817.1% |
| Finance costs | (410) | (908) | (498) | 121.5% |
| **(Loss)/profit before taxation** | (550) | 1496 | 2046 | 372.0% |
| Income tax expenses | - | (56) | (56) | 100.0% |
| **(Loss)/profit attributable to shareholders** | $(550) | 1440 | 1990 | 361.8% |
| **Other comprehensive income** |  |  |  |  |
| Exchange differences on translation of foreign operations | (6) | 17 | 23 | 383.3% |
| **Total comprehensive income attributable to shareholders** | $(556) | 1457 | 2013 | 362.1% |

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***Revenue***

Our revenue mainly comprised of (i) sub-contracting income for bending and cutting the steel reinforcing bars in accordance with our customers' specifications for use in their construction projects; (ii) rental income from leasing of our machineries; (iii) transportation income from delivering the prefabricated steel reinforcing bars to the customers' construction sites.

Our revenue increased by 113.4% from $6.2 million for the fiscal year ended December 31, 2023 to $13.2 million for the fiscal year ended December 31, 2024, the increase was attributable to our admission to the CEDD's "List of Approved Steel Reinforcing Bar Prefabrication Yards" in February 2023 which had significantly enhanced our market recognition and enabled us to successfully bid more construction projects, particular construction projects from the public sector.

The following table sets forth the breakdown of our revenue for the fiscal years ended December 31, 2023 and 2024, respectively

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Fiscal Years Ended December 31** | **For the Fiscal Years Ended December 31** | **For the Fiscal Years Ended December 31** | **For the Fiscal Years Ended December 31** | **Variance** | **Variance** |
| <br>***($'000)*** | **2023** | **%** | **2024** | **%** | **Amount** | **%** |
| Subcontracting income from bending and cutting of steel reinforcing bar | $4012 | 65.0% | $8639 | 65.6% | $4627 | 115.3% |
| Transportation income | 1191 | 19.3% | 2275 | 17.3% | 1084 | 91.0% |
| Rental income from leasing of machineries | 968 | 15.7% | 2254 | 17.1% | 1286 | 132.9% |
| **Total** | $6171 | 100.0% | $13168 | 100.0% | $**6997** | **113.4%** |

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The following table sets forth the breakdown of our revenue by sectors for the fiscal years ended December 31, 2023 and 2024, respectively:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Fiscal Years Ended** **December 31** | **For the Fiscal Years Ended** **December 31** | **For the Fiscal Years Ended** **December 31** | **For the Fiscal Years Ended** **December 31** | **Variance** | **Variance** |
| <br>**($'000)** | **2023** | **%** | **2024** | **%** | **Amount** | **%** |
| **Public sector** |  |  |  |  |  |  |
| – Infrastructure and public facilities | $2055 | 33.3% | $1222 | 9.3% | $(833) | (40.5)% |
| – Residential | 1409 | 22.8% | 8040 | 61.0% | 6631 | 470.6% |
|  | 3464 | 56.1% | 9262 | 70.3% | 5798 | 167.4% |
| **Private sector** |  |  |  |  |  |  |
| – Commercial/infrastructure | 323 | 5.2% | 232 | 1.8% | (91) | (28.2)% |
| – Residential | 2384 | 38.7% | 3674 | 27.9% | 1290 | 54.1% |
|  | 2707 | 43.9% | 3906 | 29.7% | 1199 | 44.3% |
| **Total** | $6171 | 100.0% | $13168 | 100.0% | $**6997** | **113.4%** |

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*Public Sector*

Revenue derived from the public sector for the fiscal year ended December 31, 2024 was $9.3 million, representing an increase of $5.8 million or 167.4% from $3.5 million for the fiscal year 2023. As mentioned above, the increase in our revenue derived from the public sector for the fiscal year ended December 31, 2024 was mainly due to our admission to the CEDD's "List of Approved Steel Reinforcing Bar Prefabrication Yards" in February 2023 which enabled us to successfully bid more government construction projects.

*Private sector*

Revenue derived from the private sector for the fiscal year ended December 31, 2024 was $3.9 million, representing an increase of $1.2 million or 44.3% from $2.7 million for the fiscal year 2023. As mentioned above, due to the enhancement of our market recognition as a result of our admission to the CEDD's "List of Approved Steel Reinforcing Bar Prefabrication Yards" which enable us to successfully bid more tenders in the private sector.

***Cost of revenue***

The following table set forth the breakdown of our cost of revenue for the fiscal years ended December 31, 2023 and 2024, respectively:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Fiscal Years Ended December 31** | **For the Fiscal Years Ended December 31** | **For the Fiscal Years Ended December 31** | **For the Fiscal Years Ended December 31** | **Variance** | **Variance** |
| <br>***($'000)*** | **2023** | **%** | **2024** | **%** | **Amount** | **%** |
| Staff salaries and benefits | $3307 | 58.4% | $6447 | 67.4% | 3140 | 95.0% |
| Lease expenses | 999 | 17.7% | 1356 | 14.2% | 357 | 35.7% |
| Vehicle and transportation expenses | 702 | 12.4% | 796 | 8.3% | 94 | 13.4% |
| Depreciation | 372 | 6.6% | 385 | 4.0% | 13 | 3.5% |
| Factory expenses | 123 | 2.2% | 242 | 2.5% | 119 | 96.7% |
| Insurance |  | -% | 127 | 1.3% | 127 | 100% |
| Utilities | 65 | 1.1% | 94 | 1.0% | 29 | 44.6% |
| Others | 91 | 1.6% | 120 | 1.3% | 29 | 31.9% |
| **Total** | $5659 | 100.0% | $9567 | 100.0% | $3908 | 69.1% |

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Our cost of revenue during the fiscal years ended December 31, 2023 and 2024 comprised:

 

*<u>Staff salaries and benefits</u>*

It represents the salaries, other welfare and allowances and contributions to the retirement benefit scheme provided to our operating staff. The increase was mainly attributable to the employment of more contracted workers given the increase in demand of our subcontracting services.

*<u>Lease expenses</u>*

It represents the lease expenses for our prefabrication yard and storage. The increase was mainly attributable to the lease of additional parcels of land for storage.

*<u>Vehicle and transportation</u>*

It mainly represents the expenses for our vehicles to transport our steel reinforcing bar products to our customers.

*<u>Depreciation</u>*

It mainly represents the depreciation of our machinery and equipment in our factory.

*<u>Factory expenses</u>*

It mainly comprised the management fee, the rent and rates of our factory and the repair and maintenance expenses for our machinery and equipment.

***Gross profit and gross profit margin***

Our gross profit increased by $3.1 million from $0.5 million for the fiscal year ended December 31, 2023 to $3.6 million for the fiscal year ended December 31, 2024, and gross profit margin also increased by 19.0% from 8.3% for the fiscal year ended December 31, 2023 to 27.4% for the fiscal year ended December 31, 2024. Since a significant portion of our cost of revenue comprised fixed cost such as depreciation, transportation cost, lease and factory expenses, etc, the increase in revenue has thus led to our improvement in gross profit and gross profit margin.

***Other income***

Other income comprises proceeds from sales of scrap materials, bank interest income, interest income from a loan due from a former director and the government subsidies granted under the Re-industrialisation Funding Scheme from the Hong Kong government for establishment of our smart production lines.

***Administration expenses***

The following table sets forth the breakdown of our administrative expenses for the fiscal years ended December 31, 2023 and 2024, respectively:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Fiscal Years Ended March 31,** | **For the Fiscal Years Ended March 31,** | **For the Fiscal Years Ended March 31,** | **For the Fiscal Years Ended March 31,** | **Variance** | **Variance** |
| <br>***($'000)*** | **2023** | **%** | **2024** | **%** | **Amount** | **%** |
| Staff salary and benefits | $303 | 45.2% | $555 | 34.9% | $252 | 83.2% |
| Office expenses | 142 | 21.2% | 268 | 16.8% | 126 | 88.7% |
| Depreciation | 141 | 21.0% | 223 | 14.1% | 82 | 58.2% |
| Legal and professional fee | 37 | 5.5% | 35 | 2.2% | (2) | (5.4)% |
| Insurance | 27 | 4.1% | 104 | 6.5% | 77 | 285.2% |
| Written off of equipment |  | -% | 33 | 2.1% | 33 | 100.0% |
| Allowance for credit loss on other receivables |  | -% | 343 | 21.5% | 343 | 100.0% |
| Others | 20 | 3.0% | 32 | 1.9% | 12 | 60.0% |
| Total | $670 | 100% | $1593 | 100% | $923 | 137.8% |

---

Our administrative expenses comprised of:

*<u>Staff costs</u>*

It represents the fees, salaries, discretionary bonuses, other welfare and allowances and contributions to the retirement benefit scheme provided to our directors and staff.

*<u>Depreciation</u>*

It represents the depreciation charged for our furniture, fixtures and office equipment.

*<u>Legal and professional fees</u>*

It mainly represents the service fees incurred for audit and accounting services and legal advisory services.

*<u>Insurance</u>*

It represents the insurance premium for insurance policies purchased.

*<u>Allowance for credit loss on other receivables</u>*

It represents the impairment loss for allowance on credit loss on other receivables of $0.3 million (2023: $Nil) for the fiscal year ended December 31, 2024 based on our assessment.

Our administrative expenses were $1.6 million for the fiscal year ended December 31, 2024, an increase of $0.9 million, or 137.8%, from $0.7 million in fiscal year 2023. We expect our administrative expenses, including, but not limited to, staff costs, to increase in the foreseeable future as our business further grows. We expect our legal and professional fees for legal, audit, and advisory services will increase as we will incur the audit, legal and advisory fees for this offering and subsequently become a public company upon the completion of this offering.

***Finance costs***

Our finance cost comprised interests on our borrowings. For the fiscal year ended December 31, 2024, our finance cost increased by $0.5 million to $0.9 million as compared to $0.4 million in fiscal year ended December 31, 2023.

***Allowance for credit loss on accounts receivables***

Based on our assessment, we recorded an impairment loss for allowance of credit loss on accounts receivables of $0.2 million (2023: $0.03 million) for the fiscal year ended December 31, 2024.

***Profit before taxation***

Our profit before taxation was $1.5 million for the fiscal year ended December 31, 2024, or an increase of $2.0 million from loss of $0.5 million for the fiscal year ended December 31, 2023. The increase in our profit before taxation was primarily attributable to the significant increase in our revenue for the fiscal year of 2024.

***Income tax expenses***

We and our subsidiaries are subject to income tax on an entity basis on profit arising in or derived from the jurisdiction in which the Company and its subsidiaries are domiciled or operate. Income tax expense is comprised mainly of Hong Kong income tax.

STG is subject to a two tiered profits tax rate for taxable income within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to HK$2,000,000 (equivalent to approximately $255,000) and 16.5% on any part of assessable profits over HK$2,000,000 (equivalent to approximately $255,000). For the fiscal years ended December 31, 2024, STG had assessable profits arising in Hong Kong and provision of current tax of $0.06 million (2023: $Nil) was made. Additionally, the respective impact of temporary differences between the carrying amount of assets and liabilities of a charge of $0.1 million (2023: charge of $0.06 million) for the year ended December 31, 2024.

***Profit attributable to shareholders***

As a result of the foregoing, we reported a net profit attributable to shareholders of $1.4 million for the fiscal year ended December 31, 2024, as compared to a net loss of $0.5 million for the fiscal year ended December 31, 2023.

***Other comprehensive income***

Foreign currency translation adjustment amounted to a loss of $6,000 and a gain of $17,000 for the fiscal year ended December 31, 2023 and 2024, respectively. The balance sheet amounts, with the exception of equity, on December 31, 2024 were translated at the rate of HK$7.7085 per $1, as compared HK$7.7535 per $1 on December 31, 2023. The equity accounts were stated at their historical rate. The average translation rates applied to the income statements accounts for the fiscal year ended December 31, 2024 and 2023 were at the rate of HK$7.8189 per $1 and HK$7.8326 and $1, respectively. The change in the value of the HK$ relative to the U.S. dollar may affect our financial results reported in U.S. dollar terms without giving effect to any underlying change in our business or results of operation.

**Liquidity and Capital Resources**

To date, we have financed our operations primarily through cash flows from operations and borrowings. We plan to support our future operations primarily from cash generated from our operations and our initial public offering proceeds.

As reflected in our audited consolidated financial statements, we had a net profit of $1.5 million for the fiscal year ended December 31, 2024, as compared to a net loss of $0.5 million for the fiscal year ended December 31, 2023. As of December 31, 2024, we had cash of $0.06 million compared to $0.2 million as of December 31, 2023. We had net assets of $1.8 million as of December 31, 2024. Our working capital requirements are influenced by the size of our operations, the volume and dollar value of our sales contracts, the progress of execution on our customer contracts, and the timing for collecting accounts receivable, and repayment of accounts payable.

On December 31, 2024, all interest payable of $1.4 million accrued from the loans granted by a shareholder, Star Equity, till December 31, 2024 was capitalized. As a result, as at December 31, 2024, there were three loans due from Star Equity, (i) two of which had a principal amount of $6.8 million in aggregate and were unsecured and interest bearing of 6% per annum, which were assigned to Star Equity under a deed of loan assignment entered in December 2024, (ii) the other loan of which had a principal amount of $2.9 million and was unsecured and interest bearing of 5.375% per annum. All of these three loans are repayable in December 2026.

We believe that our current cash and cash flows provided by operating activities, borrowings, and the estimated net proceeds from this offering will be sufficient to meet our working capital needs in the next 12 months from the date the audited consolidated financial statements are issued. If we experience an adverse operating environment or incur unanticipated capital expenditure requirements, or if we determine to accelerate our growth, then additional financing may be required. No assurance can be given, however, that additional financing, if required, would be available at all or on favorable terms. Such financing may include the use of additional debt or the sale of additional equity securities. Any financing that involves the sale of equity securities or instruments that are convertible into equity securities could result in immediate and possibly significant dilution to our existing shareholders.

The following table sets forth a summary of our cash flows for the fiscal years ended December 31, 2023 and 2024:

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| | | |
|:---|:---|:---|
| | **For the Fiscal Years Ended <br> December 31,** | **For the Fiscal Years Ended <br> December 31,** |
| <br>**($'000)** | **2023** | **2024** |
| Net cash flow used in operating activities | $(481) | $(2562) |
| Net cash flow used in investing activities | (636) | (334) |
| Net cash flow generated from financing activities | 1201 | 2755 |
| Net increase/(decrease) in cash and cash equivalents | $84 | $(141) |
| Cash and cash equivalents at the beginning of the year | 109 | 201 |
| Effect of foreign exchange rate | 8 | (3) |
| Cash and cash equivalents at the end of the year | $201 | $57 |

---

**Operating Activities**

Net cash used in operating activities amounted to $0.5 million for the fiscal year ended December 31, 2023, mainly derived from (i) net loss before taxation of $0.6 million for the fiscal year ended December 31, 2023; (ii) various non-cash items of $1.9 million, such as finance costs, allowance for credit loss on accounts receivables, depreciation of property, equipment and right-of-use assets; and (iii) a decrease in accounts receivables of $0.7 million; which were offset by (iv) increase in inventories, deposits, prepayments and other receivables of $0.4 million and a decrease in accounts payables, accruals and other payables and operating lease liabilities of $2.1 million.

Net cash used in operating activities amounted to $2.6 million for the fiscal year ended December 31, 2024, mainly derived from (i) net profit before taxation of $1.5 million for the fiscal year ended December 31, 2024; (ii) various non-cash items of $3.5 million, such as finance costs, allowance for credit loss on accounts receivables and other receivables, and depreciation of property, equipment and right-of-use assets; and (iii) an increase in inventories, accounts receivables, deposits, prepayment and other receivables of $6.6 million; which were offset by (iv) an increase in accounts payable, accruals and other payables of $0.3 million and a decrease in operating lease liabilities of $1.3 million.

**Investing Activities**

Net cash used in investing activities amounted to $0.6 for the fiscal year ended December 31, 2023, representing the purchase of property, plant and equipment.

Net cash used in investing activities amounted to $0.3 million for the fiscal year ended December 31, 2024, representing the purchase of property, plant and equipment.

**Financing Activities**

Net cash generated from financing activities amounted to $1.2 million for the fiscal year ended December 31, 2023, which mainly comprised of a loan granted from a third party.

Net cash generated from financing activities amounted to $2.8 million for the fiscal year ended December 31, 2024, which mainly comprised a loan granted from a shareholder of the Company.

**Trend Information**

Other than the factors disclosed in the sections headed "Industry and Market Data — Market Trends and Opportunities" and "Industry and Market Data — Market Challenges and Threats," we are not aware of any other trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

**Off-Balance Sheet Arrangements**

We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

**Commitments and Contingencies**

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies," we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.

The following table summarizes our contractual obligations as of December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***($'000)*** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| *Contractual obligations* | **Total** | **Less than <br> 1 year** | **1 – 3 <br> years** | **3 – 5 <br> years** | **More than <br> 5 years** |
| Loans from a shareholder | $9794 | $— | $9794 | $— | $— |
|  | $9794 | $— | $9794 | $— | $— |

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**Capital Expenditures**

During the year ended December 31, 2024, we purchase property, plant and equipment of $0.3 million (2023: $0.6 million) for operating use.

Subsequent to December 31, 2024 and as of the date of this prospectus, we purchased property, plant and equipment of $0.3 million for operational use.

**Inflation**

Inflation rates have been volatile in recent years. Increasing inflation could cause a rise in the wages, materials and other expenses, which will in turn increase our production cost. For the two fiscal years ended December 31, 2024 and 2023, the inflationary pressure on our business was not material. However, we cannot assure you that the volatility in inflation rates will not continue in the future and/or we will be able to transfer any increase in the cost of our production cost resulting from inflation to our customers in a timely manner or at all. If we are unable to transfer the increase in our production cost to our customers in a timely manner, our profitability and profit margins may be adversely affected. In order to adapt, we would endeavor to take a conservative approach to cost budgeting, including, but not limited to, withholding distribution of staff bonuses, reconsidering staffing needs and applying greater pressure on the pricing negotiations with our suppliers.

**Seasonality**

The nature of our business does not appear to be affected by seasonal variations, given steel reinforcing bars are the constitutional elements for construction projects which are taken place year-round in Hong Kong.

**Critical Accounting Policies and Critical Accounting Judgments and Estimates**

We prepare our consolidated financial statements in accordance with U.S. GAAP. These accounting principles require us to make judgments, estimates and assumptions on the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. We continually evaluate these judgments and estimates based on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future based on available information, which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

***Critical accounting policies***

When reading our consolidated financial statements, you should consider our selection of critical accounting policies, including revenue recognition, accounts receivable, contract assets, contract liabilities and income taxes, of which the details are set out in our consolidated financial statements.

***Recently Accounting Pronouncements***

See the discussion of the recent accounting pronouncements contained in Note 2 to the consolidated financial statements, "Summary of Significant Accounting Policies."

***Critical accounting estimates***

You should also consider the judgment and other uncertainties affecting the application of such policies and the sensitivity of reported results to changes in conditions and assumptions. We believe the following accounting policies involve the most significant judgments and estimates used in the preparation of our financial statements.

*<u>Allowance for credit loss on accounts receivables</u>*

We determine the adequacy of allowances for credit loss on accounts receivables based on individual account analysis and historical collection trends. We establish a provision for doubtful receivables when there is objective evidence that we may not be able to collect amounts due. The allowance for credit loss is based on management's best estimate of specific losses on individual exposures, as well as a 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 loss after management has determined that the likelihood of collection is not probable.

As of December 31, 2023 and 2024, we have recorded the allowance for credit loss of $0.03 million and $0.3 million, respectively on our consolidated balance sheets and recorded the allowance for expected credit loss of $0.03 million and $0.2 million on our consolidated statements of operations and comprehensive income for the fiscal years ended December 31, 2023 and 2024, respectively.

*<u>Revenue Recognition</u>*

Revenue from sales of goods is recognised when the goods are delivered and title has passed. Revenue is measured at the fair value of the consideration received or receivable, net of discounts.

Revenue from transportation income are recognised when the Company has completed the performance obligation when the goods are delivered.

Revenue from rental services of machineries are recognised when the services are provided.

**BUSINESS**

**Overview**

Steel reinforcing bar, or commonly known as rebar, is a vital component of the construction industry, providing strength to concrete structures such as foundations, buildings and bridges. We, through STG, are a steel reinforcing bars service provider in Hong Kong operating one of the six steel reinforcing bar prefabrication yards approved by the CEDD in Hong Kong, providing customized offsite cut-and-bend services to our customers. The prefabricated steel reinforcing bars produced by us are ready for immediate use, with consistent product quality and full traceability that would reduce the works on construction site, thus yielding better safety and less construction wastage.

Our direct customers are mostly the registered general building contractors under the HKBO and subcontractors of various types of building and infrastructure projects in Hong Kong. We principally provide steel reinforcing bars bending and cutting services for both (i) public sector projects, including infrastructure, public facilities and public residential developments, and (ii) private sector projects, which are mostly private commercial, residential and industrial developments. Public sector projects refer to projects in which the general contractors are employed by public authority, while private sector projects refer to projects that are not public sector projects. We are a fast growing company and our revenue increase by 113% from $6.2 million for the fiscal year ended December 31, 2023 to $13.2 million for the fiscal year ended December 31, 2024. Our revenue mainly comprised of (i) subcontracting income from the bending and cutting of steel reinforcing bars (in which we processed 31,500 and 57,800 tonnes of steel reinforcing bars during the fiscal years of 2023 and 2024); (ii) rental income from leasing of our machineries; and (iii) transporting income from delivering the prefabricated steel reinforcing bars to our customer's construction sites

We are committed to combining innovative technology with traditional reinforcing bar bending experience to re-industrialize the industry to achieve automation and smart manufacturing. Our effort and commitment are signified by:

&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 2021, The Hong Kong and Science Park (a public corporation set up by the Hong Kong Government
 to foster innovation and technology development in Hong Kong) agreeing to lease one of its
 facilities in the Yuen Long InnoPark as our production base;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 2022, the Innovation and Technology Commission of the Hong Kong Government has agreed to
 granted us with funding support of $0.5 million from the Re-industrialisation Funding Scheme
 for the setting up of our smart production line for prefabricated steel reinforcing bar;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 2023, our prefabrication yard was admitted by CEDD as one of the six approved offsite steel
 reinforcing bar prefabrication yards in Hong Kong (i.e. the quality of the prefabricated
 rebar products produced by us could be used in the Hong Kong Government projects).

Our government-approved steel reinforcing bar prefabrication yard is equipped with advanced automatic cut and bend machines, capable of processing more than 60,000 tonnes of steel reinforcing bar annually with existing facilities and is expected to increase to 90,000 tonnes upon fully implementation of our new machineries in the third quarter of 2025. Through the adoption of advance and innovative technology in our production lines, we strive to increase productivity, achieve intelligent and standardised production lines, and reduce the occupational hazards and human errors and turn the reinforcing bar industry, which is considered as labour intensive, male-dominated, lower-educated, dangerous with an aging workforce, into a "knowledge-based" industry, attracting talented young people.

In 2022, we obtained ISO9001:2015 and ISO14001:2015 certifications from the Hong Kong Quality Assurance Agency (a non-profit public organisation established by the Hong Kong Government in 1989 for promoting good management practices to foster the sustainable development of industries and communities in Hong Kong) in respect of our quality management system and environmental management system for storage, handling, fabrication, sampling, testing and supply of prefabricated reinforcing bar products . Our commitment to provide quality services has enabled us to undertake a number of large scale construction projects in the private and public sectors including the public housing in Yuen Long, Fanling, Tuen Mun and Ngau Tau Kok, Hong Kong, the rebar fixing and drainage works for the Western Harbour Crossing and a number of residential development in the private sector. During the fiscal years ended 31 December 2023 and 2024, we produced 31,500 and 57,800 tonnes of steel reinforcing bars and recorded revenue of $6.2 million and $13.2 million, respectively.

**Competitive Strengths**

We believe the following competitive strengths are essential for our success and differentiate us from our competitors:

 

*Commitment to innovative technology*

We are committed to applying innovative technology to our steel reinforcing bar prefabrication business which is signified by the setting up of our operation base in the Yuen Long InnoPark in November 2021. The Yuen Long InnoPark is one of the facilities managed by The Hong Kong Science and Technology Parks Corporation (a public corporation set up by the Hong Kong Government to foster innovation and technology development in Hong Kong) designated for the development of innovation and technology-driven projects in Hong Kong that promote, among others, creations of high-skilled employment, advanced technology content/novel application in products/services, advanced processes in the manufacturing of products/delivery of services, local consumption, sustainable business, environment and resources.

In 2022, we had successfully applied for the Re-industrialisation Funding Scheme of the Innovation and Technology Commission of the Hong Kong Government for the smart production line in our prefabrication yard and a funding of up to $0.5 million had been granted to us. Further, in 2022, we commissioned the Hong Kong Productivity Council (a government organization that promotes new industrialization in Hong Kong and the Greater Bay Area and facilitates the development of new productive forces, leveraging, innovation and technology) as our technical consultant to design and build four intelligent production lines, which aim to meet the local market demand for increased production and quality improvement of steel reinforcing bar products, and at the same time address the issue of shortage of skilled workers and land use in Hong Kong.

Our continuous application of advanced technology in our production lines has enabled us to record significant growth in revenue of 113% from $6.2 million for the fiscal year of 2023 to $13.2 million for the fiscal year of 2024 with a significant growth in the gross profit margin of 19.0% from 8.3% to 27.3% in the corresponding year respectively.

 

*Our steel products and quality management are recognized by Hong Kong Government* 

Traditionally, steel reinforcing bars are processed at the construction sites in Hong Kong. The use of prefabricated steel reinforcing bar products produced in a highly automated off-site reinforcing prefabrication yard has been widely practiced in the construction industry overseas. This mode of rebar processing in a factory-like setting helps to enhance productivity, uplift built quality, improve construction safety and promote environmental performance of the construction industry. In view of the challenge of labour shortage, land scarcity and low productivity in the construction industry, the Hong Kong Government has in recent years promoted the adoption of off-site prefabrication to accelerate the transformation of the construction industry.

To assure the quality of the prefabricated rebar products produced in the off-site rebar prefabrication yards for use in government projects, CEDD has established the "List of Approved Steel Reinforcing Bar Prefabrication Yards" (the "Government Approved List") to assess and approve the admission of off-site steel reinforcing yard to the Government Approved List and regulate the performance of those yards that are on the Government Approved List. For admission to the Government Approved List, an off-site reinforcing bar prefabrication yard is required to be operated under a quality management system and satisfy the technical and quality assurance requirements as stipulated by the Hong Kong Development Bureau. In addition, the approved yards are required to maintain compliance with the relevant technical and quality assurance requirements for retention on the Government Approved List.

In 2023, we were admitted as one of the six CEDD-approved off-site steel reinforcing bar prefabrication yard in the Government Approved List. Given our admission in the Government Approved List, we were able to participate in more government construction projects, as such revenue from our public sector construction projects in the fiscal year of 2024 increased to $9.3 million from $3.5 million for the fiscal year of 2023.

 

*We are one of the top service providers in the Hong Kong reinforcing bar industry with an established reputation and proven track record*

We supply prefabricated steel reinforcing bars products to a wide range of building and infrastructure projects, including private residential and commercial building development, public housing development, infrastructures and public facilities. Given our commitment and emphasis on quality services, our business has, since our establishment in 2021, grown significantly to become one of the industry leaders accounting for 30% of the market share.

Our consistency in achieving customer satisfaction, quality of work, and cost controls enables us to gain confidence from its customers and, therefore, increases its chances of winning new projects from the same customers.

 

*Visionary and experienced management team with strong technical and operational expertise*

Our management team has extensive industry knowledge and production experience in the steel reinforcing bar industry in Hong Kong.

Under the leadership of our management, we have established a strong and dedicated execution team to work with our existing and potential customers to meet their needs and market trends. In particular, we maintain frequent interactions with our customers to get their feedback on the quality of our steel products and make regular inspections to ensure our steel products are in compliance with the requirements of our customers. We believe that these efforts have enabled us to become one of the top players in the market since our establishment in 2021 which enable us to achieve significant growth in our revenue from $6.2 million in the fiscal year of 2023 to $13.2 million in the fiscal year of 2024.

 

*Our automated off-site prefabrication yard provides solution to meet the rising demand of the Hong Kong construction industry*

The existing steel reinforcing bar bending and fixing market in Hong Kong is still commonly served by numerous suppliers who cut-and-bend the steel reinforcing bars on-site with inefficient equipment and cause many industrial accidents and generate processing errors and wastages. By working together with experienced contractors and fixers, our highly automated off-site prefabrication yard leads the conversion of the Hong Kong construction steel supply chain from on-site to off-site processing to create production solutions that are safe, customized to the construction project blueprint, resulting significant improvement in inventory and manpower management and reduction in material wastage.

The advantages of our automated off-site prefabrication yard over tradition manual on-site processing can be summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Traditional On-site Processing** | **Traditional On-site Processing** | **Automated Off-site Processing** | **Automated Off-site Processing** |
| **Safety** | ● | Higher probability of accidents due to processing on-site with inefficient equipment | ● | Standard working procedures and automated machinery to provide safer working environment |
|  | ● | Higher risk of injury due to congested and crowded construction site increases the | ● | Less dependent on labor |
|  | ● | Labor intensive |  |  |
| **Processing efficiency** | ● | Higher processing errors and wastage due to manual processing with inefficient equipment | ● | Utilization of coil for efficient and fast production of standard shapes while producing minimal wastage |
|  | ● | High scrappage | ● | Low scrappage |
| **On-time completion of project** | ● | Steel reinforcing bar products sit at construction sites for long periods of time awaiting testing results | ● | Steel reinforcing bar products being delivered to construction sites pre-tested and ready for immediate use |
|  | ● | Slow and labor intensive processing | ● | Processing under automated environment cutting time and adding flexibility |
|  | ● | Long reaction time to error correction |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Storage** | ● | Requiring valuable space at construction sites for manual processing | ● | Large savings for storage space for building contractors due to elimination of the bending yard at construction sites |
|  | ● | Piling of materials at construction sites waiting for cut and bended, requiring significant storage space | ● | Materials stored in our warehouses and delivered as needed |
|  |  |  | ● | Production adhered to bar bending schedule using fully automated bar code scanning process to enhance traceability of our steel reinforcing bar products |
| **Traceability** | ● | Limited traceability | ● | Fully transparent as to each stage of production |
|  |  |  | ● | Customised information on tags to enable efficient delivery to construction site and higher degree of productivity |

---

 

*We are committed to complying with and even exceeding applicable industrial and safety standards and quality control*

We place considerable emphasis on meeting safety standards and quality control as they can directly affect our reputation, service quality and profitability. Our quality management system and environmental management system for storage, handling, fabrication, sampling, testing and supply of prefabricated reinforcing bar products were certified by Hong Kong Quality Assurance Agent to be in accordance with ISO 9001:2015 and ISO14001:2015 standard. Our services in Hong Kong are carried out by our trained employees to ensure our prescribed procedures and quality requirements are met. Our strict quality control policy and systematic working procedures are aimed at ensuring that the reinforcing bars excel those of our competitors. We consider that our efforts in upkeeping the quality and innovation of our services have been recognized by our customers (including the government authorities).

**Growth Strategies**

We intend to develop our business by implementing the following strategies:

 

*Increase our market share*

Since the second quarter of 2022, as the COVID-19 pandemic gradually subsided and the anti-COVID regulatory restrictions became more relaxed, the construction industry has experienced a growing trend. According to the Construction Industry Council of Hong Kong, the aggregate expenditure in Hong Kong for building works in both the public and private sectors and the civil works in the public sector (i.e. the construction works that most required the use of steel reinforcing) increased from $17.6 billion in 2022 to a forecasted average of $20.9 billion in 2025, representing a CAGR of 5.9%. Furthermore, according to the Construction Industry Council of Hong Kong, it is expected that the expenditure for the above-mentioned construction works in Hong Kong is expected to further increase from a forecasted average of $21.6 billion in 2026 to $22.8 billion in 2027, representing a CAGR of 5.3% from 2022. This significant growth presents a promising opportunity for us to profit from the growth in the construction industry.

In recent years, the Hong Kong government has significantly advanced land and housing supply projects, which is expected to lead to a surge in the construction industry. Major projects include the Tung Chung New Town Extension, expected to be completed by 2030, and the New Central Harbourfront development, set to finish by 2027. Other notable projects include the Caroline Hill Road Causeway Bay commercial project, the Kwu Tung North New Development Area and the Yuen Long South New Development Areas, with completion dates ranging from 2026 to 2038. Additionally, the Hong Kong government will commence the development of Northern Metropolis, which aims to transform northern Hong Kong into a vibrant urban area, focusing on innovation, technology and connectivity with Shenzhen, the PRC and is expected to accommodate 2.5 million residents. We anticipate that such development projects will create the need for the construction of bridges, stadiums and arenas, commercial buildings, recreational facilities and residential buildings, which may drive the demand for structural steelwork in Hong Kong.

Driven by various growth drivers including (i) the above-mentioned increase in demand for steel reinforcing bar products generated from the planned and ongoing infrastructural and property developments in both public and private sectors in Hong Kong; (ii) the increase in demand for off-site prefabrication work for steel reinforcing bar products in Hong Kong due to its advantages in enhancing productivity of construction projects; and (iii) the growing emphasis and continuous support from the Hong Kong government for the construction industry to adopt more advance and environmental techniques to accelerate the transformation of the construction (such as the promotion of "re-industrialisation" of manufacturing industries by the Hong Kong Productivity Council and the Innovation and the Technology Commission to solve manpower, quality and land use challenges of the construction industry), the demand for off-site prefabrication reinforcing bar is expected to grow.

With our experienced management team and proven track record as well as the advanced production lines in our prefabrication yard, we believe that we are well-positioned to capture the growing demand arising from the modernization of the Hong Kong construction industry promulgated by the Hong Kong Government. We aspire to expand our focus to deploying resources to compete for additional and more sizeable construction projects. However, the ability of the operating subsidiary to undertake and concurrently work on additional projects is limited by our current resources. As such, we intend to expand our present scale of operation, to enable it to compete for additional and more sizeable projects to increase our market share by obtaining more resources, including available manpower, advance technology and financial resources.

 

*Enhance our technological and research and development competence*

We intend to acquire additional advanced machineries to cope with the growth of our business and capitalize on the development of construction work in future. In order to optimize our efficiency and technical capability in undertaking more large-scale projects, we plan to increase our production lines with the acquisition of more advanced equipment (e.g. automated bar cutting and bending machines) to enhance (i) our efficiency and technical capability and (ii) our resource deployment flexibility. We believe that our investments in equipment will enable us to cater for projects of a larger scale and higher complexity in the future.

We are also committed to strengthening our research and development effort to improve the quality and cost-effectiveness of our cutting and bending services, while reducing overhead costs and servicing time. By delivering high-quality products and services, we aim to consolidate our market share. Additionally, we plan to hire more qualified technical staff to join our research and development team.

 

*Expand our workforce*

Our production team is generally responsible for (i) formulating detailed production schedule; (ii) liaising with customers on the design and requirement of the reinforcing bars in accordance with their needs and specifications; (iii) coordinating with customers on the bar bending schedule; (iv) supervision of work progress, budget and quality; (v) participation in project meetings and communication with customers on a continual basis; and (vi) ensuring the products meet our customers' requirements, and are completed on schedule, within budget and in compliance with all applicable statutory requirements.

We consider that the current scale of our production team may not be sufficient to meet the needs arising from the additional and more sizeable projects that we intend to undertake in the future. Should additional projects be undertaken in the future, the existing production team and staff may not be able to devote sufficient time and attention to properly supervise and manage all of the works undertaken by us. By expanding our manpower, we believe that it would have additional capacity to undertake more projects simultaneously while maintaining project management efficiency and service quality.

As such, we intend to expand our management and production team in order to enhance our production capacity along with the planned expansion in our business scale and operation. We currently plan to hire additional engineers and steel fabricators after this offering to cope with the intended growth in our business.

**Our Business**

Since our establishment in 2021, we have been engaged as the steel reinforcing bar service provider in both public and private sector projects in Hong Kong and principally engage in the processing (cutting and bending) reinforcing bar for (i) public sector projects, including infrastructure, public facilities and public residential developments, and (ii) private sector projects, which are mostly private commercial, residential and industrial developments.

Our direct customers are mostly the registered general building contractors under the HKBO and subcontractors of various types of building and infrastructure projects in Hong Kong. The customers of our public sector projects have primarily been the general contractors engaged by different Hong Kong government departments, authorities and statutory bodies, while the customers of our private sector projects have been the general contractors engaged by private property developers.

The following table sets forth a breakdown of our revenue during the fiscal years ended December 31, 2023 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Fiscal Years Ended December 31** | **For the Fiscal Years Ended December 31** | **For the Fiscal Years Ended December 31** | **For the Fiscal Years Ended December 31** | **Variance** | **Variance** |
| <br>***($'000)*** | **2023** | **%** | **2024** | **%** | **Amount** | **%** |
| Subcontracting income from bending and cutting of steel reinforcing bar | $4012 | 65.0% | $8639 | 65.6% | $4627 | 115.3% |
| Transportation income | 1191 | 19.3% | 2275 | 17.3% | 1084 | 91.0% |
| Rental income from leasing of machineries | 968 | 15.7% | 2254 | 17.1% | 1286 | 132.9% |
| **Total** | $6171 | 100.0% | $13168 | 100.0% | $**6997** | **113.4%** |

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***Our operation flow***

The following diagram summarizes the principal steps of our operation flow:

![](image_006.jpg)

*New business opportunities*

We are usually invited by our customers to submit a quotation for a potential project. Our customers are primarily main contractors and subcontractors of different types of construction projects, and they would include our quotation in their tender proposals submitted to their final customers, such as property developers and government-related bodies. We are usually provided with the required standards and specifications, and drawings along with the invitations for estimation of our quotation and project assessment. Some of our customers invite us to submit quotations in stages to match their requirement for steel reinforcing bars at different stages of construction.

 

*Preliminary project assessment and submission of quotation* 

In the preliminary project assessment process, we generally consider (i) the required technical specifications and complexity of the steel reinforcing bar products required; (ii) the location of the construction site; (iii) our production capacity; (iv) availability of resources; and (v) our previous experience in relevant projects/products.

Once we consider a potential project to be acceptable based on our review and assessment, we will prepare and submit a quotation to our customer based on (i) the complexity of the potential project; (ii) the manpower needed; (iii) availability of equipment; and (iv) the price.

 

*Acceptance of quotations*

Upon receipt of our quotation, the potential customer would then include our quotation in their overall tender proposal and submit it to their final customers, including property developers and government related bodies. If we are engaged, we will be informed of the acceptance of our quotation when our customer returns a signed quotation confirming its acceptance of the terms or when our customer issues a purchase order to us.

 

*Planning* 

Once our engagement is confirmed, we will discuss with the customers and confirm the product specification and overall delivery schedule before we commence the production process.

A production team will be formed that typically consists of project managers, engineers, fabricators and quality controllers. The production team is generally responsible for (i) formulating and coordinating with the customers on the work schedules; (ii) supervision of work progress, budget and quality of products produced; (iii) participation in project meetings and communication with customers on a continual basis; and (iv) ensuring our products fulfill the customers' requirements, completed on schedule and within budget.

 

*Equipment*

We process the reinforcing bars at our prefabrication yard in Hong Kong. For details of our equipment, please refer to the section headed "Production facilities".

 

*Supply of raw materials*

Our customers will generally provide us with the required raw materials (i.e. steel bar/coil) for our processing.

 

*Monitoring and quality inspection* 

Our production team will monitor work progress, performance, and production schedule, handle and respond to requests from our customer and follow-up matters. We will check the quality of the steel bars provided our customers prior to processing them. The bending and cutting of steel reinforcing bars are carried out by our fabricators and we will ensure that the processing work is carried out in accordance with our customers' specification and meet our quality requirements.

 

*Delivery of processed reinforcing bars to customers*

Depending on the requirement of our customers, we deliver the steel reinforcement bars to our customers' construction sites and charge our customers transportation fee.

 

*Order completion*

An order is normally regarded as completed when required steel reinforcing bars have been duly delivered and accepted by our customers.

 

*Issuance of invoices to our customers*

We submit invoices to our customers after delivery of our steel reinforcing bars. Our invoices are typically due for payment within 45 days of the invoice date.

**Production Facilities and Capacity**

We operate an off-site prefabrication yard in Hong Kong which process and fabricate steel bar required by our customers. The major fabrication process of steel reinforcing bars include:

 

*Materials inspection*

After receipt of the raw materials at our prefabrication yard, our production staff will inspect the quality of the raw material and attach traceable tag on the raw material such that the utilization of the raw material in each production stage can be traced.

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*Cutting and forming*

 

We will cut and bend the steel bars/coils into parts of predetermined sizes, shapes and lengths. The steel bar/coil will then under the forming process, through which the parts will be trimmed, levelled, milled and/or bent into three-dimensional shapes which fit our customers' needs and specifications. In addition, production tags will be created on the steel material and scanned prior to the forming process to ensure the traceability of the steel material in our production process.

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*Product inspection*

Upon completion of the bending and cutting process, our production staff will carry out quality inspection on the final products and conduct the necessary tests prior to delivering the steel reinforcing bar products to our customers.

Upon approval of the steel products by us and/or our customers, the final products will be loaded to our trucks for delivery to the customers' construction site.

**Production facilities**

Our prefabrication yard has a gross floor area of 54,774 sq.m. Our principal machinery includes cutting and bending machines. Our machinery is well-equipped to be used for fabricating steel bars into different sizes and shapes. As at the date of this prospectus, the principal machinery that was owned and used by us mainly comprise:

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| | | |
|:---|:---|:---|
| **Type of machinery** | **Principal function** | **Number of <br> units** |
| Cutting machine | Cutting machines are mainly used for cutting the steel bars into predetermined shape | 11 |
| Bending machine | Bending machines are mainly used for bending the steel bars into different angles | 36 |

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The table below sets forth the maximum production capacity and actual production volume of our production facilities during the fiscal years of 2023 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2024** | **2024** |
| Maximum annual production capacity *(tonnes)* |  | 53000 |  | 66000 |
| Actual production volume *(tonnes)* |  | 31500 |  | 57800 |

---

 

**Our Customers**

Our direct customers are primarily the registered general building contractors under the HKBO and subcontractors of various types of building and infrastructure projects in Hong Kong. Our customers of the public sector projects are usually general contractors engaged by different Hong Kong government departments, authorities and statutory bodies, while the customers of our private sector projects are usually general contractors engaged by private property developers. The majority of our revenue during the fiscal years ended December 31, 2023 and 2024 was derived from public sector projects.

As a service provider for prefabrication of steel reinforcing bars, we secure projects from general contractors through tender bids by customer invitation. For the fiscal years ended December 31, 2023 and 2024, the revenue derived from our five largest customers amounted to approximately 73.5% and 82.1%, respectively, of our total revenue. The percentage of our revenue attributable to the largest customer amounted to approximately 18.7% and 30.0%, respectively, for the same periods. We have maintained stable relationships with these top customers since our establishment in 2021.

The following tables set forth a breakdown of the revenue generated from the five largest customers during the fiscal years ended December 31, 2023 and 2024.

For the fiscal year ended December 31, 2023:

---

| | | |
|:---|:---|:---|
| **Customer** | **$'000** | **%** |
| Customer A | $1154 | 18.7% |
| Customer E | 969 | 15.7% |
| Customer B | 967 | 15.7% |
| Customer C | 887 | 14.4% |
| Customer G | 553 | 9.0% |
| **Subtotal** | $4530 | 73.5% |

---

For the fiscal year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Customer** | **$'000** | **%** |
| Customer F | $3947 | 30.0% |
| Customer I | 2370 | 18.0% |
| Customer D | 2077 | 15.8% |
| Customer J | 1222 | 9.3% |
| Customer K | 1183 | 9.0% |
|  | $10799 | 82.1% |

---

During the fiscal years ended December 31, 2023 and 2024, we recorded revenue of $1.9 million and $0.5 million, respectively, from two customers controlled by two former directors of STG who resigned in June 2024. Other than these transactions, we had no related-party relationships with any customers in the fiscal years of 2023 or 2024.

As of the date of this prospectus and during the fiscal years ended December 31, 2023 and 2024, the demand for steel reinforcing bar in Hong Kong is largely driven by construction work arising from infrastructure and property development initiated by the Hong Kong government and private property developers. The availability of these developments is generally subject to the Hong Kong government's policies and planning, as well as prevailing economic conditions. Given the landscape of the construction industry in Hong Kong, where construction work in the public sector may be dominated by a limited number of general contractors, it is common for a steel reinforcing bar service provider to rely on such general contractors. Accordingly, if we lose a significant customer, it may have a material adverse effect on our business, both in the short and long term. However, we are confident that STG has established and maintained stable relationships with its major customers, and we consider losing them unlikely for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Major
 customers typically maintain an approved list of service providers for fabrication of steel reinforcing bar, and STG is included
 in all of their lists. Customers usually evaluate their service providers based on various factors, including but not limited to
 pricing, safety record and quality of services. We believe that the admission of STG as an approved reinforcing bar processor and
 its continued engagement by its major customers for multiple projects is attributable to STG's sustained ability to provide
 quality services that conform with the quality standards, requirements and specifications of its major customers;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 relationship between the general contractors and reinforcing bar service providers is mutually
 dependent. To ensure such large-scale construction projects are completed on time and within
 budget, we believe that general contractors prefer to engage established market players in
 the construction industry, such as STG, since (a) they possess the requisite expertise, experience
 and resources to reliably handle their requirements of reinforcing bars for such projects,
 and (b) have industry reputation, proven track records and sound financial capability;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) STG has
 a good record of not having (a) any material dispute, claim, or litigation with its major customers; (b) any instance where it was
 unable to meet the quality requirements stipulated by its major customers; and (c) any complaint or dissatisfaction from its major
 customers. More importantly, the major customers have demonstrated that they are willing to continue engaging STG as their steel
 reinforcing bar service provider when suitable opportunities arise; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) STG's
 major customers may benefit from its proven track record as a quality service provider in
 the provision of steel reinforcing bar to deliver on time, within budget and in accordance
 with their quality standards and fulfill their responsibilities under the contractual relationship
 with their customers. In addition, we believe that the extensive experience of STG's
 production management and supervision staff has enabled it to assist its customers in production
 management and build reliable relationships and trust among its customers and their respective
 customers.

**Our suppliers**

Our suppliers are mainly petroleum providers and vehicle maintenance service providers. For the fiscal years ended December 31, 2023 and 2024, there were 2 and 2 suppliers which individually accounted for more than 10% of our total purchases respectively. The total purchase from these suppliers accounted for 30.3% and 35.5% of our total purchases for the fiscal years December 31, 2023 and 2024, respectively and are details as follows:

**Fiscal year 2023**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Supplier** | **Nature** | **$'000** | **%** |
| Supplier U | Petroleum | 143 | 17.3% |
| Supplier X | Petroleum | 108 | 13.0% |
|  |  | $**251** | 30.3% |
|  | **Total purchase** | $**826** |  |

---

**Fiscal year 2024**

---

| | | | |
|:---|:---|:---|:---|
| **Supplier** | **Nature** | **$'000** | **%** |
| Supplier T | Vehicle maintenance | 109 | 10.7% |
| Supplier Y | Petroleum | 253 | 24.8% |
|  |  | $**362** | 35.5% |
|  | **Total purchase** | $**1023** |  |

---

**Sales and marketing**

During the fiscal years ended December 31, 2023 and 2024, STG secured new businesses mainly through direct invitations for tender bids from existing and potential customers. Due to its proven track record and well-established relationship with existing customers, STG has been able to leverage on existing customer base and reputation in the steel reinforcing bar market in Hong Kong so that it does not rely heavily on marketing activities. Generally, our management team is responsible for liaising and maintaining business relationship with existing customers and keeping abreast of market developments and potential business opportunities.

**Pricing Strategy**

Pricing is generally determined based on certain markups over the estimated costs. Costs to be incurred are estimated for a project to determine the quotation price. Pricing of services is determined on a case-by-case basis with regard to various factors, which generally include (i) the scope of services; (ii) the complexity of the work; (iii) the estimated number and time of machinery required; (iv) the production workforce required; (v) the prevailing market price in the industry; (vi) the transportation cost; (vii) the time schedule requested by customers; and (vii) the availability of financial resources. Sufficient financial resources available to STG has enabled STG to offer competitive tender bids, which may include a variety of pricing options and more favorable payment terms to customers.

**Competition**

We operate one of the six CEDD-approved steel reinforcing bar prefabrication yards in Hong Kong. Our main competitors are those operating CEDD-approved steel reinforcing bar prefabrication yards in Hong Kong.

We accounted for 30% of the off-site steel reinforcing bar prefabrication market in Hong Kong. Our technical expertise, quality of work, relationships with customers, proven track records and our leading position to be the determinants of the competitiveness of reinforcing bar service provider in Hong Kong. We believe that STG is well-positioned to effectively compete on the basis of its established market position, reputation and proven track record, a visionary and experienced management team with strong technical and operational expertise, tailored solutions provided to customers, and the high quality of work/products due to an effective and stringent quality control systems.

**Impact of the COVID-19 Pandemic**

The COVID-19 pandemic had resulted in tight quarantines, travel restrictions, limitations on social or public gatherings, and the temporary closure of business venues and facilities in Hong Kong in 2020 and 2021. Along with the gradual relaxation of pandemic-related policies since the first quarter of 2022 and a series of economic stimulus and relief measures imposed by the Hong Kong government during the second quarter of 2022, the market has gradually recovered, and the suspended projects have since resumed. Therefore, the temporary pandemic-related lockdowns in Hong Kong before the second quarter of 2022 did not have material impact on our business and results of operations for the fiscal years ended December 31, 2023 and 2024.

**Employees**

We had 59, 93, and 96 full-time employees as of December 31, 2022, 2023 and 2024. The following table sets forth the number of our full-time employees categorized by areas of operations as of December 31, 2024:

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| | |
|:---|:---|
| **Function** | **Number** |
| Management | 3 |
| Engineer and quality control | 8 |
| Production | 64 |
| Logistics | 17 |
| Corporate administration | 4 |
| Total | 96 |

---

Employees are mainly recruited by placing advertisements in the open market with reference to factors such as required experience, qualifications and expertise for our business operations. They are normally subject to a probation period of three months. We endeavor to use our best effort to attract and retain appropriate and suitable personnel and assess whether additional personnel is required on a continuous basis to cope with our business development. STG provides various types of training to employees and will sponsor employees to attend various training courses, including those concerning occupational health and safety in relation to the work. Such training courses include internal training as well as courses organized by external parties, such as the Hong Kong Productivity Council, CEDD, Construction Industry Council and the Occupational Safety and Health Council of Hong Kong.

We believe that we maintain a good working relationship with the full-time employees and contract workers, and we have not experienced material labor disputes in the past. None of our employees are represented by a labor union.

**Insurance**

Pursuant to section 40 of the Employees' Compensation Ordinance of Hong Kong, all employers are required to take out insurance policies for an amount not less than the applicable amount specified in the Fourth Schedule of the Employees' Compensation Ordinance of Hong Kong in respect of the liability of the employer. We have obtained insurance coverage in accordance with such requirement and our employees are covered and protected by the employees' compensation insurance taken out by us. We also obtained property insurance for our prefabricating yard.

Besides the above, no other property insurance, business interruption insurance, directors, employees, fiduciary liability and officers liability insurance, or general third-party liability insurance is maintained. However, in light of this offering and the consequence of becoming a public company, we are seeking to purchase directors and officers (D&O) liability insurance to cover the potential liability of our directors and officers, which we expect to have in place at the time of completion of this offering.

**Property and Equipment**

We lease the following premises in Hong Kong for our business as shown below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Location** | **Space <br> (in square feet)** | **Space <br> (in square feet)** | **Use** | **Lease Term** |
| Hong Kong |  | 54774 | Headquarters, production and storage | Renewable upon expiry in November 2027 |
| Hong Kong |  | 18000 | Storage | Expire in June 2026 |

---

**Intellectual Property**

As of the date of this prospectus, save for the domain name of our website, *www.stg-rebar.com*, neither we nor our subsidiaries register any patents, copyrights, trademarks or other domain names.

**Occupational health and safety**

We place emphasis on occupational health and work safety as it is our concern not to put employees and the general public in hazardous situations. STG has adopted an occupational health and safety system, as required by relevant occupational health and safety laws, rules and regulations and managed by its safety and environmental team.

In order to provide a safe and healthy working environment for our employees and to ensure compliance with the applicable laws and regulations in Hong Kong, STG implements a safety control policy. Strict implementation and adherence are required with respect to such safety control policy. Our management is responsible for monitoring and implementing the safety plan. We will continue to put adequate resources and effort to uphold and improve safety management, in order to reduce risks related to safety issues.

We require our employees to report any accident to us, and the same will be reported to the Hong Kong Labour Department. During the fiscal years ended December 31, 2023 and 2024, there were 3 and 10 reported injuries, respectively, which gave rise to employees' compensation claims for an aggregate amount of $0.02 million and $0.1 million, respectively.

**Environmental compliance**

We endeavor to minimize any adverse impact on the environment resulting from our business activities. Our operations are subject to certain environmental requirements pursuant to the laws in Hong Kong, such as Air Pollution Control Ordinance, Noise Control Ordinance, Water Pollution Control Ordinance and Waste Disposal Ordinance.

As of the date of this prospectus and for the fiscal years ended December 31, 2023 and 2024, we did not record any non-compliance with applicable environmental requirements that resulted in prosecution or penalty being brought against us.

**Seasonality**

We have not experienced a significant impact on our business results due to seasonality. We believe the construction industry in Hong Kong in which we operate is not materially affected by seasonality.

**Legal Proceedings**

From time to time, we may become a party to various legal or administrative proceedings arising in the ordinary course of our business, including actions with respect to intellectual property infringement, violation of third-party licenses or other rights, breaches of contract, and labor and employment claims. Neither we, nor STG is a party to, and we are not aware of any threat of, any legal or administrative proceedings that, in the opinion of our management, is likely to have any material and adverse effect on our business, financial condition, cash flow, or results of operations.

**REGULATIONS**

Below sets out a summary of certain Hong Kong laws and regulations which are relevant to our operation and business.

**Practice Notes for Authorized Persons, Registered Structural Engineers and Registered Geotechnical Engineer ("PNAP") issued by the Building Authority**

The Building Authority issues practice notes to authorized persons (the "AP"), registered structural engineers (the "RSE") and registered geotechnical engineers ("RGE") (the "Practice Notes") from time to time to promulgate how he applies and enforce the provisions of the Building Ordinances (Chapter 123 of the Laws of Hong Kong) and its subsidiary regulations as well as other administrative and advisory matters in the administration of the Buildings Ordinance.

*The Buildings Department's Central Data Bank*

Pursuant to Practice Note ADM-20, a Central Data Bank (the "CDB") which contains lists of building materials, components and construction systems that have been accepted by some government departments, including the Buildings Department has been set up. In the case of the Buildings Department, such acceptance will generally be based on tests and assessments carried out by the accredited laboratories or certificates of conformity issued by the relevant accredited certification bodies. They should be assessed and certified by the AP or the RSE as meeting the standards stipulated at the time of submission to the Buildings Department, in accordance with PNAP APP-118 and APP-165 respectively.

For testing of building materials, pursuant to Practice Note APP-118, the Building Authority will recognize those laboratories accredited by the Hong Kong Laboratory Accreditation Scheme ("HOKLAS") or by other laboratory accreditation bodies which have reached mutual recognition arrangement with HOKLAS. The list of reinforcement splices or couplers would normally be required to be tested by accredited laboratories as aforementioned.

For structural products, a building material, component or construction system may be included in the Buildings Department's list in the CDB if:

(a) its
 use in a particular building project has been accepted by the Buildings Department and plans
 of the building project are submitted after the launch of the CDB; or

(b) it
 is currently on Buildings Department's List of Recognized Types of Piles.

The CDB contains only historical information on material acceptance in respect of a building development, the Buildings Department will not accept direct application from a supplier, manufacturer or alike for including its products in the Buildings Department's list. APs or RSEs who make use or relies on any information in the CDB shall take full responsibility for the application and performance of a building material, component or construction system.

**Regulations related to labor, health and safety**

<u>Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong) ("FIUO")</u>

Section 6A(1) of the FIUO provides that "it shall be the duty of every proprietor of an industrial undertaking to ensure, so far as is reasonably practicable, the health and safety at work of all persons employed by him at the industrial undertaking." The general duties are set out in section 6A(2) of the FIUO and 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

Section 6BA(5) of the FIUO further provides that, every proprietor shall not employ at the undertaking a relevant person who has not been issued a relevant safety training certificate or whose relevant certificate has expired.

There are 30 sets of subsidiary regulations under the FIUO, covering various aspects of hazardous work activities in various workplaces, containing detailed health and safety standards on work situations, plant and machinery, processes and substances.

Safety of lifting appliances and lifting gear used in any industrial undertaking is mainly regulated by the Factories and Industrial Undertakings (Lifting Appliances and Lifting Gear) Regulations (the "FIU (LALG) Regulations"). The FIU (LALG) Regulations lay down requirements with respect to the construction, inspection, testing, thorough examination, operation, erection, dismantling and alteration of lifting appliances, including cranes. For instance, the FIU (LALG) Regulations specifically require the owner, among other matters, to ensure that all lifting appliances shall (i) be of good mechanical construction, made of strong and sound materials, free from patent defect; (ii) properly maintained; (iii) the arrangements for fixing and anchoring the appliance are adequate to secure its safety; (iv) it is adequately and securely supported; and (v) every structure supporting it is of good construction and adequate strength, of sound materials and free from patent defect.

Under Regulation 5 of the FIU (LALG) Regulations, the owner of a lifting appliance shall ensure that it is not used unless it has been thoroughly examined by a competent examiner at least once in the preceding 12 months, and a certificate in the approved form in which the competent examiner has made a statement to the effect that it is in safe working order has been obtained. Specifically, the owner of any crane shall ensure that it is not used unless during the preceding 4 years it has been tested and thoroughly examined by a competent examiner in the manner prescribed by the FIU (LALG) Regulations.

Under Regulation 7A of the FIU (LALG) Regulations, the owner of a lifting appliance shall ensure that it is not used unless it has been inspected within the preceding 7 days by a competent person and the competent person has given the owner a certificate in the approved form in which he has made a statement to the effect that the lifting appliance is in safe working order.

In addition to that, pursuant to the Regulation 7B of the FIU (LALG) Regulations, the owner of a crane (except for a crane with a maximum safe working load of one tonne or less or a crane that operates with a grab or any electromagnetic means) shall ensure that it is not used unless it is fitted with an automatic safe load indicator that (i) functions properly; (ii) has been tested by a competent examiner on each occasion that a test and thorough examination of the crane is required under Regulation 5 and the competent examiner has given the owner a certificate in the approved form in which he has made a statement to the effect that the automatic safe load indicator is in good working order; and (iii) has been inspected by a competent person and determined to be in safe working order during each inspection of the crane required under Regulation 7A and the competent person has given the owner a certificate in the approved form in which he has made a statement to the effect that the automatic safe load indicator is in good working order.

Under Regulation 7D of the FIU (LALG) Regulations, before a lifting appliance is used at or moved in an industrial undertaking, the owner of the appliance shall take appropriate precautions to ensure its stability. And the owner of a crane shall, for the purpose of securing the stability of the crane, ensure that before use (i) the crane is securely anchored, or adequately weighted by suitable ballast which is properly placed on the structure of the crane and secured in a manner sufficient to prevent the ballast from being accidentally displaced; and (ii) no part of any rail on which the crane is mounted, or any sleeper supporting such rail, is used as an anchorage.

For the purposes of the FIU (LALG) Regulations, "owner", in relation to any lifting appliance or lifting gear, includes the lessee or hirer thereof, and any overseer, foreman, agent or person in charge or having the control or management of the lifting appliance or lifting gear, and the contractor who has control over the way any construction work which involves the use of the lifting appliance or lifting gear is carried out and, in the case of a lifting appliance or lifting gear situated on or used in connection with work on a construction site, also includes the contractor responsible for the construction site.

Pursuant to Regulation 15A of the FIU (LALG) Regulations, the owner shall ensure that the crane can only be operated by a person who (i) has attained the age of 18 years; (ii) holds a valid certificate issued by the Construction Industry Council or any other person specified by the Commissioner for Labor; and (iii) in the opinion of the owner, is competent to operate the crane by virtue of his experience.

Any contraventions by the owners of any crane or lifting appliance of the FIU (LALG) Regulations will attract penalties from a fine of HK$200,000 to a fine of HK$200,000 and 12 months imprisonment.

<u>Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong) ("OSHO")</u>

The OSHO provides for the protection of health and safety of employees in workplaces, both industrial and non-industrial. In particular, pursuant to section 6 of the OSHO, employers must, as far as reasonably practicable, ensure the safety and health at work of all employees 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; and

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

● (where the workplace is under the employer's control) maintaining the workplace in a condition that is safe and without risks to health and providing and maintaining means of access to and egress from the workplace that are safe and without risks to health.

The Commissioner for Labour may serve improvement notices on an employer or an occupier of the workplace against contravention of the OSHO or the FIUO, or suspension notices against an activity or condition or use of workplace where there is an imminent risk of death or serious bodily injury.

<u>Occupiers Liability Ordinance (Chapter 314 of the Laws of Hong Kong)</u>

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 lawfully 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.

<u>Employment Ordinance (Chapter 57 of the Laws of Hong Kong) ("EO")</u>

The EO sets out amongst other things the statutory entitlements of an employee, including but not limited to the right to terminate his or her employment contract by notice or by payment in lieu of notice; maternity protection; severance payments or long service payments; sickness allowance; rest day; statutory holidays or alternative holidays; and minimum amount of paid annual leave depending on the length of employment.

Pursuant to section 43C of the EO, if any wages become due to the employee who is employed by a sub-contractor on any work which the sub-contractor has contracted to perform, and such wages are not paid within the prescribed period in the EO, such wages shall be payable to the employee by the principal contractor where the sub-contractor has contracted with the principal contractor and payable by the principal contractor and every superior sub-contractor jointly and severally where the sub-contractor has contracted with a superior sub-contractor. The liability of the principal contractor and/or the superior sub-contractor(s) shall however 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 2 months without any deductions under the EO (being the first 2 months of the period in respect of which the wages are due).

A principal contractor and superior sub-contractor (where applicable) shall not be liable to pay any wages to the employee of the sub-contractor pursuant to the said section 43C if that employee fails to serve a notice in writing on the principal contractor within 60 days after the wage due date. A principal contractor shall, within 14 days after receipt of such notice from the relevant employee, serve a copy of the notice on every superior sub-contractor to that sub-contractor (where applicable) of whom he is aware.

In addition, pursuant to section 43F of the EO, if a principal contractor or superior sub-contractor pays to an employee any wages under the said section 43C, the wages so paid shall be a debt due by the employer of that employee to the principal contractor or superior sub-contractor, as the case may be. The principal contractor or superior sub-contractor may either (i) claim contribution from every superior sub-contractor to the employee's employer or from the principal contractor and every other such superior sub-contractor 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 sub-contractor in respect of the work that he has sub-contracted.

<u>Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) ("ECO")</u>

<u> </u>

Under the ECO, if an employee sustains an injury or dies as a result of an accident arising out of and in the course of employment, the employer is in general liable to pay compensation even if the employee might have committed acts of faults or negligence when the accident occurred. Similarly, an employee who suffers incapacity or dies arising from an occupational disease is entitled to receive the same compensation as that payable to employees injured in occupational accidents. The employer must report to the Commissioner for Labour any work accident resulting in the aforesaid injury, incapacity or death in accordance with section 15 of the ECO.

Section 24 of the ECO stipulates that a principal contractor shall be liable to pay compensation to sub-contractors' employees who are injured in the course of their employment to the sub-contractor. The principal contractor is, nonetheless, entitled to be indemnified by the sub-contractor who would have been liable to pay compensation to the injured employee.

Further, pursuant to section 40 of the ECO, no employer shall employ any employee in any employment unless there is in force in relation to such employee a policy of insurance issued by an insurer for an amount not less than the applicable amount specified in the Fourth Schedule of the ECO in respect of the liability of the employer.

<u>Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) ("MPFSO")</u>

Section 7 of the MPFSO requires every employer of an employee of 18 years of age or over but under 65 years of age to take all practical steps to ensure that the employee becomes a member of a registered scheme within the first 60 days of employment. Subject to the maximum and minimum level of relevant income, it is mandatory for both employers and their employees to contribute 5% of the employee's relevant income to the relevant registered scheme.

In addition, there are Industry Schemes which are MPF schemes specifically designed for employers in the construction and catering industries as the two industries have high labor mobility and employ many casual employees on a daily basis. For the purpose of the Industry Schemes, the construction industry covers the following eight major categories: (i) foundation and associated works; (ii) civil engineering and associated works; (iii) demolition and structural alteration works; (iv) refurbishment and maintenance works; (v) general building construction works; (vi) fire services, mechanical, electrical and associated works; (vii) gas, plumbing, drainage and associated works; and (viii) interior fitting-out works. It is however not mandatory for employers in these two industries to join the Industry Schemes under the MPFSO.

<u>Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong) ("MWO")</u>

The MWO provides for a prescribed minimum hourly wage rate (currently at HK$42.1 per hour) during the wage period for every employee engaged under a contract of employment under the EO.

Any provision of a contract of employment which purports to extinguish or reduce the right, benefit or protection conferred on the employee by the MWO is void pursuant to section 15 of the MWO.

<u>Immigration Ordinance (Chapter 115 of the Laws of Hong Kong) ("IO")</u>

Pursuant to section 38A of the IO, a construction site controller (i.e. the principal or main contractor and includes a sub-contractor, 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.

**Regulations related to Environmental Protection**

<u>Air Pollution Control Ordinance (Chapter 311 of the Laws of Hong Kong) ("APCO")</u>

The APCO provides for the control of emission of air pollutants and noxious odor from construction, industrial and commercial activities and other polluting sources. Subsidiary regulations of the APCO impose control on air pollutant emissions from certain operations through the issue of licenses and permits.

A contractor shall observe and comply with the APCO and its subsidiary regulations, including without limitation the Air Pollution Control (Open Burning) Regulation (Chapter 311O of the Laws of Hong Kong), the Air Pollution Control (Construction Dust) Regulation (Chapter 311R of the Laws of Hong Kong), the Air Pollution Control (Smoke) Regulations (Chapter 311C of the Laws of Hong Kong) and the Air Pollution Control (Non-road Mobile Machinery) (Emission) Regulation (Chapter 311Z of the Laws of Hong Kong).

For instance, the contractor responsible for a construction site shall devise, arrange methods of working and carry out the works in such a manner so as to minimize dust impacts on the surrounding environment, and shall provide experienced personnel with suitable training to ensure that these methods are implemented.

<u>Noise Control Ordinance (Chapter 400 of the Laws of Hong Kong) ("NCO")</u>

The NCO controls, among others, noise from construction, industrial and commercial activities. A contractor shall comply with the NCO and its subsidiary regulations in carrying out construction works.

In particular, pursuant to sections 6(1) and 6(2) of the NCO, the use of powered mechanical equipment (other than percussive piling) and construction works that produce noises are prohibited between 7:00p.m. and 7:00a.m. or at any time on general holidays at any place, unless prior approval has been granted by the Noise Control Authority through the construction noise permit system. For construction activities that are to be carried out for percussive piling between the hours of 7a.m. and 7p.m. on any day, not being a general holiday, prior approval is required from the Noise Control Authority through the construction noise permit system according to section 6(3) of the NCO. Construction activities that are to be carried out for percussive piling between the hours of 7p.m. and 7a.m. on any day, not being a general holiday is strictly prohibited under section 6(4) of the NCO.

Further, 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.

<u>Water Pollution Control Ordinance (Chapter 358 of the Laws of Hong Kong) ("WPCO")</u>

The WPCO controls effluent from industrial, commercial, institutional and construction premises.

Pursuant to sections 8 and 9 of the WPCO, unless the discharge falls within the exceptions provided under the WPCO (such as permitted discharges of domestic sewage or unpolluted water into communal sewer or communal drain), a person commits an offence if he:

● discharges any water or polluting matter into the waters of Hong Kong in a water control zone;

● discharges any matter into any inland waters in a water control zone which tends (either directly or in combination with other matter which has entered those waters) to impede the proper flow of the water in a manner leading or likely to lead to a substantial aggravation of pollution;

● discharges any poisonous or noxious matter into the waters of Hong Kong; or

● discharges any matter into a communal sewer or communal drain in a water control zone.

If the above matters are discharged from any premises, the occupier of the premises also commits an offence under sections 8(1A) and 9(2) of the WPCO.

It is however a defense under section 12 of the WPCO if a person can prove that such discharge is made pursuant to a water pollution control license granted by the Director of Environmental Protection.

<u>Waste Disposal Ordinance (Chapter 354 of the Laws of Hong Kong) ("WDO")</u>

The Waste Disposal Ordinance provides for the production, storage, collection, and disposal including the treatment, reprocessing and recycling of wastes. Pursuant to section 16 of the WDO, a person shall not use, or permit to be used, any land or premises for the disposal of waste unless he has obtained a license from the Director of the Environmental Protection Department. Unlawful disposal of water and disposal of construction waste on a private lot without valid permission are prohibited under sections 16A and 16B of the WDO respectively.

A contractor shall observe and comply with the WDO and the subsidiary regulations of the WDO, including but not limited to the Waste Disposal (Chemical Waste) (General) Regulation (Chapter 354C of the Laws of Hong Kong) and the Waste Disposal (Charges for Disposal of Construction Waste) Regulation (Chapter 354N of the Laws of Hong Kong).

<u>Dumping at Sea Ordinance (Chapter 466 of the Laws of Hong Kong)</u>

Under the Dumping at Sea Ordinance, any waste producers involved in marine dumping and related loading operations are required to obtain permits from the Director of Environmental Protection.

<u>Public Health and Municipal Services Ordinance (Chapter 132 of the Laws of Hong Kong) ("PHMSO")</u>

Pursuant to section 12 of the PHMSO, the following matters shall be nuisances which may be actionable under section 127 of the PHMSO:

● any premises in such a state as to be a nuisance or injurious or dangerous to health;

● any accumulation of deposit which is a nuisance or injurious or dangerous to health;

● the emission of dust, fumes or effluvia from any premises in such a manner as to be a nuisance;

● the emission of dust from any building under construction or demolition in such a manner as to be a nuisance.

**Regulations related to Hong Kong taxation**

<u>Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong) ("IRO")</u>

Under section 52(4) of the IRO, 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 3 months after the date of commencement of such employment. Pursuant to section 52(5) of the IRO, 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 1 month before such individual ceases to be employed in Hong Kong.

The IRO further provides, among other things, that profits tax is payable by corporations carrying on a trade, profession or business in Hong Kong on the assessable profits arising in or derived from Hong Kong at the standard rate, which is on the date hereof fixed at 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.

**Regulations related to anti-competition**

<u>Competition Ordinance (Chapter 619 of the Laws of Hong Kong)</u>

The Competition Ordinance prohibits (i) anti-competitive agreements if the object or effect of the agreement, concerted practice or decision is to prevent, restrict or distort competition in Hong Kong, (ii) abuse of market power by engaging in conduct that has as its effect the prevention, restriction or distortion of competition in Hong Kong and (iii) mergers that has or is likely to have the effect of substantially lessening competition in Hong Kong.

The Competition Commission and the Communication Authority also issued six guidelines to provide guidance on how the Competition Commission and the Communication Authority intend to interpret and give effect to the provisions of the Ordinance. Amongst the said six guidelines, the "Guideline on the First Conduct Rule" and the "Guideline on the Second Conduct Rule" are most relevant to our business.

The "First Conduct Rule" provides that an undertaking must not (i) make or give effect to an agreement; (ii) engage in a concerted practice; or (iii) as a member of an association of undertakings, make or give effect to a decision of the association, if the object or effect of the agreement, concerted practice or decision is to prevent, restrict or distort competition in Hong Kong.

In addition, the "Second Conduct Rule" provides that an undertaking that has a substantial degree of market power in a market must not abuse that power by engaging in conduct that has as its object or effect the prevention, restriction or distortion of competition in Hong Kong. A conduct may constitute an abuse under the "Second Conduct Rule" if it involves predatory behavior towards competitors or limiting production, markets or technical development to the prejudice of consumers.

**Licensing or Registration Regime**

<u>Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong)</u>

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 within 1 month after the commencement of business. The Commissioner of Inland Revenue must register each business for which a business registration application is made as soon as practicable after the prescribed business registration fee and levy are paid and issue a business registration certificate or branch registration certificate for the relevant business or the relevant branch, as the case may be.

**Regulations related to Data Security**

<u>Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong)</u> 

The PDPO imposes a statutory duty on data users (i.e., a person who, either alone or jointly or in common with other persons, controls the collection, holding, processing or use of the data) to comply with the requirements of the six data protection principles set out in Schedule 1 to the PDPO). Section 4 of the PDPO provides that a data user shall not do an act, or engage in a practice, that contravenes any of the Data Protection Principles unless the act or practice (as the case may be) is required or permitted under the PDPO. The six Data Protection Principles are:-

&nbsp;&nbsp;&nbsp;&nbsp;1. Principle
 1 — purpose and manner of collection of personal data;

&nbsp;&nbsp;&nbsp;&nbsp;2. Principle
 2 — accuracy and duration of retention of personal data;

&nbsp;&nbsp;&nbsp;&nbsp;3. Principle
 3 — use of personal data;

&nbsp;&nbsp;&nbsp;&nbsp;4. Principle
 4 — security of personal data;

&nbsp;&nbsp;&nbsp;&nbsp;5. Principle
 5 — information to be generally available; and

&nbsp;&nbsp;&nbsp;&nbsp;6. 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 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, depending on the severity, lead to a variety of fines and imprisonment.

Additionally, the PDPO also gives data subjects certain rights, including but not limited to:

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

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

● the right to request correction of any data they consider to be inaccurate.

The PDPO criminalizes certain conduct, 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.

**Regulations related to the Construction Industry**

**Construction Industry Security of Payment Ordinance (Chapter 652 of the Laws of Hong Kong) ("CISPO")**

The CISPO applies to (i) public contracts and main private contract (whether written or oral) entered into on or after 28 August 2025 for carrying out construction work in Hong Kong (whether or not the contract is also for the supply of related goods and services) and the contract value of which is on the date of the contract not less than HK$5,000,000 and (ii) public contracts and main private contract (whether written or oral) entered into on or after 28 August 2025 for the supply of related goods and services in Hong Kong and the contract value of which is on the date of the contract not less than HK$500,000 and (iii) subcontract of the said public contract and the said main private contract regardless of the contract value.

The key provisions of the CISPO are:

● Pursuant to section 17 of the CISPO, the use of conditional payment provisions such as payment to the other party of the contract being conditional upon payment of that money by a third party is prohibited and would be unenforceable;

● Imposition of deadline for progress payment and payment response under sections 13 to 16 of the CISPO;

● In the event of a payment dispute, the claiming party may initiate adjudication proceedings to enable speedy resolutions through an independent adjudicator pursuant to section 24 of the CISPO;

● Section 59 of the CISPO provides for the claiming party's right to delay carrying out the construction work or supplying the related goods and services in certain circumstances where the admitted amount is not promptly made by the paying party;

● Sections 48 and 49 of the CISPO provide that he Court of First Instance or the District Court in Hong Kong can set aside or enforce an adjudicator's determination on an application of a party to the adjudication proceedings; and

● Any provision in a contract or agreement purporting to exclude, modify or restrict the operation of the CISPO or being inconsistent with the CISPO or which may be construed as an attempt to deter a person from taking action under the CISPO will be void pursuant to section 11 of the CISPO.

**MANAGEMENT**

Set forth below is information concerning our directors and executive officers.

The following individuals are our executive management and members of the board of directors.

---

| | | |
|:---|:---|:---|
| **Directors and Executive officers** | **Age** | **Position** |
| Ching Yi Li | 30 | Executive Director and Chief Executive Officer |
| Wai Yan Chan | 30 | Executive Director and Chief Financial Officer |
| Xiaomin Yu<sup>(1)(2)(3)(4)</sup> | 56 | Independent Director Nominee; Chair of Audit Committee |
| Hongqin Zhao<sup>(1)(2)(3)(4)</sup> | 55 | Independent Director Nominee; Chair of Nominating and Corporate Governance Committee |
| Jianwen Shi<sup>(1)(2)(3)(4)</sup> | 31 | Independent Director Nominee; Chair of Compensation Committee |

---

(1) Xiaomin Yu, Hongqin Zhao and Jianwen Shi have
 accepted appointments as our independent directors, effective upon the effectiveness of the
 registration statement of which this prospectus forms a part.

(2) Member of the Audit Committee.

(3) Member of the Compensation Committee.

(4) Member of the Nominating and Corporate Governance
 Committee.

The following is a brief biography of each of our executive officers and directors:

Ms. Ching Yi Li is our executive director and chief executive officer. She became the chief executive officer of STG in 2024. Ms. Li has substantial experience in the construction industry and is experienced in project management, regulatory compliance and stakeholder engagement. Her extensive network and hands-on experience in the industry has enabled her to consistently deliver results across complex projects. Ms. Li's strategic approach and market knowledge have been instrumental in driving our success and operational excellence. Ms. Li holds a Bachelor of Arts in Business Administration from Coventry University.

Ms. Wai Yan Chan is our executive director and chief financial officer. Ms. Chan is currently the independent non-executive director of China New Holdings Limited (SEHK:8125) and Hope Life International Holdings Limited (SEHK:1683). In 2024 and 2025, Ms. Chan served as the independent director of OneConstruction Group Limited (NASDAQ: ONEG). Ms. Chan is a member of the Hong Kong Institute of Certified Public Accountants and holds a Bachelor of Science (Accounting) from University of Hull.

Ms. Xiao Min Yu will begin serving as our independent Director immediately upon our registration statement on Form F-1 becoming effective, of which this prospectus forms part. She will serve as the chairperson of the Audit Committee and as a member of the Compensation Committee and the Nominating and Corporate Governance Committee. Ms. Yu has 30 years of experience in corporate management, business development and financial management. She is currently the financial controller of a company engaged in household business in Hong Kong. Ms. Yu holds a master's degree in business administration from Hong Kong Metropolitan University.

Ms. Hongqin Zhao will begin serving as our independent Director immediately upon our registration statement on Form F-1 becoming effective, of which this prospectus forms part. She will serve as the chairperson of the Nominating and Corporate Governance Committee and as a member of the Audit Committee and the Compensation Committee. Ms. Zhao has over 25 years of experience in financial reporting and investment analysis and is currently the independent non-executive director of Hope Life International Holdings Limited (SEHK:1683). Ms. Zhao holds a bachelor's degree in accounting from Anhui University.

Mr. Jianmen Shi will begin serving as our independent Director immediately upon our registration statement on Form F-1 becoming effective, of which this prospectus forms part. He will serve as the chairperson of the Compensation Committee and as a member of the Audit Committee and the Nominating and Corporate Governance Committee. Mr. Shi has extensive experience in corporate operation and management within the supply chain industry and is the general manager of a supply chain management company. He is currently the independent non-executive director of Hang Yick Holdings Company Limited (SEHK: 1894). Mr. Shi holds a bachelor's degree in economics from Beijing Institute of Technology.

**Family Relationships**

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

**Employment Agreements**

We plan to enter into employment agreements with each of our executive officers. Pursuant to employment agreements, the form of which is filed as Exhibit 10.3 to this Registration Statement, we will agree to employ each of our executive officers for a specified time period, which may be renewed upon both parties' agreement 30 days before the end of the current employment term. We may terminate the employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, including but not limited to, the commitments of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of a criminal offense, willful disobedience of a lawful and reasonable order, fraud or dishonesty, receipt of bribery, or severe neglect of his or her duties. An executive officer may terminate his or her employment at any time with a one-month prior written notice. Each executive officer agrees to hold, both during and after the employment agreement expires, in strict confidence and not to use or disclose to any person, corporation or other entity without written consent, any confidential information.

We will also enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against 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.

**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**

Our board of directors will consist of five directors. We have determined that our independent directors, Ms. Xiao Min Yu, Ms. Hongqin Zhao and Mr. Jianwen Shi satisfy the "independence" requirements of the Nasdaq corporate governance rules.

**Board Diversity**

We seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our board, including, but not limited to, gender, skills, age, professional experience, knowledge, cultural and 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.

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. Our board is well balanced and diversified in alignment with our business development and strategy.

**Committees of the Board of Directors**

We plan to establish an audit committee, a compensation committee, and a nominating and corporate governance committee under the board of directors upon the effectiveness of the registration statement of which this prospectus forms a part. We will adopt a charter for each of the three committees upon the establishment of the committees. Each committee's members and functions are described below.

 

*Audit Committee*

Our audit committee will consist of Ms. Xiao Min Yu, Ms. Hongqin Zhao and Mr. Jianwen Shi and it is chaired by Ms. Yu. 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 Ms. Yu qualify as an "audit committee financial expert." The audit committee oversees our accounting and financial reporting processes and the audits of our financial statements. The audit committee 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; and

● reporting regularly to the board.

 

*Compensation Committee*

Our compensation committee will consist of Mr. Jianwen Shi, Ms. Xiaomin Yu and Ms. Hongqin Zhao, and it is chaired by Mr. Shi. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee will be responsible for, among other things:

● reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

● reviewing and recommending to the board 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*

Our nominating and corporate governance committee will consist of Ms. Hongqin Zhao, Ms. Xiao Min Yu and Mr. Jianwen Shi, and it is chaired by Ms. Zhao. 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 in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

● recommending nominees to the board for election or re-election to the board or for appointment to fill any vacancy on the board;

● reviewing annually with the board the current composition of the board in regard to characteristics such as independence, knowledge, skills, experience, expertise, diversity, and availability of service to us;

● selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself;

● developing and reviewing the corporate governance principles adopted by the board and advising the board 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 as a whole.

**Duties of Directors**

Under Cayman Islands law, all of our directors owe fiduciary duties to our Company, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider in good faith 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 skill 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 Amended and Restated Memorandum and Articles, as amended from time to time. Our Company has the right to seek damages if a duty owed by any of our directors is breached. See "Description of Share Capital — Differences in Corporate Law for additional information on the standard of corporate governance under Cayman Islands law.

**Compensation of Directors and Executive Officers**

For the year ended December 31, 2024, we paid an aggregate of approximately $0.1 million as compensation to our executive officers and directors. Our Hong Kong subsidiaries is required by law to make contributions equal to certain percentages of each employee's salary for his or her MPF. 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, we had no outstanding equity awards.

**Code of Business Conduct and Ethics**

Our board of directors will adopt a code of business conduct and ethics, which is to be filed as an exhibit to this registration statement and applicable to all of our directors, officers and employees. We will make our code of business conduct and ethics publicly available on our website prior to the closing of this offering.

**RELATED PARTY TRANSACTIONS**

**Material Transactions with Related Parties**

The Group had the following transactions with related parties during the fiscal years ended December 31, 2022, 2023 and 2024:

***(A) Key management personnel remuneration***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended<br> December 31,** | **For the Fiscal Year Ended<br> December 31,** | **For the Fiscal Year Ended<br> December 31,** | |
|  | **2022** | **2023** | **2024** | **From<br> January 1**<br>**2025, <br> to date**<br>**(unaudited)** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| Key management personnel remuneration | 36 | 86 | 128 | 82 |

---

***(B) Related party transactions***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended<br> December 31,** | **For the Fiscal Year Ended<br> December 31,** | **For the Fiscal Year Ended<br> December 31,** | |
|  | **2022** | **2023** | **2024** | **From<br> January 1,**<br>**2025<br> to date**<br> **(unaudited)** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| <u>(I) Transaction with a former director of a subsidiary ("Director A")</u> (i) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income from loan to a director of a subsidiary | 8 | 20 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment from loan to a director of a subsidiary | 190 | 8 |  |  |
| <u>(II) Transaction with companies controlled by a former director of a subsidiary ("Director B")</u> (ii) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of subcontracting services | 913 | 887 | 292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental income from leasing of machineries | 346 | 967 | 208 |  |
| <u>(III) Transaction with a shareholder of the Company</u> (iii) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expenses on loan from Star Equity |  |  | (908) | (336) |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Director A resigned as director
 of a subsidiary in June 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Director B resigned as director
 of a subsidiary in June 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As Star Equity is our shareholder holding more than 10% of our securities, it is therefore a related party of the Company.

***(C) Outstanding balances with related parties***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended**<br> **December 31,** | **For the Fiscal Year Ended**<br> **December 31,** | **For the Fiscal Year Ended**<br> **December 31,** | |
|  | **2022** | **2023** | **2024** | **From<br> January 1,**<br>**2025**<br> **to date**<br>**(unaudited)** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| Accounts receivables due from companies controlled by Director B | 643 | 153 |  |  |
| Loans from Star Equity (i) |  |  | (9794) | (10021) |
| Loan due from a former director of a subsidiary (ii) | 333 | 345 |  |  |
| Amounts due to a former director of a subsidiary (iii) | (484) | (484) |  |  |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On December 31, 2024, all interest payable of $1.4 million accrued from the loans granted by a
 shareholder, Star Equity, till December 31, 2024 was capitalized. As a result, as at December 31, 2024, there were three loans due
 from Star Equity, (i) two of which had a principal amount of $6.8 million in aggregate and were unsecured and interest bearing of 6%
 per annum, which were assigned to Star Equity under a deed of loan assignment entered in December 2024, (ii) the other loan of which
 had a principal amount of $2.9 million and was unsecured and interest bearing of 5.375% per annum. All of these three loans are
 repayable in December 2026. As Star Equity holds more than 10% of our securities, it is therefore
our related party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The loan
 due from a former director of a subsidiary represented a loan granted to Director A, which was unsecured, interest bearing of 0.5%
 per month and repayable on demand. Director A resigned as director of the subsidiary in June 2024.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Amounts
 due to a former director of a subsidiary represented the amount due to Director B, which was unsecured, interest free and repayable
 on demand. Director B resigned as director of the subsidiary in June 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purpose of this version of the prospectus, the figures presented in the above columns headed "From January 1, 2025 to date" under sub-sections (A), (B) and (C) refer to "From January 1, 2025 to August 5, 2025".

**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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary Shares beneficially <br> owned prior to this offering<sup>(1)</sup>** | **Ordinary Shares beneficially <br> owned prior to this offering<sup>(1)</sup>** | **Ordinary Shares beneficially <br> held immediately after this offering<sup>(2)</sup>** | **Ordinary Shares beneficially <br> held immediately after this offering<sup>(2)</sup>** |
| <br>**Name of Beneficial Owner** | **Number of <br> Ordinary <br> Shares** | **Approximate <br> percentage of <br> outstanding <br> Ordinary <br> Shares** | **Number of <br> Ordinary <br> Shares** | **Approximate <br> percentage of <br> outstanding <br> Ordinary <br> Shares** |
| *Directors, director nominees, and executive officers* |  |  |  |  |
| Ching Yi Li, CEO and Director | 19047500 | 80.20% | 19047500 | 76.19% |
| Wai Yan Chan, CFO and Director | 0 |  | 0 |  |
| Xiaomin Yu, Independent Director Nominee | 0 |  | 0 |  |
| Hongqin Zhao, Independent Director Nominee | 0 |  | 0 |  |
| Jianwen Shi, Independent Director Nominee | 0 |  | 0 |  |
| All directors and executive officers as a group (five persons) | 19047500 | 80.20% | 19047500 | 76.19% |
| *5% or greater shareholders* |  |  |  |  |
| Star Equity<sup>(3)</sup> | 19047500 | 80.20% | 19047500 | 76.19% |

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(1) Based on 23,750,000 Ordinary
 Shares issued and outstanding as of the date of this prospectus.

(2) Based on 25,000,000 Ordinary Shares issued and outstanding immediately after the consummation of this offering, assuming no exercise of the underwriter's Over-Allotment Option.

(3) Star Equity is beneficiary wholly owned by Ms. Ching Yi Li.

**DESCRIPTION OF SHARE CAPITAL**

We are an exempted company incorporated with limited liability in the Cayman Islands and, upon completion of this offering, our affairs will be governed by our Amended and Restated Memorandum and Articles, the Cayman Islands Companies Act (also referred to as the "Companies Act" in this section) and the common law of the Cayman Islands.

As of the date of this prospectus, our authorized share capital is $50,000 divided into 500,000,000 Ordinary Shares, par value $0.0001 each.

As of the date immediately prior to this offering, 23,750,000 Ordinary Shares of par value $0.0001 per share were issued, fully paid and outstanding. Upon completion of this offering, we will have 25,000,000 Ordinary Shares issued and outstanding, assuming the underwriters do not elect to exercise their option to purchase additional Ordinary Shares from us.

***Our Amended and Restated Memorandum and Articles***

Our shareholders have conditionally adopted the Amended and Restated Memorandum and Articles, which will become effective and replace our current memorandum and articles of association in their entirety with effect from the date on which the Registration Statement becomes effective. The following are summaries of material provisions of the Amended and Restated Memorandum and Articles that we expect to become effective from the date on which the Registration Statement becomes effective insofar as they relate to the material terms of our Ordinary Shares.

***Objectives of Our Company***

Under our Amended and Restated Memorandum and Articles, the objects of our Company are unrestricted, and we are capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2) of the Companies Act.

***Ordinary Shares***

Our Ordinary Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

***Dividends***

The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our Amended and Restated Memorandum and Articles provide that dividends may be declared and paid out of the funds of the Company lawfully available therefor. Under the laws of the Cayman Islands, the Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business.

***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.

Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by:

● the chairperson of such meeting;

● by at least three shareholders present in person or by proxy for the time being entitled to vote at the meeting;

● by shareholder(s) present in person or by proxy representing not less than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting; and

● by shareholder(s) present in person or by proxy and holding shares in us conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right.

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 shall, if required by the Companies Act, in each year hold a general meeting as our annual general meeting, and 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. General meetings, including annual general meetings, may be held at such times and in any location in the world as may be determined by our board of directors. Any general meeting or any class meeting may be held physically, as a hybrid meeting (partially physical and partially electronic) or wholly by electronic means, using such telephone, electronic or other communication facilities as to permit all persons participating in the meeting to communicate with each other, and participation in such a meeting shall constitute presence at such meeting. Unless otherwise determined by the Directors, the manner of convening and the proceedings at a general meeting set out in the Articles shall apply, *mutatis mutandis*, to hybrid or wholly electronic meetings.

Shareholders' general meetings may be convened by the chairperson of our board of directors or by a majority of our board of directors. Advance notice of at least ten clear 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 the time when the meeting proceeds to business, two shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third of all votes attaching to issued and outstanding shares in our company entitled to vote at such general meeting.

The Cayman Islands Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general 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.

 ****

***Procedures on 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. Our company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors. Under the Cayman Islands Companies Act, the redemption or repurchase of any share may be paid out of our company's profits, share premium or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Cayman Islands 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***

Whenever the capital of our company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights 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, allotment or issue of further shares ranking pari passu with such existing class of shares.

***Issuance of Additional Shares***

Our Amended and Restated Memorandum and Articles 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 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 any separate requirement for Audit Committee approval under applicable law or the rules and regulations of the designated stock exchange, and unless disqualified 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 our Amended and Restated Memorandum and Articles, the remuneration of the directors may be determined by our board of 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 the 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 our Amended and Restated Memorandum and Articles, 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 Cayman Islands 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 for the exemptions and privileges listed below:

● an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies in the Cayman Islands;

● an exempted company's register of members is not open to inspection;

● an exempted company does not have to hold an annual general meeting;

● an exempted company may issue no par value, negotiable or bearer shares;

● an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● an exempted company may register as a limited duration company; and

● an exempted company 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 modeled after that of England and Wales but does not follow recent statutory enactments in England. In addition, the Companies Act differs from laws applicable to United States 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 State of Delaware and their shareholders.

This discussion does not purport to be a complete statement of the rights of holders of our Ordinary Shares under applicable law in the Cayman Islands or the rights of holders of the common stock of a typical corporation under applicable Delaware law.

***Mergers and Similar Arrangements***

The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. 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, provided the dissenting shareholder complies strictly with the procedures 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 percent (75%) in value of the creditors or class of creditors or is approved by seven-five percent (75%) 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 ninety percent (90%) of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed in the case of an offer that has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of a 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 acts in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her 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 or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party, 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 or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

 ****

***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 Amended and Restated Memorandum and Articles provide that any ordinary or special resolution of shareholders, or any other action typically taken at a shareholder meeting, may instead be adopted by written resolution. Such written resolutions require the unanimous consent of all shareholders entitled to vote, without the need for advance notice or a meeting.

***Shareholder Proposals***

Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

***Cumulative Voting***

Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled 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 Amended and Restated Memorandum and Articles do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

 ****

***Removal of Directors***

Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote unless the certificate of incorporation provides otherwise. Under our Amended and Restated Memorandum and Articles, directors may be removed by an ordinary resolution of our shareholders. Under our Amended and Restated Memorandum and Article, 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; (iv) without special leave of absence from our board of directors, is absent from meetings of our board of directors for three consecutive meetings and our board of directors resolves that his office be vacated; or (v) is removed from office pursuant to any other provisions of 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 Amended and Restated Memorandum and Articles, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate 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 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 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 Amended and Restated Memorandum and Articles governing the ownership threshold above which shareholder ownership must be disclosed.

***Listing***

We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "BENN." 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. The transfer agent and registrar's address is 18 Lafayette Pl, Woodmere, NY 11598, telephone 212-828-8436.

 **

***History of Securities Issuance***

 **

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| | | | |
|:---|:---|:---|:---|
| <br>**Securities/Purchaser** | **Date of**<br>**Issuance** | **Number of**<br>**Securities** | **Consideration**<br>**($)** |
| **Ordinary Shares** |  |  |  |
| 1 issued to Star Equity | April 17, 2025 | 1 | 0.0001 |
| 12,999,999 issued to Star Equity | April 17, 2025 | 12999999 | 1299.9999 |
| 8,621,500 issued to Star Equity | June 10, 2025 | 8621500 | 862.15 |
| 535,350 issued to Daily Charm Inc. | June 10, 2025 | 535350 | 53.535 |
| 534,275 issued to Miracle Worldwide Investment Limited | June 10, 2025 | 534275 | 53.4275 |
| 532,125 issued to Max Premier Limited | June 10, 2025 | 532125 | 53.2125 |
| 526,750 issued to Jumbo Harbour Group Limited | June 10, 2025 | 526750 | 52.6750 |

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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 for approval to have our Ordinary Shares listed 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 of this offering, we will have 25,000,000 outstanding Ordinary Shares, assuming no exercise of the Over-Allotment Option. Of that amount, 1,250,000 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 held by existing shareholders are, and any Ordinary Shares issuable upon exercise of options outstanding following the completion of this offering will be, restricted securities, as that term is defined in Rule 144 under the Securities Act. These restricted securities may be sold in the United States only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act. These rules are described below.

**Rule 144**

In general, persons who have beneficially owned restricted Ordinary Shares for at least six 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-month 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 250,000 Ordinary Shares immediately after the closing of this offering, assuming the underwriter does not exercise the Over-Allotment Option; 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 month 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. Additionally, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**Regulation S**

Regulation S under the Securities Act provides an exemption from registration requirements in the United States for offers and sales of securities that occur outside the United States. Rule 903 of Regulation S provides the conditions to the exemption for a sale by an issuer, a distributor, their respective affiliates, or anyone acting on their behalf. Rule 904 of Regulation S provides the conditions to the exemption for a resale by persons other than those covered by Rule 903. In each case, any sale must be completed in an offshore transaction, as that term is defined in Regulation S, and no directed selling efforts, as that term is defined in Regulation S, may be made in the United States.

We are a foreign issuer as defined in Regulation S. As a foreign issuer, securities that we sell outside the United States pursuant to Regulation S are not considered to be restricted securities under the Securities Act, and, subject to the offering restrictions imposed by Rule 903, are freely tradable without registration or restrictions under the Securities Act, unless the securities are held by our affiliates. We are not claiming the potential exemption offered by Regulation S in connection with the offering of newly issued shares outside the United States and will register all of the newly issued shares under the Securities Act.

Subject to certain limitations, holders of our restricted shares who are not our affiliates or who are our affiliates by virtue of their status as our officer or director of may resell their restricted shares in an "offshore transaction" under Regulation S if:

● none of the shareholder, its affiliate, nor any person acting on their behalf engages in directed selling efforts in the United States, and

● in the case of a sale of our restricted shares by an officer or director who is our affiliate solely by virtue of holding such position, no selling commission, fee, or other remuneration is paid in connection with the offer or sale other than the usual and customary broker's commission that would be received by a person executing such transaction as agent.

Additional restrictions are applicable to a holder of our restricted shares who will be our affiliate other than by virtue of his or her status as our officer or director.

**Lock-up Agreements**

The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the representative, it will not, for a period of three (3) months after the date of this offering, offer, sell, contract to sell or grant any option to purchase or otherwise dispose of any Ordinary Shares (other than the Ordinary Shares acquired in or after this offering) without first obtaining the representative's written consent.

In addition, our directors, executive officers, and principal shareholders (defined as owners of more than 5% of our outstanding Ordinary Shares as of the date of the prospectus) have agreed, subject to limited exceptions, not to for a period of six (6) months after the date of this offering, offer, sell, contract to sell or grant any option to purchase or otherwise dispose of any Ordinary Shares (other than the Ordinary Shares acquired in or after this offering) without first obtaining the representative's written consent. See "Underwriting."

**MATERIAL INCOME TAX CONSIDERATIONS**

**Cayman Islands Taxation**

The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company levied by the Government of the Cayman Islands 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 transfers of shares of Cayman Islands companies save 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 Substance 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. A "relevant entity" includes an exempted company incorporated in the Cayman Islands; however, it does not include an entity that is tax resident outside the Cayman Islands. Accordingly, for so long as we are a tax resident outside the Cayman Islands, we are not required to satisfy the economic substance test under the ES Act. Notwithstanding the foregoing, 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.

**Material U.S. Federal Income Tax Considerations for U.S. Holders**

The following brief summary discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of our Ordinary Shares by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase our Ordinary Shares pursuant to this offering and hold such Ordinary 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.

The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

● banks;

● financial institutions;

● insurance companies;

● pension plans;

● cooperatives;

● regulated investment companies;

● real estate investment trusts;

● broker-dealers;

● traders that elect to use a mark-to-market method of accounting;

● U.S. expatriates;

● certain former U.S. citizens or long-term residents;

● tax-exempt entities (including private foundations);

● persons liable for alternative minimum tax;

● persons holding our Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;

● persons that actually or constructively own 10% (by vote or value) or more of our voting shares (including by reason of owning our Ordinary Shares);

● persons who acquired our Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;

● persons holding our Ordinary Shares through partnerships or other pass-through entities;

● investment trusts;

● governments or agencies or instrumentalities thereof;

● beneficiaries of a Trust holding our Ordinary Shares; or

● persons holding our Ordinary Shares through a trust.

Prospective purchasers are urged to consult their own tax advisors about the application of the U.S. federal income tax rules to their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Ordinary Shares.

Further, 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 our Ordinary Shares should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership, and disposition of our Ordinary Shares, including the applicability of U.S. federal, state, and local tax laws and non-U.S. tax laws.

***<u>PFIC Consequences</u>***

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 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.

Our Ordinary 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.

The tax consequences that would apply if we were 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.

If you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any time during the period you hold our Ordinary Shares, then such Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a PFIC. A "purging election" creates a deemed sale of such Ordinary Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, you will have a new basis (equal to the fair market value of the Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day) in your Ordinary Shares for tax purposes.

IRC Section 1014(a) provides for a step-up in basis to the fair market value for our Ordinary Shares when inherited from a decedent that was previously a holder of our Ordinary Shares. However, if we are determined to be a PFIC and a decedent who was a U.S. Holder did not make either a timely qualified electing fund election for our first taxable year as a PFIC in which the decedent held (or was deemed to hold) our Ordinary Shares, or a mark-to-market election and ownership of those Ordinary Shares was inherited, a special provision in IRC Section 1291(e) provides that the new U.S. Holder's basis will be reduced by an amount equal to the Section 1014 basis minus the decedent's adjusted basis just before his or her death. Consequently, if we were determined to be a PFIC at any time prior to a decedent U.S. holder's death, the PFIC rules would cause any new U.S. Holder inheriting our Ordinary Shares from a U.S. Holder to not get a step-up in basis under Section 1014 and instead to receive a carryover basis in those Ordinary Shares.

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.

***Taxation of Dividends and Other Distributions on Our Ordinary Shares***

Subject to the Passive Foreign Investment Company (PFIC) rules discussed above, the gross amount of distributions made by us to you with respect to the Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, we are not a PFIC for either our taxable year in which the dividend is paid or the preceding taxable year, and certain holding period requirements are met. Because there is no income tax treaty between the United States and the Cayman Islands, clause (1) above can be satisfied only if the Ordinary Shares are readily tradable on an established securities market in the United States. Under IRS authority, Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on certain exchanges, which currently include the Nasdaq Stock Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares, including the effects of any change in law after the date of this prospectus.

Dividends will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our Ordinary Shares will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income."

To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated first as a tax-free return of your tax basis in your Ordinary Shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax principles. A U.S. Holder should therefore expect that a distribution will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

 ****

***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 recognized by 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.

***Net Investment Income 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 net investment income 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*, to report this payment. Substantial penalties may be imposed upon a U.S. Holder failing to comply with this 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 HIS, HER OR ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES OF AN INVESTMENT IN OUR ORDINARY 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.

The following is a discussion on certain Cayman Islands and Hong Kong income tax consequences of an investment in the Ordinary Shares. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands and Hong Kong laws.

**Cayman Islands Taxation**

The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company levied by the Government of the Cayman Islands 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 transfers of shares of Cayman Islands companies save for those which hold interests in land in the Cayman Islands. There are no exchange control regulations or currency restrictions in effect in the Cayman Islands.

**Hong Kong Profits Taxation**

Our subsidiary incorporated in Hong Kong conducts its business primarily in Hong Kong and is therefore subject to Hong Kong profits tax currently at the rate of 8.25% on its assessable profits up to HK$2,000,000 and 16.5% on any part of its assessable profits over HK$2,000,000, which has become applicable since the year of assessment of 2018/2019. Under Hong Kong tax laws, profits tax is not chargeable on any profits arising in or derived from outside Hong Kong. In addition, payments of dividends from our Hong Kong subsidiary to us are not subject to any tax withholding in Hong Kong.

**UNDERWRITING**

We expect to enter into an underwriting agreement with Revere Securities LLC, as representative of the several underwriters named therein (the "Representative"), with respect to the Ordinary Shares in this offering. The Representative may retain other brokers or dealers to act as sub-agents on its behalf in connection with this offering. Under the terms and subject to the conditions contained in the underwriting agreement, we have agreed to issue and sell to the underwriters the number of Ordinary Shares as indicated below.

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| | |
|:---|:---|
| **Name** | **Number of Ordinary Share** |
| Revere Securities LLC | [ ] |
| **Total** | [ ] |

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The underwriters are committed to purchase all the Ordinary Shares offered by this prospectus if they purchase any Ordinary Shares. The underwriters are not obligated to purchase the Ordinary Shares covered by the underwriters' Over-Allotment Option to purchase Ordinary Shares as described below. The underwriters are offering the Ordinary Shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, and other conditions contained in the underwriting agreement, such as the receipt by the Representative of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

**Pricing of this Offering**

Prior to this offering, there has been no public market for our Ordinary Shares. The initial public offering price for our Ordinary Shares will be determined through negotiations between us and the Representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the Representative believe to be comparable to us, estimate of our business potential and earning prospects, the present state of our development and other factors deemed relevant. The initial public offering price of our Ordinary Shares in this offering does not necessarily bear any direct relationship to the assets, operations, book value or other established criteria of value of our company.

**Over-Allotment Option**

We have granted to the Representative a 45-day option to purchase up to 187,500 additional Ordinary Shares (equal to 15% of the number of Ordinary Shares sold in the offering), at the offering price per Ordinary Share less underwriting discounts. The Representative may exercise this option for 45 days from the date of closing of this offering solely to cover sales of Ordinary Shares by the Representative in excess of the total number of Ordinary Shares set forth in the table above.

**Discounts and Expenses**

The underwriting discounts for the shares and the over-allotment shares are equal to seven percent (7%) of the initial public offering price.

The following table shows the price per share and total initial public offering price, underwriting discounts, and proceeds before expenses to us. The total amounts are shown assuming both no exercise and full exercise of the Over-Allotment Option.

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** |
|  | **Per Share** | **Without <br> Over-allotment** | **Full Exercise of <br> Over-allotment** |
| Public offering price | $| $— | $— |
| Underwriting discounts to be paid by us: | $| $— | $— |
| Proceeds, before expenses, to us | $| $— | $— |

---

We have agreed to reimburse the Representative up to a maximum of $300,000 for out-of-pocket accountable expenses (including the legal fees and other disbursements as disclosed below). As of the date of this prospectus, we have paid $120,000 to the Representative as an advance against out-of-pocket accountable expenses. Any expenses advancement will be returned to us to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A). In addition, we shall reimburse the underwriter as non-accountable expenses one percent (1%) of the gross proceeds of the offering.

We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and non-accountable expense allowance, will be approximately $1.2 million.

**Right of First Refusal**

We have agreed to grant the Representative for a 12-month period from the closing of this offering, a right of first refusal to act as (a) a lead or joint-lead manager for any underwritten public offering; (b) a lead or joint book-runner and/or lead or joint placement agent, initial purchaser in connection with any private offering of securities of the Company; or (c) a financial advisor in connection with any sale or other transfer by the Company, directly or indirectly, of a majority or controlling portion of its capital stock or assets to another entity, any purchase or other transfer by another entity, directly or indirectly, of a majority or controlling portion of the capital stock or assets of the Company, and any merger or consolidation of the Company with another entity (each, a "Transaction"). The Representative shall notify us of its intention to exercise its right of first refusal within fifteen (15) business days following notice in writing by the Company. Pursuant to FINRA Rule 5110(g)(5), the Company shall have the right to terminate the right of first refusal for cause, which shall mean a material breach by the Representative of certain engagement letter between the Company and the Representative or a material failure by the Representative to provide the services as contemplated by such engagement letter.

**Lock-Up Agreements**

We have agreed, subject to some exceptions, not to (a) offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for the Ordinary Shares; (b) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares, whether any such transaction is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise; or (c) file or caused to be filed any registration statement (other than a registration statement on Form S-8) with the SEC relating to the offering of any Ordinary Shares or any securities convertible into or exercisable or exchangeable for the Ordinary Shares, without the prior written consent of the Representative, for a period of three (3) months from the date of this offering.

Our directors, executive officers and principal shareholders (defined as owners of more than 5% of our Ordinary Shares as of the date of this prospectus) have agreed, subject to limited exceptions, not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares or such other securities for a period of six (6) months from the date of this offering, without the prior written consent of the Representative.

The Representative has no present intention to waive or shorten the lock-up period; however, the terms of the lock-up agreements may be waived at its discretion. In determining whether to waive the terms of the lockup agreements, the Representative may base its decision on its assessment of the relative strengths of the securities markets and companies similar to ours in general, and the trading pattern of, and demand for, our securities in general.

**Foreign Regulatory Restrictions on Purchase of our Ordinary Shares**

We have not taken any action to permit a public offering of our Ordinary Shares outside the United States or to permit the possession or distribution of this prospectus outside the United States. People outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to this offering of our Ordinary Shares and the distribution of this prospectus outside the United States.

**Indemnification**

We have agreed to indemnify the underwriters against liabilities relating to the offering arising under the Securities Act and the Exchange Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement and to contribute to payments that the underwriters may be required to make for these liabilities.

**Application for Nasdaq Listing**

Prior to this offering, there has been no public market for our Ordinary Shares. We have applied to list our Ordinary Shares on Nasdaq Capital Market under the symbol "BENN". There can be no assurance that we will be successful in listing our Ordinary Shares on Nasdaq Capital Market or another national exchange and if such listing is not obtained then this offering will be terminated.

**Electronic Offer, Sale and Distribution of Ordinary Share**

A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriter or selling group members, if any, or by their affiliates, and the underwriter may distribute prospectus electronically. The underwriter may agree to allocate a number of Ordinary Shares to selling group members for sale to their online brokerage account holders. The Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriters, and should not be relied upon by investors.

In connection with this offering, certain of the underwriter or securities dealers may distribute prospectuses by electronic means, such as e-mail.

**Passive Market Making**

Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**Potential Conflicts of Interest**

The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to customers that they acquire, long and/or short positions in such securities and instruments.

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Ordinary Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain, or otherwise affect the price of our Ordinary Shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

● Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

● Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the Over-Allotment Option described above and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement

● Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the ordinary shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Ordinary Shares or preventing or delaying a decline in the market price of our Ordinary Shares. As a result, the price of our ordinary shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our ordinary shares. These transactions may occur on Nasdaq or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

**Selling Restrictions**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Ordinary Shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the Ordinary Shares, where action for that purpose is required. Accordingly, the Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the 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 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 | $1321 |
| The Nasdaq Capital Market listing fee | $75000 |
| FINRA filing fee | $1625 |
| Printing expenses | $25000 |
| Legal fees and expenses | $540394 |
| Accounting fees and expenses | $250000 |
| Miscellaneous | $338000 |
| **Total** | $1231340 |

---

**LEGAL MATTERS**

The validity of our Ordinary Shares and certain other matters of Cayman Islands law will be passed upon for us by Conyers Dill & Pearman. We are being represented by Bevilacqua PLLC with respect to U.S. federal securities laws. We may rely upon Haldanes and Kingbridge Law Firm with respect to matters governed by Hong Kong law and PRC law, respectively. Revere Securities LLC, the representative of the underwriters, is being represented by VCL Law LLP with respect to certain legal matters as to U.S. federal securities and New York State law.

**EXPERTS**

The consolidated financial statements as of and for the years ended December 31, 2023 and 2024, included in this prospectus have been so included in reliance on the report of Assentsure PAC, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The registered business address of Assentsure PAC is No. 180B Bencoolen Street #03-01, The Bencoolen, Singapore 189648.

**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.

The SEC maintains a website at *http://www.sec.gov* that contains reports, proxy and information statements, and other information regarding issuers, like us, which file electronically with the SEC.

Upon effectiveness of this offering, we will be subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. Those reports may be inspected without charge at the locations described above. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

We maintain a website at *www.stg-rebar.com.hk* Information contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus.

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **CONTENTS** | **PAGE(S)** |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 6783)](#b_001) | F-2 |
| [CONSOLIDATED BALANCE SHEETS AS AT DECEMBER 31, 2023 AND 2024](#b_002) | F-3 |
| [CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2024](#b_003) | F-4 |
| [CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2024](#b_004) | F-5 |
| [CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2024](#b_005) | F-6 |
| [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#b_006) | F-7 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To The Shareholders and the Board of Directors of Bend NovaTech Group Limited

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Bend NovaTech Group Limited and its subsidiaries (collectively, the "Company") as of December 31, 2023 and 2024, the related consolidated statements of operations and comprehensive income, changes in equity and cash flows for each of the two years in the 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 positions of the Company as of December 31, 2023 and 2024 and the results of its operations and its cash flows for each of the two years in the 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 the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Assentsure PAC

Assentsure PAC

Singapore

June 24, 2025

PCAOB# 6783

We have served as the Company's auditor since 2025.

**BEND NOVATECH GROUP LIMITED**

**CONSOLIDATED BALANCE SHEETS**

**AS AT DECEMBER 31, 2023 AND 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of December 31** | **As of December 31** |
|  | <br>**Notes** | **2023** | **2024** |
|  |  | **US$'000** | **US$'000** |
| **ASSETS** |  |  |  |
| **Current assets:** |  |  |  |
| Inventory |  | 69 | 138 |
| Accounts receivables – third parties, net | 11 | 1114 | 4852 |
| Accounts receivables – related parties, net | 11, 18 | 153 |  |
| Deposits, prepayment and other receivables | 12 | 1621 | 4422 |
| Loan due from a former director of a subsidiary | 18 | 345 |  |
| Cash and cash equivalents |  | 201 | 57 |
| **Total current assets** |  | 3503 | 9469 |
| **Non-current assets:** |  |  |  |
| Property, plant and equipment | 13 | 3612 | 3328 |
| Right-of-use assets, operating lease | 14 | 3528 | 2374 |
| Right-of-use assets, finance lease | 14 | 217 | 441 |
| Deposits, prepayment and other receivables | 12 | 230 | 232 |
| **Total non-current assets** |  | 7587 | 6375 |
| **Total assets** |  | 11090 | 15844 |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current liabilities:** |  |  |  |
| Accounts payables | 15 | 79 | 112 |
| Accrual and other payables | 16 | 451 | 1246 |
| Amounts due to a former director of a subsidiary | 18 | 484 |  |
| Operating lease liabilities | 14 | 946 | 896 |
| Finance lease liabilities | 14 | 44 | 93 |
| Other borrowings | 17 | 7360 |  |
| Current tax liabilities |  | - | 57 |
| **Total current liabilities** |  | 9364 | 2404 |
| **Non-current liabilities:** |  |  |  |
| Operating lease liabilities | 14 | 2712 | 1633 |
| Finance lease liabilities | 14 | 120 | 213 |
| Loans from a shareholder |  | - | 9794 |
|  |  | 2832 | 11640 |
| **Shareholders' equity:** |  |  |  |
| Ordinary Shares, $0.0001 par value, 500,000,000 Ordinary Shares authorized, 23,750,000 Ordinary Shares issued and outstanding as of December 2023 and 2024\* |  | 2 | 2 |
| Additional paid-up capital |  |  | 1449 |
| Subscription receivables |  | (2) | (2) |
| (Accumulated losses)/Retained earnings |  | (1097) | 343 |
| Foreign current translation reserve |  | (9) | 8 |
| **Total shareholder's equity** |  | (1106) | 1800 |
| **Total liabilities and equity** |  | 11090 | 15844 |

---

\* The share data is presented on a retroactive basis to reflect the reorganization.

The accompanying notes are an integral part of these consolidated financial statements.

**BEND NOVATECH GROUP LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **2023** | **2024** |
|  |  | **US$'000** | **US$'000** |
| **Revenue – third parties** | 4 | 4317 | 12668 |
| **Revenue – related parties** |  | 1854 | 500 |
| Cost of revenue | 4 | (5659) | (9567) |
| **Gross profit** |  | 512 | 3601 |
| Other income | 5 | 48 | 634 |
| Allowance for credit loss on accounts receivables |  | (30) | (238) |
| Administrative expenses | 6 | (670) | (1593) |
| **(Loss)/profit from operations** |  | (140) | 2404 |
| Finance costs | 8 | (410) | (908) |
| **(Loss)/profit before taxation** |  | (550) | 1496 |
| Income tax expenses | 9 | - | (56) |
| **(Loss)/profit attributable to shareholders** |  | (550) | 1440 |
| **Other comprehensive income** |  |  |  |
| Exchange differences on translation of foreign operations |  | (6) | 17 |
| **Total comprehensive income attributable to shareholders** |  | (556) | 1457 |
| **(Loss)/Earnings per share attributable to shareholders** |  |  |  |
| Basic and diluted | 10 | (0.023) | 0.061 |
| **Weighted average number of ordinary shares used in computing net income per share** |  |  |  |
| Basic and diluted\* | 10 | 23750000 | 23750000 |

---

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

The accompanying notes are an integral part of these consolidated financial statements.

**BEND NOVATECH GROUP LIMITED**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

**FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares** | **Ordinary shares** | | | | | |
|  | **Number of <br> shares\*** | **Amount** | **Additional**<br>**paid-in <br> capital** |<br>**Subscription receivables** | **(Accumulated losses)/**<br>**Retained earnings** | **Foreign<br> currency**<br> **translation<br> reserve** |<br>**Total<br> Equity** |
|  | | **US$'000** | **US$'000** | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| Balance as at January 1, 2023 | 23750000 | 2 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | (547) | (3) | (550) |
| Loss for the year |  |  |  |  | (550) |  | (550) |
| Other comprehensive income for the year | - | - | - | - | - | (6) | (6) |
| Balance as of December 31, 2023 | 23750000 | 2 |  | (2) | (1097) | (9) | (1106) |
| Capitalization of loan interest from a shareholder |  |  | 1449 |  |  |  | 1449 |
| Profit for the year |  |  |  |  | 1440 |  | 1440 |
| Other comprehensive income for the year | - | - | - | - | - | 17 | 17 |
| Balance as of December 31, 2024 | 23750000 | 2 | 1449 | (2) | 343 | 8 | 1800 |

---

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

The accompanying notes are an integral part of these consolidated financial statements.

**BEND NOVATECH GROUP LIMITED<br> CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2024**

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| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **2023** | **2024** |
|  |  | **US$'000** | **US$'000** |
| **<u>CASH FLOWS FROM OPERATING ACTIVITIES</u>** |  |  |  |
| (Loss)/profit before taxation |  | (550) | 1496 |
| **<u>Adjustments for:</u>** |  |  |  |
| Interest expense on other borrowings | 8 | 410 | 908 |
| Interest expense on operating lease liabilities |  | 176 | 166 |
| Interest expense on finance lease liabilities |  |  | 16 |
| Bank interest income |  |  | (7) |
| Interest income on loan to a director of a subsidiary |  | (20) |  |
| Allowance for credit loss on accounts receivables | 11 | 30 | 238 |
| Allowance for credit loss on other receivables | 12 |  | 347 |
| Depreciation of property, plant and equipment |  | 513 | 608 |
| Amortisation of right-of-use assets, operating lease |  | 808 | 1155 |
| Amortisation of right-of-use assets, finance lease | 14 | 15 | 29 |
| Write off of property, plant and equipment |  |  | 33 |
| Gain on derecognition of operating lease upon termination |  |  | (11) |
| **Operating cash flows before changes in operating activities** |  | 1382 | 4978 |
| **Changes in operating assets and liabilities** |  |  |  |
| Change in inventories |  | (69) | (67) |
| Change in accounts receivables |  | 667 | (3766) |
| Change in deposits, prepayment and other receivables |  | (343) | (2751) |
| Change in accounts payables |  | (122) | 30 |
| Change in accruals and other payables |  | (1075) | 301 |
| Change in operating lease liabilities |  | (921) | (1287) |
| **Net cash flow used in operating activities** |  | **(481)** | **(2562)** |
| **<u>CASH FLOWS FROM INVESTING ACTIVITIES</u>** |  |  |  |
| Repayment from loan to a director of a subsidiary |  | 8 |  |
| Interest received on bank deposits |  |  | 7 |
| Purchase of property, plant and equipment |  | (644) | (341) |
| **Net cash flow used in investing activities** |  | **(636)** | **(334)** |
| **<u>CASH FLOWS FROM FINANCING ACTIVITIES</u>** |  |  |  |
| Advance loan from other borrowings |  | 1277 |  |
| Advance loan from loan from a shareholder |  |  | 2878 |
| Repayment of finance lease liabilities |  | (76) | (123) |
| **Net cash flow generated from financing activities** |  | **1201** | **2755** |
| **Net increase/(decrease) in cash and cash equivalents** |  | **84** | **(141)** |
| Cash and Cash equivalents at beginning of the year |  | **109** | **201** |
| Effect of foreign exchange effect |  | 8 | (3) |
| **Cash and Cash equivalents at end of the year** |  | **201** | **57** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**1.** **ORGANIZATION** 

***(a)***  ***Nature of operations and principal activities*** 

Bend NovaTech Group Limited (the "Company") was incorporated in the Cayman Islands on April 17, 2025 under the Company Act as an exempted company with limited liability. The principal activities of the Company and its subsidiaries (collectively, the "Group") is principally engaged in the provision of cut-and-bend services of steel reinforcing bars services in Hong Kong.

As at the date of this consolidated financial statements, the details of the Company's principal subsidiaries are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Percentage of** | **Percentage of** | | |
| | | **Effective ownership** | **Effective ownership** | | |
| <br>**Subsidiaries** | <br>**Date of**<br>**incorporation** | **2023** | **2024** | <br>**Place of**<br>**incorporation** | <br>**Principal**<br>**activities** |
| SMP Holding Limited ("SMP") | March 3, 2022 | 100% | 100% | BVI | Investment holding |
| Smart Rebar Holding Limited ("Smart Rebar") | March 3, 2022 | 100% | 100% | BVI | Investment holding |
| Smart (Technology) Global Limited ("STG") | June 23, 2021 | 100% | 100% | Hong Kong | Provision of cut-and bend services of steel reinforcing bars services |

---

***(b)***  ***Reorganization*** 

Since December 2024, the Company has undergone a reorganization of its legal structure such that (i) on December 27, 2024, Star Equity Enterprises Limited ("Star Equity") became the sole shareholder holding 100% interest in SMP and Smart Rebar; (ii) the Company was incorporated under the laws of the Cayman Islands on April 17, 2025 with Star Equity being its sole shareholder; (iii) on the same date (April 17, 2025), Star Equity transferred 100% of its interest in SMP and Smart Rebar to the Company. As a result of the reorganization completed on April 17, 2025, the Company became the holding company of SMP and Smart Rebar and therefore wholly-owned STG. Since each of SMP, Smart Rebar and STG have been under the common control of the same controlling shareholder, Star Equity, both before and after the reorganization, the consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.

The shareholding structure of the Company before and after the reorganization are illustrated as follows:

---

| | |
|:---|:---|
| *Before the reorganization* | *After the reorganization* |
| ![](image_011.jpg) | ![](image_012.jpg) |

---

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***Basis of presentation***

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the SEC.

In the opinion of the management, the accompanying consolidated financial statements reflect all normal recurring adjustments, which are necessary for a fair presentation of financial results for the reporting period presented. The Company believes that the disclosures are adequate to make the information presented not misleading.

**BEND NOVATECH GROUP LIMITED** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)** 

 ****

***Principles of consolidation***

The consolidated financial statements presented herein represent the consolidated financial statements of the Company and its subsidiaries. All transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation.

***Use of estimates and assumptions***

 ****

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the consolidated financial statements; therefore, actual results could differ from those estimates.

 ****

***Functional currency and foreign currency translation***

The consolidated financial statements are presented in US$ as its reporting currency.

The functional currency is US$ for the Company and its BVI subsidiaries and HK$ for its subsidiary in Hong Kong.

Monetary assets and liabilities denominated in functional currency is translated into reporting currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of operations and comprehensive income.

 ****

***Fair value of financial instruments***

Fair value is defined 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 either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also 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 inputs that may be used to measure fair value:

Level 1 —Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 —Other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

Financial assets and liabilities of the Group primarily consist of accounts receivable, net, financial assets included in deposits, prepayment and other receivables, contract assets and cash and cash equivalents, and accounts payable, financial liabilities included in accruals and other payables, amounts due to shareholders, loan due to shareholder, contract liabilities, operating lease liabilities and other borrowings.

 ****

***Inventories***

Inventories comprise materials held for use. Inventories are stated at the lower of cost and net realizable value. Costs of inventories comprise cost of purchases are determined on a weighted average cost method. Net realizable value represents the estimated value for inventories less all estimated costs necessary for replacement.

**BEND NOVATECH GROUP LIMITED** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)** 

 ****

***Cash and cash equivalents***

Cash and cash equivalents represent cash on hand and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

***Accounts receivable, net***

Accounts receivable mainly consists of amount due from the Group's customers, which are recorded net of allowance for credit losses. The Group records allowance for credit losses for accounts receivable based on assessments of the recoverability of the accounts receivable and individual account analysis, including the current creditworthiness and the past collection history of each customer. The allowance is based on management's best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable. As of December 31, 2023, and 2024, the Group had an allowance for credit losses on accounts receivable of approximately US$30,000 and US$272,000, respectively.

***Property, plant and equipment***

Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property, plant and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis. Furniture, fixtures and office equipment are depreciated over estimated useful lives of the related assets.

---

| | |
|:---|:---|
| **Category** | **Estimated useful life** |
| Leasehold improvement | over the shorter of the lease term or 5 years |
| Property, plant and machineries | 4.5-10 years |
| Fixture, furniture and equipment | 5 years |
| Motor vehicles | 5-15 years |

---

***Impairment of long-lived assets***

The Group evaluates its long-lived assets, including property, plant and equipment, 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 amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amounts of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amounts of the assets, the Group recognizes an impairment loss based on the excess of the carrying amounts of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. There was no impairment of long-lived assets recognized for the fiscal years ended December 31, 2023 and 2024.

 **

***Revenue recognition***

 **

Revenue from sales of goods is recognised when the goods are delivered and title has passed. Revenue is measured at the fair value of the consideration received or receivable, net of discounts.

Revenue from transportation income is recognised when the Company has completed the performance obligation when the goods are delivered.

Revenue from rental services of machineries is recognised when the services are provided.

**BEND NOVATECH GROUP LIMITED** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)**

***Taxation***

 **

*<u>Income taxes</u>*

Current income taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the assets and liabilities method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statement of operations and comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more-likely-than-not that some portion of, or all of the deferred tax assets will not be realized.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group considers possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

 ****

*<u>Uncertain tax positions</u>*

 ****

The Group applies the provisions of ASC topic 740 ("ASC 740"), Accounting for Income Taxes, to account for uncertainty in income taxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the financial statements. The benefit of a tax position is recognized if a tax return position or future tax position is "more likely than not" to be sustained under examination based solely on the technical merits of the position. Tax positions that meet the "more likely than not" recognition threshold is measured, using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and or developments with respect to tax audits, and the expiration of the statute of limitations. Additionally, in future periods, changes in facts and circumstances, and new information may require the Group to adjust the recognition and measurement of estimates with regards to changes in individual tax position. Changes in recognition and measurement of estimates are recognized in the period in which the change occurs.

 ****

The Group did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the fiscal years ended December 31, 2023 and 2024, respectively.

***Comprehensive income***

The Group has adopted FASB Accounting Standard Codification Topic 220 ("ASC 220") "Comprehensive income", which establishes standards for reporting and the presentation of comprehensive income, its components and accumulated balances.

**BEND NOVATECH GROUP LIMITED** 

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)** 

 ****

***Comprehensive income (cont.)***

There was no other comprehensive income/(loss) except for the exchange differences on translation of foreign operations for the fiscal years ended December 31, 2023 and 2024, respectively.

 **

***Borrowing costs***

 **

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 **

***Leases***

 **

The Group accounts for lease under ASC Topic 842, Leases. The Group determines if an arrangement is or contains a lease at inception. Right-of-use assets and liabilities are recognized at lease commencement date based on the present value of remaining lease payments over the lease terms. The Group considers only payments that are fixed and determinable at the time of lease commencement.

At the commencement date, the lease liability is recognized at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred. All right-of-use assets are reviewed for impairment annually. There was no impairment for right-of-use lease assets as of December 31, 2023 and 2024, respectively.

Operating lease assets are included within "right-of-use assets, operating lease", and the corresponding operating lease liabilities are included within "operating lease liabilities" on the consolidated balance sheets as of December 31, 2023 and 2024, respectively.

***Related party transaction***

A related party is generally defined as (i) any person and or their immediate family hold 10% or more of the company's securities (ii) the Company's management and or their immediate family, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

***Segment reporting***

ASC 280, Segment Reporting, ("ASC 280"), establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers.

Based on the criteria established by ASC 280, the Group's chief operating decision makers ("CODM") have been identified as the Group's executive officers, who review consolidated results when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of reporting. As the Group's long-lived assets are substantially located in Hong Kong, no geographical segments are presented.

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)** 

***Recent accounting pronouncements***

 ****

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments. These requirements include: (i) disclosure of significant expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit or loss (collectively referred to as the "significant expense principle"); (ii) disclosure of an amount for other segment items (equal to the difference between segment revenue less segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment and a description of their composition; (iii) annual disclosure of a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods; (iv) clarification that, if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report those additional measures of segment profit or loss; (v) disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) disclosure of segment profit or loss in assessing segment performance and deciding how to allocate resources; and (vi) requiring a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU, and all existing segment disclosures in Topic 280. ASU 2023-07 is effective for the Company's annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025. The Company adopted ASU 2023-07 on January 1, 2024, and it did not have any material impact on the Company's consolidated financial statements.

On December 14, 2023, the FASB issued a final standard on improvements to income tax disclosures. The standard requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09, Improvements to Income Tax Disclosures, applies to all entities subject to income taxes. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the requirements will be effective for annual periods beginning after December 15, 2025. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. Management does not expect material impact on its accounting or reporting when implemented.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material impact on its the consolidated financial position, statements of operations and cash flows.

**3.** **CONCENTRATION OF RISKS** 

***Political, social and economic risks***

The main operations of the Group are located in Hong Kong. Accordingly, the Group's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Hong Kong, as well as by the general state of the economy in Hong Kong. The Group's results may be adversely affected by changes in the political, regulatory and social conditions in Hong Kong. Although the Group has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.

The Group's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Group's operations.

 **

***Interest rate risk***

 **

The Group is exposed to interest rate risk on its interest-bearing assets and liabilities. As part of its asset and liability risk management, the Group reviews and takes appropriate steps to manage its interest rate exposure on its interest-bearing assets and liabilities. The Group has not been exposed to material risks due to changes in market interest rates and has not used any derivative financial instruments to manage the interest risk exposure during the years presented.

 **

***Credit risk***

 **

Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash equivalents, and accounts receivable and other receivables. As of December 31, 2023 and 2024, US$201,000 and US$57,000 were deposited with financial institutions located in Hong Kong, respectively. In accordance with the relevant regulations in Hong Kong, the maximum insured bank deposit amount is US$64,863 (HK$500,000) for each financial institution. While the Group believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

The Group is also exposed to risk from its accounts receivable. These assets are subject to credit evaluations. An allowance for credit loss has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment.

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**3.** **CONCENTRATION OF RISKS (cont.)** 

***Concentration risk***

 ****

*<u>Customers</u>*

 

There were 4 and 3 customers from whom revenues individually represent greater than 10% of the total revenues of the Group for the fiscal years ended December 31, 2023 and 2024, respectively. The total sales to these customers accounted for approximately 64.5% and 63.8% of total revenues for the fiscal years ended December 31, 2023 and 2024, respectively.

As of December 31, 2023 and 2024, there were 3 and 3 accounts receivables due from customers individually greater than 10% of the Group's receivables, represent in aggregate of approximately 58.8% and 83.7% of the Group's accounts receivables respectively.

The following customers accounted for 10% or more of revenue for the fiscal years ended December 31, 2023 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |  |
|  | **December 31, 2023** | **December 31, 2023** |  | **December 31, 2024** | **December 31, 2024** |  |
|  | **US$'000** | **%** |  | **US$'000** | **%** |  |
| Customer A | 1154 | 18.7 | % | 23 | 0.2 | %\* |
| Customer B | 967 | 15.7 | % | 208 | 1.6 | %\* |
| Customer C | 887 | 14.4 | % | 292 | 2.2 | %\* |
| Customer D |  |  | \* | 2077 | 15.8 | % |
| Customer E | 969 | 15.7 | % | 36 | 0.3 | %\* |
| Customer F | 126 | 2.0 | %\* | 3947 | 30.0 | % |
| Customer I |  |  | \* | 2370 | 18.0 | % |

---

\* represents less than 10% of the revenue.

The following customers accounted for 10% or more of accounts receivables, as of December 31, 2023 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As at** | **As at** | **As at** | **As at** | **As at** |  |
|  | **December 31, 2023** | **December 31, 2023** |  | **December 31, 2024** | **December 31, 2024** |  |
|  | **US$'000** | **%** |  | **US$'000** | **%** |  |
| Customer D |  |  |  | 497 | 10.2 | % |
| Customer G | 163 | 12.9 | % | 340 | 7.0 | %\* |
| Customer F | 38 | 3.0 | %\* | 1217 | 25.1 | % |
| Customer J | 422 | 33.3 | % | 147 | 3.0 | %\* |
| Customer H | 160 | 12.6 | % | 2 |  | \* |
| Customer I |  |  | \* | 2347 | 48.4 | % |

---

\* represents less than 10% of the accounts receivables.

*<u>Suppliers</u>*

There were 2 and 2 suppliers from whom purchases individually represent greater than 10% of the total purchases of the Group for the fiscal years ended December 31, 2023 and 2024, respectively. The total purchase from these suppliers accounted for approximately 30.3% and 35.5% of the Group's total purchase for the fiscal years ended December 31, 2023 and 2024, respectively.

As of December 31, 2023 and 2024, there were 4 and 4 accounts payables due to suppliers individually greater than 10% of the Group's accounts payables, represent in aggregate of approximately 90.0% and 85.7% of the Group's accounts payables.

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**3.** **CONCENTRATION OF RISKS (cont.)** 

***Concentration risk (cont.)***

The following supplier accounted for 10% or more of purchases for the fiscal years ended December 31, 2023 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2023** | **December 31, 2023** |  | **December 31, 2024** | **December 31, 2024** |
|  | **US$'000** | **%** |  | **US$'000** | **%** |
| Supplier T | 77 | 9.3 | %\* | 109 | 10.7% |
| Supplier U | 143 | 17.3 | % | 253 | 24.8% |
| Supplier X | 108 | 13.0 | % |  | - \* |

---

\* represents less than 10% of the purchases.

The following suppliers accounted for 10% or more of the Group's accounts payable as of December 31, 2023 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2024** | **December 31, 2024** |
|  | **US$'000** | **%** | **US$'000** | **%** |
| Supplier S | 13 | 16.5% | 31 | 27.7% |
| Supplier T | 16 | 20.3% | 36 | 32.1% |
| Supplier U | 19 | 24.1% | 16 | 14.3% |
| Supplier V | 23 | 29.1% |  | - \* |
| Supplier W |  | - \* | 13 | 11.6% |

---

\* represents less than 10% of the accounts payable.

**4.** **REVENUE AND COST OF REVENUE** 

***Revenue***

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2024** | **December 31, 2024** |
|  | **US$'000** | **%** | **US$'000** | **%** |
| From third parties | 4317 | 70.0% | 12668 | 96.2% |
| From related parties | 1854 | 30.0% | 500 | 3.8% |
|  | 6171 | 100.0% | 13168 | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2024** | **December 31, 2024** |
|  | **US$'000** | **%** | **US$'000** | **%** |
| *<u>By Projects</u>* |  |  |  |  |
| Public Sector |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Infrastructure and public facilities | 2055 | 33.3% | 1222 | 9.3% |
| &nbsp;&nbsp;&nbsp;- Residential | 1409 | 22.8% | 8040 | 61.0% |
| ***Sub-total*** | 3464 | 56.1% | 9262 | 70.3% |
| Private Sector |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Commercial//infrastructure | 323 | 5.2% | 232 | 1.8% |
| &nbsp;&nbsp;&nbsp;- Residential | 2384 | 38.6% | 3674 | 27.9% |
| ***Sub-tota****l* | 2707 | 43.9% | 3906 | 29.7% |
| Total | 6171 | 100.0% | 13168 | 100.0% |

---

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**4.** **REVENUE AND COST OF REVENUE (cont.)** 

***Revenue (cont.)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2024** | **December 31, 2024** |
|  | **US$'000** | **%** | **US$'000** | **%** |
| *<u>By Nature</u>* |  |  |  |  |
| Subcontracting income from bending and cutting of steel reinforcing bar | 4012 | 65.0% | 8639 | 65.6% |
| - From third parties | 3125 | 50.6% | 8347 | 63.4% |
| - From related parties | 887 | 14.4% | 292 | 2.2% |
| Transportation income | 1191 | 19.3% | 2275 | 17.3% |
| - From third parties | 1191 | 19.3% | 2275 | 17.3% |
| - From related parties |  |  |  |  |
| Rental income from leasing of machineries | 968 | 15.7% | 2254 | 17.1% |
| - From third parties | 1 |  | 2046 | 15.5% |
| - From related parties | 967 | 15.7% | 208 | 1.6% |
|  | 6171 | 100.0% | 13168 | 100.0% |

---

Revenue disaggregated by timing of revenue recognition for the years ended December 31, 2023 and 2024 are disclosed as below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2024** | **December 31, 2024** |
|  | **US$'000** | **%** | **US$'000** | **%** |
| <u>Point in time</u> |  |  |  |  |
| Subcontracting income from bending and cutting of steel reinforcing bar | 4012 | 65.0% | 8639 | 65.6% |
| Transportation income | 1191 | 19.3% | 2275 | 17.3% |
|  | 5203 | 84.3% | 10914 | 82.9% |
| <u>Over time</u> |  |  |  |  |
| Rental income from leasing of machineries | 968 | 15.7% | 2254 | 17.1% |
| Total | 6171 | 100.0% | 13168 | 100.0% |

---

***Cost of revenue***

 ****

Cost of revenue consists primarily of direct labor costs, lease expense on factory space, factory overheads, transportation, motor vehicles expenses and repairs and maintenance on machineries that are that are directly attributable to revenue generated.

**5.** **OTHER INCOME** 

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| Bank interest income |  | 7 |
| Government grant (Note) |  | 105 |
| Interest income from loan to a director | 20 |  |
| Sales of scrap materials |  | 497 |
| Sundry income | 28 | 25 |
|  | 48 | 634 |

---

---

| | |
|:---|:---|
| Note: | During the fiscal year December 31, 2024, the Group received government grants in respect of the Re-industrialisation Funding Scheme under the Innovation and Technology Fund set up by the Hong Kong SAR Government. |

---

**6.** **ADMINISTRATIVE EXPENSES** 

Administrative expenses consist primarily of salaries, bonuses and benefits for employees involved in general corporate functions, and those not specifically dedicated to sales activities, such as depreciation and amortization of fixed assets, legal and other professional services fees, rental, allowance for credit loss on other receivables and other general corporate related expenses.

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**7.** **EMPLOYEE BENEFITS** 

Full time employees of the Group in Hong Kong participate in a government mandated defined contribution plan, pursuant to which Mandatory Provident Fund ("MPF") is provided to the employees. The Hong Kong Legislative Council requires the Hong Kong subsidiary of the Group make contributions for MPF based on 5% of the employees' salaries, up to a maximum amount of US$2,300 (HK$18,000) per year. The Group has no legal obligation for the benefits beyond the contributions made.

**8.** **FINANCE COSTS** 

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| Interest expense on loan from a third party | 410 |  |
| Interest expense on loan from a shareholder | - | 908 |
|  | 410 | 908 |

---

**9.** **INCOME TAXES** 

***Cayman Islands***

Pursuant to the current rules and regulations, the Cayman Islands currently levy no taxes on individuals or corporate based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. Therefore, the Company is not subject to any tax in the Cayman Islands.

 **

***Hong Kong***

 **

The Group is subject to a two-tiered income tax rate for taxable income earned in Hong Kong. The first HK$2 million (approximately US$256,000) profits earned by a company is subject to be taxed at an income tax rate of 8.25%, while the remaining profits will continue to be taxed at the existing tax rate of 16.5%.

The following table presents the composition of income tax expenses for the fiscal years ended December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| Current income tax expense |  | 56 |

---

Reconciliation of the difference between the Hong Kong statutory income tax rate applicable to profits of the Group and the income tax expenses of the Group was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| (Loss) Profit before provision for income taxes | (550) | 1496 |
| Income tax expenses computed at statutory rate | (91) | 248 |
| Effect of preferential tax rates |  | (21) |
| Tax effect of temporary difference | 60 | 110 |
| Tax effect of tax losses not recognised | 31 |  |
| Utilisation of tax losses previously not recognised | - | (281) |
| Income tax expense | - | 56 |

---

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**9.** **INCOME TAXES (cont.)** 

***Uncertain tax positions***

The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2023 and 2024, the Group did not have any significant unrecognized uncertain tax positions.

The Group did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of operations for the fiscal years ended December 31, 2023 and 2024.

**10.** **(LOSS)/ EARNINGS PER SHARE** 

The following table sets forth the computation of basic and diluted (loss)/earnings per share for the fiscal years ended December 31, 2023 and 2024.

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| ***Numerator:*** |  |  |
| (Loss)/Profit attributable to shareholders | (550) | 1440 |
| ***Denominator:*** |  |  |
| Weighted average number of ordinary shares used in computing net income per share (shares)\* | 23750000 | 23750000 |

---

\* The share data is presented on a retroactive basis to reflect the reorganization.

**11.** **ACCOUNTS RECEIVABLES, NET** 

Accounts receivable, and the allowance for credit losses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| Accounts receivables - third parties | 1140 | 5124 |
| Less: Allowance for credit losses | (26) | (272) |
| Accounts receivables - third parties, net | 1114 | 4852 |
| Accounts receivables - related parties | 157 |  |
| Less: Allowance for credit losses | (4) | - |
| Accounts receivables - related parties, net | 153 | - |

---

Accounts receivable are past due when a counterparty has failed to make a payment when contractually due. Credit terms granted to customers vary from contract to contract. The credit period granted to customers is 30 to 45 days from payment certification date.

The Group recognized allowance for credit losses of US$30,000 and US$238,000, respectively, for the fiscal years ended December 31, 2023 and 2024.

Reconciliation of the allowance for credit losses of accounts receivable:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| As of January 1 |  | (30) |
| Allowance for credit loss on accounts receivables for the year | (30) | (238) |
| Exchange realignment | - | (4) |
| As of December 31 | (30) | (272) |

---

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**12.** **DEPOSITS, PREPAYMENT AND OTHER RECEIVABLES** 

Deposits, prepayment and other receivables consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| Rental deposits | 230 | 232 |
| Utility and other deposits | 80 | 125 |
| Prepayment | 619 | 824 |
| Loan receivables (Note) |  | 2955 |
| Other receivable | 922 | 865 |
| Less: Allowance for credit loss on other receivable | - | (347) |
|  | 1851 | 4654 |
| Under current assets | 1621 | 4422 |
| Under non-current assets | 230 | 232 |
|  | 1851 | 4654 |

---

Note: As December 31, 2024, loan receivables comprised:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) loan of $0.3
 million granted to a former director of a subsidiary. The loan was unsecured, bearing an
 interest of 0.5% per month and repayable on demand. Such director resigned as director of
 the subsidiary in June 2024 (see note 18 for details); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) loan in the
 principal amount of $2.6 million due from a third party, which was unsecured, bearing an
 interest rate 5.25% per annum and repayable in December 2025.

Based on the Company's assessment, an allowance of credit loss on the loan and accrued interest receivable from the said former director was made for the year ended December 31, 2024.

**13.** **PROPERTY, PLANT AND EQUIPMENT** 

Property, plant and equipment consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leasehold improvement** | **Plant and <br>machineries** | **Fixture,<br> furniture and<br> equipment** | **Motor<br> vehicles** | **Total** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
| **Cost** | | | | | |
| At January 1, 2023 | 300 | 1658 | 79 | 1708 | 3745 |
| Additions | 405 | 87 | 138 | 14 | 644 |
| Exchange realignment | 5 | 1 | 1 | - | 7 |
| At December 31, 2023 and January 1, 2024 | 710 | 1746 | 218 | 1722 | 4396 |
| Additions | 54 | 106 | 181 |  | 341 |
| Write off |  | (43) |  |  | (43) |
| Exchange realignment | 5 | 11 | 4 | 10 | 30 |
| At December 31, 2024 | 769 | 1820 | 403 | 1732 | 4724 |
| **Accumulated depreciation** |  |  |  |  |  |
| At January 1, 2023 | 34 | 109 | 7 | 117 | 267 |
| Charged for the year | 112 | 173 | 29 | 199 | 513 |
| Exchange realignment | 1 | 1 | - | 2 | 4 |
| At December 31, 2023 and January 1, 2024 | 147 | 283 | 36 | 318 | 784 |
| Charged for the year | 158 | 186 | 65 | 199 | 608 |
| Write off |  | (10) |  |  | (10) |
| Exchange realignment | 3 | 4 | 2 | 5 | 14 |
| At December 31, 2024 | 308 | 463 | 103 | 522 | 1396 |
| **Net carrying amount** |  |  |  |  |  |
| At December 31, 2023 | 563 | 1463 | 182 | 1404 | 3612 |
| At December 31, 2024 | 461 | 1357 | 300 | 1210 | 3328 |

---

No impairment loss was recognized for property, plant and equipment for the fiscal years ended December 31, 2023 and 2024.

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**14.** **LEASES** 

***Operating leases***

The Group leases a plant and certain warehouses from certain third parties. As the lease does not provide an implicit rate, the Group used an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Group's lease agreement does not contain any material guarantees or restrictive covenants. The Group does not have any sublease activities. Operating leases result in the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. ROU assets represent the Group's right to use the leased asset for the lease term, and lease liabilities represent the obligation to make lease payments. The operating lease expenses were charged to cost of revenue.

***Finance leases***

The Group entered into certain finance lease agreements with the financial institutions in Hong Kong on the leased assets, mainly motor vehicles, which were used as security for borrowing purposes.

&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Right-of-use assets*** 

 ****

The carrying amounts of the Group's right-of-use assets and the movements during the years are as follows:

---

| | | |
|:---|:---|:---|
|  | **Operating**<br>**lease** | **Finance**<br>**lease** |
|  | **US$'000** | **US$'000** |
| As at January 1, 2023 | 3650 |  |
| Additions | 686 | 230 |
| Amortisation for the year | (808) | (15) |
| Exchange realignment | - | 2 |
| At December 31, 2023 and January 1, 2024 | 3528 | 217 |
| Additions | 646 | 246 |
| Derecognition | (648) |  |
| Amortisation for the year | (1155) | (29) |
| Exchange realignment | 3 | 7 |
| At December 31, 2024 | 2374 | 441 |

---

 ****

&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Lease liabilities*** 

 ****

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| Operating lease liabilities, current | 946 | 896 |
| Operating lease liabilities, non-current | 2712 | 1633 |
|  | 3658 | 2529 |
| Finance lease liabilities, current | 44 | 93 |
| Finance lease liabilities, non-current | 120 | 213 |
|  | 164 | 306 |

---

 ****

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

 ****

**14.** **LEASES (cont.)**

***Finance leases (cont.)***

 **

&nbsp;&nbsp;&nbsp;&nbsp;***(c)***  ***Other supplemental information*** 

 ****

A summary of supplemental information related to the Group's leases as of December 31, 2023 and 2024 was as follows:

 ****

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| ***<u>Operating lease</u>*** |  |  |
| *Cash paid for amounts included in the measurement of lease liabilities:* |  |  |
| Operating cashflows used in operating lease – Lease expenses | 921 | 1287 |
| Operating cashflows used in operating lease –Amortisation of right-of-use assets | 808 | 1155 |
| Interest on lease liabilities under operating lease | 176 | 166 |
| Gain on derecognition of leases upon termination |  | 11 |
| Implicit interest rate | 4.75% | 4.75% |
| ***<u>Finance lease</u>*** |  |  |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| Financing cashflows used in finance lease – Lease expenses | 76 | 123 |
| Financing cashflows used in finance lease –Amortisation of right-of-use assets | 15 | 29 |
| Interest on lease liabilities under finance lease |  | 16 |
| Implicit interest rate | 1.95% | 2.19% |

---

The maturity analysis of the annual undiscounted cash flows for the operating lease, as of December 31, 2023 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| FY2024 | 1099 |  |
| FY2025 | 1099 | 996 |
| FY2026 | 1020 | 926 |
| FY2027 | 779 | 784 |
| Total undiscounted lease payments | 3997 | 2706 |
| Less: imputed interest | (339) | (177) |
| Total lease liabilities | 3658 | 2529 |

---

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

 ****

**15.** **ACCOUNTS PAYABLES** 

Accounts payables consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| Third parties | 79 | 112 |

---

**16.** **ACCRUAL AND OTHER PAYABLES** 

Accruals and other payables consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| Salary payables | 420 | 618 |
| Accrued expenses | 31 | 92 |
| Other payables | - | 536 |
|  | 451 | 1246 |

---

**17.** **OTHER BORROWINGS** 

 ****

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| Loan due to a third party | 7360 |  |

---

 ****

As at December 31, 2023, the loan due to a third party was secured, interest bearing of 6% per annum and repayable on demand. The other borrowings are secured by personal guarantee by the family members of a director of the subsidiary of the Group.

The loan was subsequently assigned to a shareholder of the Company under a deed of loan assignment entered in December 2024 and the loan repayment date was extended to December 2026 while the other terms of the loan remain the same. As at December 31, 2024, the loan is reclassified to loan from a shareholder in Note 18.

**18.** **RELATED PARTY TRANSACTIONS** 

The Group had the following transactions with related parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(A) Key management personnel remuneration***

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| Key management personnel remuneration | 86 | 128 |

---

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**18.** **RELATED PARTY TRANSACTIONS (cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(B) Related party transactions***

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended<br> December 31,** | **For the Fiscal Year Ended<br> December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| (I) <u>Transaction with a former director of a subsidiary ("Director A")</u> (i) |  |  |
| &nbsp;&nbsp;&nbsp;Interest income from loan to a director of a subsidiary | 20 |  |
| &nbsp;&nbsp;&nbsp;Repayment from loan to a director of a subsidiary | 8 |  |
| (II) <u>Transaction with companies controlled by a former director of a subsidiary ("Director B")</u> (ii) |  |  |
| &nbsp;&nbsp;&nbsp;Provision of subcontracting services | 887 | 292 |
| &nbsp;&nbsp;&nbsp;Rental income from leasing of machineries | 967 | 208 |
| (III) <u>Transaction with a shareholder of the Company</u> (iii) |  |  |
| &nbsp;&nbsp;&nbsp;Interest expenses on loan from Star Equity |  | (908) |

---

*Notes:*

*(i)* *Director A resigned as director of a subsidiary in June 2024.* 

*(ii)* *Director B resigned as director of a subsidiary in June 2024.* 

*(iii)* *As Star Equity is our shareholder holding more than 10% of our securities, it is therefore our related party.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(C) Outstanding balances with related parties***

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended** | **For the Fiscal Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
|  | **US$'000** | **US$'000** |
| Accounts receivables due from companies controlled by Director B | 153 |  |
| Loans from Star Equity (i) |  | (9794) |
| Loan due from a former director of a subsidiary (ii) | 345 |  |
| Amounts due to a former director of a subsidiary (iii) | (484) |  |

---

*Notes:* 

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *On December 31, 2024, all interest payable of $1.4 million accrued from the loans granted by our shareholder, Star Equity, till December 31, 2024 was capitalized as additional paid-in capital. As a result, as at December 31, 2024, there were three loans due from Star Equity, (i) two of which had a principal amount of $6.8 million in aggregate and was unsecured and interest bearing of 6% per annum, which were assigned to Star Equity under a deed of loan assignment entered in December 2024, (ii) the other loan of which had a principal amount of $2.9 million and was unsecured and interest bearing of 5.375% per annum. Both loans are repayable in December 2026. As Star Equity holds more than 10% of our securities, it is therefore our related party.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *The loan due from a former director of a subsidiary represented a loan granted to Director A. The loan was unsecured, interest bearing of 0.5% per month and repayable on demand. Director A resigned as director of the subsidiary in June 2024.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;*(iii)* *Amounts due to a former director of a subsidiary represented amount due to Director B, which was unsecured, interest free and repayable on demand. Director B resigned as director of the subsidiary in June 2024.* 

 

**BEND NOVATECH GROUP LIMITED**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**19.** **COMMITMENTS AND CONTINGENCIES** 

*Commitment* 

As at Group had no significant commitment outstanding as at December 31, 2024.

*Contingencies*

The Group, in the ordinary course of its business, is involved in various claims, suits, investigations and legal proceedings that arise from time to time. Although the Group does not expect that the outcome in any of these legal proceedings, individually or collectively, will have a material adverse effect on its financial position or results of operations, litigation is inherently unpredictable. Therefore, the Group could be subject to judgements or enter into settlements of claims that could adversely affect its operating results or cash flows in a particular period.

**20.** **SEGMENT INFORMATION** 

*Reportable Segments*

The Company operates as a single reportable segment, which is consistent with how the CODM, allocates resources and assesses performance. The Company's operations are centralized and integrated, with financial results reviewed and managed on a consolidated basis. Accordingly, the management has determined that the Company has one reportable segment under ASC Topic 280, Segment Reporting.

*Measure of Segment Profit or Loss*

The CODM reviews financial information on a consolidated basis, using Net Income as the primary measure of segment performance to monitor budget versus actual results and decide where to allocate and invest additional resources to achieve continued growth. Net Income is defined as revenue less cost of revenue and operating expenses, and other segment items (including interest income, interest expense and other income), and income taxes.

*Significant Segment Expense Categories Provided to the CODM*

The CODM regularly receives and reviews the following expense categories, which are included in the segment's measure of profit or loss:

---

| | | |
|:---|:---|:---|
| | **For the Fiscal Years Ended <br> December 31** | **For the Fiscal Years Ended <br> December 31** |
| <br>***($'000)*** | **2023** | **2024** |
| **Revenue – third parties** | $4317 | 12668 |
| **Revenue – related parties** | 1854 | 500 |
| Cost of revenue | (5659) | (9567) |
| Administration expenses |  |  |
| - Staff salary and benefits | (303) | (555) |
| - Office expenses | (142) | (268) |
| - Depreciation | (141) | (223) |
| - Legal and professional fee | (37) | (35) |
| - Insurance | (27) | (104) |
| - Written off of equipment |  | (33) |
| - Allowance for credit loss on other receivables |  | (343) |
| - Others | (20) | (32) |
| Other segment expense | (392) | (512) |
| Income tax expenses |  | (56) |
| **(Net loss)/Net income** | $**(550)** | **1440** |

---

**21.** **SUBSEQUENT EVENTS** 

The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (i) recognized, or those that provide additional evidence with respect to conditions that existed at the dates of the balance sheets, including the estimates inherent in the process of preparing financial statements, and (ii) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. The Company has analyzed its operations subsequent to December 31, 2024 to the date of this report, these audited consolidated financial statements were issued, and has determined that it does not have any material events to disclose.

Until [ ], 2025 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

 ****

***1,250,000 Ordinary Shares***

![](image_001.jpg)

**Bend NovaTech Group Limited**

Prospectus dated [●], 2025

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

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

The 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 of committing a crime. Our Amended and Restated Memorandum and Articles, which will become effective from the date on which the Registration Statement becomes effective, provided that, to the extent permitted by law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&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 our business or affairs or in the execution or discharge
 of the existing or former director (including alternate director)'s, secretary's,
 or officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) without
 limitation to paragraph (a) above, 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 us or our 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.

To the extent permitted by law, we 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 secretary, or any of our officers in respect of any matter identified in above on condition that the secretary, or officer must repay the amount paid by us to the extent that it is ultimately found not liable to indemnify the secretary or that officer for those legal costs.

Pursuant to indemnification agreements, the form of which is filed as Exhibit 10.1 to this registration statement, we will agree to indemnify our directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.

The Underwriting Agreement, the form of which will be filed as Exhibit 1.1 to this registration statement, will also provide for indemnification of us and our officers and directors.

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

**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 S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

---

| | | | |
|:---|:---|:---|:---|
| **Securities/Purchaser** | **Date of <br> Issuance** | **Number of <br> Securities** | **Consideration<br> ($)** |
| **Ordinary Shares** |  | | |
| 1 issued to Star Equity | April 17, 2025 | 1 | 0.0001 |
| 12,999,999 issued to Star Equity | April 17, 2025 | 12999999 | 12999.9999 |
| 8,621,500 issued to Star Equity | June 10, 2025 | 8621500 | 862.15 |
| 535,350 issued to Daily Charm Inc. | June 10, 2025 | 535350 | 53.535 |
| 534,275 issued to Miracle Worldwide Investment Limited | June 10, 2025 | 534275 | 53.4275 |
| 532,125 issued to Max Premier Limited | June 10, 2025 | 532125 | 53.2125 |
| 526,750 issued to Jumbo Harbour Group Limited | June 10, 2025 | 562750 | 52675 |

---

**ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.**

(a) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\* | Form of Underwriting Agreement. |
| 3.1 | [Memorandum and Articles of Association of Bend NovaTech Group Limited currently in effect.](ea025216001ex3-1_bend.htm) |
| 3.2 | [Amended and Restated Memorandum and Articles of Association of Bend NovaTech Group Limited to take effect on the date on which the Registration Statement becomes effective.](ea025216001ex3-2_bend.htm) |
| 4.1\* | Specimen Certificate for Ordinary Shares. |
| 5.1\* | Opinion of Conyers Dill & Pearman regarding the legality of the Ordinary Shares being registered. |
| 8.1\* | Opinion of Conyers Dill & Pearman regarding certain Cayman Islands tax matters (included in Exhibit 5.1). |
| 8.2\* | Opinion of Haldanes regarding certain Hong Kong tax matters (included in Exhibit 99.2). |
| 10.1† | [Form of Indemnification Agreement between the Registrant and its directors and executive officers.](ea025216001ex10-1_bend.htm) |
| 10.2† | [Form of Independent Director Agreement between the Registrant and its independent directors.](ea025216001ex10-2_bend.htm) |
| 10.3† | [Form of Employment Agreement between the Registrant and its executive officers.](ea025216001ex10-3_bend.htm) |
| 10.4 | [Loan Agreement between Smart (Technology) Global Limited and Chance Achieve Limited, dated May 28, 2022.](ea025216001ex10-4_bend.htm) |
| 10.5 | [Loan Agreement between Smart (Technology) Global Limited and Chance Achieve Limited, dated March 3, 2023.](ea025216001ex10-5_bend.htm) |
| 10.6 | [Short-Term Loan Agreement between Smart (Technology) Global Limited and Star Equity Enterprises Limited, dated December 19, 2024.](ea025216001ex10-6_bend.htm) |
| 10.7 | [Addendum to Short-Term Loan Agreement between Smart (Technology) Global Limited and Star Equity Enterprises Limited, dated December 19, 2024.](ea025216001ex10-7_bend.htm) |
| 10.8 | [Loan Assignment Deed among Smart (Technology) Global Limited, Chance Achieve Limited, and Star Equity Enterprises Limited, dated December 27, 2024.](ea025216001ex10-8_bend.htm) |
| 10.9 | [Loan Extension Agreement between Smart (Technology) Global Limited and Star Equity Enterprises Limited, dated December 27, 2024.](ea025216001ex10-9_bend.htm) |
| 10.10 | [Interest Capitalization Agreement between Smart (Technology) Global Limited and Star Equity Enterprises Limited, dated December 31, 2024.](ea025216001ex10-10_bend.htm) |
| 21.1 | [List of Subsidiaries.](ea025216001ex21-1_bend.htm) |
| 23.1 | [Consent of AssentSure PAC.](ea025216001ex23-1_bend.htm) |
| 23.2\* | Consent of Conyers Dill & Pearman (included in Exhibit 5.1). |
| 23.3\* | Consent of Haldanes (included in Exhibit 99.2). |
| 23.4\* | Consent of Kingbridge Law Firm. |
| 24.1 | [Power of Attorney (included in the signature page).](#poa_001) |
| 99.1 | [Code of Ethics of the registrant.](ea025216001ex99-1_bend.htm) |
| 99.2\* | Opinion of Haldanes regarding certain Hong Kong law matters. |
| 99.3 | [Audit Committee Charter.](ea025216001ex99-3_bend.htm) |
| 99.4 | [Compensation Committee Charter.](ea025216001ex99-4_bend.htm) |
| 99.5 | [Nominating and Corporate Governance Committee Charter.](ea025216001ex99-5_bend.htm) |
| 99.6 | [Consent of Independent Director Nominee Xiaomin Yu.](ea025216001ex99-6_bend.htm) |
| 99.7 | [Consent of Independent Director Nominee Hongqin Zhao.](ea025216001ex99-7_bend.htm) |
| 99.8 | [Consent of Independent Director Nominee Jianwen Shi.](ea025216001ex99-8_bend.htm) |
| 107 | [Filing Fee Table.](ea025216001ex-fee_bend.htm) |

---

† Executive
 Compensation Plan or Agreement

\* To be filed by amendment

**(b) Financial Statement Schedules**

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto.

**ITEM 9. UNDERTAKINGS.**

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 purposes of determining any liability under the Securities Act, the information omitted from
 the form of prospectus filed as part of this registration statement in reliance upon Rule
 430A and contained in a form of prospectus filed by the registrant under Rule 424(b)(1) or
 (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement
 as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**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 F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Hong Kong, People's Republic of China, on August 8, 2025.

---

| | |
|:---|:---|
| Bend NovaTech Group Limited | Bend NovaTech Group Limited |
| By: | */s/ Ching Yi Li* |
|  | Ching Yi Li |
|  | Executive Director and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

**POWER OF ATTORNEY**

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Ching Yi Li, his or her true and lawful attorney-in-fact and agents, with full power of substitution and resubstitution, 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 any registration statement relating to the offering covered by this registration statement and filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same, with 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, as fully for 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 substitute or substitutes may lawfully do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Ching Yi Li* | Chief Executive Officer and Director | August 8, 2025 |
| Name: Ching Yi Li | (principal executive officer) |  |
| */s/ Wai Yan Chan* | Chief Financial Officer and Director | August 8, 2025 |
| Name: Wai Yan Chan | (principal financial and accounting officer) |  |

---

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

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America of the Company, has signed this registration statement or amendment thereto in New York, NY on August 8, 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 |

---

## Exhibit 3.1

**Exhibit 3.1**

---

| | |
|:---|:---|
| ![](ex3-1_003.jpg) | ![](ex3-1_004.jpg) |

---

Memorandum of Association of

Bend NovaTech Group Limited

屈鐵⾂科技集團有限公司

Grand Cayman

Cayman Islands

**conyers.com**

*Auth Code: A69514914709*

*www.verify.gov.ky*

![](ex3-1_004.jpg)

**THE COMPANIES ACT (REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Bend NovaTech Group Limited**

**屈鐵⾂科技集團有限公司**

1. The
 name of the Company is Bend NovaTech Group Limited and its dual foreign name is 屈鐵⾂科技集團有限公司.

2. The
 registered office of the Company shall be at the offices of Conyers Trust Company (Cayman)
 Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1- 1111, Cayman Islands.

3. Subject
 to the following provisions of this Memorandum, the objects for which the Company is established
 are unrestricted.

4. Subject
 to the following provisions of this Memorandum, the Company shall have and be capable of
 exercising all the functions of a natural person of full capacity irrespective of any question
 of corporate benefit, as provided by Section 27(2) of the Companies Act.

5. Nothing
 in this Memorandum shall permit the Company to carry on a business for which a licence is
 required under the laws of the Cayman Islands unless duly licensed.

6. The
 Company shall not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands; provided
 that nothing in this clause shall be construed as to prevent the Company effecting and concluding
 contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
 for the carrying on of its business outside the Cayman Islands.

7. The
 liability of each member is limited to the amount from time to time unpaid on such member's
 shares.

 

8. The
 share capital of the Company is US$50,000 divided into 500,000,000 shares of a nominal or
 par value of US$0.0001 each.

9. The
 Company may exercise the power contained in the Companies Act to deregister in the Cayman
 Islands and be registered by way of continuation in another jurisdiction.

*Auth Code: A69514914709*

*www.verify.gov.ky*

![](ex3-1_004.jpg)

 

We, the undersigned, are desirous of being formed into a company pursuant to this Memorandum and the Companies Act, and we hereby agree to take the numbers of shares set opposite our respective names below.

Dated this 17th day of April, 2025

---

| | |
|:---|:---|
| **SIGNATURE, NAME, OCCUPATION AND** | **NUMBER OF SHARES** |
| **ADDRESS OF SUBSCRIBER** | **TAKEN BY SUBSCRIBER** |
| Conyers Corporate Services (Cayman) Limited | One (1) |

---

Cricket Square, Hutchins Drive,

P.O. Box 2681

Grand Cayman KY1-1111

Cayman Islands

---

| |
|:---|
| /s/ Charlotte Cloete |
| Charlotte Cloete |
| Authorised signatory for |
| Conyers Corporate Services (Cayman) Limited |

---

---

| |
|:---|
| /s/ Samantha Bodden |
| Samantha Bodden |
| Witness to the above signature |

---

---

| | |
|:---|:---|
| Address: | Cricket Square, Hutchins Drive, |
|  | P.O. Box 2681 |
|  | Grand Cayman KY1-1111 |
|  | Cayman Islands |
| Occupation: | Onboarding Administrator |

---

*Auth Code: A69514914709*

*www.verify.gov.ky*

 

---

| | |
|:---|:---|
| ![](ex3-1_001.jpg) | ![](ex3-1_002.jpg) |

---

 

 

 

 

 

Articles of Association of

Bend NovaTech Group Limited

屈鐵⾂科技集團有限公司

Grand Cayman

Cayman Islands

**conyers.com**

*Auth Code: F34579177369* <br> *www.verify.gov.ky*

---

| | |
|:---|:---|
| <br>**Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 | ![](ex3-1_002.jpg) |

---

 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **INTERPRETATION** | **INTERPRETATION** | 1 |
| **1.** | Definitions | 1 |
| **SHARES** | **SHARES** | 5 |
| **2.** | Power to Issue Shares | 5 |
| **3.** | Redemption, Purchase, Surrender and Treasury Shares | 5 |
| **4.** | Rights Attaching to Shares | 6 |
| **5.** | Calls on Shares | 6 |
| **6.** | Joint and Several Liability to Pay Calls | 7 |
| **7.** | Forfeiture of Shares | 7 |
| **8.** | Share Certificates | 8 |
| **9.** | Fractional Shares | 9 |
| **REGISTRATION OF SHARES** | **REGISTRATION OF SHARES** | 9 |
| **10.** | Register of Members | 9 |
| **11.** | Registered Holder Absolute Owner | 10 |
| **12.** | Transfer of Registered Shares | 11 |
| **13.** | Transmission of Registered Shares | 12 |
| **14.** | Listed Shares | 14 |
| **ALTERATION OF SHARE CAPITAL** | **ALTERATION OF SHARE CAPITAL** | 14 |
| **15.** | Power to Alter Capital | 14 |
| **16.** | Variation of Rights Attaching to Shares | 15 |
| **DIVIDENDS AND CAPITALISATION** | **DIVIDENDS AND CAPITALISATION** | 15 |
| **17.** | Dividends | 15 |
| **18.** | Power to Set Aside Profits | 16 |
| **19.** | Method of Payment | 17 |
| **20.** | Capitalisation | 17 |
| **MEETINGS OF MEMBERS** | **MEETINGS OF MEMBERS** | 17 |
| **21.** | Annual General Meetings | 17 |
| **22.** | Extraordinary General Meetings | 18 |
| **23.** | Requisitioned General Meetings | 18 |
| **24.** | Notice | 18 |
| **25.** | Giving Notice and Access | 19 |

---

*Auth Code: F34579177369* <br> *www.verify.gov.ky*

---

| | |
|:---|:---|
| <br>**Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 | ![](ex3-1_002.jpg) |

---

---

| | | |
|:---|:---|:---|
| **26.** | Postponement of General Meeting | 20.0 |
| **27.** | Electronic Participation in Meetings | 20.0 |
| **28.** | Quorum at General Meetings | 21.0 |
| **29.** | Chairman to Preside | 21.0 |
| **30.** | Voting on Resolutions | 21.0 |
| **31.** | Power to Demand a Vote on a Poll | 22.0 |
| **32.** | Voting by Joint Holders of Shares | 23.0 |
| **33.** | Instrument of Proxy | 23.0 |
| **34.** | Representation of Corporate Member | 24.0 |
| **35.** | Adjournment of General Meeting | 24.0 |
| **36.** | Written Resolutions | 25.0 |
| **37.** | Directors Attendance at General Meetings | 25.0 |
| **DIRECTORS AND OFFICERS** | **DIRECTORS AND OFFICERS** | 26.0 |
| **38.** | Election of Directors | 26.0 |
| **39.** | Number of Directors | 26.0 |
| **40.** | Term of Office of Directors | 26.0 |
| **41.** | Alternate Directors | 26.0 |
| **42.** | Removal of Directors | 28.0 |
| **43.** | Vacancy in the Office of Director | 28.0 |
| **44.** | Remuneration of Directors | 28.0 |
| **45.** | Defect in Appointment | 29.0 |
| **46.** | Directors to Manage Business | 29.0 |
| **47.** | Powers of the Board of Directors | 29.0 |
| **48.** | Register of Directors and Officers | 31.0 |
| **49.** | Officers | 31.0 |
| **50.** | Appointment of Officers | 31.0 |
| **51.** | Duties of Officers | 31.0 |
| **52.** | Remuneration of Officers | 31.0 |
| **53.** | Conflicts of Interest | 31.0 |
| **54.** | Indemnification and Exculpation of Directors and Officers | 32.0 |
| **MEETINGS OF THE BOARD OF DIRECTORS** | **MEETINGS OF THE BOARD OF DIRECTORS** | 33.0 |
| **55.** | Board Meetings | 33.0 |
| **56.** | Notice of Board Meetings | 33.0 |
| **57.** | Electronic Participation in Meetings | 33.0 |

---

*Auth Code: F34579177369* <br> *www.verify.gov.ky*

---

| | |
|:---|:---|
| <br>**Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 | ![](ex3-1_002.jpg) |

---

 

---

| | | |
|:---|:---|:---|
| **58.** | Representation of Director | 34.0 |
| **59.** | Quorum at Board Meetings | 34.0 |
| **60.** | Board to Continue in the Event of Vacancy | 34.0 |
| **61.** | Chairman to Preside | 34.0 |
| **62.** | Written Resolutions | 35.0 |
| **63.** | Validity of Prior Acts of the Board | 35.0 |
| **CORPORATE RECORDS** | **CORPORATE RECORDS** | 35.0 |
| **64.** | Minutes | 35.0 |
| **65.** | Register of Mortgages and Charges | 36.0 |
| **66.** | Form and Use of Seal | 36.0 |
| **ACCOUNTS** | **ACCOUNTS** | 37.0 |
| **67.** | Books of Account | 37.0 |
| **68.** | Financial Year End | 37.0 |
| **AUDITS** | **AUDITS** | 37.0 |
| **69.** | Audit | 37.0 |
| **70.** | Appointment of Auditors | 38.0 |
| **71.** | Remuneration of Auditors | 38.0 |
| **72.** | Duties of Auditor | 38.0 |
| **73.** | Access to Records | 38.0 |
| **VOLUNTARY WINDING-UP AND DISSOLUTION** | **VOLUNTARY WINDING-UP AND DISSOLUTION** | 39.0 |
| **74.** | Winding-Up | 39.0 |
| **CHANGES TO CONSTITUTION** | **CHANGES TO CONSTITUTION** | 39.0 |
| **75.** | Changes to Articles | 39.0 |
| **76.** | Changes to the Memorandum of Association | 39.0 |
| **77.** | Discontinuance | 40.0 |
| **78.** | Mergers and Consolidations | 40.0 |

---

 

*Auth Code: F34579177369* <br> *www.verify.gov.ky*

---

| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

---

**THE COMPANIES ACT (REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**Bend NovaTech Group Limited**

**屈鐵⾂科技集團有限公司**

**Table A**

**The regulations in Table A in the First Schedule to the Act (as defined below) do not apply to the Company.**

**INTERPRETATION**

**1.** **DEFINITIONS** 

1.1. In these Articles, the following words and expressions shall, where not inconsistent with the context,
have the following meanings, respectively:

---

| | |
|:---|:---|
| **Act** | the Companies Act of the Cayman Islands; |
| **Alternate Director** | an alternate director appointed in accordance with these Articles; |

---

---

| |
|:---|
| **1** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

---

---

| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

---

---

| | |
|:---|:---|
| **Articles** | these Articles of Association as altered from time to time; |
| **Auditor** | the person or firm for the time being appointed as Auditor of the Company and shall include an individual or partnership; |
| **Board** | the board of directors (including, for the avoidance of doubt, a sole director) appointed or elected pursuant to these Articles and acting at a meeting of directors at which there is a quorum or by written resolution in accordance with these Articles; |
| **Company** | the company for which these Articles are approved and confirmed; |
| **Director** | a director, including a sole director, for the time being of the Company and shall include an Alternate Director; |
| **Member** | the person registered in the Register of Members as the holder of shares in the Company and, when two or more persons are so registered as joint holders of shares, means the person whose name stands first in the Register of Members as one of such joint holders or all of such persons, as the context so requires; |
| **month** | calendar month; |
| **notice** | written notice as further provided in these Articles unless otherwise specifically stated; |
| **Officer** | any person appointed by the Board to hold an office in the Company; |
| **ordinary resolution** | a resolution passed at a general meeting (or, if so specified, a meeting of Members holding a class of shares) of the Company by a simple majority of the votes cast, or a written resolution passed by the unanimous consent of all Members entitled to vote; |

---

---

| |
|:---|
| **2** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

---

---

| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

---

---

| | |
|:---|:---|
| **paid-up** | paid-up or credited as paid-up; |
| **Register of Directors and Officers** | the register of directors and officers referred to in these Articles; |
| **Register of Members** | the register of members maintained by the Company in accordance with the Act; |
| **Seal** | the common seal or any official or duplicate seal of the Company; |
| **Secretary** | the person appointed to perform any or all of the duties of secretary of the Company and includes any deputy or assistant secretary and any person appointed by the Board to perform any of the duties of the Secretary; |

---

---

| | |
|:---|:---|
| **share** | includes a fraction of a share; |

---

---

| | | |
|:---|:---|:---|
| **Special Resolution** | (i) | a resolution passed by a majority of at least two-thirds of such members as, being entitled to do so, vote in person or by proxy at a general meeting of which notice specifying the intention to propose a resolution as a special resolution has been duly given (and for the avoidance of doubt, unanimity qualifies as a majority); or |
|  | (ii) | a written resolution passed by unanimous consent of all Members entitled to vote; |

---

---

| | |
|:---|:---|
| **written resolution** | a resolution passed in accordance with Article 36 or 62; and |
| **year** | calendar year. |

---

---

| |
|:---|
| **3** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

---

---

| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

---

1.2. In these Articles, where not inconsistent with the context:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words denoting the plural number include the singular number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words denoting the masculine gender include the feminine and neuter genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include companies, associations or bodies of persons whether corporate or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the words:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "may" shall be construed as permissive; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "shall" shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a reference to statutory provision shall be deemed to include any amendment or re- enactment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the word "corporation" means corporation whether or not a company within the meaning of the
Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unless otherwise provided herein, words or expressions defined in the Act shall bear the same meaning
in these Articles.

1.3. In these Articles expressions referring to writing or its cognates shall, unless
the contrary intention appears, include facsimile, printing, lithography, photography, electronic mail and other modes of representing
words in visible form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. Headings used in these Articles are for convenience only and are not to be used
or relied upon in the construction hereof.

---

| |
|:---|
| **4** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

---

---

| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

---

**SHARES**

2. POWER TO ISSUE SHARES

Subject to these Articles and to any resolution of the Members to the contrary, and without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, the Board shall have the power to issue any unissued shares on such terms and conditions as it may determine and any shares or class of shares (including the issue or grant of options, warrants and other rights, renounceable or otherwise in respect of shares) may be issued with such preferred, deferred or other special rights or such restrictions, whether in regard to dividend, voting, return of capital, or otherwise, provided that no share shall be issued at a discount except in accordance with the Act.

3. REDEMPTION, PURCHASE, SURRENDER AND TREASURY SHARES

3.1. Subject to the Act, the Company is authorised to issue shares which are to be redeemed or are liable to
be redeemed at the option of the Company or a Member and may make payments in respect of such redemption in accordance with the Act.

3.2. The Company is authorised to purchase any share in the Company (including a redeemable share) by agreement
with the holder and may make payments in respect of such purchase in accordance with the Act.

3.3. The Company authorises the Board to determine the manner or any of the terms of any redemption or purchase.

3.4. A delay in payment of the redemption price shall not affect the redemption but, in the case of a delay
of more than thirty days, interest shall be paid for the period from the due date until actual payment at a rate which the Board, after
due enquiry, estimates to be representative of the rates being offered by Class A banks in the Cayman Islands for thirty day deposits
in the same currency.

3.5. The Company authorises the Board pursuant to section 37(5) of the Act to make a payment in respect of
the redemption or purchase of its own shares otherwise than out of its profits, share premium account, or the proceeds of a fresh issue
of shares.

3.6. No share may be redeemed or purchased unless it is fully paid-up.

---

| |
|:---|
| **5** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

---

---

| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

---

3.7. The Company may accept the surrender for no consideration of any fully paid share (including a redeemable
share) unless, as a result of the surrender, there would no longer be any issued shares of the company other than shares held as treasury
shares.

3.8. The Company is authorised to hold treasury shares in accordance with the Act.

3.9. The Board may designate as treasury shares any of its shares that it purchases or redeems, or any shares
surrendered to it, in accordance with the Act.

3.10. Shares held by the Company as treasury shares shall continue to be classified as treasury shares until
such shares are either cancelled or transferred in accordance with the Act.

4. RIGHTS ATTACHING TO SHARES

Subject to Article 2, the Memorandum of Association and any resolution of the Members to the contrary and without prejudice to any special rights conferred thereby on the holders of any other shares or class of shares, the share capital of the Company shall be divided into shares of a single class the holders of which shall, subject to these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be entitled to one vote per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be entitled to such dividends as the Board may from time to time declare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for the
purpose of a reorganisation or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) generally be entitled to enjoy all of the rights attaching to shares.

5. CALLS ON SHARES

5.1. The Board may make such calls as it thinks fit upon the Members in respect of any monies (whether in
 respect of nominal value or premium) unpaid on the shares allotted to or held by such Members and, if a call is not paid on or
 before the day appointed for payment thereof, the Member may at the discretion of the Board be liable to pay the Company interest on
 the amount of such call at such rate
as the Board may determine, from the date when such call was payable up to the actual date of payment. The Board may differentiate between
the holders as to the amount of calls to be paid and the times of payment of such calls.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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5.2. The Company may accept from any Member the whole or a part of the amount remaining unpaid on any shares
held by him, although no part of that amount has been called up.

5.3. The terms of any issue of shares may include different provisions with respect to different Members in
the amounts and times of payments of calls on their shares.

6. JOINT AND SEVERAL LIABILITY TO PAY CALLS

The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.

7. FORFEITURE OF SHARES

7.1. If any Member fails to pay, on the day appointed for payment thereof, any call in respect of any share
allotted to or held by such Member, the Board may, at any time thereafter during such time as the call remains unpaid, direct the Secretary
to forward such Member a notice in writing in the form, or as near thereto as circumstances admit, of the following:

Notice of Liability to Forfeiture for Non-Payment of Call

**[Name of Company]** (the "Company")

You have failed to pay the call of [amount of call] made on [date], in respect of the [number] share(s) [number in figures] standing in your name in the Register of Members of the Company, on [date], the day appointed for payment of such call. You are hereby notified that unless you pay such call together with interest thereon at the rate of [ ] per annum computed from the said [date] at the registered office of the Company the share(s) will be liable to be forfeited.

Dated this [date]

  <br> [Signature of Secretary] By Order of the Board

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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7.2. If the requirements of such notice are not complied with, any such share may at any time thereafter before
the payment of such call and the interest due in respect thereof be forfeited by a resolution of the Board to that effect, and such share
shall thereupon become the property of the Company and may be disposed of as the Board shall determine. Without limiting the generality
of the foregoing, the disposal may take place by sale, repurchase, redemption or any other method of disposal permitted by and consistent
with these Articles and the Act.

7.3. A Member whose share or shares have been so forfeited shall, notwithstanding such forfeiture, be liable
to pay to the Company all calls owing on such share or shares at the time of the forfeiture, together with all interest due thereon and
any costs and expenses incurred by the Company in connection therewith.

7.4. The Board may accept the surrender of any shares which it is in a position to forfeit on such terms and
conditions as may be agreed. Subject to those terms and conditions, a surrendered share shall be treated as if it had been forfeited.

8. SHARE CERTIFICATES

8.1. Every Member shall be entitled to a certificate under the common seal (if any) or a facsimile thereof
of the Company or bearing the signature (or a facsimile thereof) of a Director or the Secretary or a person expressly authorised to sign
specifying the number and, where appropriate, the class of shares held by such Member and whether the same are fully paid up and, if not,
specifying the amount paid on such shares. The Board may by resolution determine, either generally or in a particular case, that any or
all signatures on certificates may be printed thereon or affixed by mechanical means.

8.2. If any share certificate shall be proved to the satisfaction of the Board to have been worn out, lost,
mislaid, or destroyed the Board may cause a new certificate to be issued and request an indemnity for the lost certificate if it sees
fit.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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8.3. Share certificates may not be issued in bearer form.

9. FRACTIONAL SHARES

The Company may issue its shares in fractional denominations and deal with such fractions to the same extent as its whole shares and shares in fractional denominations shall have in proportion to the respective fractions represented thereby all of the rights of whole shares including (but without limiting the generality of the foregoing) the right to vote, to receive dividends and distributions and to participate in a winding-up.

**REGISTRATION OF SHARES**

10. REGISTER OF MEMBERS

10.1. The Board shall cause to be kept in one or more books a Register of Members which may be kept in or outside
the Cayman Islands at such place as the Board shall appoint and shall enter therein the following particulars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each Member, the number, and (where appropriate) the class of shares held by such
Member and the amount paid or agreed to be considered as paid on such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the shares held by a Member carry voting rights under the Articles and, if so, whether such voting
rights are conditional;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which each person was entered in the Register of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which any person ceased to be a Member.

10.2. The Board may cause to be kept in any country or territory one or more branch registers of such category
or categories of members as the Board may determine from time to time and any branch register shall be deemed to be part of the Company's
Register of Members.

10.3. Any register maintained by the Company in respect of listed shares may be kept by recording the particulars
set out in Article 10.1 in a form otherwise than legible if such recording otherwise complies with the laws applicable to
and the rules and regulations of the relevant approved stock exchange.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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11. REGISTERED HOLDER ABSOLUTE OWNER

11.1. The Company shall be entitled to treat the registered holder of any share as the absolute owner thereof
and accordingly shall not be bound to recognise any equitable claim or other claim to, or interest in, such share on the part of any other
person.

11.2. No person shall be entitled to recognition by the Company as holding any share upon any trust and the
Company shall not be bound by, or be compelled in any way to recognise, (even when having notice thereof) any equitable, contingent, future
or partial interest in any share or any other right in respect of any share except an absolute right to the entirety of the share in the
holder. If, notwithstanding this Article, notice of any trust is at the holder's request entered in the Register of Members or on
a share certificate in respect of a share, then, except as aforesaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such notice shall be deemed to be solely for the holder's convenience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company shall not be required in any way to recognise any beneficiary, or the beneficiary, of the
trust as having an interest in the share or shares concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall not be concerned with the trust in any way, as to the identity or powers of the trustees,
the validity, purposes or terms of the trust, the question of whether anything done in relation to the shares may amount to a breach of
trust or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the holder shall keep the Company fully indemnified against any liability or expense which may be incurred
or suffered as a direct or indirect consequence of the Company entering notice of the trust in the Register of Members or on a share certificate
and continuing to recognise the holder as having an absolute right to the entirety of the share or shares concerned.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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12. TRANSFER OF REGISTERED SHARES

12.1. An instrument of transfer shall be in writing in the form of the following, or as near thereto as circumstances admit, or in such
other form as the Board may accept:

Transfer of a Share or Shares

**[Name of Company]** (the "Company")

FOR VALUE RECEIVED……………….. [amount] , I, [name of transferor] hereby sell, assign and transfer unto [transferee] of [address] , [number] shares of the Company.

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| DATED this [date] |  |
| Signed by: | In the presence of: |
| Transferor | Witness |
| Transferee | Witness |

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12.2. Such instrument of transfer shall be signed by (or in the case of a party that is a corporation, on behalf
of) the transferor and transferee, provided that, in the case of a fully paid share, the Board may accept the instrument signed by or
on behalf of the transferor alone. The transferor shall be deemed to remain the holder of such share until the same has been transferred
to the transferee in the Register of Members.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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12.3. The Board may refuse to recognise any instrument of transfer unless it is accompanied by the certificate
in respect of the shares to which it relates and by such other evidence as the Board may reasonably require showing the right of the transferor
to make the transfer.

12.4. The joint holders of any share may transfer such share to one or more of such joint holders, and the surviving
holder or holders of any share previously held by them jointly with a deceased Member may transfer any such share to the executors or
administrators of such deceased Member.

12.5. The Board may in its absolute discretion and without assigning any reason therefor refuse to register
the transfer of a share. If the Board refuses to register a transfer of any share the Secretary shall, within three months after the date
on which the transfer was lodged with the Company, send to the transferor and transferee notice of the refusal.

13. TRANSMISSION OF REGISTERED SHARES

13.1. In the case of the death of a Member, the survivor or survivors where the deceased Member was a joint
holder, and the legal personal representatives of the deceased Member where the deceased Member was a sole holder, shall be the only persons
recognised by the Company as having any title to the deceased Member's interest in the shares. Nothing herein contained shall release
the estate of a deceased joint holder from any liability in respect of any share which had been jointly held by such deceased Member with
other persons. Subject to the provisions of Section 39 of the Act, for the purpose of this Article, legal personal representative means
the executor or administrator of a deceased Member or such other person as the Board may, in its absolute discretion, decide as being
properly authorised to deal with the shares of a deceased Member.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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13.2. Any person becoming entitled to a share in consequence of the death or bankruptcy of any Member may be
registered as a Member upon such evidence as the Board may deem sufficient or may elect to nominate some person to be registered as a
transferee of such share, and in such case the person becoming entitled shall execute in favour of such nominee an instrument of transfer
in writing in the form, or as near thereto as circumstances admit, of the following:

Transfer by a Person Becoming Entitled on Death/Bankruptcy of a Member

**[Name of Company]** (the "Company")

I/We, having become entitled in consequence of the [death/bankruptcy] of [name and address of deceased Member] to [number] share(s) standing in the Register of Members of the Company in the name of the said [name of deceased/bankrupt Member] instead of being registered myself/ourselves, elect to have [name of transferee] (the "Transferee") registered as a transferee of such share(s) and I/we do hereby accordingly transfer the said share(s) to the Transferee to hold the same unto the Transferee, his or her executors, administrators and assigns, subject to the conditions on which the same were held at the time of the execution hereof; and the Transferee does hereby agree to take the said share(s) subject to the same conditions.

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| DATED this [date] |  |
| Signed by: | In the presence of: |
| Transferor | Witness |
| Transferee | Witness |

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13.3. On the presentation of the foregoing materials to the Board, accompanied by such evidence as the Board
may require to prove the title of the transferor, the transferee shall be registered as a Member. Notwithstanding the foregoing, the Board
shall, in any case, have the same right to decline or suspend registration as it
would have had in the case of a transfer of the share by that Member before such Member's death or bankruptcy, as the case may be.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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13.4. Where two or more persons are registered as joint holders of a share or shares, then in the event of the
death of any joint holder or holders the remaining joint holder or holders shall be absolutely entitled to the said share or shares and
the Company shall recognise no claim in respect of the estate of any joint holder except in the case of the last survivor of such joint
holders.

14. LISTED SHARES

14.1. Notwithstanding anything to the contrary in these Articles, shares that are listed or admitted to trading
on an approved stock exchange may be evidenced and transferred in accordance with the rules and regulations of such exchange.

**ALTERATION OF SHARE CAPITAL**

15. POWER TO ALTER CAPITAL

15.1. Subject to the Act, the Company may from time to time by ordinary resolution alter the conditions of its
Memorandum of Association to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its capital by such sum divided into shares of such amounts as the resolution shall prescribe
or, if the Company has shares without par value, increase its share capital by such number of shares without nominal or par value, or
increase the aggregate consideration for which its shares may be issued, as it thinks expedient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into shares of a larger amount than its existing
shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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) subdivide its shares or any of them into shares of an amount smaller than that fixed by the Memorandum
of Association; or

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel shares which at the date of the passing of the resolution have not been taken or agreed to be taken
by any person, and diminish the amount of its share capital by the amount of the shares so cancelled or, in the case of shares without
par value, diminish the number of shares into which its capital is divided.

15.2. For the avoidance of doubt it is declared that paragraph 15.1(b), (c) and (d) do not apply if at any time
the shares of the Company have no par value.

15.3. Subject to the Act, the Company may from time to time by Special Resolution reduce its share capital.

16. VARIATION OF RIGHTS ATTACHING TO SHARES

If, at any time, the share capital is divided into different classes of shares, the rights attached to any class (unless otherwise provided by the terms of issue of the shares of that class) may, whether or not the Company is being wound-up, be varied with the consent in writing of the holders of three-fourths of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate general meeting of the holders of the shares of the class at which meeting the necessary quorum shall be two persons at least holding or representing by proxy one-third of the issued shares of the class. The rights conferred upon the holders of the shares of any class or series issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class or series, be deemed to be varied by the creation or issue of further shares ranking *pari passu* therewith.

**DIVIDENDS AND CAPITALISATION**

17. DIVIDENDS

17.1. The Board may, subject to these Articles and in accordance with the Act, declare a dividend to be paid
to the Members, in proportion to the number of shares held by them, and such dividend may be paid in cash or wholly or partly by the distribution
of specific assets (which may consist of the shares or securities of any other company).

17.2. Where the Board determines that a dividend shall be paid wholly or partly by the distribution of specific
assets, the Board may settle all questions concerning such distribution. Without limiting the generality of the foregoing, the
Board may fix the value of such specific assets and vest any such specific assets in trustees on such terms as the Board thinks fit.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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17.3. Dividends may be declared and paid out of profits of the Company, realised or unrealised, or from any
reserve set aside from profits which the Board determines is no longer needed, or not in the same amount. Dividends may also be declared
and paid out of share premium account or any other fund or account which can be authorised for this purpose in accordance with the Act.

17.4. No unpaid dividend shall bear interest as against the Company.

17.5. The Company may pay dividends in proportion to the amount paid up on each share where a larger amount
is paid up on some shares than on others.

17.6. The Board may declare and make such other distributions (in cash or in specie) to the Members as may be
lawfully made out of the assets of the Company. No unpaid distribution shall bear interest as against the Company.

17.7. The Board may fix any date as the record date for determining the Members entitled to receive any dividend
or other distribution, but, unless so fixed, the record date shall be the date of the Directors' resolution declaring same.

18. POWER TO SET ASIDE PROFITS

18.1. The Board may, before declaring a dividend, set aside out of the surplus or profits of the Company, such
amount as it thinks proper as a reserve to be used to meet contingencies or for equalising dividends or for any other purpose. Pending
application, such sums may be employed in the business of the Company or invested, and need not be kept separate from other assets of
the Company. The Board may also, without placing the same to reserve, carry forward any profit which it decides not to distribute.

18.2. Subject to any direction from the Company in general meeting, the Board may on behalf of the Company exercise
all the powers and options conferred on the Company by the Act in regard to the Company's share premium account.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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19. METHOD OF PAYMENT

19.1. Any dividend, interest, or other monies payable in cash in respect of the shares may be paid to such person
and in such manner (including, without limitation, cheque, draft, electronic transfer etc.) as the Member may in writing direct.

19.2. In the case of joint holders of shares, any dividend, interest or other monies payable in cash in respect
of shares may be paid to such person and in such manner (including, without limitation, cheque, draft, electronic transfer etc.) as the
joint holders may in writing direct. If two or more persons are registered as joint holders of any shares any one can give an effectual
receipt for any dividend paid in respect of such shares.

19.3. The Board may deduct from the dividends or distributions payable to any Member all monies due from such
Member to the Company on account of calls or otherwise.

20. CAPITALISATION

20.1. The Board may capitalise any amount for the time being standing to the credit of any of the Company's
share premium or other reserve accounts or to the credit of the profit and loss account or otherwise available for distribution by applying
such amount in paying up unissued shares to be allotted as fully paid bonus shares pro rata to the Members.

20.2. The Board may capitalise any amount for the time being standing to the credit of a reserve account or
amounts otherwise available for dividend or distribution by applying such amounts in paying up in full, partly or nil paid shares of those
Members who would have been entitled to such amounts if they were distributed by way of dividend or distribution.

**MEETINGS OF MEMBERS**

21. ANNUAL GENERAL MEETINGS

The Company may in each year hold a general meeting as its annual general meeting. The annual general meeting of the Company may be held at such time and place as the Chairman of the Company (if there is one) (the "Chairman") or any two Directors or any Director and the Secretary or the Board shall appoint.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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22. EXTRAORDINARY GENERAL MEETINGS

22.1. General meetings other than annual general meetings shall be called extraordinary general meetings.

22.2. The Chairman or any two Directors or any Director and the Secretary or the Board may convene an extraordinary
general meeting whenever in their judgment such a meeting is necessary.

23. REQUISITIONED GENERAL MEETINGS

23.1. The Board shall, on the requisition of Members holding at the date of the deposit of the requisition not
less than one-tenth of such of the paid-up share capital of the Company as at the date of the deposit carries the right to vote at general
meetings, forthwith proceed to convene an extraordinary general meeting. To be effective the requisition shall state the objects of the
meeting, shall be in writing, signed by the requisitionists, and shall be deposited at the registered office. The requisition may consist
of several documents in like form each signed by one or more requisitionists.

23.2. If the Board does not, within twenty-one days from the date of the requisition, duly proceed to call an
extraordinary general meeting, the requisitionists, or any of them representing more than one half of the total voting rights of all of
them, may themselves convene an extraordinary general meeting; but any meeting so called shall not be held more than ninety days after
the requisition. An extraordinary general meeting called by requisitionists shall be called in the same manner, as nearly as possible,
as that in which general meetings are to be called by the Board.

24. NOTICE

24.1. At least five days' notice of an annual general meeting shall be given to each Member entitled to
attend and vote thereat, stating the date, place and time at which the meeting is to be held and if different, the record date for determining
Members entitled to attend and vote at the general meeting, and, as far as practicable, the other business to be conducted at the meeting.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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24.2. At least five days' notice of an extraordinary general meeting shall be given to each Member entitled
to attend and vote thereat, stating the date, time, place and the general nature of the business to be considered at the meeting.

24.3. The Board may fix any date as the record date for determining the Members entitled to receive notice of
and to vote at any general meeting of the Company but, unless so fixed, as regards the entitlement to receive notice of a meeting or notice
of any other matter, the record date shall be the date of despatch of the notice and, as regards the entitlement to vote at a meeting,
and any adjournment thereof, the record date shall be the date of the original meeting.

24.4. A general meeting shall, notwithstanding that it is called on shorter notice than that specified in these
Articles, be deemed to have been properly called if it is so agreed by (i) all the Members entitled to attend and vote thereat in the
case of an annual general meeting; and (ii) in the case of an extraordinary general meeting, by seventy-five percent of the Members entitled
to attend and vote thereat.

24.5. The accidental omission to give notice of a general meeting to, or the non-receipt of a notice of a general
meeting by, any person entitled to receive notice shall not invalidate the proceedings at that meeting.

25. GIVING NOTICE AND ACCESS

25.1. A notice may be given by the Company to a Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by delivering it to such Member in person, in which case the notice shall be deemed to have been served
upon such delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by sending it by post to such Member's address in the Register of Members, in which case the notice
shall be deemed to have been served seven days after the date on which it is deposited, with postage prepaid, in the mail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by sending it by courier to such Member's address in the Register of Members, in which case the
notice shall be deemed to have been served two days after the date on which it is deposited, with courier fees paid, with the courier
service; or

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by transmitting it by electronic means (including facsimile and electronic mail, but not telephone) in
accordance with such directions as may be given by such Member to the Company for such purpose, in which case the notice shall be deemed
to have been served at the time that it would in the ordinary course be transmitted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by publication of an electronic record of it on a website and notification of such publication (which
shall include the address of the website, the place on the website where the document may be found, and how the document may be accessed
on the website), such notification being given by any of the methods set out in paragraphs (a) through (d) hereof, in which case the notice
shall be deemed to have been served at the time when the instructions for access and the posting on the website are complete.

25.2. Any notice required to be given to a Member shall, with respect to any shares held jointly by two or more
persons, be given to whichever of such persons is named first in the Register of Members and notice so given shall be sufficient notice
to all the holders of such shares.

25.3. In proving service under paragraphs 25.1(b), (c) and (d), it shall be sufficient to prove that the notice
was properly addressed and prepaid, if posted or sent by courier, and the time when it was posted, deposited with the courier, or transmitted
by electronic means.

26. POSTPONEMENT OF GENERAL MEETING

The Board may postpone any general meeting called in accordance with these Articles provided that notice of postponement is given to the Members before the time for such meeting. Notice of the date, time and place for the postponed meeting shall be given to each Member in accordance with Article 25 of these Articles.

27. ELECTRONIC PARTICIPATION IN MEETINGS

Members may participate in any general meeting by such telephonic, electronic or other communication facilities or means as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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28. QUORUM AT GENERAL MEETINGS

28.1. At any general meeting two or more persons present in person and representing in person or by proxy in
excess of 50% of the total issued voting shares in the Company throughout the meeting shall form a quorum for the transaction of business,
provided that if the Company shall at any time have only one Member, one Member present in person or by proxy shall form a quorum for
the transaction of business at any general meeting held during such time.

28.2. If within half an hour from the time appointed for the meeting a quorum is not present, then, in the case
of a meeting convened on a requisition, the meeting shall be deemed cancelled and, in any other case, the meeting shall stand adjourned
to the same day one week later, at the same time and place or to such other day, time or place as the Board may determine. Unless the
meeting is adjourned to a specific date, time and place announced at the meeting being adjourned, fresh notice of the resumption of the
meeting shall be given to each Member entitled to attend and vote thereat in accordance with these Articles.

29. CHAIRMAN TO PRESIDE

Unless otherwise agreed by a majority of those attending and entitled to vote thereat, the Chairman, if there be one, shall act as chairman at all meetings of the Members at which such person is present. In his absence, a chairman of the meeting shall be appointed or elected by those present at the meeting and entitled to vote.

30. VOTING ON RESOLUTIONS

30.1. Subject to the Act and these Articles, any question proposed for the consideration of the Members at any
general meeting shall be decided by the affirmative votes of a majority of the votes cast in accordance with these Articles and in the
case of an equality of votes the resolution shall fail.

30.2. No Member shall be entitled to vote at a general meeting unless such Member has paid all the calls on
all shares held by such Member.

30.3. At any general meeting a resolution put to the vote of the meeting shall, in the first instance, be voted
upon by a show of hands and, subject to any rights or restrictions for the time being lawfully attached to any class of shares and subject
to these Articles, every Member present in person and every person holding a valid proxy
at such meeting shall be entitled to one vote and shall cast such vote by raising his hand.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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30.4. At any general meeting if an amendment is proposed to any resolution under consideration and the chairman
of the meeting rules on whether or not the proposed amendment is out of order, the proceedings on the substantive resolution shall not
be invalidated by any error in such ruling.

30.5. At any general meeting a declaration by the chairman of the meeting that a question proposed for consideration
has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in a
book containing the minutes of the proceedings of the Company shall, subject to these Articles, be conclusive evidence of that fact.

31. POWER TO DEMAND A VOTE ON A POLL

31.1. Notwithstanding the foregoing, a poll may be demanded by the chairman of the meeting or at least one Member.

31.2. Where a poll is demanded, subject to any rights or restrictions for the time being lawfully attached to
any class of shares, every person present at such meeting shall have one vote for each share of which such person is the holder or for
which such person holds a proxy and such vote shall be counted by ballot as described herein, or in the case of a general meeting at which
one or more Members are present by telephone, electronic or other communication facilities or means, in such manner as the chairman of
the meeting may direct and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded
and shall replace any previous resolution upon the same matter which has been the subject of a show of hands. A person entitled to more
than one vote need not use all his votes or cast all the votes he uses in the same way.

31.3. A poll demanded for the purpose of electing a chairman of the meeting or on a question of adjournment
shall be taken forthwith. A poll demanded on any other question shall be taken at such time and in such manner during such meeting as
the chairman of the meeting may direct. Any business other than that upon which a poll has been demanded may be conducted pending the
taking of the poll.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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31.4. Where a vote is taken by poll, each person physically present and entitled to vote shall be furnished
with a ballot paper on which such person shall record his vote in such manner as shall be determined at the meeting having regard to the
nature of the question on which the vote is taken, and each ballot paper shall be signed or initialled or otherwise marked so as to identify
the voter and the registered holder in the case of a proxy. Each person present by telephone, electronic or other communication facilities
or means shall cast his vote in such manner as the chairman of the meeting shall direct. At the conclusion of the poll, the ballot papers
and votes cast in accordance with such directions shall be examined and counted by a committee of not less than two Members or proxy holders
appointed by the chairman of the meeting for the purpose and the result of the poll shall be declared by the chairman of the meeting.

32. VOTING BY JOINT HOLDERS OF SHARES

In the case of joint holders, the vote of the senior who tenders a vote (whether in person or by proxy) shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register of Members.

33. INSTRUMENT OF PROXY

33.1. An instrument appointing a proxy shall be in writing or transmitted by electronic mail in substantially
the following form or such other form as the chairman of the meeting shall accept:

Proxy

**[Name of Company]** (the "Company")

I/We, [insert names here] , being a Member of the Company with [number] shares, HEREBY APPOINT [name] of [address] or failing him, [name] of [address] to be my/our proxy to vote for me/us at the meeting of the Members to be held on [date] and at any adjournment thereof. [Any restrictions on voting to be inserted here].

Signed this [date]

Member(s)

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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33.2. The instrument of proxy shall be signed or, in the case of a transmission by electronic mail, electronically
signed in a manner acceptable to the chairman of the meeting, by the appointor or by the appointor's attorney duly authorised in
writing, or if the appointor is a corporation, either under its seal or signed or, in the case of a transmission by electronic mail, electronically
signed in a manner acceptable to the chairman of the meeting, by a duly authorised officer or attorney.

33.3. A Member who is the holder of two or more shares may appoint more than one proxy to represent him and
vote on his behalf in respect of different shares.

33.4. The decision of the chairman of any general meeting as to the validity of any appointment of a proxy shall
be final.

34. REPRESENTATION OF CORPORATE MEMBER

34.1. A corporation which is a Member may, by written instrument, authorise such person or persons as it thinks
fit to act as its representative at any meeting and any person so authorised shall be entitled to exercise the same powers on behalf of
the corporation which such person represents as that corporation could exercise if it were an individual Member, and that Member shall
be deemed to be present in person at any such meeting attended by its authorised representative or representatives.

34.2. Notwithstanding the foregoing, the chairman of the meeting may accept such assurances as he thinks fit
as to the right of any person to attend and vote at general meetings on behalf of a corporation which is a Member.

35. ADJOURNMENT OF GENERAL MEETING

The chairman of a general meeting may, with the consent of the Members at any general meeting at which a quorum is present, and shall if so directed by the meeting, adjourn the meeting. Unless the meeting is adjourned to a specific date, place and time announced at the meeting being adjourned, fresh notice of the date, place and time for the resumption of the adjourned meeting shall be given to each Member entitled to attend and vote thereat, in accordance with these Articles.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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36. WRITTEN RESOLUTIONS

36.1. Subject to these Articles, anything which may be done by resolution of the Company in general meeting
or by resolution of a meeting of any class of the Members may be done without a meeting by written resolution in accordance with this
Article.

36.2. A written resolution is passed when it is signed by (or in the case of a Member that is a corporation,
on behalf of) all the Members, or all the Members of the relevant class thereof, entitled to vote thereon and may be signed in as many
counterparts as may be necessary.

36.3. A resolution in writing made in accordance with this Article is as valid as if it had been passed by the
Company in general meeting or by a meeting of the relevant class of Members, as the case may be, and any reference in any Article to a
meeting at which a resolution is passed or to Members voting in favour of a resolution shall be construed accordingly.

36.4. A resolution in writing made in accordance with this Article shall constitute minutes for the purposes
of the Act.

36.5. For the purposes of this Article, the date of the resolution is the date when the resolution is signed
by (or in the case of a Member that is a corporation, on behalf of) the last Member to sign and any reference in any Article to the date
of passing of a resolution is, in relation to a resolution made in accordance with this Article, a reference to such date.

37. DIRECTORS ATTENDANCE AT GENERAL MEETINGS

The Directors shall be entitled to receive notice of, attend and be heard at any general meeting.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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**DIRECTORS AND OFFICERS**

38. ELECTION OF DIRECTORS

38.1. The Directors shall be elected or appointed in writing in the first place by the subscribers to the Memorandum
of Association or by a majority of them. There shall be no shareholding qualification for Directors unless prescribed by Special Resolution.

38.2. The Board may from time to time appoint any person to be a Director, either to fill a casual vacancy or
as an addition to the existing Directors, subject to any upper limit on the number of Directors prescribed pursuant to these Articles.

38.3. The Company may from time to time by ordinary resolution appoint any person to be a Director.

39. NUMBER OF DIRECTORS

The Board shall consist of not less than one Director or such number in excess thereof as the Board may determine.

40. TERM OF OFFICE OF DIRECTORS

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; but no such term shall be implied in the absence of express provision.

41. ALTERNATE DIRECTORS

41.1. At any general meeting, the Members may elect a person or persons to act as a Director in the alternative
to any one or more Directors or may authorise the Board to appoint such Alternate Directors.

41.2. Unless the Members otherwise resolve, any Director may appoint a person or persons to act as a Director
in the alternative to himself by notice deposited with the Secretary.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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41.3. Any person elected or appointed pursuant to this Article shall have all the rights and powers of the Director
or Directors for whom such person is elected or appointed in the alternative, provided that such person shall not be counted more than
once in determining whether or not a quorum is present.

41.4. An Alternate Director shall be entitled to receive notice of all Board meetings and to attend and vote
at any such meeting at which a Director for whom such Alternate Director was appointed in the alternative is not personally present and
generally to perform at such meeting all the functions of such Director for whom such Alternate Director was appointed.

41.5. An Alternate Director's office shall terminate -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an alternate elected by the Members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the occurrence in relation to the Alternate Director of any event which, if it occurred in relation
to the Director for whom he was elected to act, would result in the termination of that Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Director for whom he was elected in the alternative ceases for any reason to be a Director, provided
that the alternate removed in these circumstances may be re-appointed by the Board as an alternate to the person appointed to fill the
vacancy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an alternate appointed by a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the occurrence in relation to the Alternate Director of any event which, if it occurred in relation
to his appointor, would result in the termination of the appointor's directorship; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) when the Alternate Director's appointor revokes the appointment by notice to the Company in writing
specifying when the appointment is to terminate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Alternate Director's appointor ceases for any reason to be a Director.

41.6. If an Alternate Director is himself a Director or attends a Board meeting as the Alternate Director of
more than one Director, his voting rights shall be cumulative.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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41.7. Unless the Board determines otherwise, an Alternate Director may also represent his appointor at meetings
of any committee of the Board on which his appointor serves; and the provisions of this Article shall apply equally to such committee
meetings as to Board meetings.

41.8. Save as provided in these Articles an Alternate Director shall not, as such, have any power to act as
a Director or to represent his appointor and shall not be deemed to be a Director for the purposes of these Articles.

42. REMOVAL OF DIRECTORS

The Company may from time to time by ordinary resolution remove any Director from office, whether or not appointing another in his stead.

43. VACANCY IN THE OFFICE OF DIRECTOR

The office of Director shall be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is removed from office pursuant to these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dies or becomes bankrupt, or makes any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is or becomes of unsound mind or an order for his detention is made under the Mental Health Act of the
Cayman Islands or any analogous law of a jurisdiction outside the Cayman Islands, or dies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) resigns his office by notice to the Company.

44. REMUNERATION OF DIRECTORS

The remuneration (if any) of the Directors shall, subject to any direction that may be given by the Company in general meeting, be determined by the Board as it may from time to time determine and shall be deemed to accrue from day to day. The Directors may also be paid all travel, hotel and other expenses properly incurred by them in attending and returning from Board meetings, any committee appointed by the Board, general meetings, or in connection with the business of the Company or their duties as Directors generally.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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45. DEFECT IN APPOINTMENT

All acts done in good faith by the Board, any Director, a member of a committee appointed by the Board, any person to whom the Board may have delegated any of its powers, or any person acting as a Director shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any Director or person acting as aforesaid, or that he was, or any of them were, disqualified, be as valid as if every such person had been duly appointed and was qualified to be a Director or act in the relevant capacity.

46. DIRECTORS TO MANAGE BUSINESS

The business of the Company shall be managed and conducted by the Board. In managing the business of the Company, the Board may exercise all such powers of the Company as are not, by the Act or by these Articles, required to be exercised by the Company in general meeting subject, nevertheless, to these Articles and the provisions of the Act.

47. POWERS OF THE BOARD OF DIRECTORS

The Board may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint, suspend, or remove any manager, secretary, clerk, agent or employee of the Company and may fix
their remuneration and determine their duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise all the powers of the Company to borrow money and to mortgage or charge or otherwise grant a
security interest in its undertaking, property and uncalled capital, or any part thereof, and may issue debentures, debenture stock and
other securities whether outright or as security for any debt, liability or obligation of the Company or any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) appoint one or more Directors to the office of managing director or chief executive officer of the Company,
who shall, subject to the control of the Board, supervise and administer all of the general business and affairs of the Company;

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) appoint a person to act as manager of the Company's day-to-day business and may entrust to and confer
upon such manager such powers and duties as it deems appropriate for the transaction or conduct of such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by power of attorney, appoint any company, firm, person or body of persons, whether nominated directly
or indirectly by the Board, to be an attorney of the Company for such purposes and with such powers, authorities and discretions (not
exceeding those vested in or exercisable by the Board) and for such period and subject to such conditions as it may think fit and any
such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the
Board may think fit and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions so
vested in the attorney;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) procure that the Company pays all expenses incurred in promoting and incorporating the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) delegate any of its powers (including the power to sub-delegate) to a committee of one or more persons
appointed by the Board and every such committee shall conform to such directions as the Board shall impose on them. Subject to any directions
or regulations made by the Board for this purpose, the meetings and proceedings of any such committee shall be governed by the provisions
of these Articles regulating the meetings and proceedings of the Board, including provisions for written resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) delegate any of its powers (including the power to sub-delegate) to any person on such terms and in such
manner as the Board may see fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) present any petition and make any application in connection with the liquidation or reorganisation of
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in connection with the issue of any share, pay such commission and brokerage as may be permitted by law;
and

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) authorise any company, firm, person or body of persons to act on behalf of the Company for any specific
purpose and in connection therewith to execute any deed, agreement, document or instrument on behalf of the Company.

48. REGISTER OF DIRECTORS AND OFFICERS

The Board shall keep and maintain a Register of Directors and Officers in accordance with the Act.

49. OFFICERS

The Officers shall consist of a Secretary and such additional Officers as the Board may determine all of whom shall be deemed to be Officers for the purposes of these Articles.

50. APPOINTMENT OF OFFICERS

The Secretary (and additional Officers, if any) shall be appointed by the Board from time to time.

51. DUTIES OF OFFICERS

The Officers shall have such powers and perform such duties in the management, business and affairs of the Company as may be delegated to them by the Board from time to time.

52. REMUNERATION OF OFFICERS

The Officers shall receive such remuneration as the Board may determine.

53. CONFLICTS OF INTEREST

53.1. Any Director, or any Director's firm, partner or any company with whom any Director is associated,
may act in any capacity for, be employed by or render services to the Company on such terms, including with respect to remuneration, as
may be agreed between the parties. Nothing herein contained shall authorise a Director or a Director's firm, partner or company
to act as Auditor to the Company.

53.2. A Director who is directly or indirectly interested in a contract or proposed contract with the Company
(an "Interested Director") shall declare the nature of such interest.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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53.3. An Interested Director who has complied with the requirements of the foregoing Article may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote in respect of such contract or proposed contract; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be counted in the quorum for the meeting at which the contract or proposed contract is to be voted on,

and no such contract or proposed contract shall be void or voidable by reason only that the Interested Director voted on it or was counted in the quorum of the relevant meeting and the Interested Director shall not be liable to account to the Company for any profit realised thereby.

54. INDEMNIFICATION AND EXCULPATION OF DIRECTORS AND OFFICERS

54.1. The Directors, Secretary and other Officers (such term to include any person appointed to any committee
by the Board) acting in relation to any of the affairs of the Company or any subsidiary thereof, and the liquidator or trustees (if any)
acting in relation to any of the affairs of the Company or any subsidiary thereof and every one of them (whether for the time being or
formerly) and their heirs, executors, administrators and personal representatives (each an "indemnified party") 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 shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of
their duty, or supposed duty, or in their respective offices or trusts, and no indemnified party shall be answerable for the acts, receipts,
neglects or defaults of the others of them or for joining in any receipts for the sake of conformity, or for any bankers or other persons
with whom any monies or effects belonging to the Company shall or may be lodged or deposited for safe custody, or for insufficiency or
deficiency of any security upon which any monies of or belonging to the Company shall be placed out on or invested, or for any other loss,
misfortune or damage which may happen in the execution of their respective offices or trusts, or in relation thereto, PROVIDED THAT this
indemnity shall not extend to any matter in respect of any fraud or dishonesty in relation to the Company which may attach to any of the
indemnified parties. Each Member agrees to waive any claim or right of action such Member might have, whether individually or by or in
the right of the Company, against any Director or Officer on account of any action taken by such Director or Officer, or the failure of
such Director or Officer to take any action in the performance of his duties with
or for the Company or any subsidiary thereof, PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud or dishonesty
in relation to the Company which may attach to such Director or Officer.

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|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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54.2. The Company may purchase and maintain insurance for the benefit of any Director or Officer against any
liability incurred by him in his capacity as a Director or Officer or indemnifying such Director or Officer in respect of any loss arising
or liability attaching to him by virtue of any rule of law in respect of any negligence, default, breach of duty or breach of trust of
which the Director or Officer may be guilty in relation to the Company or any subsidiary thereof.

**MEETINGS OF THE BOARD OF DIRECTORS**

55. BOARD MEETINGS

The Board may meet for the transaction of business, adjourn and otherwise regulate its meetings as it sees fit. A resolution put to the vote at a Board meeting shall be carried by the affirmative votes of a majority of the votes cast and in the case of an equality of votes the resolution shall fail.

56. NOTICE OF BOARD MEETINGS

A Director may, and the Secretary on the requisition of a Director shall, at any time summon a Board meeting. Notice of a Board meeting shall be deemed to be duly given to a Director if it is given to such Director verbally (including in person or by telephone) or otherwise communicated or sent to such Director by post, electronic means or other mode of representing words in a visible form at such Director's last known address or in accordance with any other instructions given by such Director to the Company for this purpose.

57. ELECTRONIC PARTICIPATION IN MEETINGS

Directors may participate in any meeting by such telephonic, electronic or other communication facilities or means as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting.

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| **33** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

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|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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58. REPRESENTATION OF DIRECTOR

58.1. A Director which is a corporation may, by written instrument, authorise such person or persons as it thinks
fit to act as its representative at any meeting and any person so authorised shall be entitled to exercise the same powers on behalf of
the corporation which such person represents as that corporation could exercise if it were an individual Director, and that Director shall
be deemed to be present in person at any such meeting attended by its authorised representative or representatives.

58.2. Notwithstanding the foregoing, the chairman of the meeting may accept such assurances as he thinks fit
as to the right of any person to attend and vote at Board meetings on behalf of a corporation which is a Director.

58.3. A Director who is not present at a Board meeting, and whose Alternate Director (if any) is not present
at the meeting, may be represented at the meeting by a proxy duly appointed, in which event the presence and vote of the proxy shall be
deemed to be that of the Director. All the provisions of these Articles regulating the appointment of proxies by Members shall apply equally
to the appointment of proxies by Directors.

59. QUORUM AT BOARD MEETINGS

The quorum necessary for the transaction of business at a Board meeting shall be two Directors, provided that if there is only one Director for the time being in office the quorum shall be one.

60. BOARD TO CONTINUE IN THE EVENT OF VACANCY

The Board may act notwithstanding any vacancy in its number.

61. CHAIRMAN TO PRESIDE

Unless otherwise agreed by a majority of the Directors attending, the Chairman, if there be one, shall act as chairman at all Board meetings at which such person is present. In his absence a chairman of the meeting shall be appointed or elected by the Directors present at the meeting.

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| **34** |
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| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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62. WRITTEN RESOLUTIONS

62.1. Anything which may be done by resolution of the Directors may, without a meeting and without any previous
notice being required, be done by written resolution in accordance with this Article.

62.2. A written resolution may be signed by (or in the case of a Director that is a corporation, on behalf of)
all the Directors in as many counterparts as may be necessary.

62.3. A written resolution made in accordance with this Article is as valid as if it had been passed by the
Directors in a directors' meeting, and any reference in any Article to a meeting at which a resolution is passed or to Directors
voting in favour of a resolution shall be construed accordingly.

62.4. A resolution in writing made in accordance with this Article shall constitute minutes for the purposes
of the Act.

62.5. For the purposes of this Article, the date of the resolution is the date when the resolution is signed
by (or in the case of a Director that is a corporation, on behalf of) the last Director to sign and any reference in any Article to the
date of passing of a resolution is, in relation to a resolution made in accordance with this Article, a reference to such date.

63. VALIDITY OF PRIOR ACTS OF THE BOARD

No regulation or alteration to these Articles made by the Company in general meeting shall invalidate any prior act of the Board which would have been valid if that regulation or alteration had not been made.

**CORPORATE RECORDS**

64. MINUTES

The Board shall cause minutes to be duly entered in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of all elections and appointments of Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the names of the Directors present at each Board meeting and of any committee appointed by the Board; and

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| **35** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

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|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of all resolutions and proceedings of general meetings of the Members, Board meetings, meetings of managers and meetings of committees
appointed by the Board.

65. REGISTER OF MORTGAGES AND CHARGES

65.1. The Board shall cause to be kept the Register of Mortgages and Charges required by the Act.

65.2. The Register of Mortgages and Charges shall be open to inspection in accordance with the Act, at the registered
office of the Company on every business day in the Cayman Islands, subject to such reasonable restrictions as the Board may impose, so
that not less than two hours in each such business day be allowed for inspection.

66. FORM AND USE OF SEAL

66.1. The Company may adopt a seal, which shall bear the name of the Company in legible characters, and which
may, at the discretion of the Board, be followed with or preceded by its dual foreign name or translated name (if any), in such form as
the Board may determine. The Board may adopt one or more duplicate seals for use in or outside Cayman and, if the Board thinks fit, a
duplicate Seal may bear on its face the name of the country, territory, district or place where it is to be issued.

66.2. The Seal (if any) shall only be used by the authority of the Board or of a committee of the Board authorised
by the Board in that behalf and, until otherwise determined by the Board, the Seal shall be affixed in the presence of a Director or the
Secretary or an assistant secretary or some other person authorised for this purpose by the Board or the committee of the Board.

66.3. Notwithstanding the foregoing, the Seal (if any) may without further authority be affixed by way of authentication
to any document required to be filed with the Registrar of Companies in the Cayman Islands, and may be so affixed by any Director, Secretary
or assistant secretary of the Company or any other person or institution having authority to file the document as aforesaid.

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| **36** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

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| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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 **ACCOUNTS**

67. BOOKS OF ACCOUNT

67.1. The Board shall cause to be kept proper books of account including, where applicable, material underlying
documentation including contracts and invoices, and with respect to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all sums of money received and expended by the Company and the matters in respect of which the receipt and expenditure takes place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all sales and purchases of goods by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all assets and liabilities of the Company.

67.2. Such books of account shall be kept and proper books of account shall not be deemed to be kept with respect
to the matters aforesaid if there are not kept, at such place as the Board thinks fit, such books as are necessary to give a true and
fair view of the state of the Company's affairs and to explain its transactions.

67.3. Such books of account shall be retained for a minimum period of five years from the date on which they
are prepared.

67.4. No Member (not being a Director) shall have any right of inspecting any account or book or document of
the Company.

68. FINANCIAL YEAR END

The financial year end of the Company shall be 31st December in each year but, subject to any direction of the Company in general meeting, the Board may from time to time prescribe some other period to be the financial year, provided that the Board may not without the sanction of an ordinary resolution prescribe or allow any financial year longer than eighteen months.

 **AUDITS**

69. AUDIT

Nothing in these Articles shall be construed as making it obligatory to appoint Auditors.

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| **37** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

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| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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70. APPOINTMENT OF AUDITORS

70.1. The Company may in general meeting appoint Auditors to hold office for such period as the Members may
determine.

70.2. Whenever there are no Auditors appointed as aforesaid the Board may appoint Auditors to hold office for
such period as the Board may determine or earlier removal from office by the Company in general meeting.

70.3. The Auditor may be a Member but no Director, Officer or employee of the Company shall, during his continuance
in office, be eligible to act as an Auditor of the Company.

71. REMUNERATION OF AUDITORS

71.1. The remuneration of an Auditor appointed by the Members shall be fixed by the Company in general meeting.

71.2. The remuneration of an Auditor appointed by the Board in accordance with these Articles shall be fixed
by the Board.

72. DUTIES OF AUDITOR

The Auditor shall make a report to the Members on the accounts examined by him and on every set of financial statements laid before the Company in general meeting, or circulated to Members, pursuant to this Article during the Auditor's tenure of office.

73. ACCESS TO RECORDS

73.1. The Auditor shall at all reasonable times have access to the Company's books, accounts and vouchers
and shall be entitled to require from the Company's Directors and Officers such information and explanations as the Auditor thinks
necessary for the performance of the Auditor's duties and, if the Auditor fails to obtain all the information and explanations which,
to the best of his knowledge and belief, are necessary for the purposes of their audit, he shall state that fact in his report to the
Members.

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| **38** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

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| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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73.2. The Auditor shall be entitled to attend any general meeting at which any financial statements which have
been examined or reported on by him are to be laid before the Company and to make any statement or explanation he may desire with respect
to the financial statements.

**VOLUNTARY WINDING-UP AND DISSOLUTION**

74. WINDING-UP

74.1. The Company may be voluntarily wound-up by a Special Resolution.

74.2. If the Company shall be wound up the liquidator may, with the sanction of a Special Resolution, divide
amongst the Members in specie or in kind the whole or any part of the assets of the Company (whether they shall consist of property of
the same kind or not) and may, for such purpose, set such value as he deems fair upon any property to be divided as aforesaid and may
determine how such division shall be carried out as between the Members or different classes of Members. The liquidator may, with the
like sanction, vest the whole or any part of such assets in the trustees upon such trusts for the benefit of the Members as the liquidator
shall think fit, but so that no Member shall be compelled to accept any shares or other securities or assets whereon there is any liability.

**CHANGES TO CONSTITUTION**

75. CHANGES TO ARTICLES

Subject to the Act and to the conditions contained in its Memorandum of Association, the Company may, by Special Resolution, alter or add to its Articles.

76. CHANGES TO THE MEMORANDUM OF ASSOCIATION

Subject to the Act and these Articles, the Company may from time to time by Special Resolution alter its Memorandum of Association with respect to any objects, powers or other matters specified therein.

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|:---|
| **39** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

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| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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77. DISCONTINUANCE

The Board may exercise all the powers of the Company to transfer by way of continuation the Company to a named country or jurisdiction outside the Cayman Islands pursuant to the Act.

78. MERGERS AND CONSOLIDATIONS

The Company shall have the power to merge or consolidate with one or more other constituent companies (as defined in the Act) upon such terms as the Board may determine and (to the extent required by the Act) with the approval of a Special Resolution.

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| **40** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

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| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
| **Bend NovaTech Group Limited <br>** <br> 屈鐵⾂科技集團有限公司 |  |

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Dated this 17th day of April, 2025

Conyers Corporate Services (Cayman) Limited

Cricket Square, Hutchins Drive,

P.O. Box 2681

Grand Cayman KY1-1111

Cayman Islands

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| |
|:---|
| /s/ Charlotte Cloete |
| Charlotte Cloete |
| Authorised signatory for |
| Conyers Corporate Services (Cayman) Limited |

---

---

| |
|:---|
| /s/ Samantha Bodden |
| Samantha Bodden |
| Witness to the above signature |

---

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| | |
|:---|:---|
| Address: | Cricket Square, Hutchins Drive, |
|  | P.O. Box 2681 |
|  | Grand Cayman KY1-1111 |
|  | Cayman Islands |
| Occupation: | Onboarding Administrator |

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|:---|
| **41** |
| *Auth Code: F34579177369* |
| *www.verify.gov.ky* |

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## Exhibit 3.2

**Exhibit 3.2**

**THE COMPANIES ACT (AS REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**THE AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Bend NovaTech Group Limited**

**屈鐵臣科技集團有限公司**

(Conditionally adopted by way of a special resolution passed on 17 June 2025 and to become effective on the date on which the registration statement on Form F-1 becomes effective with effect from [●] 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Company is Bend
NovaTech Group Limited and its dual foreign name is 屈鐵臣科技集團有限公司.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The registered office of the Company shall be at the offices
of Conyers Trust Company (Cayman) Limited at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to the following provisions of this Memorandum, the
objects for which the Company is established are unrestricted and shall include, but without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to act and perform all the functions of a holding company in all its branches and to coordinate the policy
and administration of any subsidiary company or companies wherever incorporated or carrying on business or of any group of companies of
which the Company or any subsidiary company is a member or which are in any manner controlled directly or indirectly by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to act as an investment company and for that purpose to subscribe, acquire, hold, dispose, sell, deal
in or trade upon any terms, whether conditionally or absolutely, shares, stock, debentures, debenture stock, annuities, notes, mortgages,
bonds, obligations and securities, foreign exchange, foreign currency deposits and commodities, issued or guaranteed by any company wherever
incorporated, or by any government, sovereign, ruler, commissioners, public body or authority, supreme, municipal, local or otherwise,
by original subscription, tender, purchase, exchange, underwriting, participation in syndicates or in any other manner and whether or
not fully paid up, and to meet calls thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Subject to the following provisions of this Memorandum, the
Company shall have and be capable of exercising all the functions of a natural person of full capacity irrespective of any question of
corporate benefit, as provided by Section 27(2) of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Nothing in this Memorandum shall permit the Company to carry
on a business for which a licence is required under the laws of the Cayman Islands unless duly licensed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Company shall not trade in the Cayman Islands with any
person, firm or corporation except in furtherance of the business of the Company carried on outside the Cayman Islands; provided that
nothing in this clause shall be construed as to prevent the Company effecting and concluding contracts in the Cayman Islands, and exercising
in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The liability of each member is limited to the amount from
time to time unpaid on such member's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The share capital of the Company is US$50,000 divided into
500,000,000 shares of a nominal or par value of US$0.0001 each of such class or classes (howsoever designated) from time to time as the
Board may determine in accordance with the Articles of Association of the Company, with the power for the Company, insofar as is permitted
by law, to redeem or purchase any of its shares and to increase or reduce the said share capital subject to the provisions of the Companies
Act (As Revised) and the Articles of Association of the Company and to issue any part of its capital, whether original, redeemed or increased,
with or without any preference, priority or special privilege or subject to any postponement of rights or to any conditions or restrictions;
and so that, unless the conditions of issue shall otherwise expressly declare, every issue of shares, whether declared to be preference
or otherwise, shall be subject to the power hereinbefore contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Company may exercise the power contained in the Companies
Act to deregister in the Cayman Islands and be registered by way of continuation in another jurisdiction.

The Companies Act (As Revised)

Exempted Company Limited by Shares

THE AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

**Bend NovaTech Group Limited**

**屈鐵臣科技集團有限公司**

(Conditionally adopted by way of a special resolution passed on 17 June 2025 and to become effective on the date on which the registration statement on Form F-1 becomes effective with effect from [●] 2025)

<u>I N D E X</u>

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| | | |
|:---|:---|:---|
| <u>SUBJECT</u> | <u> </u> | <u>Article No.</u> |
| Table A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Interpretation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Share Capital |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Alteration Of Capital |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-7 |
| Share Rights |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8-10 |
| Variation Of Rights |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11-12 |
| Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13-16 |
| Share Certificates |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17-22 |
| Lien |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23-25 |
| Calls On Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-34 |
| Forfeiture Of Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35-43 |
| Register Of Members |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44-45 |
| Record Dates |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| Transfer Of Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47-52 |
| Transmission Of Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53-55 |
| Untraceable Members |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| General Meetings |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57-59 |
| Notice Of General Meetings |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60-61 |
| Proceedings At General Meetings |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62-66 |
| Voting |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67-78 |
| Proxies |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79-84 |
| Corporations Acting By Representatives |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| No Action By Written Resolutions Of Members |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| Board Of Directors |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| Disqualification Of Directors |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| Executive Directors |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89-90 |
| Alternate Directors |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91-94 |
| Directors' Fees And Expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95-98 |
| Directors' Interests |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99-102 |
| General Powers Of The Directors |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103-108 |
| Borrowing Powers |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109-112 |
| Proceedings Of The Directors |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113-122 |
| Audit Committee |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123-125 |
| Officers |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126-129 |
| Register of Directors and Officers |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
| Minutes |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| Seal |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| Authentication Of Documents |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |
| Destruction Of Documents |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| Dividends And Other Payments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135-144 |
| Reserves |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
| Capitalisation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146-147 |
| Subscription Rights Reserve |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| Accounting Records |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149-153 |
| Audit |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154-159 |
| Notices |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160-162 |
| Signatures |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
| Winding Up |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164-165 |
| Indemnity |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
| Financial Year End |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
| Amendment To Memorandum and Articles of Association And Name of Company |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| Information |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |

---

i

THE COMPANIES ACT (AS REVISED)

EXEMPTED COMPANY LIMITED BY SHARES

THE AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

**Bend NovaTech Group Limited**

**屈鐵臣科技集團有限公司**

<u>TABLE A</u>

1. The regulations in Table A in the Schedule to the Companies Act (As Revised) do not apply to the Company.

<u>INTERPRETATION</u>

2. (1) In these Articles, unless the context otherwise requires, the words standing in the first column of the following table shall bear the meaning set opposite them respectively in the second column.

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| | |
|:---|:---|
| <u>WORD</u> | <u>MEANING</u> |
| "Act" | The Companies Act, Cap. 22 (As Revised)of the Cayman Islands. |
| "address" | for the purposes of these Articles, "address" includes an electronic address unless the Act or rules of the Designated Stock Exchange require a postal address. |
| "Articles" | these Articles in their present form or as supplemented or amended or substituted from time to time. |
| "Audit Committee" | the audit committee of the Company formed by the Board pursuant to Article 123 hereof, or any successor audit committee. |
| "Auditor" | the independent auditor of the Company which shall be an internationally recognized firm of independent accountants. |
| "Board" or "Directors" | the board of directors of the Company or the directors present at a meeting of directors of the Company at which a quorum is present. |
| "capital" | the share capital from time to time of the Company. |
| "clear days" | in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect. |

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| | |
|:---|:---|
| "clearing house" | a clearing house recognised by the laws of the jurisdiction in which the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "Company" | Bend NovaTech Group Limited 屈鐵臣科技集團有限公司 |
| "competent regulatory authority" | a competent regulatory authority in the territory where the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such territory. |
| "debenture" and "debenture holder" | include debenture stock and debenture stockholder respectively. |
| "Designated Stock Exchange" | the stock exchange in the United States of America on which any shares are listed for trading. |
| "dollars" and "$" | dollars, the legal currency of the United States of America. |
| "Exchange Act" | the Securities Exchange Act of 1934, as amended. |
| "head office" | such office of the Company as the Directors may from time to time determine to be the principal office of the Company. |
| "Independent Director" | a director who is an independent director as defined in the applicable rules and regulations of the Designated Stock Exchange. |
| "Member" | a duly registered holder from time to time of the shares in the capital of the Company. |
| "Memorandum of Association" | the memorandum of association of the Company, as amended from time to time. |
| "month" | a calendar month. |
| "Notice" | written notice unless otherwise specifically stated and as further defined in these Articles and, where the context so requires, shall include any other document or communication to be served, issued, or given by the Company under these Articles or pursuant to applicable laws and regulations, including the rules of the Designated Stock Exchange and/or competent regulatory authority. For the avoidance of doubt, Notice may be provided in physical or electronic form. |

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| | |
|:---|:---|
| "Office" | the registered office of the Company for the time being. |
| "ordinary resolution" | a resolution shall be an ordinary resolution when it has been passed by a simple majority of votes cast by such Members as, being entitled so to do, vote in person or, in the case of any Member being a corporation, by its duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which Notice has been duly given in accordance with Article 60; |
| "paid up" | paid up or credited as paid up. |
| "Register" | the principal register and where applicable, any branch register of Members of the Company to be maintained at such place within or outside the Cayman Islands as the Board shall determine from time to time. |
| "Registration Office" | in respect of any class of share capital such place as the Board may from time to time determine to keep a branch register of Members in respect of that class of share capital and where (except in cases where the Board otherwise directs) the transfers or other documents of title for such class of share capital are to be lodged for registration and are to be registered. |
| "SEC" | the United States Securities and Exchange Commission. |
| "Securities Act" | mean the U.S. Securities Act 1933 as amended, or any similar federal statute and the rules and regulations of the SEC thereunder as the same shall be in effect from time to time. |
| "Seal" | common seal or any one or more duplicate seals of the Company (including a securities seal) for use in the Cayman Islands or in any place outside the Cayman Islands. |
| "Secretary" | any person, firm or corporation appointed by the Board to perform any of the duties of secretary of the Company and includes any assistant, deputy, temporary or acting secretary. |
| "shares" | shares of par value US$0.0001 each. |

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| | |
|:---|:---|
| "special resolution" | a resolution shall be a special resolution when it has been passed by a majority of not less than two-thirds of votes cast by such Members as, being entitled so to do, vote in person or, in the case of such Members as are corporations, by their respective duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which Notice has been duly given in accordance with Article 60; |
|  | a special resolution shall be effective for any purpose for which an ordinary resolution is expressed to be required under any provision of these Articles or the Statutes. |
| "Statutes" | the Act and every other law of the Legislature of the Cayman Islands for the time being in force applying to or affecting the Company, its Memorandum of Association and/or these Articles. |
| "year" | a calendar year. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In these Articles, unless there be something within the subject or context inconsistent with such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing a gender include both gender and the neuter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include companies, associations and bodies of persons whether corporate or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the words:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "may" shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "shall" or "will" shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) expressions referring to writing shall, unless the contrary intention appears, be construed as including
printing, lithography, email, facsimile, photography and other modes of representing words or figures in a visible form, including electronic
writing or display (such as digital documents or electronic communications) provided that both the mode of service of the relevant document
or Notice and the Member's election comply with all applicable Statutes, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any requirement as to delivery under the Articles include delivery in the form of an electronic record
(as defined in the Electronic Transactions Act of the Cayman Islands) or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references to any law, ordinance, statute or statutory provision shall be interpreted as relating to any
statutory modification or re-enactment thereof for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) save as aforesaid words and expressions defined in the Statutes shall bear the same meanings in these
Articles if not inconsistent with the subject in the context;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to a document (including, but without limitation, a resolution in writing) being signed or
executed include references to it being signed or executed under hand or under seal or by electronic communication or by electronic signature
or by any other method and references to a Notice or document include a Notice or document recorded or stored in any digital, electronic,
electrical, magnetic or other retrievable form or medium and information in visible form whether having physical substance or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Sections 8 and 19 of the Electronic Transaction Act of the Cayman Islands, as amended from time to time,
shall not apply to these Articles to the extent it imposes obligations or requirements in addition to those set out in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) where a Member is a corporation, any reference in these Articles to a Member shall, where the context
requires, refer to a duly authorised representative of such Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) references to "in the ordinary course of business" and comparable expressions mean the ordinary
and usual course of business of the relevant party, consistent in all material respects (including nature and scope) with the prior practice
of such party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) reference to a meeting: (a) shall, where the context is appropriate, include a meeting that has been postponed
by the Board pursuant to Article 65, and (b) shall mean a meeting convened and held in any manner permitted by these Articles and any
Member or Director attending and participating at a meeting by means of electronic facilities shall be deemed to be present at that meeting
for all purposes of the Statutes and these Articles, and attend, participate, attending, participating, attendance and participation shall
be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) references to the right of a Member to speak at a general meeting shall include the right to raise questions
or make statements to the chairman of the meeting, verbally or in written form, by means of electronic facilities. Such a right shall
be deemed to have been duly exercised if the questions or statements may be heard or seen by all or only some of the persons present at
the meeting (or only by the chairman of the meeting) in which event the chairman of the meeting shall relay the questions raised or the
statements made verbatim to all persons present at the meeting, either orally or in writing using electronic facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) unless the context otherwise requires, any reference to "print", "printed", or "printed
copy" and "printing" shall be deemed to include electronic versions or electronic copies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any reference to the term "place" within these Articles shall be construed as applicable only
in contexts where a physical location is required or relevant. Any reference to a "place" for the delivery, receipt, or payment
of monies, whether by the Company or by Members, shall not preclude the use of electronic means for such delivery, receipt, or payment.
For the avoidance of doubt, references to a "place" in the context of meetings shall include physical, electronic, or hybrid
meeting formats, as permitted by applicable laws and regulations. Notices of meetings, adjournments, postponements, or any other references
to a "place" shall be interpreted to include virtual platforms or electronic means of communication where applicable. Where
the term "place" is out of context, unnecessary, or not applicable, such reference shall be disregarded without affecting the
validity or interpretation of the relevant provision.

<u>SHARE CAPITAL</u>

3. (1) The share capital of the Company at the date on which these Articles come into effect shall be divided into shares of a par value of US$0.0001 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Act, the Company's Memorandum and Articles of Association and, where applicable, the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority, the Company shall have the power to purchase or otherwise acquire its own shares and such power shall be exercisable by the Board in such manner, upon such terms and subject to such conditions as it in its absolute discretion thinks fit and any determination by the Board of the manner of purchase shall be deemed authorized by these Articles for purposes of the Act. Subject to the Act, the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority, the Company is hereby authorized to make payments in respect of a redemption or purchase of its own shares in any manner authorized by the Act, including out of its capital. The purchase of any share shall not oblige the Company to purchase any other share other than as may be required pursuant to applicable law and any other contractual obligations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company is authorised to hold treasury shares in accordance with the Act and may designate as treasury shares any of its shares that it purchases or redeems, or any share surrendered to it subject to the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority. Shares held by the Company as treasury shares shall continue to be classified as treasury shares until such shares are either cancelled or transferred as the Board may determine on such terms and subject to such conditions as it in its absolute discretion thinks fits in accordance with the Act subject to the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company may accept the surrender for no consideration of any fully paid share unless, as a result of such surrender, there would no longer be any issued shares of the Company other than shares held as treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No share shall be issued to bearer.

<u>ALTERATION OF CAPITAL</u>

4. The Company may from time to time by ordinary resolution in accordance with the Act alter the conditions of its Memorandum of Association to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its capital by such sum, to be divided into shares of such amounts, as the resolution shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its capital into shares of larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without prejudice to the powers of the Board under Article 13, divide its shares into several classes
and without prejudice to any special rights previously conferred on the holders of existing shares attach thereto respectively any preferential,
deferred, qualified or special rights, privileges, conditions or such restrictions which in the absence of any such determination by the
Company in general meeting, as the Directors may determine provided always that, for the avoidance of doubt, where a class of shares has
been authorized by the Company no resolution of the Company in general meeting is required for the issuance of shares of that class and
the Directors may issue shares of that class and determine such rights, privileges, conditions or restrictions attaching thereto as aforesaid,
and further provided that where the Company issues shares which do not carry voting rights, the words "non-voting" shall appear
in the designation of such shares and where the equity capital includes shares with different voting rights, the designation of each class
of shares, other than those with the most favourable voting rights, must include the words "restricted voting" or "limited
voting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the Memorandum of
Association (subject, nevertheless, to the Act), and may by such resolution determine that, as between the holders of the shares resulting
from such sub-division, one or more of the shares may have any such preferred, deferred or other rights or be subject to any such restrictions
as compared with the other or others as the Company has power to attach to unissued or new shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any shares which, at the date of the passing of the resolution, have not been taken, or agreed
to be taken, by any person, and diminish the amount of its capital by the amount of the shares so cancelled or, in the case of shares,
without par value, diminish the number of shares into which its capital is divided.

5. The Board may settle as it considers expedient any difficulty which arises in relation to any consolidation and division under the Article 4 and in particular but without prejudice to the generality of the foregoing may issue certificates in respect of fractions of shares or arrange for the sale of the shares representing fractions and the distribution of the net proceeds of sale (after deduction of the expenses of such sale) in due proportion amongst the Members who would have been entitled to the fractions, and for this purpose the Board may authorise any person to transfer the shares representing fractions to their purchaser or resolve that such net proceeds be paid to the Company for the Company's benefit. Such purchaser will not be bound to see to the application of the purchase money nor will his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

6. The Company may from time to time by special resolution, subject to any confirmation or consent required by the Act, reduce its share capital or any capital redemption reserve or other undistributable reserve in any manner permitted by law.

7. Except so far as otherwise provided by the conditions of issue, or by these Articles, any capital raised by the creation of new shares shall be treated as if it formed part of the original capital of the Company, and such shares shall be subject to the provisions contained in these Articles with reference to the payment of calls and instalments, transfer and transmission, forfeiture, lien, cancellation, surrender, voting and otherwise.

<u>SHARE RIGHTS</u>

8. Subject to the provisions of the Act, the rules and regulations of the Designated Stock Exchange and the Memorandum and Articles of Association and to any special rights conferred on the holders of any shares or class of shares, and without prejudice to Article 13 hereof, any share in the Company (whether forming part of the present capital or not) may be issued with or have attached thereto such rights or restrictions whether in regard to dividend, voting, return of capital or otherwise as the Board may determine, including without limitation on terms that they may be, or at the option of the Company or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

9. Subject to the Act, the rules and regulations of the Designated Stock Exchange and the Memorandum and Articles of Association, and to any special rights conferred on the holders of any shares or attaching to any class of shares, shares may be issued on the terms that may be or at the option of the Company or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

10. Subject to Article 13(1), the Memorandum of Association and any resolution of the Members to the contrary and without prejudice to any special rights conferred thereby on the holders of any other shares or class of shares, the share capital of the Company shall be divided into shares of a single class the holders of which shall, subject to these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be entitled to one vote per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be entitled to such dividends as the Board may from time to time declare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of a winding up or dissolution of the Company, whether voluntary or involuntary or for the
purpose of a reorganisation or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) generally, be entitled to enjoy all of the rights attaching to shares.

<u>VARIATION OF RIGHTS</u>

11. Subject to the Act and without prejudice to Article 8, all or any of the special rights for the time being attached to the shares or any class of shares may, unless otherwise provided by the terms of issue of the shares of that class, from time to time (whether or not the Company is being wound up) be varied, modified or abrogated with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. To every such separate general meeting all the provisions of these Articles relating to general meetings of the Company shall, *mutatis mutandis*, apply, but so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notwithstanding Article 59 which shall not apply to this Article 11, separate general meetings of the
holders of a class or series of shares may be called only by (i) the Chairman of the Board, or (ii) a majority of the entire Board (unless
otherwise specifically provided by the terms of issue of the shares of such class or series). Nothing in this Article 11 shall be deemed
to give any Member or Members the right to call a class or series meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall be a person
or persons or (in the case of a Member being a corporation) its duly authorized representative together holding or representing by proxy
not less than one-third in nominal value or par value of the issued shares of that class (but so that if at any adjourned meeting of such
holders a quorum as above defined is not present, those Members who are present shall form a quorum (whatever the number of shares held
by them));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) every holder of shares of the class shall be entitled on a poll to one vote for every such share held
by him; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any holder of shares of the class present in person or by proxy or authorised representative may demand
a poll.

12. The special rights conferred upon the holders of any shares or class of shares shall not, unless otherwise expressly provided in the rights attaching to or the terms of issue of such shares, be deemed to be varied, modified or abrogated by the creation or issue of further shares ranking *pari passu* therewith.

<u>SHARES</u>

13. (1) Subject to the Act, these Articles and, where applicable, the rules and regulations of the Designated Stock Exchange and without prejudice to any special rights or restrictions for the time being attached to any shares or any class of shares, the unissued shares of the Company (whether forming part of the original or any increased capital) shall be at the disposal of the Board, which may offer, allot, grant options over or otherwise dispose of them to such persons, at such times and for such consideration and upon such terms and conditions as the Board may in its absolute discretion determine but so that no shares shall be issued at a discount to their nominal value. In particular and without prejudice to the generality of the foregoing, the Board is hereby empowered to authorize by resolution or resolutions from time to time the issuance of one or more classes or series of preferred shares and to fix the designations, powers, preferences and relative, participating, optional and other rights, if any, and the qualifications, limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting each such class or series, dividend rights, conversion rights, redemption privileges, voting powers, full or limited or no voting powers, and liquidation preferences, and to increase or decrease the size of any such class or series (but not below the number of shares of any class or series of preferred shares then outstanding) to the extent permitted by the Act. Without limiting the generality of the foregoing, the resolution or resolutions providing for the establishment of any class or series of preferred shares may, to the extent permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to the preferred shares of any other class or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Neither the Company nor the Board shall be obliged, when making or granting any allotment of, offer of, option over or disposal of shares, to make, or make available, any such allotment, offer, option or shares to Members or others with registered addresses in any particular territory or territories being a territory or territories where, in the absence of a registration statement or other special formalities, this would or might, in the opinion of the Board, be unlawful or impracticable. Members affected as a result of the foregoing sentence shall not be, or be deemed to be, a separate class of members for any purpose whatsoever. Except as otherwise expressly provided in the resolution or resolutions providing for the establishment of any class or series of preferred shares, no vote of the holders of preferred shares or ordinary shares shall be a prerequisite to the issuance of any shares of any class or series of the preferred shares authorized by and complying with the conditions of the Memorandum and Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may issue 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 securities in the capital of the Company on such terms as it may from time to time determine.

14. The Company may in connection with the issue of any shares exercise all powers of paying commission and brokerage conferred or permitted by the Act. Subject to the Act, the commission may be satisfied by the payment of cash or by the allotment of fully or partly paid shares or partly in one and partly in the other.

15. Except as required by law, no person shall be recognised by the Company as holding any share upon any trust and the Company shall not be bound by or required in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share or any fractional part of a share or (except only as otherwise provided by these Articles or by law) any other rights in respect of any share except an absolute right to the entirety thereof in the registered holder.

16. Subject to the Act and these Articles, the Board may at any time after the allotment of shares but before any person has been entered in the Register as the holder, recognise a renunciation thereof by the allottee in favour of some other person and may accord to any allottee of a share a right to effect such renunciation upon and subject to such terms and conditions as the Board considers fit to impose.

<u>SHARE CERTIFICATES</u>

17. Every share certificate shall be issued under the Seal or a facsimile thereof or with the Seal printed thereon and shall specify the number and class and distinguishing numbers (if any) of the shares to which it relates, and the amount paid up thereon and may otherwise be in such form as the Directors may from time to time determine. No certificate shall be issued representing shares of more than one class. The Board may by resolution determine, either generally or in any particular case or cases, that any signatures on any such certificates (or certificates in respect of other securities) need not be autographic but may be affixed to such certificates by some mechanical means or may be printed thereon.

18. (1) In the case of a share held jointly by several persons, the Company shall not be bound to issue more than one certificate therefor and delivery of a certificate to one of several joint holders shall be sufficient delivery to all such holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where a share stands in the names of two or more persons, the person first named in the Register shall as regards service of notices and, subject to the provisions of these Articles, all or any other matters connected with the Company, except the transfer of the shares, be deemed the sole holder thereof.

19. The Company is not obliged to issue a share certificate to a Member unless the Member requests it in writing from the Company. Every person whose name is entered, upon an allotment of shares, as a Member in the Register shall be entitled without payment, to receive one certificate for all such shares of any one class or several certificates each for one or more of such shares of such class upon payment for every certificate after the first of such reasonable out-of-pocket expenses as the Board from time to time determines.

20. Share certificates shall be issued within the relevant time limit as prescribed by the Act or as the Designated Stock Exchange may from time to time determine, whichever is the shorter, after allotment or, except in the case of a transfer which the Company is for the time being entitled to refuse to register and does not register, after lodgment of a transfer with the Company. Every share certificate of the Company shall bear legends required under the applicable laws, including the Securities Act.

21. (1) Upon every transfer of shares the certificate held by the transferor shall be given up to be cancelled, and shall forthwith be cancelled accordingly, and a new certificate shall be issued to the transferee in respect of the shares transferred to him at such fee as is provided in paragraph (2) of this Article 21. If any of the shares included in the certificate so given up shall be retained by the transferor a new certificate for the balance shall be issued to him at the aforesaid fee payable by the transferor to the Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The fee referred to in paragraph (1) above shall be an amount not exceeding the relevant maximum amount as the Designated Stock Exchange may from time to time determine provided that the Board may at any time determine a lower amount for such fee.

22. If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed a new certificate representing the same shares may be issued to the relevant Member upon request and on payment of such fee as the Board may determine and, subject to compliance with such terms (if any) as to evidence and indemnity and to payment of the costs and reasonable out-of-pocket expenses of the Company in investigating such evidence and preparing such indemnity as the Board may think fit and, in case of damage or defacement, on delivery of the old certificate to the Company provided always that where share warrants have been issued, no new share warrant shall be issued to replace one that has been lost unless the Board has determined that the original has been destroyed.

<u>LIEN</u>

23. The Company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share. The Company shall also have a first and paramount lien on every share (not being a fully paid share) registered in the name of a Member (whether or not jointly with other Members) for all amounts of money presently payable by such Member or his estate to the Company whether the same shall have been incurred before or after notice to the Company of any equitable or other interest of any person other than such member, and whether the period for the payment or discharge of the same shall have actually become due or not, and notwithstanding that the same are joint debts or liabilities of such Member or his estate and any other person, whether a Member or not. The Company's lien on a share shall extend to all dividends or other moneys payable thereon or in respect thereof. The Board may at any time, generally or in any particular case, waive any lien that has arisen or declare any share exempt in whole or in part, from the provisions of this Article 23.

24. Subject to these Articles, the Company may sell in such manner as the Board determines any share on which the Company has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable, or the liability or engagement in respect of which such lien exists is liable to be presently fulfilled or discharged nor until the expiration of fourteen (14) clear days after a notice in writing, stating and demanding payment of the sum presently payable, or specifying the liability or engagement and demanding fulfilment or discharge thereof and giving notice of the intention to sell in default, has been served on the registered holder for the time being of the share or the person entitled thereto by reason of his death or bankruptcy.

25. The net proceeds of the sale shall be received by the Company and applied in or towards payment or discharge of the debt or liability in respect of which the lien exists, so far as the same is presently payable, and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the share prior to the sale) be paid to the person entitled to the share at the time of the sale. To give effect to any such sale the Board may authorise some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares so transferred and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

<u>CALLS ON SHARES</u>

26. Subject to these Articles and to the terms of allotment, the Board may from time to time make calls upon the Members in respect of any moneys unpaid on their shares (whether on account of the nominal value of the shares or by way of premium), and each Member shall (subject to being given at least fourteen (14) clear days' Notice specifying the time and place of payment) pay to the Company as required by such notice the amount called on his shares. A call may be extended, postponed or revoked in whole or in part as the Board determines but no Member shall be entitled to any such extension, postponement or revocation except as a matter of grace and favour.

27. A call shall be deemed to have been made at the time when the resolution of the Board authorising the call was passed and may be made payable either in one lump sum or by instalments.

28. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made. The joint holders of a share shall be jointly and severally liable to pay all calls and instalments due in respect thereof or other moneys due in respect thereof.

29. If a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest on the amount unpaid from the day appointed for payment thereof to the time of actual payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board may determine, but the Board may in its absolute discretion waive payment of such interest in whole or in part.

30. No Member shall be entitled to receive any dividend or bonus or to be present and vote (save as proxy for another Member) at any general meeting either personally or by proxy, or be reckoned in a quorum, or exercise any other privilege as a Member until all calls or instalments due by him to the Company, whether alone or jointly with any other person, together with interest and expenses (if any) shall have been paid.

31. On the trial or hearing of any action or other proceedings for the recovery of any money due for any call, it shall be sufficient to prove that the name of the Member sued is entered in the Register as the holder, or one of the holders, of the shares in respect of which such debt accrued, that the resolution making the call is duly recorded in the minute book, and that notice of such call was duly given to the Member sued, in pursuance of these Articles; and it shall not be necessary to prove the appointment of the Directors who made such call, nor any other matters whatsoever, but the proof of the matters aforesaid shall be conclusive evidence of the debt.

32. Any amount payable in respect of a share upon allotment or at any fixed date, whether in respect of nominal value or premium or as an instalment of a call, shall be deemed to be a call duly made and payable on the date fixed for payment and if it is not paid the provisions of these Articles shall apply as if that amount had become due and payable by virtue of a call duly made and notified.

33. On the issue of shares the Board may differentiate between the allottees or holders as to the amount of calls to be paid and the times of payment.

34. The Board may, if it thinks fit, receive from any Member willing to advance the same, and either in money or money's worth, all or any part of the moneys uncalled and unpaid or instalments payable upon any shares held by him and upon all or any of the moneys so advanced (until the same would, but for such advance, become presently payable) pay interest at such rate (if any) as the Board may decide. The Board may at any time repay the amount so advanced upon giving to such Member not less than one (1) month's Notice of its intention in that behalf, unless before the expiration of such notice the amount so advanced shall have been called up on the shares in respect of which it was advanced. Such payment in advance shall not entitle the holder of such share or shares to participate in respect thereof in a dividend subsequently declared.

<u>FORFEITURE OF SHARES</u>

35. (1) If a call remains unpaid after it has become due and payable the Board may give to the person from whom it is due not less than fourteen (14) clear days' Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) requiring payment of the amount unpaid together with any interest which may have accrued and which may
still accrue up to the date of actual payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) stating that if the Notice is not complied with the shares on which the call was made will be liable to
be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the requirements of any such Notice are not complied with, any share in respect of which such Notice has been given may at any time thereafter, before payment of all calls and interest due in respect thereof has been made, be forfeited by a resolution of the Board to that effect, and such forfeiture shall include all dividends and bonuses declared in respect of the forfeited share but not actually paid before the forfeiture.

36. When any share has been forfeited, notice of the forfeiture shall be served upon the person who was before forfeiture the holder of the share. No forfeiture shall be invalidated by any omission or neglect to give such Notice.

37. The Board may accept the surrender of any share liable to be forfeited hereunder and, in such case, references in these Articles to forfeiture will include surrender.

38. Any share so forfeited shall be deemed the property of the Company and may be sold, re-allotted or otherwise disposed of to such person, upon such terms and in such manner as the Board determines, and at any time before a sale, re-allotment or disposition the forfeiture may be annulled by the Board on such terms as the Board determines.

39. A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares but nevertheless shall remain liable to pay the Company all moneys which at the date of forfeiture were presently payable by him to the Company in respect of the shares, with (if the Board shall in its discretion so requires) interest thereon from the date of forfeiture until payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board shall determine. The Board may enforce payment thereof if it thinks fit, and without any deduction or allowance for the value of the forfeited shares, at the date of forfeiture, but his liability shall cease if and when the Company shall have received payment in full of all such moneys in respect of the shares. For the purposes of this Article 39 any sum which, by the terms of issue of a share, is payable thereon at a fixed time which is subsequent to the date of forfeiture, whether on account of the nominal value of the share or by way of premium, shall notwithstanding that time has not yet arrived be deemed to be payable at the date of forfeiture, and the same shall become due and payable immediately upon the forfeiture, but interest thereon shall only be payable in respect of any period between the said fixed time and the date of actual payment.

40. A declaration by a Director or the Secretary that a share has been forfeited on a specified date shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share, and such declaration shall (subject to the execution of an instrument of transfer by the Company if necessary) constitute a good title to the share, and the person to whom the share is disposed of shall be registered as the holder of the share and shall not be bound to see to the application of the consideration (if any), nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings in reference to the forfeiture, sale or disposal of the share. When any share shall have been forfeited, notice of the declaration shall be given to the Member in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the Register, but no forfeiture shall be in any manner invalidated by any omission or neglect to give such notice or make any such entry.

41. Notwithstanding any such forfeiture as aforesaid the Board may at any time, before any shares so forfeited shall have been sold, re-allotted or otherwise disposed of, permit the shares forfeited to be bought back upon the terms of payment of all calls and interest due upon and expenses incurred in respect of the share, and upon such further terms (if any) as it thinks fit.

42. The forfeiture of a share shall not prejudice the right of the Company to any call already made or instalment payable thereon.

43. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal value of the share or by way of premium, as if the same had been payable by virtue of a call duly made and notified.

<u>REGISTER OF MEMBERS</u>

44. (1) The Company shall keep in one or more books a Register of its Members and shall enter therein the following particulars, that is to say:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each Member, the number and class of shares held by him and the amount paid or
agreed to be considered as paid on such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person was entered in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which any person ceased to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may keep an overseas or local or other branch register of Members resident in any place, and the Board may make and vary such regulations as it determines in respect of the keeping of any such register and maintaining a Registration Office in connection therewith.

45. The Register and branch register of Members, as the case may be, shall be open to inspection for such times and on such days as the Board shall determine by Members without charge or by any other person, upon a maximum payment of $2.50 or such other sum specified by the Board, at the Office or Registration Office or such other place at which the Register is kept in accordance with the Act. The Register including any overseas or local or other branch register of Members may, after compliance with any notice requirements of the Designated Stock Exchange or by any electronic means in such manner as may be accepted by the Designated Stock Exchange to that effect, be closed for inspection at such times or for such periods not exceeding in the whole thirty (30) days in each year as the Board may determine and either generally or in respect of any class of shares.

<u>RECORD DATES</u>

46. For the purpose of determining the Members entitled to notice of or to vote at any general meeting, or any adjournment thereof, or entitled to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of shares or for the purpose of any other lawful action, the Board may fix, in advance, a date as the record date for any such determination of Members, which date shall not be more than ninety (90) days nor less than ten (10) days before the date of such meeting, nor more than ninety (90) days prior to any other such action.

If the Board does not fix a record date for any general meeting, the record date for determining the Members entitled to a notice of or to vote at such meeting shall be at the close of business on the day next preceding the day on which notice is given, or, if in accordance with these Articles notice is waived, at the close of business on the day next preceding the day on which the meeting is held. The record date for determining the Members for any other purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

A determination of the Members of record entitled to notice of or to vote at a meeting of the Members shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for the adjourned meeting.

<u>TRANSFER OF SHARES</u>

47. (1) Subject to these Articles, any Member may transfer all or any of his shares by an instrument of transfer in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the Board and may be under hand or, if the transferor or transferee is a clearing house or a central depository house or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Board may approve from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the provisions of subparagraph (1) above, for so long as any shares are listed on the Designated Stock Exchange, titles to such listed shares may be evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated Stock Exchange that are or shall be applicable to such listed shares. The register of members of the Company in respect of its listed shares (whether the Register or a branch register) may be kept by recording the particulars required by Section 40 of the Act in a form otherwise than legible if such recording otherwise complies with the laws applicable to and the rules and regulations of the Designated Stock Exchange that are or shall be applicable to such listed shares.

48. The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided that the Board may dispense with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its discretion to do so. Without prejudice to Article 47, the Board may also resolve, either generally or in any particular case, upon request by either the transferor or transferee, to accept mechanically executed transfers. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in the Register in respect thereof. Nothing in these Articles shall preclude the Board from recognising a renunciation of the allotment or provisional allotment of any share by the allottee in favour of some other person.

49. (1) The Board may, in its absolute discretion, and without giving any reason therefor, refuse to register a transfer of any share (not being a fully paid up share) to a person of whom it does not approve, or any share issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby still subsists, and it may also, without prejudice to the foregoing generality, refuse to register a transfer of any share to more than four joint holders or a transfer of any share (not being a fully paid up share) on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board in so far as permitted by any applicable law may, in its absolute discretion, at any time and from time to time transfer any share upon the Register to any branch register or any share on any branch register to the Register or any other branch register. In the event of any such transfer, the shareholder requesting such transfer shall bear the cost of effecting the transfer unless the Board otherwise determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless the Board otherwise agrees (which agreement may be on such terms and subject to such conditions as the Board in its absolute discretion may from time to time determine, and which agreement the Board shall, without giving any reason therefor, be entitled in its absolute discretion to give or withhold), no shares upon the Register shall be transferred to any branch register nor shall shares on any branch register be transferred to the Register or any other branch register and all transfers and other documents of title shall be lodged for registration, and registered, in the case of any shares on a branch register, at the relevant Registration Office, and, in the case of any shares on the Register, at the Office or such other place at which the Register is kept in accordance with the Act.

50. Without limiting the generality of the Article 49, the Board may decline to recognise any instrument of transfer unless:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a fee of such maximum sum as the Designated Stock Exchange may determine to be payable or such lesser
sum as the Board may from time to time require is paid to the Company in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is lodged at the Office or such other place at which the Register is kept in
accordance with the Act or the Registration Office (as the case may be) accompanied by the relevant share certificate(s) and such other
evidence as the Board may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer
is executed by some other person on his behalf, the authority of that person so to do); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if applicable, the instrument of transfer is duly and properly stamped.

51. If the Board refuses to register a transfer of any share, it shall, within two months after the date on which the transfer was lodged with the Company, send to each of the transferor and transferee notice of the refusal.

52. The registration of transfers of shares or of any class of shares may, after compliance with any notice requirement of the Designated Stock Exchange, be suspended at such times and for such periods (not exceeding in the whole thirty (30) days in any year) as the Board may determine. The period of thirty (30) days may be extended for a further period or periods not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary resolution.

<u>TRANSMISSION OF SHARES</u>

53. If a Member dies, the survivor or survivors where the deceased was a joint holder, and his legal personal representatives where he was a sole or only surviving holder, will be the only persons recognised by the Company as having any title to his interest in the shares; but nothing in this Article will release the estate of a deceased Member (whether sole or joint) from any liability in respect of any share which had been solely or jointly held by him.

54. Any person becoming entitled to a share in consequence of the death or bankruptcy or winding-up of a Member may, upon such evidence as to his title being produced as may be required by the Board, elect either to become the holder of the share or to have some person nominated by him registered as the transferee thereof. If he elects to become the holder he shall notify the Company in writing either at the Registration Office or the Office, as the case may be, to that effect. If he elects to have another person registered he shall execute a transfer of the share in favour of that person. The provisions of these Articles relating to the transfer and registration of transfers of shares shall apply to such notice or transfer as aforesaid as if the death or bankruptcy of the Member had not occurred and the notice or transfer were a transfer signed by such Member.

55. A person becoming entitled to a share by reason of the death or bankruptcy or winding-up of a Member shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share. However, the Board may, if it thinks fit, withhold the payment of any dividend payable or other advantages in respect of such share until such person shall become the registered holder of the share or shall have effectually transferred such share, but, subject to the requirements of Article 76(2) being met, such a person may vote at meetings.

<u>UNTRACEABLE MEMBERS</u>

56. (1) Without prejudice to the rights of the Company under paragraph (2) of this Article 56, the Company may cease sending cheques for dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on two consecutive occasions. However, the Company may exercise the power to cease sending cheques for dividend entitlements or dividend warrants after the first occasion on which such a cheque or warrant is returned undelivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member who is untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cheques or warrants in respect of dividends of the shares in question, being not less than three in
total number, for any sum payable in cash to the holder of such shares in respect of them sent during the relevant period in the manner
authorised by the Articles have remained uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant
period received any indication of the existence of the Member who is the holder of such shares or of a person entitled to such shares
by death, bankruptcy or operation of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange,
has given notice to, and caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange
of its intention to sell such shares in the manner required by the Designated Stock Exchange, and a period of three (3) months or such
shorter period as may be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.

For the purpose of the foregoing, the "relevant period" means the period commencing twelve (12) years before the date of publication of the advertisement referred to in paragraph (c) of this Article and ending at the expiry of the period referred to in that paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To give effect to any such sale the Board may authorise some person to transfer the said shares and an instrument of transfer signed or otherwise executed by or on behalf of such person shall be as effective as if it had been executed by the registered holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the Member holding the shares sold is dead, bankrupt or otherwise under any legal disability or incapacity.

<u>GENERAL MEETINGS</u>

57. The Company shall, if required by the Statute, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. An annual general meeting of the Company shall be held at such time and place as may be determined by the Board.

58. Each general meeting, other than an annual general meeting, shall be called an extraordinary general meeting. General meetings may be held at such times and in any location in the world as may be determined by the Board. Notwithstanding any provisions in these Articles, any general meeting or any class meeting may be held physically, as a hybrid meeting (partially physical and partially electronic) or wholly by electronic means, using such telephone, electronic or other communication facilities as to permit all persons participating in the meeting to communicate with each other, and participation in such a meeting shall constitute presence at such meeting. Unless otherwise determined by the Directors, the manner of convening and the proceedings at a general meeting set out in these Articles shall apply, *mutatis mutandis*, to hybrid or wholly electronic meetings. In the event of any technical difficulties, disruptions, or procedural issues arising during a hybrid or electronic meeting, including but not limited to connectivity problems, platform malfunctions, or disputes regarding the conduct of the meeting, the chairman of the meeting shall have the authority to make any rulings or decisions necessary to address such issues. Any such ruling, determination, or decision made by the chairman of the meeting shall be final, conclusive, and binding on the Company and all Members.

59. A majority of the Board or the Chairman of the Board may call extraordinary general meetings, which extraordinary general meetings shall be held at such times and locations (as permitted hereby) as such person or persons shall determine.

<u>NOTICE OF GENERAL MEETINGS</u>

60. (1) An annual general meeting and any extraordinary general meeting may be called by not less than ten (10)] clear days' Notice but a general meeting may be called by shorter notice, subject to the Act, if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a meeting called as an annual general meeting, by all the Members entitled to attend and
vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other meeting, by a majority in number of the Members having the right to attend and
vote at the meeting, being a majority together holding not less than ninety-five per cent. (95%) in nominal value of the issued shares
giving that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The notice shall specify the time of the meeting, the physical location (if applicable), and in the case of a hybrid or electronic meeting, the electronic platform or means by which Members may attend and participate. It shall also include in case of special business, the general nature of the business. The notice convening an annual general meeting shall specify the meeting as such. Notice of every general meeting shall be given to all Members other than to such Members as, under the provisions of these Articles or the terms of issue of the shares they hold, are not entitled to receive such notices from the Company, to all persons entitled to a share in consequence of the death or bankruptcy or winding-up of a Member and to each of the Directors. For hybrid or electronic meetings, the Notice shall either include instructions for accessing and participating in the meeting or specify where or how such instructions will be provided to the Members.

61. The accidental omission to give Notice of a meeting or (in cases where instruments of proxy are sent out with the Notice) to send such instrument of proxy to, or the non-receipt of such Notice or such instrument of proxy by, any person entitled to receive such Notice shall not invalidate any resolution passed or the proceedings at that meeting.

<u>PROCEEDINGS AT GENERAL MEETINGS</u>

62. (1) All business shall be deemed special that is transacted at an extraordinary general meeting, and also all business that is transacted at an annual general meeting, with the exception of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the declaration and sanctioning of dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consideration and adoption of the accounts and balance sheet and the reports of the Directors and Auditors
and other documents required to be annexed to the balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No business other than the appointment of a chairman of a meeting shall be transacted at any general meeting unless a quorum is present at the commencement of the business. At any general meeting of the Company, two (2) Members entitled to vote and present in person or by proxy or (in the case of a Member being a corporation) by its duly authorised representative representing not less than one-third in nominal value of the total issued voting shares in the Company throughout the meeting shall form a quorum for all purposes.

63. If within thirty (30) minutes (or such longer time not exceeding one hour as the chairman of the meeting may determine to wait) after the time appointed for the meeting a quorum is not present, the meeting shall stand adjourned to the same day in the next week at the same time and place or to such time and place as the Board may determine. If at such adjourned meeting a quorum is not present within half an hour from the time appointed for holding the meeting, the meeting shall be dissolved.

64. The Chairman of the Board shall preside as chairman at every general meeting. If at any meeting the chairman is not present within fifteen (15) minutes after the time appointed for holding the meeting, or is not willing to act as chairman, the Directors present shall choose one of their number to act, or if one Director only is present he shall preside as chairman if willing to act. If no Director is present, or if each of the Directors present declines to take the chair, or if the chairman chosen shall retire from the chair, the Members present in person or by its duly authorised representative or by proxy and entitled to vote shall elect one of their number to be chairman.

65. Prior to the holding of a general meeting, the Board may postpone, and at a general meeting, the chairman, may (without consent of the meeting) or shall at the direction of the meeting adjourn the meeting, from time to time and from place to place, but no business shall be transacted at any adjourned or postponed meeting other than the business which might lawfully have been transacted at the meeting had the adjournment or postponement not taken place. When a meeting is adjourned or postponed for fourteen (14) days or more, at least seven (7) clear days' notice of the adjourned or postponed meeting shall be given specifying the time and place of the adjourned or postponed meeting but it shall not be necessary to specify in such notice the nature of the business to be transacted at the adjourned or postponed meeting and the general nature of the business to be transacted. Save as aforesaid, it shall be unnecessary to give notice of an adjournment or postponement.

66. If an amendment is proposed to any resolution under consideration but is in good faith ruled out of order by the chairman of the meeting, the proceedings on the substantive resolution shall not be invalidated by any error in such ruling. In the case of a resolution duly proposed as a special resolution, no amendment thereto (other than a mere clerical amendment to correct a patent error) may in any event be considered or voted upon.

<u>VOTING</u>

67. Holders of shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Subject to any special rights or restrictions as to voting for the time being attached to any shares by or in accordance with these Articles, at any general meeting on a show of hands every Member present in person (or being a corporation, is present by a duly authorised representative), or by proxy shall have one vote and on a poll every Member present in person or by proxy or, in the case of a Member being a corporation, by its duly authorised representative shall have one vote for every fully paid share of which he is the holder but so that no amount paid up or credited as paid up on a share in advance of calls or instalments is treated for the foregoing purposes as paid up on the share. Notwithstanding anything contained in these Articles, where more than one proxy is appointed by a Member which is a clearing house or a central depository house (or its nominee(s)), each such proxy shall have one vote on a show of hands. A resolution put to the vote of a meeting shall be decided on a show of hands unless voting by way of a poll is required by the rules and regulations of the Designated Stock Exchange or (before or on the declaration of the result of the show of hands or on the withdrawal of any other demand for a poll) a poll is demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the chairman of such meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by at least three Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy for the time being entitled to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by a Member or Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy and representing not less than one tenth of the total voting rights of all Members having the right
to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by a Member or Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy and holding shares in the Company conferring a right to vote at the meeting being shares on which
an aggregate sum has been paid up equal to not less than one tenth of the total sum paid up on all shares conferring that right.

A demand by a person as proxy for a Member or in the case of a Member being a corporation by its duly authorised representative shall be deemed to be the same as a demand by a Member. Votes (whether on a show of hands or by way of poll) may be cast by such means, electronic or otherwise, as the Directors or the chairman of the meeting may determine.

68. Unless a poll is duly demanded and the demand is not withdrawn, a declaration by the chairman that a resolution has been carried, or carried unanimously, or by a particular majority, or not carried by a particular majority, or lost, and an entry to that effect made in the minute book of the Company, shall be conclusive evidence of the facts without proof of the number or proportion of the votes recorded for or against the resolution.

69. If a poll is duly demanded the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. The Company shall only be required to disclose the voting figures on a poll if such disclosure is required by the rules and regulations of the Designated Stock Exchange.

70. A poll demanded on the election of a chairman, or on a question of adjournment, shall be taken forthwith. A poll demanded on any other question shall be taken in such manner (including the use of ballot or voting papers or tickets) and either forthwith or at such time (being not later than thirty (30) days after the date of the demand) and place as the chairman directs. It shall not be necessary (unless the chairman otherwise directs) for notice to be given of a poll not taken immediately.

71. The demand for a poll shall not prevent the continuance of a meeting or the transaction of any business other than the question on which the poll has been demanded, and, with the consent of the chairman, it may be withdrawn at any time before the close of the meeting or the taking of the poll, whichever is the earlier.

72. On a poll votes may be given either personally or by proxy.

73. A person entitled to more than one vote on a poll need not use all his votes or cast all the votes he uses in the same way.

74. All questions submitted to a meeting shall be decided by a simple majority of votes except where a greater majority is required by these Articles, by the Act or the rules and regulations of the Designated Stock Exchange. In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of such meeting shall be entitled to a second or casting vote in addition to any other vote he may have.

75. Where there are joint holders of any share any one of such joint holders may vote, either in person or by proxy, in respect of such share as if he were solely entitled thereto, but if more than one of such joint holders be present at any meeting the vote of the senior holder who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register in respect of the joint holding. Several executors or administrators of a deceased Member in whose name any share stands shall for the purposes of this Article be deemed joint holders thereof.

76. (1) A Member who is a patient for any purpose relating to mental health or in respect of whom an order has been made by any court having jurisdiction for the protection or management of the affairs of persons incapable of managing their own affairs may vote, whether on a show of hands or on a poll, by his receiver, committee, *curator bonis* or other person in the nature of a receiver, committee or *curator bonis* appointed by such court, and such receiver, committee, *curator bonis* or other person may vote on a poll by proxy, and may otherwise act and be treated as if he were the registered holder of such shares for the purposes of general meetings, provided that such evidence as the Board may require of the authority of the person claiming to vote shall have been deposited at the Office, head office or Registration Office, as appropriate, not less than forty-eight (48) hours before the time appointed for holding the meeting, or adjourned meeting or poll, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person entitled under Article 54 to be registered as the holder of any shares may vote at any general meeting in respect thereof in the same manner as if he were the registered holder of such shares, provided that forty-eight (48) hours at least before the time of the holding of the meeting or adjourned meeting, as the case may be, at which he proposes to vote, he shall satisfy the Board of his entitlement to such shares, or the Board shall have previously admitted his right to vote at such meeting in respect thereof.

77. No Member shall, unless the Board otherwise determines, be entitled to attend and vote and to be reckoned in a quorum at any general meeting unless he is duly registered and all calls or other sums presently payable by him in respect of shares in the Company have been paid.

78. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any objection shall be raised to the qualification of any voter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any votes have been counted which ought not to have been counted or which might have been rejected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any votes are not counted which ought to have been counted;

the objection or error shall not vitiate the decision of the meeting or adjourned meeting on any resolution unless the same is raised or pointed out at the meeting or, as the case may be, the adjourned meeting at which the vote objected to is given or tendered or at which the error occurs. Any objection or error shall be referred to the chairman of the meeting and shall only vitiate the decision of the meeting on any resolution if the chairman decides that the same may have affected the decision of the meeting. The decision of the chairman on such matters shall be final and conclusive.

<u>PROXIES</u>

79. Any Member entitled to attend and vote at a meeting of the Company shall be entitled to appoint another person as his proxy to attend and vote instead of him. A Member who is the holder of two or more shares may appoint more than one proxy to represent him and vote on his behalf at a general meeting of the Company or at a class meeting. A proxy need not be a Member. In addition, a proxy or proxies representing either a Member who is an individual or a Member which is a corporation shall be entitled to exercise the same powers on behalf of the Member which he or they represent as such Member could exercise.

80. The instrument appointing a proxy shall be in such form, including electronic or otherwise, as the Board may determine and in the absence of such determination, shall be in writing, which may include electronic writing, and signed by the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, either under its seal or under the hand of an officer, attorney or other person authorised to sign the same. In the case of an instrument of proxy purporting to be signed on behalf of a corporation by an officer thereof it shall be assumed, unless the contrary appears, that such officer was duly authorised to sign such instrument of proxy on behalf of the corporation without further evidence of the facts.

81. Unless otherwise determined by the Board, the instrument appointing a proxy and (if required by the Board) the power of attorney or other authority (if any) under which it is signed, or a certified copy of such power or authority, shall be delivered to such place or one of such places (if any) as may be specified for that purpose in or by way of note to or in any document accompanying the notice convening the meeting (or, if no place is so specified at the Registration Office or the Office, as may be appropriate) not less than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote or, in the case of a poll taken subsequently to the date of a meeting or adjourned meeting, not less than twenty-four (24) hours before the time appointed for the taking of the poll and in default the instrument of proxy shall not be treated as valid. No instrument appointing a proxy shall be valid after the expiration of twelve (12) months from the date named in it as the date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve (12) months from such date. Delivery of an instrument appointing a proxy shall not preclude a Member from attending and voting in person at the meeting convened and in such event, the instrument appointing a proxy shall be deemed to be revoked.

82. Instruments of proxy shall be in any common form or in such other form as the Board may approve (provided that this shall not preclude the use of the two-way form) and the Board may, if it thinks fit, send out with the notice of any meeting forms of instrument of proxy for use at the meeting. The instrument of proxy shall be deemed to confer authority to demand or join in demanding a poll and to vote on any amendment of a resolution put to the meeting for which it is given as the proxy thinks fit. The instrument of proxy shall, unless the contrary is stated therein, be valid as well for any adjournment of the meeting as for the meeting to which it relates.

83. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal, or revocation of the instrument of proxy or of the authority under which it was executed, provided that no intimation in writing of such death, insanity or revocation shall have been received by the Company at the Office or the Registration Office (or such other place as may be specified for the delivery of instruments of proxy in the notice convening the meeting or other document sent therewith) two (2) hours at least before the commencement of the meeting or adjourned meeting, or the taking of the poll, at which the instrument of proxy is used.

84. Anything which under these Articles a Member may do by proxy he may likewise do by his duly appointed attorney and the provisions of these Articles relating to proxies and instruments appointing proxies shall apply *mutatis mutandis* in relation to any such attorney and the instrument under which such attorney is appointed.

<u>CORPORATIONS ACTING BY REPRESENTATIVES</u>

85. (1) Any corporation which is a Member may by resolution of its directors or other governing body authorise such person as it thinks fit to act as its representative at any meeting of the Company or at any meeting of any class of Members. The person so authorised shall be entitled to exercise the same powers on behalf of such corporation as the corporation could exercise if it were an individual Member and such corporation shall for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If a clearing house (or its nominee(s)) or a central depository entity (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives at any meeting of the Company or at any meeting of any class of Members provided that the authorisation shall specify the number and class of shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the clearing house or a central depository entity (or its nominee(s)) as if such person was the registered holder of the shares of the Company held by the clearing house or a central depository entity (or its nominee(s)) including the right to vote individually on a show of hands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any reference in these Articles to a duly authorised representative of a Member being a corporation shall mean a representative authorised under the provisions of this Article.

<u>NO ACTION BY WRITTEN RESOLUTIONS OF MEMBERS</u>

86. Any action required or permitted to be taken at any annual or extraordinary general meetings of the Company may be taken only upon the vote of the Members at an annual or extraordinary general meeting duly noticed and convened in accordance with these Articles and the Act and may not be taken by written resolution of Members without a meeting.

<u>BOARD OF DIRECTORS</u>

87. (1) Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less than two (2). There shall be no maximum number of Directors unless otherwise determined from time to time by the Board. For so long as the shares are listed on the Designated Stock Exchange, the Directors shall include such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange require, unless the Board resolves to follow any available exceptions or exemptions. The Directors shall be elected or appointed in accordance with Article 87 and 88 and shall hold office until the expiration of his term or until their successors are elected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Articles and the Act, the Company may by ordinary resolution elect any person to be a Director either to fill a casual vacancy or as an addition to the existing Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Directors shall have the power from time to time and at any time to appoint any person as a Director to fill a casual vacancy on the Board or as an addition to the existing Board subject to the Company's compliance with director nomination procedures required under the rules and regulations of the Designated Stock Exchange as long as shares are listed on the Designated Stock Exchange, unless the Board resolves to follow any available exceptions or exemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Director shall be required to hold any shares of the Company by way of qualification and a Director who is not a Member shall be entitled to receive notice of and to attend and speak at any general meeting of the Company and of all classes of shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject to any provision to the contrary in these Articles, a Director may be removed by way of an ordinary resolution of the Members at any time before the expiration of his period of office notwithstanding anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim for damages under any such agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Company may from time to time in general meeting by ordinary resolution increase or reduce the number of Directors but so that the number of Directors shall never be less than two (2).

<u>DISQUALIFICATION OF DIRECTORS</u>

88. The office of a Director shall be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) resigns his office by notice in writing delivered to the Company at the Office or tendered at a meeting of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) becomes of unsound mind or dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) without special leave of absence from the Board, is absent from meetings of the Board for three consecutive meetings and the Board resolves that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) is prohibited by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) ceases to be a Director by virtue of any provision of the Statutes or is removed from office pursuant to these Articles.

<u>EXECUTIVE DIRECTORS</u>

89. The Board may from time to time appoint any one or more of its body to be a managing director, joint managing director or deputy managing director or to hold any other employment or executive office with the Company for such period (subject to their continuance as Directors) and upon such terms as the Board may determine and the Board may revoke or terminate any of such appointments. Any such revocation or termination as aforesaid shall be without prejudice to any claim for damages that such Director may have against the Company or the Company may have against such Director. A Director appointed to an office under this Article 91 shall be subject to the same provisions as to removal as the other Directors of the Company, and he shall (subject to the provisions of any contract between him and the Company) ipso facto and immediately cease to hold such office if he shall cease to hold the office of Director for any cause.

90. Notwithstanding Articles 95, 96, 97 and 98, an executive director appointed to an office under Article 89 hereof shall receive such remuneration (whether by way of salary, commission, participation in profits or otherwise or by all or any of those modes) and such other benefits (including pension and/or gratuity and/or other benefits on retirement) and allowances as the Board may from time to time determine, and either in addition to or in lieu of his remuneration as a Director.

<u>ALTERNATE DIRECTORS</u>

91. Any Director may at any time by Notice delivered to the Office or head office or at a meeting of the Directors appoint any person (including another Director) to be his alternate Director. Any person so appointed shall have all the rights and powers of the Director or Directors for whom such person is appointed in the alternative provided that such person shall not be counted more than once in determining whether or not a quorum is present. An alternate Director may be removed at any time by the body which appointed him and, subject thereto, the office of alternate Director shall continue until the happening of any event which, if he were a Director, would cause him to vacate such office or if his appointer ceases for any reason to be a Director. Any appointment or removal of an alternate Director shall be effected by Notice signed by the appointor and delivered to the Office or head office or tendered at a meeting of the Board. An alternate Director may also be a Director in his own right and may act as alternate to more than one Director. An alternate Director shall, if his appointor so requests, be entitled to receive notices of meetings of the Board or of committees of the Board to the same extent as, but in lieu of, the Director appointing him and shall be entitled to such extent to attend and vote as a Director at any such meeting at which the Director appointing him is not personally present and generally at such meeting to exercise and discharge all the functions, powers and duties of his appointor as a Director and for the purposes of the proceedings at such meeting the provisions of these Articles shall apply as if he were a Director save that as an alternate for more than one Director his voting rights shall be cumulative.

92. An alternate Director shall only be a Director for the purposes of the Act and shall only be subject to the provisions of the Act insofar as they relate to the duties and obligations of a Director when performing the functions of the Director for whom he is appointed in the alternative and shall alone be responsible to the Company for his acts and defaults and shall not be deemed to be the agent of or for the Director appointing him. An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and to be indemnified by the Company to the same extent *mutatis mutandis* as if he were a Director but he shall not be entitled to receive from the Company any fee in his capacity as an alternate Director except only such part, if any, of the remuneration otherwise payable to his appointor as such appointor may by Notice to the Company from time to time direct.

93. Every person acting as an alternate Director shall have one vote for each Director for whom he acts as alternate (in addition to his own vote if he is also a Director). If his appointor is for the time being absent from the People's Republic of China or otherwise not available or unable to act, the signature of an alternate Director to any resolution in writing of the Board or a committee of the Board of which his appointor is a member shall, unless the notice of his appointment provides to the contrary, be as effective as the signature of his appointor.

94. An alternate Director shall ipso facto cease to be an alternate Director if his appointor ceases for any reason to be a Director, however, such alternate Director or any other person may be re-appointed by the Directors to serve as an alternate Director.

<u>DIRECTORS' FEES AND EXPENSES</u>

95. The Directors shall receive such remuneration as the Board or a committee of the Board may from time to time determine. Each Director shall be entitled to be repaid or prepaid all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the board or general meetings or separate meetings of any class of shares or of debenture of the Company or otherwise in connection with the discharge of his duties as a Director.

96. Each Director shall be entitled to be repaid or prepaid all travelling, hotel and incidental expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the Board or general meetings or separate meetings of any class of shares or of debentures of the Company or otherwise in connection with the discharge of his duties as a Director.

97. Any Director who, by request, goes or resides abroad for any purpose of the Company or who performs services which in the opinion of the Board go beyond the ordinary duties of a Director may be paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine and such extra remuneration shall be in addition to or in substitution for any ordinary remuneration provided for by or pursuant to any other Article.

98. The Board shall determine any payment to any Director or past Director of the Company by way of compensation for loss of office, or as consideration for or in connection with his retirement from office (not being payment to which the Director is contractually entitled).

<u>DIRECTORS' INTERESTS</u>

99. A Director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold any other office or place of profit with the Company (except that of Auditor) in conjunction with
his office of Director for such period and upon such terms as the Board may determine. Any remuneration (whether by way of salary, commission,
participation in profits or otherwise) paid to any Director in respect of any such other office or place of profit shall be in addition
to any remuneration provided for by or pursuant to any other Article;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) act by himself or his firm in a professional capacity for the Company (otherwise than as Auditor) and
he or his firm may be remunerated for professional services as if he were not a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) continue to be or become a director, managing director, joint managing director, deputy managing director,
executive director, manager or other officer or member of any other company promoted by the Company or in which the Company may be interested
as a vendor, shareholder or otherwise and (unless otherwise agreed) no such Director shall be accountable for any remuneration, profits
or other benefits received by him as a director, managing director, joint managing director, deputy managing director, executive director,
manager or other officer or member of or from his interests in any such other company. Subject as otherwise provided by these Articles
the Directors may exercise or cause to be exercised the voting powers conferred by the shares in any other company held or owned by the
Company, or exercisable by them as Directors of such other company in such manner in all respects as they think fit (including the exercise
thereof in favour of any resolution appointing themselves or any of them directors, managing directors, joint managing directors, deputy
managing directors, executive directors, managers or other officers of such company) or voting or providing for the payment of remuneration
to the director, managing director, joint managing director, deputy managing director, executive director, manager or other officers of
such other company and any Director may vote in favour of the exercise of such voting rights in manner aforesaid notwithstanding that
he may be, or about to be, appointed a director, managing director, joint managing director, deputy managing director, executive director,
manager or other officer of such a company, and that as such he is or may become interested in the exercise of such voting rights in manner
aforesaid.

Notwithstanding the foregoing, no Independent Director shall without the consent of the Audit Committee take any of the foregoing actions or any other action that would reasonably be likely to affect such Director's status as an Independent Director.

100. Subject to the Act and to these Articles, no Director or proposed or intending Director shall be disqualified by his office from contracting with the Company, either with regard to his tenure of any office or place of profit or as vendor, purchaser or in any other manner whatsoever, nor shall any such contract or any other contract or arrangement in which any Director is in any way interested be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company or the Members for any remuneration, profit or other benefits realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established provided that such Director shall disclose the nature of his interest in any contract or arrangement in which he is interested in accordance with Article 101 herein. Any such transaction that would reasonably be likely to affect a Director's status as an Independent Director, or that would constitute a "related party transaction" as defined by the rules and regulations of the Designated Stock Exchange or under applicable laws, shall require the approval of the Audit Committee.

101. A Director who to his knowledge is in any way, whether directly or indirectly, interested in a contract or arrangement or proposed contract or arrangement with the Company shall declare the nature of his interest at the meeting of the Board at which the question of entering into the contract or arrangement is first considered, if he knows his interest then exists, or in any other case at the first meeting of the Board after he knows that he is or has become so interested. For the purposes of this Article, a general Notice to the Board by a Director to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is a member or officer of a specified company or firm and is to be regarded as interested in any contract
or arrangement which may after the date of the Notice be made with that company or firm; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is to be regarded as interested in any contract or arrangement which may after the date of the Notice
be made with a specified person who is connected with him;

shall be deemed to be a sufficient declaration of interest under this Article in relation to any such contract or arrangement, provided that no such Notice shall be effective unless either it is given at a meeting of the Board or the Director takes reasonable steps to secure that it is brought up and read at the next Board meeting after it is given.

102. Following a declaration being made pursuant to the last preceding two Articles, subject to any separate requirement for Audit Committee approval under applicable law or the rules and regulations of the Designated Stock Exchange, and unless disqualified by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or proposed contract or arrangement in which such Director is interested and may be counted in the quorum at such meeting.

<u>GENERAL POWERS OF THE DIRECTORS</u>

103. (1) The business of the Company shall be managed and conducted by the Board, which may pay all expenses incurred in forming and registering the Company and may exercise all powers of the Company (whether relating to the management of the business of the Company or otherwise) which are not by the Statutes or by these Articles required to be exercised by the Company in general meeting, subject nevertheless to the provisions of the Statutes and of these Articles and to such regulations being not inconsistent with such provisions, as may be prescribed by the Company in general meeting, but no regulations made by the Company in general meeting shall invalidate any prior act of the Board which would have been valid if such regulations had not been made. The general powers given by this Article shall not be limited or restricted by any special authority or power given to the Board by any other Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person contracting or dealing with the Company in the ordinary course of business shall be entitled to rely on any written or oral contract or agreement or deed, document or instrument entered into or executed as the case may be by any one Director on behalf of the Company and the same shall be deemed to be validly entered into or executed by the Company as the case may be and shall, subject to any rule of law, be binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Without prejudice to the general powers conferred by these Articles it is hereby expressly declared that the Board shall have the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to give to any person the right or option of requiring at a future date that an allotment shall be made
to him of any share at par or at such premium as may be agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to give to any Directors, officers or employees of the Company an interest in any particular business
or transaction or participation in the profits thereof or in the general profits of the Company either in addition to or in substitution
for a salary or other remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to resolve that the Company be deregistered in the Cayman Islands and continued in a named jurisdiction
outside the Cayman Islands subject to the provisions of the Act.

104. The Board may establish any regional or local boards or agencies for managing any of the affairs of the Company in any place, and may appoint any persons to be members of such local boards, or any managers or agents, and may fix their remuneration (either by way of salary or by commission or by conferring the right to participation in the profits of the Company or by a combination of two or more of these modes) and pay the working expenses of any staff employed by them upon the business of the Company. The Board may delegate to any regional or local board, manager or agent any of the powers, authorities and discretions vested in or exercisable by the Board (other than its powers to make calls and forfeit shares), with power to sub-delegate, and may authorise the members of any of them to fill any vacancies therein and to act notwithstanding vacancies. Any such appointment or delegation may be made upon such terms and subject to such conditions as the Board may think fit, and the Board may remove any person appointed as aforesaid, and may revoke or vary such delegation, but no person dealing in good faith and without notice of any such revocation or variation shall be affected thereby.

105. The Board may by power of attorney appoint any company, firm or person or any fluctuating body of persons, whether nominated directly or indirectly by the Board, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board under these Articles) and for such period and subject to such conditions as it may think fit, and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit, and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. Such attorney or attorneys may, if so authorised under the Seal of the Company, execute any deed or instrument under their personal seal with the same effect as the affixation of the Company's Seal.

106. The Board may entrust to and confer upon a managing director, joint managing director, deputy managing director, an executive director or any Director any of the powers exercisable by it upon such terms and conditions and with such restrictions as it thinks fit, and either collaterally with, or to the exclusion of, its own powers, and may from time to time revoke or vary all or any of such powers but no person dealing in good faith and without notice of such revocation or variation shall be affected thereby.

107. All cheques, promissory notes, drafts, bills of exchange and other instruments, whether negotiable or transferable or not, and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as the Board shall from time to time by resolution determine. The Company's banking accounts shall be kept with such banker or bankers as the Board shall from time to time determine.

108. (1) The Board may establish or concur or join with other companies (being subsidiary companies of the Company or companies with which it is associated in business) in establishing and making contributions out of the Company's moneys to any schemes or funds for providing pensions, sickness or compassionate allowances, life assurance or other benefits for employees (which expression as used in this and the following paragraph shall include any Director or ex-Director who may hold or have held any executive office or any office of profit under the Company or any of its subsidiary companies) and ex-employees of the Company and their dependants or any class or classes of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may pay, enter into agreements to pay or make grants of revocable or irrevocable pensions or other benefits to employees and ex-employees and their dependants, or to any of such persons, including pensions or benefits additional to those, if any, to which such employees or ex-employees or their dependants are or may become entitled under any such scheme or fund as mentioned in the last preceding paragraph. Any such pension or benefit may, as the Board considers desirable, be granted to an employee either before and in anticipation of or upon or at any time after his actual retirement, and may be subject or not subject to any terms or conditions as the Board may determine.

<u>BORROWING POWERS</u>

109. The Board may exercise all the powers of the Company to raise or borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company and, subject to the Act, to issue debentures, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party.

110. Debentures, bonds and other securities may be made assignable free from any equities between the Company and the person to whom the same may be issued.

111. Any debentures, bonds or other securities may be issued at a discount (other than shares), premium or otherwise and with any special privileges as to redemption, surrender, drawings, allotment of shares, attending and voting at general meetings of the Company, appointment of Directors and otherwise.

112. (1) Where any uncalled capital of the Company is charged, all persons taking any subsequent charge thereon shall take the same subject to such prior charge, and shall not be entitled, by notice to the Members or otherwise, to obtain priority over such prior charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board shall cause a proper register to be kept, in accordance with the provisions of the Act, of all charges specifically affecting the property of the Company and of any series of debentures issued by the Company and shall duly comply with the requirements of the Act in regard to the registration of charges and debentures therein specified and otherwise.

<u>PROCEEDINGS OF THE DIRECTORS</u>

113. The Board may meet for the despatch of business, adjourn and otherwise regulate its meetings as it considers appropriate. Questions arising at any meeting shall be determined by a majority of votes. In the case of any equality of votes the chairman of the meeting shall have an additional or casting vote.

114. A meeting of the Board may be convened by the Secretary on request of a Director or by any Director. The Secretary shall convene a meeting of the Board of which notice may be given in writing or by telephone or in such other manner as the Board may from time to time determine whenever he shall be required so to do by the president or chairman, as the case may be, or any Director.

115. (1) The quorum necessary for the transaction of the business of the Board may be fixed by the Board and, unless so fixed at any other number, shall be a majority of the Directors then in office. An alternate Director shall be counted in a quorum in the case of the absence of a Director for whom he is the alternate provided that he shall not be counted more than once for the purpose of determining whether or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Directors may participate in any meeting of the Board by means of a conference telephone or other communications equipment through which all persons participating in the meeting can communicate with each other simultaneously and instantaneously and, for the purpose of counting a quorum, such participation shall constitute presence at a meeting as if those participating were present in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Director who ceases to be a Director at a Board meeting may continue to be present and to act as a Director and be counted in the quorum until the termination of such Board meeting if no other Director objects and if otherwise a quorum of Directors would not be present.

116. The continuing Directors or a sole continuing Director may act notwithstanding any vacancy in the Board but, if and so long as the number of Directors is reduced below the minimum number fixed by or in accordance with these Articles as the quorum, the continuing Directors or Director, notwithstanding that the number of Directors is below the number fixed by or in accordance with these Articles as the quorum or that there is only one continuing Director, may act for the purpose of filling vacancies in the Board or of summoning general meetings of the Company but not for any other purpose.

117. The Chairman of the Board shall be the chairman of all meetings of the Board. If the Chairman of the Board is not present at any meeting within five (5) minutes after the time appointed for holding the same, the Directors present may choose one of their number to be chairman of the meeting.

118. A meeting of the Board at which a quorum is present shall be competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the Board.

119. (1) The Board may delegate any of its powers, authorities and discretions to committees (including, without limitation, the Audit Committee), consisting of such Director or Directors and other persons as it thinks fit, and they may, from time to time, revoke such delegation or revoke the appointment of and discharge any such committees either wholly or in part, and either as to persons or purposes. Any committee so formed shall, in the exercise of the powers, authorities and discretions so delegated, conform to any regulations which may be imposed on it by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All acts done by any such committee in conformity with such regulations, and in fulfilment of the purposes for which it was appointed, but not otherwise, shall have like force and effect as if done by the Board, and the Board (or if the Board delegates such power, the committee) shall have power to remunerate the members of any such committee, and charge such remuneration to the current expenses of the Company.

120. The meetings and proceedings of any committee consisting of two or more members shall be governed by the provisions contained in these Articles for regulating the meetings and proceedings of the Board so far as the same are applicable and are not superseded by any regulations imposed by the Board under the last preceding Article, indicating, without limitation, any committee charter adopted by the Board for purposes or in respect of any such committee.

121. A resolution in writing signed by all the Directors except such as are temporarily unable to act through ill-health or disability shall (provided that such number is sufficient to constitute a quorum and further provided that a copy of such resolution has been given or the contents thereof communicated to all the Directors for the time being entitled to receive notices of Board meetings in the same manner as notices of meetings are required to be given by these Articles) be as valid and effectual as if a resolution had been passed at a meeting of the Board duly convened and held. Such resolution may be contained in one document or in several documents in like form each signed by one or more of the Directors and for this purpose a facsimile signature of a Director shall be treated as valid.

122. All acts bona fide done by the Board or by any committee or by any person acting as a Director or members of a committee, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any member of the Board or such committee or person acting as aforesaid or that they or any of them were disqualified or had vacated office, be as valid as if every such person had been duly appointed and was qualified and had continued to be a Director or member of such committee.

<u>AUDIT COMMITTEE</u>

123. Without prejudice to the freedom of the Directors to establish any other committees, for so long as the shares of the Company (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Board shall establish and maintain an Audit Committee as a committee of the Board, the composition and responsibilities of which shall comply with the rules and regulations of the Designated Stock Exchange and the rules and regulations of the SEC.

124. The Board shall adopt a formal written audit committee charter and it or another committee of the Board shall review and assess the adequacy of the formal written charter on an annual basis.

125. For so long as the shares of the Company (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing basis and shall utilize the Audit Committee for the review and approval of potential conflicts of interest in accordance with the audit committee charter.

<u>OFFICERS</u>

126. (1) The officers of the Company shall consist of the Chairman of the Board, the Directors and Secretary and such additional officers (who may or may not be Directors) as the Board may from time to time determine, all of whom shall be deemed to be officers for the purposes of the Act and these Articles. In addition to the officers of the Company, the Board may also from time to time determine and appoint managers and delegate to the same such powers and duties as are prescribed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Directors shall, as soon as may be after each appointment or election of Directors, elect amongst the Directors a chairman and if more than one Director is proposed for this office, the election to such office shall take place in such manner as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The officers shall receive such remuneration as the Directors may from time to time determine.

127. (1) The Secretary and additional officers, if any, shall be appointed by the Board and shall hold office on such terms and for such period as the Board may determine. If thought fit, two or more persons may be appointed as joint Secretaries. The Board may also appoint from time to time on such terms as it thinks fit one or more assistant or deputy Secretaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Secretary shall attend all meetings of the Members and shall keep correct minutes of such meetings and enter the same in the proper books provided for the purpose. He shall perform such other duties as are prescribed by the Act or these Articles or as may be prescribed by the Board.

128. The officers of the Company shall have such powers and perform such duties in the management, business and affairs of the Company as may be delegated to them by the Directors from time to time.

129. A provision of the Act or of these Articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as or in place of the Secretary.

<u>REGISTER OF DIRECTORS AND OFFICERS</u>

130. The Company shall cause to be kept in one or more books at its Office a Register of Directors and Officers in which there shall be entered the full names and addresses of the Directors and Officers and such other particulars as required by the Act or as the Directors may determine. The Company shall send to the Registrar of Companies in the Cayman Islands a copy of such register, and shall from time to time notify to the said Registrar of any change that takes place in relation to such Directors and Officers as required by the Act.

<u>MINUTES</u>

131. (1) The Board shall cause minutes to be duly entered in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of all elections and appointments of officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the names of the Directors present at each meeting of the Directors and of any committee of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of all resolutions and proceedings of each general meeting of the Members, meetings of the Board and meetings
of committees of the Board and where there are managers, of all proceedings of meetings of the managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Minutes shall be kept by the Secretary at the Office.

<u>SEAL</u>

132. (1) The Company shall have one or more Seals, as the Board may determine. For the purpose of sealing documents creating or evidencing securities issued by the Company, the Company may have a securities seal which is a facsimile of the Seal of the Company with the addition of the word "Securities" on its face or in such other form as the Board may approve. The Board shall provide for the custody of each Seal and no Seal shall be used without the authority of the Board or of a committee of the Board authorised by the Board in that behalf. Subject as otherwise provided in these Articles, any instrument to which a Seal is affixed shall be signed autographically by one Director or by such other person (including a Director) or persons as the Board may appoint, either generally or in any particular case, save that as regards any certificates for shares or debentures or other securities of the Company the Board may by resolution determine that such signatures or either of them shall be dispensed with or affixed by some method or system of mechanical signature. Every instrument executed in manner provided by this Article 132 shall be deemed to be sealed and executed with the authority of the Board previously given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where the Company has a Seal for use abroad, the Board may by writing under the Seal appoint any agent or committee abroad to be the duly authorised agent of the Company for the purpose of affixing and using such Seal and the Board may impose restrictions on the use thereof as may be thought fit. Wherever in these Articles reference is made to the Seal, the reference shall, when and so far as may be applicable, be deemed to include any such other Seal as aforesaid.

<u>AUTHENTICATION OF DOCUMENTS</u>

133. Any Director or the Secretary or any person appointed by the Board for the purpose may authenticate any documents affecting the constitution of the Company and any resolution passed by the Company or the Board or any committee, and any books, records, documents and accounts relating to the business of the Company, and to certify copies thereof or extracts therefrom as true copies or extracts, and if any books, records, documents or accounts are elsewhere than at the Office or the head office the local manager or other officer of the Company having the custody thereof shall be deemed to be a person so appointed by the Board. A document purporting to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company or of the Board or any committee which is so certified shall be conclusive evidence in favour of all persons dealing with the Company upon the faith thereof that such resolution has been duly passed or, as the case may be, that such minutes or extract is a true and accurate record of proceedings at a duly constituted meeting.

<u>DESTRUCTION OF DOCUMENTS</u>

134. (1) The Company shall be entitled to destroy the following documents at the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any share certificate which has been cancelled at any time after the expiry of one (1) year from the date
of such cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any dividend mandate or any variation or cancellation thereof or any notification of change of name or
address at any time after the expiry of two (2) years from the date such mandate variation cancellation or notification was recorded by
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any instrument of transfer of shares which has been registered at any time after the expiry of seven (7)
years from the date of registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any allotment letters after the expiry of seven (7) years from the date of issue thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) copies of powers of attorney, grants of probate and letters of administration at any time after the expiry
of seven (7) years after the account to which the relevant power of attorney, grant of probate or letters of administration related has
been closed;

and it shall conclusively be presumed in favour of the Company that every entry in the Register purporting to be made on the basis of any such documents so destroyed was duly and properly made and every share certificate so destroyed was a valid certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company. Provided always that: (1) the foregoing provisions of this Article 134 shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim; (2) nothing contained in this Article 134 shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (1) above are not fulfilled; and (3) references in this Article 134 to the destruction of any document include references to its disposal in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any provision contained in these Articles, the Directors may, if permitted by applicable law, authorise the destruction of documents set out in sub-paragraphs (a) to (e) of paragraph (1) of this Article 134 and any other documents in relation to share registration which have been microfilmed or electronically stored by the Company or by the share registrar on its behalf provided always that this Article shall apply only to the destruction of a document in good faith and without express notice to the Company and its share registrar that the preservation of such document was relevant to a claim.

<u>DIVIDENDS AND OTHER PAYMENTS</u>

135. Subject to the Act, the Board may from time to time declare dividends in any currency to be paid to the Members.

136. Dividends may be declared and paid out of the profits of the Company, realised or unrealised, or from any reserve set aside from profits which the Directors determine is no longer needed. The Board may also declare and pay dividends out of share premium account or any other fund or account which can be authorised for this purpose in accordance with the Act.

137. Except in so far as the rights attaching to, or the terms of issue of, any share otherwise provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all dividends shall be declared and paid according to the amounts paid up on the shares in respect of
which the dividend is paid, but no amount paid up on a share in advance of calls shall be treated for the purposes of this Article as
paid up on the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all dividends shall be apportioned and paid pro rata according to the amounts paid up on the shares during
any portion or portions of the period in respect of which the dividend is paid.

138. The Board may from time to time pay to the Members such interim dividends as appear to the Board to be justified by the profits of the Company and in particular (but without prejudice to the generality of the foregoing) if at any time the share capital of the Company is divided into different classes, the Board may pay such interim dividends in respect of those shares in the capital of the Company which confer on the holders thereof deferred or non-preferential rights as well as in respect of those shares which confer on the holders thereof preferential rights with regard to dividend and provided that the Board acts bona fide the Board shall not incur any responsibility to the holders of shares conferring any preference for any damage that they may suffer by reason of the payment of an interim dividend on any shares having deferred or non-preferential rights and may also pay any fixed dividend which is payable on any shares of the Company half-yearly or on any other dates, whenever such profits, in the opinion of the Board, justifies such payment.

139. The Board may deduct from any dividend or other moneys payable to a Member by the Company on or in respect of any shares all sums of money (if any) presently payable by him to the Company on account of calls or otherwise.

140. No dividend or other moneys payable by the Company on or in respect of any share shall bear interest against the Company.

141. Any dividend, interest or other sum payable in cash to the holder of shares may be paid by cheque or warrant sent through the post addressed to the holder at his registered address or, in the case of joint holders, addressed to the holder whose name stands first in the Register in respect of the shares at his address as appearing in the Register or addressed to such person and at such address as the holder or joint holders may in writing direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands first on the Register in respect of such shares, and shall be sent at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to the Company notwithstanding that it may subsequently appear that the same has been stolen or that any endorsement thereon has been forged. Any one of two or more joint holders may give effectual receipts for any dividends or other moneys payable or property distributable in respect of the shares held by such joint holders.

142. All dividends or bonuses unclaimed for one (1) year after having been declared may be invested or otherwise made use of by the Board for the benefit of the Company until claimed. Any dividend or bonuses unclaimed after a period of six (6) years from the date of declaration shall be forfeited and shall revert to the Company. The payment by the Board of any unclaimed dividend or other sums payable on or in respect of a share into a separate account shall not constitute the Company a trustee in respect thereof.

143. Whenever the Board has resolved that a dividend be paid or declared, the Board may further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind and in particular of paid up shares, debentures or warrants to subscribe securities of the Company or any other company, or in any one or more of such ways, and where any difficulty arises in regard to the distribution the Board may settle the same as it thinks expedient, and in particular may issue certificates in respect of fractions of shares, disregard fractional entitlements or round the same up or down, and may fix the value for distribution of such specific assets, or any part thereof, and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order to adjust the rights of all parties, and may vest any such specific assets in trustees as may seem expedient to the Board and may appoint any person to sign any requisite instruments of transfer and other documents on behalf of the persons entitled to the dividend, and such appointment shall be effective and binding on the Members. The Board may resolve that no such assets shall be made available to Members with registered addresses in any particular territory or territories where, in the absence of a registration statement or other special formalities, such distribution of assets would or might, in the opinion of the Board, be unlawful or impracticable and in such event the only entitlement of the Members aforesaid shall be to receive cash payments as aforesaid. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

144. (1) Whenever the Board has resolved that a dividend be paid or declared on any class of the share capital of the Company, the Board may further resolve either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that such dividend be satisfied wholly or in part in the form of an allotment of shares credited as fully
paid up, provided that the Members entitled thereto will be entitled to elect to receive such dividend (or part thereof if the Board so
determines) in cash in lieu of such allotment. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Board, after determining the basis of allotment, shall give not less than ten (10) days' Notice
to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and
specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must
be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right of election may be exercised in respect of the whole or part of that portion of the dividend
in respect of which the right of election has been accorded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the dividend (or that part of the dividend to be satisfied by the allotment of shares as aforesaid) shall
not be payable in cash on shares in respect whereof the cash election has not been duly exercised ("the non-elected shares")
and in satisfaction thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the non-elected
shares on the basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of
the undivided profits of the Company (including profits carried and standing to the credit of any reserves or other special account, share
premium account, capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine, such sum as may be
required to pay up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders
of the non-elected shares on such basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the Members entitled to such dividend shall be entitled to elect to receive an allotment of shares
credited as fully paid up in lieu of the whole or such part of the dividend as the Board may think fit. In such case, the following provisions
shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Board, after determining the basis of allotment, shall give not less than ten (10) days' Notice
to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and
specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must
be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right of election may be exercised in respect of the whole or part of that portion of the dividend
in respect of which the right of election has been accorded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the dividend (or that part of the dividend in respect of which a right of election has been accorded)
shall not be payable in cash on shares in respect whereof the share election has been duly exercised ("the elected shares")
and in lieu thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the elected shares on the
basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of the undivided
profits of the Company (including profits carried and standing to the credit of any reserves or other special account, share premium account,
capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine, such sum as may be required to pay
up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders of the elected
shares on such basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) The shares allotted pursuant to the provisions of paragraph (1) of this Article 144 shall rank *pari passu* in all respects with shares of the same class (if any) then in issue save only as regards participation in the relevant
dividend or in any other distributions, bonuses or rights paid, made, declared or announced prior to or contemporaneously with the payment
or declaration of the relevant dividend unless, contemporaneously with the announcement by the Board of their proposal to apply the provisions
of sub-paragraph (a) or (b) of paragraph (2) of this Article 144 in relation to the relevant dividend or contemporaneously with their
announcement of the distribution, bonus or rights in question, the Board shall specify that the shares to be allotted pursuant to the
provisions of paragraph (1) of this Article shall rank for participation in such distribution, bonus or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may do all acts and things considered necessary or expedient to give effect to any capitalisation
pursuant to the provisions of paragraph (1) of this Article 144, with full power to the Board to make such provisions as it thinks fit
in the case of shares becoming distributable in fractions (including provisions whereby, in whole or in part, fractional entitlements
are aggregated and sold and the net proceeds distributed to those entitled, or are disregarded or rounded up or down or whereby the benefit
of fractional entitlements accrues to the Company rather than to the Members concerned). The Board may authorise any person to enter into
on behalf of all Members interested, an agreement with the Company providing for such capitalisation and matters incidental thereto and
any agreement made pursuant to such authority shall be effective and binding on all concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may determine and resolve in respect of any one particular dividend of the Company that notwithstanding the provisions of paragraph (1) of this Article 144 a dividend may be satisfied wholly in the form of an allotment of shares credited as fully paid up without offering any right to shareholders to elect to receive such dividend in cash in lieu of such allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Board may on any occasion determine that rights of election and the allotment of shares under paragraph (1) of this Article 144 shall not be made available or made to any shareholders with registered addresses in any territory where, in the absence of a registration statement or other special formalities, the circulation of an offer of such rights of election or the allotment of shares would or might, in the opinion of the Board, be unlawful or impracticable, and in such event the provisions aforesaid shall be read and construed subject to such determination. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any resolution declaring a dividend on shares of any class by the Board, may specify that the same shall be payable or distributable to the persons registered as the holders of such shares at the close of business on a particular date, notwithstanding that it may be a date prior to that on which the resolution is passed, and thereupon the dividend shall be payable or distributable to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend of transferors and transferees of any such shares. The provisions of this Article shall *mutatis mutandis* apply to bonuses, capitalisation issues, distributions of realised capital profits or offers or grants made by the Company to the Members.

<u>RESERVES</u>

145. (1) The Board shall establish an account to be called the share premium account and shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any share in the Company. Unless otherwise provided by the provisions of these Articles, the Board may apply the share premium account in any manner permitted by the Act. The Company shall at all times comply with the provisions of the Act in relation to the share premium account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before recommending any dividend, the Board may set aside out of the profits of the Company such sums as it determines as reserves which shall, at the discretion of the Board, be applicable for any purpose to which the profits of the Company may be properly applied and pending such application may, also at such discretion, either be employed in the business of the Company or be invested in such investments as the Board may from time to time think fit and so that it shall not be necessary to keep any investments constituting the reserve or reserves separate or distinct from any other investments of the Company. The Board may also without placing the same to reserve carry forward any profits which it may think prudent not to distribute.

<u>CAPITALISATION</u>

146. The Company may, upon the recommendation of the Board, at any time and from time to time pass an ordinary resolution to the effect that it is desirable to capitalise all or any part of any amount for the time being standing to the credit of any reserve or fund (including a share premium account and capital redemption reserve and the profit and loss account) whether or not the same is available for distribution and accordingly that such amount be set free for distribution among the Members or any class of Members who would be entitled thereto if it were distributed by way of dividend and in the same proportions, on the basis that the same is not paid in cash but is applied either in or towards paying up the amounts for the time being unpaid on any shares in the Company held by such Members respectively or in paying up in full unissued shares, debentures or other obligations of the Company, to be allotted and distributed credited as fully paid up among such Members, or partly in one way and partly in the other, and the Board shall give effect to such resolution provided that, for the purposes of this Article 146, a share premium account and any capital redemption reserve or fund representing unrealised profits, may be applied only in paying up in full unissued shares of the Company to be allotted to such Members credited as fully paid.

147. The Board may settle, as it considers appropriate, any difficulty arising in regard to any distribution and in particular may issue certificates in respect of fractions of shares or authorise any person to sell and transfer any fractions or may resolve that the distribution should be as nearly as may be practicable in the correct proportion but not exactly so or may ignore fractions altogether, and may determine that cash payments shall be made to any Members in order to adjust the rights of all parties, as may seem expedient to the Board. The Board may appoint any person to sign on behalf of the persons entitled to participate in the distribution any contract necessary or desirable for giving effect thereto and such appointment shall be effective and binding upon the Members.

<u>SUBSCRIPTION RIGHTS RESERVE</u>

148. The following provisions shall have effect to the extent that they are not prohibited by and are in compliance with the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, so long as any of the rights attached to any warrants issued by the Company to subscribe for shares of the Company shall remain exercisable, the Company does any act or engages in any transaction which, as a result of any adjustments to the subscription price in accordance with the provisions of the conditions of the warrants, would reduce the subscription price to below the par value of a share, then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as from the date of such act or transaction the Company shall
establish and thereafter (subject as provided in this Article 148) maintain in accordance with the provisions of this Article 148 a reserve
(the "Subscription Rights Reserve") the amount of which shall at no time be less than the sum which for the time being would
be required to be capitalised and applied in paying up in full the nominal amount of the additional shares required to be issued and
allotted credited as fully paid pursuant to sub-paragraph (c) below on the exercise in full of all the subscription rights outstanding
and shall apply the Subscription Rights Reserve in paying up such additional shares in full as and when the same are allotted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscription Rights Reserve shall not be used for any purpose other than that specified above unless
all other reserves of the Company (other than share premium account) have been extinguished and will then only be used to make good losses
of the Company if and so far as is required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the exercise of all or any of the subscription rights represented by any warrant, the relevant subscription
rights shall be exercisable in respect of a nominal amount of shares equal to the amount in cash which the holder of such warrant is required
to pay on exercise of the subscription rights represented thereby (or, as the case may be the relevant portion thereof in the event of
a partial exercise of the subscription rights) and, in addition, there shall be allotted in respect of such subscription rights to the
exercising warrantholder, credited as fully paid, such additional nominal amount of shares as is equal to the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the said amount in cash which the holder of such warrant is required to pay on exercise of the subscription
rights represented thereby (or, as the case may be, the relevant portion thereof in the event of a partial exercise of the subscription
rights); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the nominal amount of shares in respect of which such subscription rights would have been exercisable
having regard to the provisions of the conditions of the warrants, had it been possible for such subscription rights to represent the
right to subscribe for shares at less than par and immediately upon such exercise so much of the sum standing to the credit of the Subscription
Rights Reserve as is required to pay up in full such additional nominal amount of shares shall be capitalised and applied in paying up
in full such additional nominal amount of shares which shall forthwith be allotted credited as fully paid to the exercising warrantholders;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if, upon the exercise of the subscription rights represented by any warrant, the amount standing to the
credit of the Subscription Rights Reserve is not sufficient to pay up in full such additional nominal amount of shares equal to such difference
as aforesaid to which the exercising warrantholder is entitled, the Board shall apply any profits or reserves then or thereafter becoming
available (including, to the extent permitted by law, share premium account) for such purpose until such additional nominal amount of
shares is paid up and allotted as aforesaid and until then no dividend or other distribution shall be paid or made on the fully paid shares
of the Company then in issue. Pending such payment and allotment, the exercising warrantholder shall be issued by the Company with a certificate
evidencing his right to the allotment of such additional nominal amount of shares. The rights represented by any such certificate shall
be in registered form and shall be transferable in whole or in part in units of one share in the like manner as the shares for the time
being are transferable, and the Company shall make such arrangements in relation to the maintenance of a register therefor and other matters
in relation thereto as the Board may think fit and adequate particulars thereof shall be made known to each relevant exercising warrantholder
upon the issue of such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares allotted pursuant to the provisions of this Article shall rank *pari passu* in all respects with the other shares allotted on the relevant exercise of the subscription rights represented by the warrant concerned. Notwithstanding anything contained in paragraph (1) of this Article, no fraction of any share shall be allotted on exercise of the subscription rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provision of this Article as to the establishment and maintenance of the Subscription Rights Reserve shall not be altered or added to in any way which would vary or abrogate, or which would have the effect of varying or abrogating the provisions for the benefit of any warrantholder or class of warrantholders under this Article without the sanction of a special resolution of such warrantholders or class of warrantholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A certificate or report by the auditors for the time being of the Company as to whether or not the Subscription Rights Reserve is required to be established and maintained and if so the amount thereof so required to be established and maintained, as to the purposes for which the Subscription Rights Reserve has been used, as to the extent to which it has been used to make good losses of the Company, as to the additional nominal amount of shares required to be allotted to exercising warrantholders credited as fully paid, and as to any other matter concerning the Subscription Rights Reserve shall (in the absence of manifest error) be conclusive and binding upon the Company and all warrantholders and shareholders.

<u>ACCOUNTING RECORDS</u>

149. The Board shall cause true accounts to be kept of the sums of money received and expended by the Company, and the matters in respect of which such receipt and expenditure take place, and of the property, assets, credits and liabilities of the Company and of all other matters required by the Act or necessary to give a true and fair view of the Company's affairs and to explain its transactions.

150. The accounting records shall be kept at the Office or, at such other place or places as the Board decides and shall always be open to inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any accounting record or book or document of the Company except as conferred by law or authorised by the Board or the Company in general meeting.

151. Subject to Article 152, a printed copy of the Directors' report, accompanied by the balance sheet and profit and loss account, including every document required by law to be annexed thereto, made up to the end of the applicable financial year and containing a summary of the assets and liabilities of the Company under convenient heads and a statement of income and expenditure, together with a copy of the Auditors' report, shall be sent to each person entitled thereto in any manner set out in Article 160 every year. The Directors shall have the discretion to lay these documents before the Company at any annual general meeting held in accordance with Article 57 in which case, the documents shall be sent to each person entitled thereto at least ten (10) days before the date of the general meeting. This Article shall not require a copy of those documents to be sent to any person whose address the Company is not aware or to more than one of the joint holders of any shares or debentures.

152. Subject to due compliance with all applicable Statutes, rules and regulations, including, without limitation, the rules and regulations of the Designated Stock Exchange, and to obtaining all necessary consents, if any, required thereunder, the requirements of Article 151 shall be deemed satisfied in relation to any person by sending to the person in any manner not prohibited by the Statutes, a summarised financial statements derived from the Company's annual accounts and the directors' report which shall be in the form and containing the information required by applicable laws and regulations, provided that any person who is otherwise entitled to the annual financial statements of the Company and the directors' report thereon may, if he so requires by notice in writing served on the Company, demand that the Company sends to him, in addition to a summarised financial statements, a complete printed copy of the Company's annual financial statement and the directors' report thereon.

153. The requirement to send to a person referred to in Article 151 the documents referred to in that article or a summary financial report in accordance with Article 152 shall be deemed satisfied where, in accordance with all applicable Statutes, rules and regulations, including, without limitation, the rules and regulations of the Designated Stock Exchange, the Company publishes copies of the documents referred to in Article 151 and, if applicable, a summary financial report complying with Article 152, by placing it on the website of the Company, the SEC or the Designated Stock Exchange or in any other manner (including by sending any form of electronic communication) permitted by Article 160.

<u>AUDIT</u>

154. Subject to applicable law and rules and regulations of the Designated Stock Exchange, the Board or the Audit Committee shall appoint an Auditor to audit the accounts of the Company and such auditor shall hold office until removed from office by a resolution of the Directors. Such auditor may be a Member but no Director or officer or employee of the Company shall, during his continuance in office, be eligible to act as an Auditor.

155. Subject to the Act the accounts of the Company shall be audited at least once in every year.

156. The remuneration of the Auditor shall be determine by the Audit Committee or, in the absence of such Audit Committee, by the Board.

157. The Board may remove the Auditor at any time before the expiration of his term of office and may by resolution appoint another Auditor in his stead.

158. The Auditor shall at all reasonable times have access to all books kept by the Company and to all accounts and vouchers relating thereto; and he may call on the Directors or officers of the Company for any information in their possession relating to the books or affairs of the Company.

159. The statement of income and expenditure and the balance sheet provided for by these Articles shall be examined by the Auditor and compared by him with the books, accounts and vouchers relating thereto; and he shall make a written report thereon stating whether such statement and balance sheet are drawn up so as to present fairly the financial position of the Company and the results of its operations for the period under review and, in case information shall have been called for from Directors or officers of the Company, whether the same has been furnished and has been satisfactory. The financial statements of the Company shall be audited by the Auditor in accordance with generally accepted auditing standards. The Auditor shall make a written report thereon in accordance with generally accepted auditing standards and the report of the Auditor shall be submitted to the Audit Committee. The generally accepted auditing standards referred to herein may be those of a country or jurisdiction other than the Cayman Islands. If so, the financial statements and the report of the Auditor should disclose this fact and name such country or jurisdiction.

<u>NOTICES</u>

160. Any Notice or document, whether or not, to be given or issued under these Articles from the Company to a Member shall be in writing or by cable, telex or facsimile transmission message or other form of electronic transmission or electronic communication and any such Notice and document may be served or delivered by the Company on or to any Member either (i) personally or (ii) by sending it through the post in a prepaid envelope addressed to such Member at his registered address as appearing in the Register or at any other address supplied by him to the Company for the purpose or (iii) by transmitting it to any such address or transmitting it to any telex or facsimile transmission number or electronic number or electronic address or website supplied by him to the Company for the giving of Notice or documents to him or which the person transmitting the notice or document reasonably and bona fide believes at the relevant time will result in the Notice or document being duly received by the Member or (iv) may also be served by advertisement in appropriate newspapers in accordance with the requirements of the Designated Stock Exchange or (v) to the extent permitted by all applicable Statutes, rules and regulations, including, without limitation, the rules and regulations of the Designated Stock Exchange, by placing it on the website of the Company, the SEC or the Designated Stock Exchange. In the case of joint holders of a share all notices shall be given to that one of the joint holders whose name stands first in the Register and notice so given shall be deemed a sufficient service on or delivery to all the joint holders.

161. Any Notice or other document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if served or delivered by post, shall where appropriate be sent by airmail and shall be deemed to have
been served or delivered on the day following that on which the envelope containing the same, properly prepaid and addressed, is put into
the post; in proving such service or delivery it shall be sufficient to prove that the envelope or wrapper containing the notice or document
was properly addressed and put into the post and a certificate in writing signed by the Secretary or other officer of the Company or other
person appointed by the Board that the envelope or wrapper containing the Notice or other document was so addressed and put into the post
shall be conclusive evidence thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by electronic communication, shall be deemed to be given on the day on which it is transmitted
from the server of the Company or its agent. A Notice placed on the website of the Company, the SEC or the Designated Stock Exchange is
deemed given by the Company to a Member on the day it is placed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if served or delivered in any other manner contemplated by these Articles, shall be deemed to have been
served or delivered at the time of personal service or delivery or, as the case may be, at the time of the relevant despatch or transmission
or publication; and in proving such service or delivery a certificate in writing signed by the Secretary or other officer of the Company
or other person appointed by the Board as to the act and time of such service, delivery, despatch or transmission or publication shall
be conclusive evidence thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may be given to a Member in the English language or such other language as may be approved by the Directors,
subject to due compliance with all applicable Statutes, rules and regulations.

162. (1) Any Notice or other document delivered or sent by post to or left at the registered address of any Member in pursuance of these Articles shall, notwithstanding that such Member is then dead or bankrupt or that any other event has occurred, and whether or not the Company has notice of the death or bankruptcy or other event, be deemed to have been duly served or delivered in respect of any share registered in the name of such Member as sole or joint holder unless his name shall, at the time of the service or delivery of the Notice or document, have been removed from the Register as the holder of the share, and such service or delivery shall for all purposes be deemed a sufficient service or delivery of such Notice or document on all persons interested (whether jointly with or as claiming through or under him) in the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Notice may be given by the Company to the person entitled to a share in consequence of the death, mental disorder or bankruptcy of a Member by sending it through the post in a prepaid letter, envelope or wrapper addressed to him by name, or by the title of representative of the deceased, or trustee of the bankrupt, or by any like description, at the address, if any, supplied for the purpose by the person claiming to be so entitled, or (until such an address has been so supplied) by giving the notice in any manner in which the same might have been given if the death, mental disorder or bankruptcy had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any person who by operation of law, transfer or other means whatsoever shall become entitled to any share shall be bound by every Notice in respect of such share which prior to his name and address being entered on the Register shall have been duly given to the person from whom he derives his title to such share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Every Member or a person who is entitled to receive notice from the Company under the provisions of the Statutes or these Articles may register with the Company an electronic address to which notices can be served upon him.

<u>SIGNATURES</u>

163. For the purposes of these Articles, a cable or telex or facsimile or electronic transmission message purporting to come from a holder of shares or, as the case may be, a Director, or, in the case of a corporation which is a holder of shares from a director or the secretary thereof or a duly appointed attorney or duly authorised representative thereof for it and on its behalf, shall in the absence of express evidence to the contrary available to the person relying thereon at the relevant time be deemed to be a document or instrument in writing signed by such holder or Director in the terms in which it is received. The signature to any notice or document to be given by the Company may be written, printed or made electronically.

<u>WINDING UP</u>

164. (1) Subject to Article 164(2), the Board shall have power in the name and on behalf of the Company to present a petition to the court for the Company to be wound up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Unless otherwise provided by the Ac, a resolution that the Company be wound up by the court or be wound up voluntarily shall be a special resolution.

165. (1) Subject to any special rights, privileges or restrictions as to the distribution of available surplus assets on liquidation for the time being attached to any class or classes of shares (i) if the Company shall be wound up and the assets available for distribution amongst the Members shall be more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed *pari passu* amongst such members in proportion to the amount paid up on the shares held by them respectively and (ii) if the Company shall be wound up and the assets available for distribution amongst the Members as such shall be insufficient to repay the whole of the paid-up capital such assets shall be distributed so that, a nearly as may be, the losses shall be borne by the Members in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up on the shares held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Company shall be wound up (whether the liquidation is voluntary or by the court) the liquidator may, with the authority of a special resolution and any other sanction required by the Act, divide among the Members in specie or kind the whole or any part of the assets of the Company and whether or not the assets shall consist of properties of one kind or shall consist of properties to be divided as aforesaid of different kinds, and may for such purpose set such value as he deems fair upon any one or more class or classes of property and may determine how such division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like authority, vest any part of the assets in trustees upon such trusts for the benefit of the Members as the liquidator with the like authority shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no contributory shall be compelled to accept any shares or other property in respect of which there is a liability.

<u>INDEMNITY</u>

166. (1) Every Director (including for the purposes of this Article any alternate Director appointed pursuant to the provisions of these Articles), Secretary, or other officer for the time being and from time to time of the Company (but not including the Auditor) and the personal representatives of the same (each an "Indemnified Person") shall be indemnified and secured harmless out of the assets and profits of the Company from and against all actions, proceeding, 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, wilful default or fraud, in or about the conduct of the 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 Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Member agrees to waive any claim or right of action he might have, whether individually or by or in the right of the Company, against any Director on account of any action taken by such Director, or the failure of such Director to take any action in the performance of his duties with or for the Company; PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud, willful default or dishonesty which may attach to such Director.

<u>FINANCIAL YEAR</u>

167. Unless otherwise determined by the Directors, the financial year of the Company shall end on the 31<sup>st</sup> of December in each year.

<u>AMENDMENT TO MEMORANDUM AND ARTICLES OF ASSOCIATION</u>

<u>AND NAME OF COMPANY</u>

168. No Article shall be rescinded, altered or amended and no new Article shall be made until the same has been approved by a special resolution of the Members. A special resolution shall be required to alter the provisions of the Memorandum of Association or to change the name of the Company.

<u>INFORMATION</u>

169. No Member shall be entitled to require discovery of or any information respecting any detail of the Company's trading or any matter which is or may be in the nature of a trade secret or secret process which may relate to the conduct of the business of the Company and which in the opinion of the Directors it will be inexpedient in the interests of the members of the Company to communicate to the public.

## Exhibit 10.1

**Exhibit 10.1**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "**Agreement**"), made and entered into as of the ________ day of ___________, 2025, by and between Bend NovaTech Group Limited, an exempted company with limited liability incorporated in the Cayman Islands (the "**Company**") and _______ ("**Indemnitee**").

W I T N E S S E T H:

WHEREAS, the Indemnitee has agreed to serve as a director or executive officer of the Company and in such capacity will render 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 executive officers of public companies;

WHEREAS, in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve as directors and officers of the Company, the board of directors of the Company (the "**Board**") has determined that it is reasonably prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons;

NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth, and other good and valuable consideration, including, without limitation, the service of the Indemnitee, the receipt of which hereby is acknowledged, and in order to induce the Indemnitee to serve, or continue to serve, as a director or an executive officer of the Company, the Company and the Indemnitee hereby agree as follows:

1. <u>Definitions</u>. As used in this Agreement:

(a). "**Change of Control**" shall mean any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "person" (as such term is used in Sections 13(d) and 14(d) of the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the "**Exchange Act**")), but excluding (1) the Company, (2) any trustee or other fiduciary holding securities pursuant to an employee benefit or welfare plan or employee share plan of the Company or any subsidiary or affiliate of the Company, or any entity organized, appointed, established or holding securities of the Company with voting power for or pursuant to the terms of any such plan and (3) any entity owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company's then outstanding securities without the prior approval of at least majority of the directors in office immediately prior to such person's attaining such interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other governing body of such surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the approval by the shareholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company, in one transaction or a series of related transactions, of all or substantially all of the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any similar or successor schedule or form) promulgated under the Exchange Act whether or not the Company is then subject to such reporting requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) during any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 1(a)(i), 1(a)(iii) or 1(a)(iv)) whose election by the Board or nomination for election by the Company's shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, ceasing for any reason to constitute a least a majority of the members of the Board.

(b). "**Disinterested Director**" with respect to any request by the Indemnitee for indemnification or advancement of expenses hereunder shall mean a director of the Company who neither is nor was a party to the Proceeding (as defined below) in respect of which indemnification or advancement is being sought by the Indemnitee.

(c). "**Expenses**" shall mean shall mean, without limitation, expenses of Proceedings, including attorneys' fees, disbursement and retainers, accounting and witness fees, expenses related to preparation for service as a witness and to service as a witness, travel and deposition costs, expenses of investigations, judicial or administrative proceedings and appeals, amounts paid in settlement of a Proceeding by or on behalf of the Indemnitee, costs of attachment or similar bonds, any expenses of attempting to establish or establishing a right to indemnification or advancement of expenses, under this Agreement, the Company's Memorandum of Association and Articles of Association as currently in effect (the "**Articles**"), applicable law or otherwise, and reasonable compensation for time spent by the Indemnitee in connection with the investigation, defense or appeal of a Proceeding or action for indemnification for which the Indemnitee is not otherwise compensated by the Company or any third party. The term "Expenses" shall not include the amount of judgments, fines, interest or penalties, which are actually levied against or sustained by the Indemnitee to the extent sustained after final adjudication.

(d). "**Independent Legal Counsel**" shall mean any firm of attorneys that is not presently representing and has not in the preceding five (5) years represented the Company, the Company's subsidiaries or affiliates, the Indemnitee, any entity controlled by the Indemnitee, or any party adverse to the Company in any matter material to any such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements). Notwithstanding the foregoing, the term "Independent Legal Counsel" shall not include any person who, under applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee's right to indemnification or advancement of expenses under this Agreement, the Articles, applicable law or otherwise.

(e). "**Proceeding**" shall mean any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, or other proceeding (including, without limitation, an appeal therefrom), formal or informal, whether brought in the name of the Company or otherwise, whether of a civil, criminal, administrative or investigative nature, and whether by, in or involving a court or an administrative, other governmental or private entity or body (including, without limitation, an investigation by the Company or its Board), by reason of (i) the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, whether or not the Indemnitee is serving in such capacity at the time any liability or expense is incurred for which indemnification or reimbursement is to be provided under this Agreement, (ii) any actual or alleged act or omission or neglect or breach of duty, including, without limitation, any actual or alleged error or misstatement or misleading statement, which the Indemnitee commits or suffers while acting in any such capacity, or (iii) the Indemnitee attempting to establish or establishing a right to indemnification or advancement of expenses pursuant to this Agreement, the Articles, applicable law or otherwise.

(f). The phrase "**serving at the request of the Company as an agent of another enterprise**" or any similar terminology shall mean, unless the context otherwise requires, serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic. The phrase "**serving at the request of the Company**" shall include, without limitation, any service as a director/an executive officer of the Company which imposes duties on, or involves services by, such director/executive officer with respect to the Company or any of the Company's subsidiaries, affiliates, employee benefit or welfare plans, such plan's participants or beneficiaries or any other enterprise, foreign or domestic. In the event that the Indemnitee shall be a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic, 50% or more of the ordinary shares, combined voting power or total equity interest of which is owned by the Company or any subsidiary or affiliate thereof, then it shall be presumed conclusively that the Indemnitee is so acting at the request of the Company.

2. <u>Services By Indemnitee</u>. The Indemnitee agrees to serve as a director or officer of the Company under the terms of the Indemnitee's agreement with the Company for so long as the Indemnitee is duly elected or appointed or until such time as the Indemnitee tenders a resignation in writing or is removed from the Indemnitee's position; <u>provided</u>, <u>however</u>, that the Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or other obligation imposed by operation of law).

3. <u>Proceedings by or in the Right of the Company</u>. The Company shall, to the fullest extent permitted by applicable laws, indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or penalties, which are actually and reasonably incurred by the Indemnitee in connection with the defense or settlement of such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company; except that no indemnification under this section shall be made in respect of any claim, issue or matter as to which such person shall have been adjudicated by final judgment by a court of competent jurisdiction to be liable to the Company for willful misconduct in the performance of his/her duty to the Company, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such amounts which such other court shall deem proper.

4. <u>Proceeding Other Than a Proceeding by or in the Right of the Company</u>. The Company shall, to the fullest extent permitted by applicable laws, indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or penalties, which are actually and reasonably incurred by the Indemnitee in connection with such a Proceeding, to the fullest extent permitted by applicable law; <u>provided</u>, <u>however</u>, that any settlement of a Proceeding must be approved in advance in writing by the Company (which approval shall not be unreasonably withheld).

5. <u>Indemnification for Costs, Charges and Expenses of Witness or Successful Party</u>. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee (a) has prepared to serve or has served as a witness in any Proceeding in any way relating to (i) the Company or the Company's subsidiaries, affiliates, employee benefit or welfare plans or such plan's participants or beneficiaries or (ii) anything done or not done by the Indemnitee as a director or officer of the Company or in connection with serving at the request of the Company as an agent of another enterprise, or (b) has been successful in defense of any Proceeding or in defense of any claim, issue or matter therein, on the merits or otherwise, including the dismissal of a Proceeding without prejudice or the settlement of a Proceeding without an admission of liability, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith to the fullest extent permitted by applicable law. All such indemnification against Expenses shall be offset by the amount of cash, if any, received by the Indemnitee resulting from his/her success therein.

6. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall, to the fullest extent permitted by applicable law, indemnify the Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

7. <u>Advancement of Expenses</u>. The Expenses incurred by the Indemnitee in any Proceeding shall be paid promptly by the Company in advance of the final disposition of the Proceeding at the written request of the Indemnitee, to the fullest extent permitted by applicable law; <u>provided</u>, <u>however</u>, that the Indemnitee shall set forth in such request reasonable evidence that such Expenses have been incurred by the Indemnitee in connection with such Proceeding and an undertaking in writing to repay any advances if it is ultimately determined as provided in Section 8(b) of this Agreement that the Indemnitee is not entitled to indemnification under this Agreement, the Articles, applicable law or otherwise.

8. <u>Indemnification Procedure; Determination of Right to Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee shall, if a claim for indemnification or advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof in writing. The failure and delay to so notify the Company will not relieve the Company from any liability which the Company may have to the Indemnitee under this Agreement unless the Company shall have lost significant substantive or procedural rights with respect to the defense of any Proceeding as a result of such omission to so notify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indemnitee shall be conclusively presumed to be entitled to indemnification under this Agreement unless a determination is made that the Indemnitee is not entitled to indemnification under this Agreement, the Articles, applicable law or otherwise by one of the following two methods, which, if there has not been a Change in Control, shall be at the election of the Board: (i) by a majority vote of the Board of a quorum consisting of Disinterested Directors or (ii) if a quorum of the Board consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Legal Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee. If a Change in Control shall have occurred and the Indemnitee so requests in writing, such determination shall be made only by Independent Legal Counsel in the manner set forth in this subsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If (i) a determination is made that the Indemnitee is not entitled to indemnification under this Agreement or (ii) a claim for indemnification or advancement of Expenses under this Agreement is not paid by the Company within thirty (30) days after receipt by the Company of written notice thereof, the Indemnitee is entitled to an adjudication in any court of competent jurisdiction. Such judicial proceeding shall be made de novo. The burden of proving that indemnification or advances are not appropriate shall be on the Company. Neither the failure of the directors of the Company or Independent Legal Counsel to have made a determination prior to the commencement of such action that indemnification or advancement of Expenses is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, if any, nor an actual determination by the directors of the Company or Independent Legal Counsel that the Indemnitee has not met the applicable standard of conduct shall be a defense to an action by the Indemnitee or create a presumption for the purpose of such an action that the Indemnitee has not met the applicable standard of conduct. The termination of any Proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself (i) create a presumption that the Indemnitee did not act in good faith and in a manner which he reasonably believed to be in the best interests of the Company and/or its shareholders, and, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his conduct was unlawful or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification or advancement of Expenses under this Agreement, except as may be provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a court of competent jurisdiction shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication (including, but not limited to, any appellate proceedings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to any Proceeding for which indemnification or advancement of Expenses is requested, the Company will be entitled to participate therein at its own expense and, except as otherwise provided below, to the extent that it may wish, the Company may assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of a Proceeding, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in connection with the defense thereof, other than as provided below. The Company shall not settle any Proceeding in any manner which would impose any penalty or limitation on the Indemnitee without the Indemnitee's written consent. The Indemnitee shall have the right to employ his/her own counsel in any Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense of the Proceeding shall be at the expense of the Indemnitee, unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of a Proceeding, or (iii) the Company shall not in fact have employed counsel to assume the defense of a proceeding, in each of which cases the fees and expenses of the Indemnitee's counsel shall be advanced by the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee.

9. <u>Limitations on Indemnification</u>. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against the Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in connection with any Proceeding initiated or brought voluntarily by the Indemnitee and not by way of defense, unless (i) the Board authorized the Proceeding prior to its initiation or (ii) the Proceeding is to enforce indemnification rights under this Agreement, the Articles, applicable law or otherwise and either (A) Indemnitee is successful in such Proceeding in establishing Indemnitee's right, in whole or in part, to indemnification or advancement of Expenses hereunder (in which case such indemnification or advancement shall be to the fullest extent permitted by this Agreement) or (B) the court in such Proceeding shall determine that, despite Indemnitee's failure to establish his or her right to indemnification, Indemnitee is entitled to indemnity for such expenses (in which case such indemnification or advancement shall be to the extent provided by such court);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in connection with the Indemnitee preparing to serve or serving, prior to a Change in Control, as a witness in voluntary cooperation with any non-governmental or non-regulatory party or entity who or which has threatened or commenced any action or proceeding against the Company, or any director, officer, employee, trustee, agent, representative, subsidiary, parent corporation or affiliate of the Company, but such indemnification may be provided by the Company if the Board finds it to be appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for which payment has actually been made to the Indemnitee under a valid and collectible insurance policy, except in respect of any excess beyond the amount of payment under such insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Act or similar provisions of any foreign or United States federal, state or local statute or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for which the Indemnitee is indemnified and actually paid other than pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for conduct that is finally adjudged by a court of competent jurisdiction to have been caused by the Indemnitee's dishonesty, willful default or fraud, including, without limitation, breach of the duty of loyalty, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts which such court shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if a court of competent jurisdiction finally determines that such indemnification is unlawful. In this respect, the Company and the Indemnitee have been advised that the Securities and Exchange Commission (the "**SEC**") takes the position that indemnification for liabilities arising under securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in connection with Indemnitee's personal tax matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the proviso in Section 9(a) hereof, in connection with any dispute or breach arising under any contract or similar obligation between the Company or any of its subsidiaries or affiliates and such Indemnitee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in connection with any reimbursement made by Indemnitee to the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), Section 306 of the Sarbanes-Oxley Act or Section 954 of the Dodd–Frank Wall Street Reform and Consumer Protection Act and the rules promulgated by the SEC thereunder.

10. <u>Insurance</u>. To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors' and officers' insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

11. <u>No Employment Rights</u>. Nothing in this Agreement is intended to create in the Indemnitee any right to continued employment with the Company.

12. <u>Continuation of Indemnification</u>. All agreements and obligations of the Company contained herein shall continue during the period that the Indemnitee is a director or an executive officer of the Company (or is or was serving at the request of the Company as an agent of another enterprise, foreign or domestic) and shall continue thereafter so long as the Indemnitee shall be subject to any Proceeding by reason of the fact that the Indemnitee is or was a director or an executive officer of the Company or is or was serving in any other capacity referred to in this Section 12.

13. <u>Indemnification Hereunder Not Exclusive</u>. The indemnification provided by this Agreement shall not be deemed to be exclusive of any other rights to which the Indemnitee may be entitled under the Articles, any agreement, vote of shareholders or vote of Disinterested Directors, provisions of applicable law, or otherwise, both as to action or omission in the Indemnitee's official capacity and as to action or omission in another capacity on behalf of the Company while holding such office.

14. <u>Contribution</u>. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses. The Company agrees that it would not be just and equitable if contribution pursuant to this Section 14 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

15. <u>Entire Agreement</u>*.* This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are superseded by this Agreement.

16. <u>Amendment</u>*.* This Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit, restrict or reduce any right of Indemnitee under this Agreement in respect of any act or omission, or any event occurring, prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision limits rights with respect to indemnification, contribution or advancement of Expenses, it is the intent of the parties hereto that the rights with respect to indemnification, contribution or advancement of Expenses in effect prior to such change shall remain in full force and effect to the extent permitted by applicable law.

17. <u>Waivers</u>*.* The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

18. <u>Assignment; Successors and Assigns</u>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party thereto without the prior written consent of the other party, except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement in a written agreement in form and substance satisfactory to the Indemnitee. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's 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) and assigns, as well as the Indemnitee's spouses, heirs, and personal and legal representatives.

19. <u>Notices.</u> All notices, requests, demands and other communications under this Agreement shall be in writing (which may be by facsimile transmission or email). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding business day in the place of receipt. The address for notice to a party is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as provided above.

20. <u>Subrogation</u>. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights.

21. <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. To the extent required, any section, sentence, term or provision of this Agreement may be modified by a court of competent jurisdiction to preserve its validity and to provide the Indemnitee with the broadest possible indemnification permitted under applicable law. The Company's inability, pursuant to a court order or decision, to perform its obligations under this Agreement shall not constitute a breach of this Agreement.

22. <u>Governing Law</u>. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the Cayman Islands, without regard to its conflict of laws rules.

23. <u>Headings</u>. The Section headings in this Agreement are for convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

24. <u>Counterparts</u>*.* This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

25. <u>Use of Certain Terms</u>. As used in this Agreement, the words "herein," "hereof," and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the date first above written.

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| | | |
|:---|:---|:---|
| **Bend NovaTech Group Limited** | **Bend NovaTech Group Limited** | **Bend NovaTech Group Limited** |
| By: |  |  |
|  | Name: | Ching Yi Li |
|  | Title: | Chief Executive Officer |

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| |
|:---|
| With a copy to: |
| Address: |
| Facsimile: |
| Attention: |

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| |
|:---|
| INDEMNITEE |
| Name: |
| Title: |

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## Exhibit 10.2

**Exhibit 10.2**

**Bend NovaTech Group Limited**

**INDEPENDENT DIRECTOR AGREEMENT**

THIS AGREEMENT (The "**Agreement**") is made as of the _____ day of ____________, and is by and between Bend NovaTech Group Limited, an exempted company with limited liability incorporated in the Cayman Islands (hereinafter referred to as the "**Company**"), and __________________ (hereinafter referred to as the "**Director**").

**BACKGROUND**

The Board of Directors of the Company desires to appoint the Director and to have the Director perform the duties of an independent director, subject to and upon effectiveness of the Form F-1 Registration Statement in connection with the Company's initial public offering, and the Director desires to be so appointed for such position and to perform the duties required of such position in accordance with the terms and conditions of this Agreement.

**AGREEMENT**

In consideration for the above recited promises and the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and the Director hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. DUTIES**. The Company requires that the Director be available to perform the duties of an independent director customarily related to this function as may be determined and assigned by the Board of Directors of the Company and as may be required by the Company's constituent instruments, including its Memorandum and Articles of Association and its corporate governance and board committee charters, each as amended or modified from time to time, and by applicable law, including the Companies Act (as amended) of the Cayman Islands (the "**Act**"). The Director agrees to devote as much time as is necessary to perform completely the duties as the Director of the Company, including duties as a member of the Audit Committee and such other committees as the Director may hereafter be appointed to. The Director will perform such duties described herein in accordance with the general fiduciary duty of directors arising under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. TERM**. The term of this Agreement shall commence as of the effectiveness of the Company's Registration Statement on Form F-1 in connection with its initial public offering and shall continue until the Director's removal or resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. COMPENSATION**.

Following the commencement of the term of this Agreement, for all services to be rendered by the Director in any capacity hereunder, the Company agrees to compensate the Director a fee of $[\*] per year in cash (the "**Annual Fee**"), which Annual Fee shall be paid to the Director in four equal installments no later than the seventh business day of each calendar quarter commencing in the first quarter following the date of this Agreement. The Director shall be responsible for his or her own individual income tax payment on the Annual Fee in jurisdictions where the Director resides.

In the event that the Director serves less than a full year on the Board, the Company shall only be obligated to pay the pro rata portion of such Annual Fee to the Director for his or her services performed during such year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. EXPENSES**. In addition to the compensation provided in paragraph 3 hereof, the Company will reimburse the Director for pre-approved reasonable business related expenses incurred in good faith in the performance of the Director's duties for the Company. Such payments shall be made by the Company upon submission by the Director of a signed statement itemizing the expenses incurred. Such statement shall be accompanied by sufficient documentary matter to support the expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. CONFIDENTIALITY**. The Company and the Director each acknowledge that, in order for the intents and purposes of this Agreement to be accomplished, the Director shall necessarily be obtaining access to certain confidential information concerning the Company and its affairs, including, but not limited to business methods, information systems, financial data and strategic plans which are unique assets of the Company ("**Confidential Information**"). The Director covenants not to, either directly or indirectly, in any manner, utilize or disclose to any person, firm, corporation, association or other entity any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. NON-COMPETE**. During the term of this Agreement and for a period of twelve (12) months following the Director's removal or resignation from the Board of Directors of the Company or any of its subsidiaries or affiliates (the "**Restricted Period**"), the Director shall not, without prior written consent of the Company, directly or indirectly, (i) provide the same or substantially the same services that he or she provides to the Company to any business competitive with the Company's current lines of business or any business then engaged in by the Company (the "**Market Area**"), any of its subsidiaries or any of its affiliates (the "**Company's Business**") for the Director's own benefit or for the benefit of any person or entity other than the Company or any subsidiary or affiliate; or (ii) have any interest as owner, sole proprietor, shareholder, partner, lender, director, officer, manager, employee, consultant, agent or otherwise in any business competitive with the Company's Business; <u>provided</u>, <u>however</u>, that the Director may hold, directly or indirectly, solely as an investment, not more than five percent (5%) of the outstanding securities of any person or entity which are listed on any national securities exchange or regularly traded in the over-the-counter market notwithstanding the fact that such person or entity is engaged in a business competitive with the Company's Business. Should the Company expand geographically beyond the Market Area, the Director shall notify the Company in writing of any other services provided in those areas of the Company's geographic expansion. In addition, during the Restricted Period, the Director shall not develop any property for use in the Company's Business on behalf of any person or entity other than the Company, its subsidiaries and affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. TERMINATION**. With or without cause, the Company and the Director may each terminate this Agreement at any time upon ten (10) days written notice, and the Company shall be obligated to pay to the Director the compensation and expenses due up to the date of the termination. Nothing contained herein or omitted herefrom shall prevent the shareholder(s) of the Company from removing the Director with immediate effect at any time for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. INDEMNIFICATION**. The Company shall indemnify, defend and hold harmless the Director, to the full extent allowed by the law of the Cayman Islands, and as provided by, or granted pursuant to, any charter provision, its Articles of Association, agreement (including, without limitation, the Indemnification Agreement executed herewith), vote of shareholders or disinterested directors or otherwise, both as to action in the Director's official capacity and as to action in another capacity while holding such office. The Company and the Director are executing an indemnification agreement in the form attached hereto as <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. EFFECT OF WAIVER**. The waiver by either party of the breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. NOTICE**. Any and all notices referred to herein shall be sufficient if furnished in writing at the addresses specified on the signature page hereto or, if to the Company, to the Company's address as specified in filings made by the Company with the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. GOVERNING LAW**. This Agreement shall be interpreted in accordance with, and the rights of the parties hereto shall be determined by, the laws of the Cayman Islands without reference to conflicts of laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. ASSIGNMENT**. The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements hereunder shall inure to the benefit of, and be enforceable by or against, its successors and assigns. The duties and obligations of the Director under this Agreement are personal and therefore the Director may not assign any right or duty under this Agreement without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. MISCELLANEOUS**. If any provision of this Agreement shall be declared invalid or illegal, for any reason whatsoever, then, notwithstanding such invalidity or illegality, the remaining terms and provisions of this Agreement shall remain in full force and effect in the same manner as if the invalid or illegal provision had not been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. ARTICLE HEADINGS**. The article headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. COUNTERPARTS**. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument. Facsimile execution and delivery of this Agreement is legal, valid and binding for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. ENTIRE AGREEMENT**. Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the parties with respect to its subject matter and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party to this Agreement with respect to such subject matter.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties hereto have caused this Independent Director Agreement to be duly executed and signed as of the day and year first above written.

---

| | |
|:---|:---|
| **Bend NovaTech Group Limited** | **Bend NovaTech Group Limited** |
| By: |  |
| Name: | Ching Yi Li |
| Title: | Chief Executive Officer |
| **Independent Director** | **Independent Director** |
| Name: |  |
| Address: |  |

---

**EXHIBIT A**

**<u>Form of Indemnification Agreement</u>**

**(See Attached)**

## Exhibit 10.3

**Exhibit 10.3**

**EXECUTIVE OFFICER EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "Agreement"), is entered into as of ____________, 2025, by and between Bend NovaTech Group Limited, an exempted company incorporated in the Cayman Islands with limited liability (the "Company"), and ________________, an individual (the "Executive"). The term "Company" as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its direct or indirect parent companies, subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies (collectively, the "Group").

**RECITALS**

The Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below).

The Executive desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

**1.** **POSITION** 

The Executive hereby accepts a position of ____________ of the Company (the "Employment").

**2.** **TERM** 

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be three years, commencing on ________________, 2025 (the "Effective Date"), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the 3-year term, the Employment shall be automatically extended for successive three-year terms unless either party gives the other party hereto a 1-month prior written notice to terminate the Employment prior to the expiration of such 3-year term or unless terminated earlier pursuant to the terms of this Agreement.

**3.** **PROBATION** 

There is no probationary period.

**4.** **DUTIES AND RESPONSIBILITIES** 

The Executive's duties at the Company will include all jobs assigned by the Company's board of directors (the "Board").

The Executive shall devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and shall faithfully and diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the Company as may be updated from time to time (the "Articles of Association"), and the guidelines, policies and procedures of the Company approved from time to time by the Board.

**5.** **NO BREACH OF CONTRACT** 

The Executive shall use his/her best efforts to perform his/her duties hereunder. The Executive shall not, without prior consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a "Competitor"), provided that nothing in this clause shall preclude the Executive from holding shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere, provided however, that the Executive shall notify the Company in writing prior to his/her obtaining a proposed interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require. The Company shall have the right to require the Executive to resign from any board or similar body which he/she may then serve if the Board reasonably determines in writing that the Executive's service on such board or body interferes with the effective discharge of the Executive's duties and responsibilities to the Company or that any business related to such service is then in competition with any business of the Company or any of its subsidiaries or affiliates.

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if any; (ii) the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her duties hereunder; and (iii) the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**6.** **LOCATION** 

The Executive will be based in Hong Kong, until both parties hereto agree otherwise. The Executive acknowledges that he/she may be required to travel from time to time in the course of performing his/her duties for the Company.

**7.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compensation</u>. The Executive's cash compensation (inclusive of the statutory welfare reserves
that the Company is required to set aside for the Executive under applicable law) shall be provided by the Company in a separate schedule
attached hereto ("Schedule A") or as specified in a separate agreement between the Executive and the Company's designated
subsidiary or affiliated entity, subject to annual review and adjustment by the Company or the compensation committee of the Board. The
cash compensation may be paid by the Company, a subsidiary or affiliated entity of the Company, or a combination thereof, as designated
by the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Incentives</u>. To the extent the Company adopts and maintains a share incentive plan, the Executive
will be eligible to participate in such plan pursuant to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>. The Executive is eligible for participation in any standard employee benefit plan of
the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan,
life insurance plan, health insurance plan and travel/holiday plan.

**8.** **TERMINATION OF THE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company</u>. The Company may terminate the Employment for cause, at any time, without notice
or remuneration, if the Executive (1) commits any serious or persistent breach or non-observance of the terms and conditions of the Employment;
(2) is convicted of a criminal offence other than one which, in the opinion of the Board, does not affect the Executive's position
as an employee of the Company, bearing in mind the nature of the Executive's duties and the capacity in which the Executive is employed;
(3) willfully disobeys a lawful and reasonable order; (4) misconducts himself/herself and such conduct is inconsistent with the due and
faithful discharge of the Executive's material duties hereunder; (5) is guilty of fraud or dishonesty; or (6) is habitually neglectful
in his/her duties. The Company may terminate the Employment without cause at any time with a 1-month prior written notice to the Executive
or by payment of 1 month's salary in lieu of notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Executive</u>. The Executive may terminate the Employment at any time with a 1-month prior written
notice to the Company or by payment of 1 month's salary in lieu of notice. In addition, the Executive may resign prior to the expiration
of the Agreement if such resignation or an alternative arrangement with respect to the Employment is approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination</u>. Any termination of the Executive's Employment under this Agreement
shall be communicated by written notice of termination from the terminating party to the other party in accordance with the provisions
of Section 20 below. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the
termination.

**9.** **CONFIDENTIALITY AND NONDISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-disclosure</u>. The Executive hereby agrees at all times during the term of
his/her Employment and after termination of the Executive's Employment under this Agreement, to hold in the strictest confidence,
and not to use, except for the benefit of the Group, or to disclose to any person, corporation or other entity without written consent
of the Company, any Confidential Information. The Executive understands that "Confidential Information" means any proprietary
or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group's licensors, including,
without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers
(including, but not limited to, customers of the Group on whom the Executive called or with whom the Executive became acquainted during
the term of his/her Employment), supplier lists and suppliers, software, developments, inventions, processes, formulas, technology, designs,
drawings, engineering, hardware configuration information, personnel information, marketing, finances, information about the suppliers,
joint ventures, licensors, licensees, distributors, and other persons with whom the Group does business, information regarding the skills
and compensation of other employees of the Group or other business information disclosed to the Executive by or obtained by the Executive
from the Group, its affiliates, or their clients, customers, or partners, either directly or indirectly, in writing, orally or by drawings
or observation of parts or equipment, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding
the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault
of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Property</u>. The Executive understands that all documents (including computer records, facsimile
and e-mail) and materials created, received or transmitted in connection with his/her work or using the facilities of the Group are property
of the Group and subject to inspection by the Group, at any time. Upon termination of the Executive's Employment with the Company
(or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of
any nature pertaining to his/her work with the Company and will provide prompt written certification of his compliance with this Agreement.
Under no circumstances will the Executive have, following his/her termination, in his/her possession any property of the Group, or any
documents or materials or copies thereof containing any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information</u>. The Executive agrees that he/she has not and will not, during the
term of his/her employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other
person or entity with which the Executive has an agreement or duty to keep in confidence, or (ii) bring into the premises of the Group
any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing
by such former employer, person or entity. The Executive will indemnify the Group and hold it harmless from and against all claims, liabilities,
damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection with any violation
of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Third Party Information</u>. The Executive recognizes that the Group may have received, and in the
future may receive, from third parties their confidential or proprietary information subject to a duty on the Group's part to maintain
the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes
the Group and such third parties, during the Executive's Employment by the Company and thereafter, a duty to hold all such confidential
or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent
with, and for the limited purposes permitted by, the Group's agreement with such third party.

This Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Company shall have right to seek remedies permissible under applicable law.

**10.** **WITHHOLDING TAXES** 

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

**11.** **NOTIFICATION OF NEW EMPLOYER** 

In the event that the Executive leaves the employ of the Company, the Executive hereby grants consent to notification by the Company to his/her new employer about his/her rights and obligations under this Agreement.

**12.** **ASSIGNMENT** 

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**13.** **SEVERABILITY** 

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**14.** **ENTIRE AGREEMENT** 

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict with any of the provisions herein. The Executive acknowledges that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement.

**15.** **REPRESENTATIONS** 

The Executive hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby represents that the Executive's performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to his/her Employment by the Company. The Executive has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section 15. The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company for any tax advice with respect to this Agreement or any provisions hereunder.

**16.** **GOVERNING LAW** 

This Agreement shall be governed by and construed in accordance with the laws of Hong Kong, without regard to principles of conflict of laws.

**17.** **ARBITRATION** 

Any dispute, controversy, difference or claim arising out of or relating to this contract, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be Hong Kong law. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be three. The arbitration proceedings shall be conducted in English. The arbitral award shall be final and binding upon both parties. Each party to this Agreement agrees that it will not challenge the jurisdiction or venue provisions as provided in this Section 17.

**18.** **AMENDMENT** 

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**19.** **WAIVER** 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

**20.** **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) sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party), (ii) delivered by hand, (iii) otherwise delivered against receipt therefor, or (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

**21.** **COUNTERPARTS** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**22.** **NO INTERPRETATION AGAINST DRAFTER** 

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he/she has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

*[Remainder of this page has been intentionally left blank.]*

 

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **Bend NovaTech Group Limited** | **Bend NovaTech Group Limited** |
| By: |  |
| Name: |  |
| Title: | Director |

---

---

| |
|:---|
| **Executive** |
| Signature: |
| Name: |

---

*[Signature Page to Employment Agreement]*

**Schedule A**

Annual compensation is HKD ____________.

## Exhibit 10.4

**Exhibit 10.4**

<u>Dated the 18 May 2022</u>

**Chance Achieve Limited**

as Lender

and

**Smart (Technology) Global Limited**

as Borrower

**LOAN AGREEMENT**

**THIS LOAN AGREEMENT** (the **"Agreement")** is made on the 18 May 2022

**BETWEEN:**

1. **Chance Achieve Limited,** whose office is at Rm 314, 3/F
Lippo 3un *Plaza,* 28 Canton Road, Tsim Sha Tsui, Hong
Kong (the **"Lender"**); and

2. **Smart (Technology) Global Limited,** whose office is at
No. 51-53 Fuk Hi Street, Yeung Long, Hong Kong (the **"Borrower"**).

**WHEREAS:-**

(A) The Borrower has applied to the Lender for the grant of a loan
in the principal sum of HK$43,000,000 (the **"Loan"**).

(B) The Lender agrees to grant the Loan to the Borrower subject
to the terms and conditions of this Agreement.

**WHEREBY IT IS AGREED** as follows:-

The Lender shall grant and the Borrower shall take the Loan on the following terms and conditions: -

1. Loan

The amount of the Loan is described under <u>Paragraph 4 of the First Schedule</u> of this Agreement and the Borrower hereby acknowledges receipt of the Loan.

2. Term

The duration of advancement of the Loan is for the period commencing as particularised under <u>Paragraph 6 and 7 of the First Schedule</u> of this Agreement.

3. Repayment

The Loan together with any interest incurred shall be repaid by the Borrower to the Lender without deduction in the manner set out under <u>Parag</u><u>raph 8 of the First Schedule</u> of this Agreement.

4. Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest
 shall accrue on the Loan at the rate as described under <u>Paragraph 11 of the First Schedule</u> of this Agreement and shall be repaid by the Borrower to the Lender in the manner set out
 under <u>Paragraph 8 of the First Schedule</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
the Borrower fails to pay any sum payable under this Agreement when it falls due, the Borrower shall, in addition to all other obligations
hereunder and without prejudice to any other rights or remedies of the Lender, whether under this Agreement, the Charge (as defined in **Clause** 7 below) or otherwise, pay interest on the unpaid sum for the period beginning on its due date and ending on the date of
its actual receipt in full by the Lender at the default rate of interest as described under <u>Paragraph 9 of the First Schedule of this Agreement</u> on any overdue sums, including outstanding principal amount of the Loan and the interest
accrued thereon (the **"Default Rate"**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Lender's calculation of the amount of interest (including
the interest computed at the Default Rate of interest) from time to time due and payable by the Borrower hereunder shall be conclusive
and binding on the Borrower.

5. Representation and Warranties

The Borrower represents and warrants that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) He is not in breach of or in default under any other loan
agreements to which he is a party or which is binding on him or any of his assets to an extent or in a manner which might have an adverse
effect on his financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) He has full power to enter into and perform its obligations
under this Agreement and the related security documents (if any) and to incur the liabilities and indebtedness hereby contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution by the Borrower of this Agreement and the related
security documents (if any) does not and will not constitute any Event of Default (as hereinafter defined) or breach of any existing
law or regulation or the terms of any charges, contract, undertaking or restrictions binding on him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No event has occurred which constitutes (or with the giving
of notice and/or lapse of time) any one of the Events of Default (as hereinafter defined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No litigation, arbitration or proceeding is taking place,
pending, or to his knowledge, threatened against him or any of his assets which may have an adverse effect on his financial condition;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All of the written information supplied by him to the Lender
in connection herewith is true, complete and accurate in all aspects and he is not aware of any fact or circumstance that has not been
disclosed to the Lender and which might, if disclosed, adversely affect the decision of a person considering whether or not to provide
the Loan to the Borrower.

6. Events of Default

The Borrower agrees and acknowledges that the Lender shall have a right to demand immediate repayment by the Borrower of the Loan together with all accrued interest upon the occurrence of any of the following events (the **"Events of Default"**):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The non-payment when due of the Loan, interest, fees or any
other amounts due and payable hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any petition for winding up/bankruptcy is presented against
the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any of the representations, warranties and undertakings
given by the Borrower in this Agreement or in the relative security document (if any) is found to have been incorrect in any respect;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any other situation which in the opinion of the Lender may
affect the ability of the Borrower to perform its obligations hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any default, breach, non-compliance or non-observance of
any of the provisions of this Agreement, and/or the related security documents (if any); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any of the provisions of this Agreement or the related security
documents (if any) having been rendered unlawful, unenforceable or jeopardized in its force, effect or validity in any way; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any party to the relative security documents (if any) fails
duly to perform or comply in any respect which is, in the opinion of the Lender, material, with any other obligations expressed to be
assumed by him in the relative security documents and such failure is not remedied after the Lender has given notice thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Borrower is unable to pay his debts as they fall due,
commences negotiations with any one or more of his creditors with a view to a general assignment for the benefit of or enters into a
composition with his creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The taking of any steps by or commencement of legal proceedings
against the Borrower under any bankruptcy legislation or for the appointment of a receiver, trustee or similar officer in respect of
the Borrower's revenues and assets or the Borrower taking any corporate action in relation to any of the above and it is hereby expressly
declared that the above constitutes a non-exhaustive list and that this clause shall extend to any proceedings or actions in any jurisdiction
which may be included in the above list as being ejusdem generis with the proceedings specifically referred to herein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any party to the related security documents (if any) repudiates
the same or does or case to be done any act or thing evidencing an intention to repudiate the same.

7. Waiver

No time allowed or indulgence granted by any party to the other in respect of the performance of any of the terms of this Agreement shall constitute a waiver of the same unless such obligation is expressly waived in writing by the party entitled to enforce it and no waiver of any obligation of any party under this Agreement shall prevent the subsequent enforcement of the relative provision in respect of any subsequent event or the enforcement of any of the other terms of this Agreement.

8. Severance

If a provision of this Agreement is prohibited by or rendered unlawful or unenforceable under any applicable law applied by any court of competent jurisdiction, such provision shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the parties hereto the full extent permitted by such law to the end that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms.

9. Amendment

This Agreement shall not be amended, supplemented or modified expect by written instrument signed by the parties hereto or their respective duly empowered representatives.

10. Whole Agreement

The Schedule shall form part of this Agreement.

11. Execution in Counterparts

This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but all counterparts together shall constitute a single agreement.

12. Assignment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall not be entitled to assign or transfer
all or any of its rights, benefits, obligations and liabilities thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lender may at any time assign or transfer all or any
of its rights, benefits and obligations hereunder and the Borrower agrees to execute such documents and do all such acts and things as
the Lender may require to give full effect to such assignment or transfers.

13. Interpretation

In this Agreement, the singular includes the plural and vice versa and words importing one gender includes all genders.

14. Third Party Rights

A person who is not a party to the Agreement shall have no rights under the Contracts (Rights of Third Parties) Ordinance, Cap.623 of the Laws of Hong Kong to enforce or enjoy the benefit of any terms of the Agreement. The consent of any person who is not a party to the Agreement is not required to rescind or vary the Agreement.

15. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of Hong Kong and the parties hereto hereby irrevocably submit to the exclusive jurisdiction of the Courts of Hong Kong.

<u>**THE FIRST SCHEDULE**</u>

l. Name and address of Lender:-

**Chance Achieve Limited,** whose office is at Rm 314, 3/F Lippo Sun Plaza, 28 Canton Road, Tsim Sha Tsui, Hong Kong

2. Name and personal information of Borrower:-

**Smart (Technology) Global Limited,** whose office is at No. 51-53, Fuk Hi Street, Yeung Long, Hong Kong

3. Name and address of the surety, if any:-

**Leung Po Yu,** holder of HKID card number , whose address is at ; and

**Leung Nicholas,** holder of HKID card number , whose address is at

4. The amount of the principal of the Loan in words and figures:-

Hong Kong Dollars Forty Three Million Dollars Only (HK$43,000,000)

5. The date of the making of this Agreement:-

18 May 2022

6. The date of making of the Loan:-

The actual date when the Lender remit or issue a cheque in a total amount of HK$43,000,000 to the Borrower which bank information details as below:

7. The due date of the Loan:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Two years after the actual date when the Lender remit a total
amount of HK$43,000,000 to the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 30 days after an early repayment notice from the Lender to
the Borrower.

8. The terms of repayment of the Loan and Interest:-

The principal sum of HK$43,000,000 shall be payable in full on or before the due date, and interest on the Loan shall be payable in the following manner:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower shall repay the
interest every one year ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Borrower receive an early repayment notice from the
Lender one month after the actual date of the Loan, the Borrower shall fully repays the Loan at a rate of 6% per annum, and that the
said interest shall be payable by the Borrower to the Lender within 30 days after the notice date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Borrower wish to fully repays the Loan before the
due date, early repayment is only acceptable with 30 days' written notice in advance given by the Borrower to the Lender.

9. Default Rate of Interest:-

If the Borrower shall fail to repay the Loan (together with interest) or any part of it on or before the due date, the Borrower shall be liable to pay an interest at the rate of 6% per annum together with an additional interest of l% per month on any overdue sums, including outstanding principal amount of the Loan and the interest accrued thereon from the date that such sums are due until the actual date of receipt of the sums in full by the Lender.

10. The form of security for the Loan, if any:-

Personal guarantee provided by **Leung Po Yu,** holder of HKID card number Y462321(3), whose address is at Flat B, 6/F, Tempo Court, 4 Braemar Hill Road, North Point, Hong Kong, and **Leung Nicholas,** holder of HKID card number P485930(1), whose address is at Flat B, 6/F, Tempo Court, 4 Braemar Hill Road, North Point, Hong Kong jointly.

**The terms of repayment of the interest and rate of interest charged on the Loan:-**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 6% per annum and payable
on the due date as set out n <u>Paragraph 8</u> of this First Schedule; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Borrower shall
 fail to repay the Loan (together with interest) or any part of it in full on or before the
 due date, the Borrower shall also be liable for the default interest on the Loan as set out
 in <u>Paragraph 9</u> of this First Schedule.

AS WITNESS the hands of the parties hereto the day and year first above written.

![](ex10-4_001.jpg)

![](ex10-4_002.jpg)

## Exhibit 10.5

**Exhibit 10.5**

<u>Date</u><u>： 3 March 2023</u>

**Chance Achieve Limited**

**("Lender")**

And

**SMART (TECHNOLOGY) GLOBAL LIMITED**

**("Borrower")**

**Loan Agreement for HK$20,000,000**

This loan agreement is made and entered into on March 3, 2023, by and between the following parties:

(I) Lender Chance Achieve Limited

(Money Lender's License No.:)

(hereinafter referred to as the "Lender")

Registered Address Room 314, 3/F, Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Hong Kong

(II) Borrower SMART (TECHNOLOGY) GLOBAL LIMITED

(Company Registration No.: 3060475)

(hereinafter referred to as the "Borrower")

Recitals:

(1) The Lender is a licensed money lender under the Money Lenders Ordinance (Chapter 163 of the Laws of Hong
Kong) (the "Ordinance").

(2) At the request of the Borrower, the Lender agrees to provide the Borrower with a loan in the amount and
on the terms and conditions set out in item 1 of Schedule 1.

After negotiations between the parties to this Agreement, the parties hereby enter into this agreement and agree to be bound by its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(I)**  **<u>DEFINITIONS AND INTERPRETATION</u>** 

1. In this Agreement (including the recitals above), unless the context otherwise requires, the following
terms shall have the meanings ascribed to them below:

---

| | |
|:---|:---|
| "Loan Facility" | the facility which the Lender agrees to provide to the Borrower for the amount set out in item 1 of Schedule 2 and in accordance with the terms and conditions of this Agreement; |
| "Relevant Loans" | the loans made under the Loan Facility; |
| "Debt" | the principal amount of all Relevant Loans together with all relevant interest, related fees and expenses incurred or accrued by the Lender in connection with the Relevant Loans, all fees, expenses and related taxes and fees involved in the execution of this Agreement and the realization of the rights and interests under the Security Documents (if any) (including but not limited to the litigation costs, execution costs, legal fees, etc. for the execution of this Agreement and the realization of the rights and interests under the Security Documents (if any)) and all other fees, expenses, taxes and amounts that the Borrower must bear or compensate the Lender for as required by this Agreement; |
| Loan Drawdown Date | the date on which the Relevant Loan is drawn down, i.e. 3 March 2023; |

---

---

| | |
|:---|:---|
| "Final Maturity Date" | September 18, 2024 |
| "Available Period" | the period specified in item 2 of Schedule 2; |
| "Early Repayment" | the Debt or part of the Debt repaid by the Borrower to the Lender before the deadline specified in Clause VII; |
| "Security Documents" | the personal guarantee given under Clauses 8(i) and 8(ii) of the Schedule 1; |
| "Event of Default" | any of the events set out in Clause XI(1); |
| "Potential Event of Default" | any circumstance or event which may, by the giving of a Notice, a determination by the Lender as to severity or otherwise or the passage of time, constitute an Event of Default; |
| "Business Day" | days when licensed banks in Hong Kong are open for business (excluding Saturday and Sunday); |
| "Withdrawal Period" | within fourteen days from the date of signing this Agreement; |
| "Withdrawal Notice" | the withdrawal Notice set out in Schedule 1 that the Borrower is required to issue in order to draw down the Relevant Loan; |
| "Loan Currency" | the currency in which the Relevant Loan is withdrawn; |
| "Interest Payment Date" | the interest pay day, which is calculated semi-annually from the Loan Drawdown Date. The final interest payment date is the date when the Relevant Loan or the remaining portion is paid; |
| "China" | the People's Republic of China (for the purpose of this agreement, excluding Hong Kong, Macau and Taiwan); |
| "Hong Kong" | the Hong Kong Special Administrative Region |
| "HK$" or "HKD" | the legal currency in the Hong Kong |

---

2. The table of content and titles of this Agreement are for ease of indexing and reference only and do not
affect the interpretation of this Agreement.

3. Unless otherwise specified, all clauses, schedules and annexes referred to in this Agreement are the clauses,
schedules and annexes of this Agreement. All schedules and annexes to this Agreement are integral parts of this Agreement.

4. Unless the context does not permit otherwise, in this Agreement (a) words importing the singular shall
include the plural and vice versa; (b) words importing persons shall include companies, corporations, partnerships and societies; and
(c) words importing one gender shall include the other gender.

5. Unless the context does not permit otherwise, references to Lender and Borrower in this Agreement include
their respective successors and permitted assigns under this Agreement.

6. Any Potential Event of Default or Event of Default that has not been remedied or waived is deemed to remain
"continuing".

**(II)**  **<u>LOAN</u>** 

The Borrower and the Lender agree that the Lender will provide the Borrower with a loan in accordance with the terms and conditions of this Agreement, and the Borrower hereby confirms that it has received the Relevant Loan.

**(III)**  **<u>LOAN AMOUNT, PURPOSE AND TERM</u>** 

1. The amount and nature of the loan facility referred to in Clause II of this Agreement are set out in Item
1 of Schedule 2.

2. The Available Period of each Relevant Loan shall be the Available Period set out in item 2 of Schedule
2, and all principal and interest must be fully repaid on the Final Maturity Date; however, during the Available Period, the borrower
must repay the Debt on time in accordance with the provisions of this Agreement.

**(IV)**  **<u>LOAN DRAWDOWN</u>** 

1. The drawdown of the Relevant Loan must be within the Available Period and must be a Business Day.

2. Upon drawdown of the Relevant Loan, the Borrower must comply with the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the time of the drawdown of the Relevant Loan, no Event of Default has occurred and no circumstances
or events have arisen or occurred which the Lender considers will or may constitute or give rise to an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Security Documents have been executed at the time the Relevant Loan is drawndown;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the representations and warranties set out in Clause IX of this Agreement remain true and not misleading
on the date of the drawdown of the Relevant Loan based on the facts and circumstances then prevailing.

3. The loan facility must be withdrawn in full at one time to the following receiving account:

Payee:   <u>SMART (TECHNOLOGY) GLOBAL LIMITED</u> <br> <u>Beneficiary bank:</u>   <u>Bank of China - 012</u> <br> <u>Account Number:</u>  

**(V)**  **<u>LOAN REPAYMENT</u>** 

1. Unless the Borrower makes an Early Repayment in accordance with Clause VII of this Agreement, all principal
amount of the Relevant Loans shall be repaid in one lump sum on the Final Maturity Date.

2. If, pursuant to other provisions of this Agreement, the due date for repayment of the principal, interest
(including overdue interest) and/or fees payable by the Borrower is not on a Business Day, the principal, interest (including overdue
interest) and/or fees payable by the Borrower shall become due on the preceding Business Day.

3. All sums repaid by the Borrower in reduction of its indebtedness under this Agreement shall be applied
first or towards the payments of any interest or expenses in relation to the Relevant Loans then accrued and not paid and then in or towards
repayment of the Principal of the Relevant Loans.

4. The principal and interest payable by the Borrower to the Lender shall be in the same currency as the
Loan Currency under this Agreement. If, for any reason, the Lender receives funds (including but not limited to repayments, interest,
expenses etc.) under this Agreement is in a currency other than the Loan Currency, the Lender shall have the right to convert such funds
into the Loan Currency at the then prevailing exchange rate. The Borrower shall bear, pay and compensate the Lender for any resulting
shortfall and any expenses and losses incurred by the Lender.

5. The Borrower shall not make any deduction, counterclaim, or withholding for any amount payable by it under
this Agreement. However, if any deduction, counterclaim, or withholding is unavoidable under applicable law, whether now or in the future,
the Borrower shall promptly compensate the Lender for such amount so that the amount received by the Lender will be the same as if there
had been no deduction, counterclaim, or withholding.

**(VI)**  **<u>INTEREST AND PAYMENTS</u>** 

1. The interest rate for the loan under this Agreement shall be the rate set out in item 3 of Schedule 2.

2. Interest on the Relevant Loans will accrue daily from the date on which the Relevant loan is drawn down,
calculated on a three hundred and sixty (360) day basis. Interest on the Relevant Loans will be paid on the Interest Payment Date.

**(VII)**  **<u>EARLY REPAYMENT</u>** 

If the Borrower wishes to make an early repayment on any of the Relevant Loans, the Borrower must issue an early repayment notice to the Lender specifying the amount and date of the repayment. Such notice must be received by the Lender no later than three (3) Business Days prior to the proposed early repayment date. The repayment notice is irrevocable upon issue.

**(VIII)**  **<u>LIABILITY FOR BREACH OF CONTRACT</u>** 

If any one or more Events of Default occur, the Lender shall be entitled to exercise one or more of the following rights and powers, as well as other rights and powers under this Agreement and the law:

1. declare that the entire Debt be immediately due and require immediate payment in full by the Lender (regardless
of whether the Debt or any portion thereof is then due under any other provisions of this Agreement); and

2. enforce other measures necessary to preserve or protect any of the Lender's rights under this Agreement,
including but not limited to applying to a court of competent jurisdiction to transfer funds from the Borrower's deposit accounts at other
financial institutions to satisfy the Debt or any portion thereof.

**(IX)**  **<u>REPRESENTATIONS AND WARRANTIES</u>** 

1. The Borrower irrevocably represents and warrants to the Lender
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower is a limited liability company duly incorporated and validly existing under the laws of Hong
Kong, with legal capacity capable of suing and defending lawsuits on its own, and entitled to lawfully own its assets and carry on its
present or proposed business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower has the full right and authority to enter into and perform this Agreement and the documents
required to be executed hereunder and has taken all necessary corporate actions to authorize and approve the execution and performance
of this Agreement and the documents required to be executed hereunder. The directors of the Borrower genuinely believe that the Borrower's
entry into this Agreement and the documents required to be executed hereunder are commercially beneficial to the Borrower, and such belief
is based on sufficient and reasonable grounds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement, the execution and performance of any documents required to be executed pursuant to this
Agreement, will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conflict with or violate any law, order, agreement, charter, or judgment, injunction, order, decision,
or ruling issued by any court, administrative, or governmental agency binding on the relevant parties (other than the Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exceed the borrowing, pledging, guaranteeing, or security rights of the relevant parties (other than the
Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement and the documents to be executed pursuant to it, when executed, shall constitute legal,
valid and binding obligations of the respective parties thereto, enforceable in accordance with their terms and enforceable at any time
in or against the respective parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All approvals (whether official or not) and permits which may be obtained, fulfilled or completed for
the execution and performance of this Agreement and the documents to be executed pursuant thereto and to render them valid, enforceable
and admissible in evidence in the courts of Hong Kong and/or any place where the respective parties have assets have been obtained, fulfilled
or completed and remain in full force and effect and have not been revoked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The execution and performance of this Agreement and any document required to be executed pursuant to this
Agreement by any Party does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) violate or infringe any law, statute or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) violate or infringe any contract or agreement entered into by any Party or any document binding upon it
or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exceed the borrowing or security powers of the relevant party (whether or not such powers are limited
or restricted by contract or other documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cause or compel the creation of any security or other interest on any of its assets (except as provided
in this Agreement and the documents required to be executed pursuant to this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Borrower shall be subject to the laws of Hong Kong and shall not be entitled to any right of set-off,
immunity from any legal action or proceeding (including but not limited to litigation, attachment before judgment, execution of judgment
or other legal action) or privilege under any of the foregoing. The Borrower's execution and performance of this Agreement and the documents
required to be executed pursuant to this Agreement constitute the Borrower's commercial activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No Event of Default or Potential Event of Default has occurred, and no Event of Default or Potential Event
of Default will occur as a result of the execution and performance of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower has not defaulted or breached any loan agreement relating to the Debt, or any other agreement
to an extent or in a manner that has or is likely to have a material adverse effect on the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No litigation, arbitration or administrative proceedings have been commenced in any court, tribunal, arbitration
tribunal or government agency against the Borrower or any person who may provide or intend to provide any form of security for the Debt
(whether or not secured by mortgage, charge or pledge of assets) as a party or against their respective assets; nor are there any material
facts or circumstances that might give rise to the threat of the commencement of such litigation, arbitration or administrative proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No court order, application, legal proceeding, or resolution has been issued, filed, commenced, or passed
for the bankruptcy, liquidation, or dissolution of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Borrower has not violated any law or order applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Borrower has not violated any statutory requirement, has not defaulted in the payment of any principal
and interest due on any other loans, and no event has occurred or arises that would constitute a default under any contract, trust deed,
agreement, or other document executed by the Borrower; and, if any such event occurs, the beneficiaries of the relevant contract have
fully waived any claim against it, and the event has been fully remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) As of the date of this Agreement, the Borrower has no indebtedness owed to any creditor other than the
Lender for any amount due but unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Borrower has fully and accurately disclosed to the Lender all of its debts (whether contingent or
not) and any forms of security provided that are still valid at the time of the execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) All information provided by the Borrower to the Lender regarding the Borrower is true, reliable, accurate
and not misleading; all opinions, forecasts and assumptions in the information are arrived at after full and careful consideration and
enquires and truly reflect the views of the Borrower. Furthermore, if the Borrower becomes aware of any material facts or circumstances
that may render any of the above information, opinions, forecasts, or assumptions untrue, inaccurate, or misleading, the Borrower will
fully and truthfully disclosed such facts to the Lender, and there are no material facts or circumstances known to the Borrower but not
disclosed to the Lender that, if disclosed, would likely adversely affect the Lender's decision as to whether to provide the Loan Facility
under the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) All financial statements of the Borrower provided by the Borrower to the Lender are prepared in accordance
with the Hong Kong laws or international accounting standards applicable at the time of preparation of these financial statements, and
the financial statements fairly reflect the business operations and financial position of the Borrower; all such financial statements,
books and recordss of the Borrower are true, complete and accurate and do not contain any concealment or misleading elements.

2. The Borrower represents, warrants and undertakes to the Lender that each of the representations and warranties
set forth in Clause IX(1) of this Agreement is correct in the light of the facts and circumstances then existing and is not misleading
at all times until the Debt is fully repaid.

3. The Borrower acknowledges that the Lender agrees to provide the Loan Facility in accordance with the terms
of this Agreement based on its representations and warranties under this Agreement.

**(X)**  **<u>COMMITMENT</u>** 

The Borrower irrevocably and unconditionally undertakes to the Lender that:

1. The Borrower will repay the principal and interest and other amounts payable by the Borrower under this
Agreement in full and on time in accordance with the provisions of this Agreement;

2. Until the Debt is fully repaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower will promptly notify the Lender in writing of any adverse changes in the Borrower's financial
position, assets, business, or other aspects, or any circumstances or events that adversely affect any one or more of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower will promptly notify the Lender in writing of any litigation, arbitration, hearing, seizure,
mortgage, or enforcement action that will adversely affect the Borrower or to which the Borrower or any of its shareholders are parties,
or which involves the Borrower's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower will promptly notify the Lender in person of any Event of Default that has occurred or is
about to occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower will promptly notify the Lender in writing of any event or circumstance that may occur or
has occurred that affects the Borrower's ability to repay the Debt as agreed;

3. The Borrower will take all measures and sign all relevant documents as required by the Lender to ensure
the Lender's rights and interests under this Agreement and other relevant documents; and

4. Until the Debt is fully repaid, the Borrower will promptly provide the relevant information and documents
in respect of its financial position, assets, operations and other matters upon the request of the Lender.

**(XI)**  **<u>EVENT OF DEFAULT</u>** 

1. The following shall constitute an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower fails to pay the Debt or any part thereof when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower becomes unable to meet its obligations to pay the Debt or any other debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any misrepresentation or warranty made by the Borrower under Clause IX of this Agreement or in any document
executed by the Borrower or any other person under this Agreement has become untrue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower applies for or passes a resolution, or is subject to an application or order by a court or
government agency for the winding up, bankruptcy, appointment of a liquidator, receiver, trustee, etc. to deal with all or substantially
all of its property, or is subject to a court order for the custody of its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower is subject to a judgment, ruling or penalty of a judicial or administrative authority that
has an adverse effect on its real estate, property or assets (including receivables), or is threatened with such sanctions, and such threats
cannot be satisfactorily resolved within fourteen (14) days after the occurrence of the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All or any important and essential part of the Borrower's property is or may be subject to confiscation,
requisition, compulsory acquisition (whether or not acquired for a price), or damaged, so that the Lender believes that the Borrower's
ability to perform its obligations under this Agreement has been affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The obligations under this Agreement or the documents required to be executed under this Agreement become
illegal or impossible to continue to perform under applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any consent, permit, approval, or authorization from any governmental authority required to enforce or
give effect to this Agreement or any document entered into pursuant to this Agreement is withdrawn, withheld, materially modified, or
invalidated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any breach by any party to the Security Documents of any provision of the Security Documents, or any representation
or warranty made by any party is untrue, erroneous, or misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any breach or default resulting from any other act or omission by the Borrower or any other person in
breach of any provision of this Agreement or any document entered into pursuant to this Agreement, and such breach is not remedied within
three (3) days of its occurrence.

2. However, if any Event of Default or any event that may give rise to any of the above Events of Default
occurs, the Lender may, by written notice to the Borrower, declare that any outstanding Relevant Loans and the accrued interest (including
overdue interest) and other amounts payable under this Agreement shall be (and such amounts due shall become) immediately due and payable,
without the Lender having to make any further demands, notifications or other legal procedures of any kind to require the Borrower to
pay immediately.

**(XII)**  **<u>NOTICES</u>** 

1. Each notice, demand, or other communication given under this Agreement shall be in writing and delivered
to the relevant addressee at the address below (or if the addressee so notifies the sender in writing, from any other place), by hand,
postage prepaid, or by prepaid first-class airmail (if the address is overseas), or by fax to the following fax number (or such other
fax number as the addressee has notified the sender in writing in advance):

---

| | |
|:---|:---|
| The Lener as Recipient | : Chance Achieve Limited |
| Address | : Room 314, 3/F, Lippa Sun Plaza, 28 Canton Road, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tsimshatsui, Hong Kong |
| Recipient | : The board of directors |
| The Borrower as Recipient | : SMART (TECHNOLOGY) GLOBAL LIMITED |
| Address | : No.: 51-53, Fuk Hi Street, Yuen Long, Hong Kong |
| Recipient | : The board of directors/Leung Chi Kwong |

---

2. Any notice, demand or other communication sent by the Lender to the Borrower in relation to this Agreement
shall be deemed to have been served on the Borrower as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if delivered by hand or by courier, upon delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by post, upon proof that the Borrower's address is correctly stated and the appropriate
postage has been paid, three (3) days after posting (five (5) days after posting if sent by first-class airmail to an overseas address
or between Hong Kong and China); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if sent by fax, upon dispatch; in this regard, the dispatch record provided by the fax machine used to
send the document may be used as evidence.

3. If the Borrower changes its address or fax number, it shall immediately notify the Lender in writing.

**(XIII)**  **<u>ASSIGNMENT</u>** 

1. This Agreement shall be legally binding upon the Lender and the Borrower and their respective successors
and assigns (subject to the other provisions of this Clause).

2. The Borrower may not assign any of its rights or obligations under this Agreement without the Lender's
prior written consent.

3. The Lender may assign its claims, charges and other rights and interests under this Agreement to any person
without the Borrower's consent.

**(XIV)**  **<u>AUTHORIZATION</u>** 

The Borrower authorizes the Lender, in writing or otherwise, to provide, submit, or disclose any information known to the Lender regarding the Borrower to any credit bureau and any other individuals, corporations, banks, or financial institutions, as necessary, for the purpose of assessing or reviewing the Borrower's credit standing, collecting any outstanding amounts owed by the Borrower to the Lender under this Agreement, or enforcing this Agreement.

**(XV)**  **<u>RIGHTS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The rights provided for in this Agreement may be exercised concurrently, separately, or cumulatively.
The rights, benefits, and remedies provided for in this Agreement are not exclusive of any other rights, benefits, and remedies available
at law.

2. Any delay or failure by any party to this Agreement to exercise any right, power, or remedy under this
Agreement shall not constitute a waiver of such right, power, or remedy; and any waiver by any party to this Agreement of any right, power,
or remedy shall not constitute or imply a waiver of any other rights, power, or remedy.

**(XVI)**  **<u>ALTERATIONS</u>** 

Any amendment or modification to this Agreement must be in writing and signed by both parties to this Agreement to be effective.

**(XVII)**  **<u>INVALID</u>** 

If any provision of this Agreement is invalid, illegal, or unenforceable under the laws of any jurisdiction, the validity, legality, and enforceability of the remaining provisions of this Agreement under such laws shall not affect the validity, legality, and enforceability of such provision under the laws of any other jurisdiction.

**(XVIII)**  **<u>GOVERNING LAW AND DISPUTE RESOLUTION</u>** 

The laws and regulations of Hong Kong shall apply to the constitution, interpretation, and dispute resolution of this Agreement. The rights and interests of the parties to this Agreement shall be protected by the laws of Hong Kong. The parties to this Agreement agree to submit to the non-exclusive jurisdiction of the Hong Kong courts.

**(XIX)**  **<u>BORROWER'S ACKNOWLEDGEMENT</u>** 

The Borrower irrevocably acknowledges and declares to the Lender that:

1. The Lender and/or the Lender's attorneys have clearly and expressly advised the Borrower should seek independent
legal advice regarding the entering into and the terms of this Agreement. The Lender's attorneys solely represent the Lender solely and
solely for the Lender's interests;

2. The Lender has ample time to consider the execution of this Agreement and has entered into this Agreement
after careful consideration, being aware of the onerous and significant obligations imposed upon it by this Agreement.

3. The Borrower enters into this Agreement entirely of its own accord and without undue influence or coercion
from any other party.

4. The Borrower has carefully read this Agreement (including its schedules and appendix), understands its
contents, and agrees to its terms.

5. The terms and contents of this Agreement and any documents signed by the Borrower regarding the Loan Facility
are the Borrower's true intentions and the Borrower agrees to be bound by them.

**SCHEDULE 1**

**1.** **Name and address of the Lender:** 

Chance Achieve Limited (Money lender licence number). Its registered address is Room 314, 3/F, Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Hong Kong.

**2.** **Name and address of the Borrower:** 

SMART (TECHNOLOGY) GLOBAL LIMITED, company number 3060475. its registered address is No. 51-53 Fuk Hi Street, Yuen Long, Hong Kong.

**3.** **Name and address of the guarantor:** 

Personal guarant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. LEUNG Chi Kwong Joe, Hong Kong Identity Card Number . Address: .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. LEUNG Po Yu (梁宝如),
Hong Kong Identity Card Number . Address: .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. LEUNG Nichols (梁力豪),
Hong Kong Identity Card Number . Address: .

**4.** **Loan principal amount in words and numbers:** 

Hong Kong Dollars Twenty Million Only (HKD 20,000,000)

**5.** **Date of Agreement:** 

March 3, 2023

**6.** **Date of Loan Execution:** 

March 3, 2023

**7.** **Repayment Terms:** 

Except for Early Repayment by the Borrower in accordance with Clause VII of this Agreement, all principal and outstanding interest in respect of the Relevant Loans shall be repayable on the Final Maturity Date.

**8.** **Form of security for the loan (if any):** 

Personal guarantee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. LEUNG Chi Kwong Joe, Hong Kong Identity Card No. , Address: .

**SCHEDULE 1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. LEUNG Po Yu (梁宝如),
Hong Kong Identity Card No. , Address: .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. LEUNG Nichols (梁力豪),
Hong Kong Identity Card No. , Address: .

**9.** **The loan interest rate charged, expressed as an percentage rate per annum, is as follows:** 

The interest rate under this loan agreement is 6% per annum. If the Borrower fails to repay the principal and interest accrued on time, the Borrower shall pay an additional penalty of 0.3% per month based on the overdue principal amount.

The parties hereto declare that this Agreement was negotiated and concluded at Room 314, 3/F, Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Hong Kong.

**SCHEDULE 2**

1. Loan Amount and Nature Term loan facility of HK$20,000,000

2. Available Period From the Loan Drawdown Date to the Final Maturity Date of the Relevant Loan

3. Loan Interest The interest rate is 6% per annum, and the interest is calculated based on a 360-day year.

4. Default Interest An additional 0.3% monthly penalty based on the overdue principal amount.

**APPENDIX 1**

<u>WITHDRAWL NOTICE</u>

---

| | |
|:---|:---|
| To: | **Chance Achieve Limited** |

---

<u>Re: The loan agreement signed on March 3, 2023 in relation to the loan in the amount of HK$20,000,000</u>

Pursuant to the above-mentioned loan agreement (the "Loan Agreement"), the Company now:

1. Issue an irrevocable withdrawal notice to your company, demanding the drawdown of a loan of HK$10,000,000
(the "Loan") under the above loan limit on 3 March, 2023 (the "Loan Drawdown Date").

2. Represents and warrants that all representations and warranties in Clause IX(1) of the Loan Agreement
remain true and are not misleading on all respect with respect to the prevailing circumstances and at the time of the drawdown of the
Loan.

3. Represents and warrants that the Company's commitments under Clause X of the Loan Agreement have been
fully and duly complied with and performed.

4. Confirms that the Company will comply with and perform all warranties, obligations and undertakings under
the Loan Agreement.

5. Represents and warrants that no event of default or potential event of default as defined in the Loan
Agreement has occurred, and no circumstances or events that may give rise to any such event of default or potential event of default have
occurred or exist.

Date: 3 March 2023

---

| |
|:---|
| /s/ Smart (Technology) Global Limited |
| SMART (TECHNOLOGY) GLOBAL LIMITED |
| **The Borrower** |

---

The parties hereto have carefully read this Agreement (together with its schedules and appendix) and agree to be bound by all the terms and conditions of this Agreement. In witness thereof, the following signatures are hereby given:

---

| |
|:---|
| **<u>The Lender</u>** |
| Signed by |
| For and on behalf of |
| Chance Achieve Limited |
| Witnessed by: |
| The Borrower |
| Signed by |
| For and on behalf of |
| SMART (TECHNOLOGY) GLOBAL |
| LIMITED |
| Witnessed by: |

---

## Exhibit 10.6

**Exhibit 10.6**

**Short-Term Loan Agreement**

Party A**:**

Company Name: **Star Equity Enterprises Limited** ("Lender")<br> Address: OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands

Party B:

Company Name: **Smart (Technology) Global Limited** ("Borrower")<br> Address: Nos. 51-53, Fuk Hi Street, Yuen Long, New Territories, Hong Kong

**Article 1 Loan Amount**

Party A agrees to provide a loan of HKD 22,500,000 to Party B.

**Article 2 Available Period**

The loan will be available from December 19, 2024 to December 18, 2025.

**Article 3 Interest Rate**

The interest rate of the loan is 5.375% per annum, and interest shall be accrued based on the actual number of days elapsed.

**Article 4 Repayment Method**

Party B shall repay the principal and interest in full on the loan's maturity date.

**Article 6 Dispute Resolution**

In the event of a dispute, both parties shall resolve it through negotiation, and failure of which, the matter shall be submitted to the Hong Kong courts for litigation.

**Article 7: Miscellaneous**

This agreement is made in two copies, with each party holding one copy, and both copies have equal legal effect.

Party A**:**

For and on behalf of <br> **StarEquity Enterprises Limited**

/s/ Start Equity Enterprises Limited

Date: Dec 19, 2024

Party B:

For and on behalf of <br> **Smart (Technology) Global Limited**

/s/ Smart (Technology) Global Limited

Date: Dec 19, 2024

## Exhibit 10.7

**Exhibit 10.7**

**Supplementary Agreement**

Party A:

Company Name: **StarEquity Enterprises Limited** ("Lender")

Address: OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands

Party B:

Company Name: **Smart (Technology) Global Limited** ("Borrower")

Address: Nos. 51-53, Fuk Hi Street, Yuen Long, New Territories, Hong Kong

1. Pursuant to the short-term loan agreement ("Original Agreement") signed by Parties A & B
on December 19, 2024, both parties unanimously agree to extend the term of the loan under the Original Agreement from the initial December
18, 2025 to December 18, 2026.

2. Except for the above extension of term of
the loan, all other terms of the Original Agreement remain unchanged.

3. This agreement serves as a supplement to
the Original Agreement and has the same legal effect as the Original Agreement.

4. This agreement is made in duplicate, with
each party holding one copy, and is effective upon signing by both parties.

Party A:

For and on behalf of

**Star Equity Enterprises Limited**

/s/ Star Equity Enterprises Limited

Date: Dec 23, 2024

Party B:

For and on behalf of

**Smart (Technology) Global Limited**

/s/ Smart (Technology) Global Limited

Date: Dec 23, 2024

## Exhibit 10.8

**Exhibit 10.8**

**THIS DEED** is made on the 27th day of December, 2024

**BETWEEN:-**

1. CHANCE ACHIEVE LIMITED, a company incorporated in Hong Kong
whose registered office is situated at Room 314, 3/F, Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Hong Kong (the **"Assignor"**);

2. STAR EQUITY ENTERPRISES LIMITED, a company incorporated in the
British Virgin Islands and whose registered office is situated at OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands
(the **"Assignee"**); and

3. SMART (TECHNOLOGY) GLOBAL LIMITED, a company incorporated in
Hong Kong whose registered office is at No.51-53 Fuk Hi Street, Yuen Long, Hong Kong (the **"Company"**).

**WHEREAS:-**

(A) Pursuant to two Loan Agreements dated 18 May 2022 and 3 March
2023 respectively entered into between the Assignor as lender and the Company as borrower (the **"Loan Agreements"**), the
Assignor granted to the Company interest-bearing loan facilities in the respective principal sum of HK43,000,000.00 and HK$20,000,000.00.

(B) As at the date hereof, the total indebtedness (including all
outstanding principal and interest) owing by the Company to the Assignor under the Loan Agreements is HK$63,955,262.69 (the **"Debt"**).

(B) The Assignor agrees to transfer and assign all its title, rights,
interests and benefits of and in the Debt and the Loan Agreements to the Assignee.

**NOW THIS DEED WITNESSETH** as follows:-

1. In consideration of the sum of HK$64,000,000.00 (receipt of
which is hereby acknowledged by the Assignor), the Assignor as beneficial owner hereby assigns to the Assignee the Debt due and owing
to it and the full right, interest and benefit thereof and therein and under the Loan Agreements (collectively the **"said interests"**).

2. The Assignor and the Company hereby jointly and severally represent
and warrant and confirm to the Assignee that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the information set out in the Recitals hereto is true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Debt is now due and owing in full to the Assignor from the Company and that
the Debt is valid and subsisting as at the date hereof and free from all claims, liens, charges, encumbrances, options, equities, third
party rights, adverse interest and equities whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Assignor has all the right, authority and power to assign its right and title
in and to the Debt in the manner set out in this Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) copy
of the Loan Agreements provided to the Assignee is true and accurate and not misleading and sets out all the terms and conditions
in respect of the Debt.

3. The Assignor hereby represents and warrants to the Assignee
that the Assignor has power to assign and transfer the Debt and the said interests to the Assignee in manner herein set out and there
are no matters affecting the rights and obligations of the Assignor in respect of the Debt or the said interests or a purchaser or assignee
for value thereof which has not been disclosed to the Assignee.

4. (a) The Company hereby acknowledges receipt of the notice
of assignment of the Debt and the said interests in this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby acknowledges the assignment of the Debt and the said interests
by this Deed and confirms that as from the date hereof, the Debt is owed to the Assignee and it will,henceforth make all payments of the
Debt and discharge all its obligations in respect thereof or under the Loan Agreements to the Assignee directly instead of the Assignor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company agrees and consents to the foregoing and further undertakes to the Assignor and the Assignee
that, upon receipt of any instructions or notices from the Assignee, it will henceforth make all payments of the Debt and discharge all
of its obligations in respect thereof and under the Loan Agreements to the Assignee directly or as it may direct instead of to the Assignor.

5. The Company further acknowledges and confirms that it has not,
as at the date hereof, received any notice that any mortgage, charge, pledge, lien (otherwise than arising by statute or operation of
law), hypothecation or other encumbrance, priority or security interest, deferred purchase, title retention, leasing, sale-and-purchase,
sale-and-leaseback arrangement whatsoever over or in any property, assets or rights of whatsoever nature or interest including any agreement
for any of the same has been created or are subsisting over the Debt or any part thereof or any party has or will have any right or interest
whatsoever in or over the Debt or any part thereof.

6. The Assignor hereby undertakes to execute and do all such documents
and acts and thing as may be necessary or desirable to perfect the Assignee's title to the Debt or the Assignee's rights to receive repayment
of the Debt and to carry into effect or to give legal effect to the provisions of this Deed and the transactions hereby contemplated.

7. This Deed shall be governed by and construed in accordance with
the laws of Hong Kong and the parties hereto irrevocably submit to the non-exclusive jurisdiction of the Courts of Hong Kong.

**IN WITNESS** whereof the parties hereto have executed this Deed the day and year first above written.

---

| | |
|:---|:---|
| ![](ex10-8_001.jpg) | ![](ex10-8_002.jpg) |
| ![](ex10-8_001.jpg) | ![](ex10-8_002.jpg) |
| ![](ex10-8_001.jpg) | ![](ex10-8_002.jpg) |
| ![](ex10-8_001.jpg) | ![](ex10-8_002.jpg) |
| ![](ex10-8_001.jpg) | ![](ex10-8_002.jpg) |
| ![](ex10-8_001.jpg) | ![](ex10-8_002.jpg) |
| ![](ex10-8_001.jpg) | ![](ex10-8_002.jpg) |

---

---

| | |
|:---|:---|
| ![](ex10-8_003.jpg) | ![](ex10-8_004.jpg) |
| ![](ex10-8_003.jpg) | ![](ex10-8_004.jpg) |
| ![](ex10-8_003.jpg) | ![](ex10-8_004.jpg) |
| ![](ex10-8_003.jpg) | ![](ex10-8_004.jpg) |
| ![](ex10-8_003.jpg) | ![](ex10-8_004.jpg) |
| ![](ex10-8_003.jpg) | ![](ex10-8_004.jpg) |
| ![](ex10-8_003.jpg) | ![](ex10-8_004.jpg) |

---

---

| |
|:---|
| ![](ex10-8_005.jpg) |
| ![](ex10-8_005.jpg) |
| ![](ex10-8_005.jpg) |
| ![](ex10-8_005.jpg) |
| ![](ex10-8_005.jpg) |
| ![](ex10-8_005.jpg) |

---

## Exhibit 10.9

**Exhibit 10.9**

**THIS AGREEMENT** is made on the 27 December 2024

**BETWEEN**

1. STAR EQUITY ENTERPRISES LIMITED,
a company incorporated in the British Virgin Islands and whose registered office is situated at OMC chambers, Wickhams Cay 1, Road Town,
Tortola, British Virgin Islands (the **"Lender");** 

2. SMART (TECHNOLOGY) GLOBAL LIMITED, a company incorporated in
Hong Kong whose registered office is situated at No.51-53 Fuk Hi Street, Yuen Long, Hong Kong (the **"Borrower")** 

**WHEREAS:-**

As at the date hereof, the Borrower owed to the Lender loans in the principal amount of HK$53,000,000, which is due and payable.

**IT IS HEREBY AGREED** as follows:-

1. EXTENSION OF REPAYMENT DATE

The repayment date of the principal of the loan is extended to 31 December 2026.

2. COUNTERPARTS

This Agreement may be executed in any number if counterparts and by different parties on separate counterparts which when taken together shall be deemed to constitute on agreement.

3. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of Hong Kong and the parties hereto irrevocably submit to the exclusive jurisdiction of the Courts of Hong Kong.

**AS WITNESS** whereof the parties or their duly authorised representatives have executed this Agreement on the date stated at the beginning of this Agreement.

---

| | |
|:---|:---|
| <u>**THE LENDER**</u>) | ![](ex10-9_001.jpg) |
| **SIGNED** by) | ![](ex10-9_001.jpg) |
| for and on behalf of) | ![](ex10-9_001.jpg) |
| **STAR ENTERPRISES LIMITED**) | ![](ex10-9_001.jpg) |
| in the presence of) | ![](ex10-9_001.jpg) |

---

---

| | |
|:---|:---|
| <u>**THE BORROWER**</u>) | ![](ex10-9_002.jpg) |
| **SIGNED** by) | ![](ex10-9_002.jpg) |
| for and on behalf of) | ![](ex10-9_002.jpg) |
| **SMART (TECHNOLOGY) GLOBAL LIMITED** | ![](ex10-9_002.jpg) |
| in the presence of) | ![](ex10-9_002.jpg) |

---

## Exhibit 10.10

**Exhibit 10.10**

**THIS AGREEMENT** is made on the 31 December 2024

**BETWEEN**

1. STAR EQUITY ENTERPRISES LIMITED, a company incorporated in the
British Virgin Islands and whose registered office is situated at OMC chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands
(the **"Lender"**);

2. SMART (TECHNOLOGY) GLOBAL LIMITED, a company incorporated in
Hong Kong whose registered office is situated at No.51-53 Fuk Hi Street, Yuen Long, Hong Kong (the **"Borrower"**)

**WHEREAS:-**

As at the date hereof, the Borrower owed to the Lender loans in the principal amount of HK$75,500,000 and interest payable of HK$11,l 70,044, which is due and payable.

**IT IS HEREBY AGREED** as follows:-

1. CAPITALISATION OF INTEREST PAYABLE

Interest payable of HK$11,170,044 in respect of the loans be capitalised and the Borrower no longer be obliged to pay the said interest payable.

2. COUNTERPARTS

This Agreement may be executed in any number if counterparts and by different parties on separate counterparts which when taken together shall be deemed to constitute on agreement.

3. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of Hong Kong and the parties hereto irrevocably submit to the exclusive jurisdiction of the Courts of Hong Kong.

**AS WITNESS** whereof the parties or their duly authorised representatives have executed this Agreement on the date stated at the beginning of this Agreement.

---

| | |
|:---|:---|
| <u>**THE LENDER**</u>) | ![](ex10-10_001.jpg) |
| **SIGNED** by) | ![](ex10-10_001.jpg) |
| for and on behalf of) | ![](ex10-10_001.jpg) |
| **STAR ENTERPRISES LIMITED**) | ![](ex10-10_001.jpg) |
| in the presence of) | ![](ex10-10_001.jpg) |

---

---

| | |
|:---|:---|
| **<u>THE BORROWER</u>**) | ![](ex10-10_002.jpg) |
| **SIGNED** by) | ![](ex10-10_002.jpg) |
| for and on behalf of) | ![](ex10-10_002.jpg) |
| **SMART (TECHNOLOGY) GLOBAL LIMITED** | ![](ex10-10_002.jpg) |
| in the presence of) | ![](ex10-10_002.jpg) |

---

## Exhibit 21.1

**Exhibit 21.1**

**LIST OF SUBSIDIARIES OF THE REGISTRANT**

---

| | |
|:---|:---|
| **Name** | **Jurisdiction of Incorporation** |
| SMP Holding Limited | British Virgin Islands |
| Smart Rebar Holding Limited | British Virgin Islands |
| Smart (Technology) Global Limited | Hong Kong |

---

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | Assentsure PAC<br> UEN – 201816648N<br> 180B Bencoolen Street #03-01<br> The Bencoolen Singapore 189648<br> http://www.assentsure.com.sg |

---

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTINGFIRM

We consent to the inclusion in this Registration Statement on Form F-1 of our report dated June 24, 2025, relating to the consolidated financial statements of Bend NovaTech Group Limited.

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

/s/ Assentsure PAC

Singapore

August 8, 2025

## Exhibit 99.1

**Exhibit 99.1**

**Bend NovaTech Group Limited**

**CODE OF BUSINESS**

**CONDUCT AND ETHICS**

1. Purpose of the Code of Business Conduct and Ethics (the "Code")

It is the Company's objective to establish, implement, maintain, monitor, and enforce an internal control system that provides reasonable assurance that the directors and employees of the Group comply with the applicable rules and regulations while enabling the Group to continue its investing activities and other operations as required to ensure the maximization of shareholders' benefits.

The Company is committed to open and honest communication. We believe the success of the Company is built upon each and every employee's personal accountability, professionalism and sound judgment.

It is of utmost importance that the Company is run and managed by people with high ethical values. To facilitate, the Company has established this Code of Conduct such that the employees of the Group, in particular the management, are bound to abide strictly.

2. Ethics Policy

Each director and employee are required to conform to the following guidelines:

● treating ethical behaviour and quality of service as the first priority; commercial considerations may not override the quality of the work performed;

● safeguarding and properly using and maintaining office and computer equipment and other shared assets. This includes using the Group's technological resources only for appropriate business purposes, taking into consideration ethics, client confidentiality, and privacy;

● following the Group's standard practices for work hours, attendance, administration, meeting deadlines, and quality control;

● avoiding conflicts of interest, political contributions and bribery;

● keeping the company and client data, business and client information, and personal information protected and fully confidential.

3. Avoiding Conflicts of Interest

Each director and employee are required to disclose in writing, and obtain prior authorisation, before engaging in any business, investment or activity that might pose or appear to pose a conflict between their individual interests and those of the Group. They should avoid participating in any external activities and transactions that could interfere with the performance of their duties and responsibilities, affect their independent and objective judgment, or discredit or divert business opportunities away from the Group without the prior consent of management.

The circumstances in which a conflict of interest might arise are too numerous to list. But certain activities clearly fall into this category, such as, concurrent employment with any organizations other than the Company; being director of any non-affiliated commercial, financial or industrial organization; and negotiation or transactions by one's self for business of any kind with the Company, etc.

All directors and employees are strictly prohibited from providing or making available confidential or insider information to anyone outside the Group without proper authorisation from the Chief Executive Officer and the Executive Director or their designate in order to prevents the improper usage of confidential or insider information. Directors and other specified individuals of the Company are further required to refrain from trading the Company's shares at certain times and under certain conditions, and abide by the Company's code, policy and procedures on securities transactions. General queries on these requirements may be directed to the Secretary to the Board.

4. Political Contributions and Bribery

It is the Company's general policy to remain politically neutral and avoid making political contributions (donations). However, the Company's policy in no way restricts an employee, as an individual, from making political contributions or participating in local or national politics.

The Group is committed to abiding by all laws and regulations or if necessary to exceeding them, to prevent bribery wherever doing business. The Group defines the term 'bribe' broadly to include any illicit advantage offered or accepted as an inducement to or reward for performing or abstaining from performing any company duties. Items considered bribes include cash, cash equivalents, loans, commissions, and benefits in kind, etc. Bribery does not include traditional gifts of nominal value given during festive seasons.

All staffs are forbidden to pay, offer, ask for, propose terms for or accept bribes directly or with the assistance of any organization or individual. All staff is also strictly prohibited from discussing terms with people who ask for or offer bribes.

Anyone who receives an offer of bribery must immediately report to their manager and the Chief Executive Officer.

5. Confidentiality

All staffs are required to safeguard at all times the confidentiality of business or other sensitive information and the integrity of business and operational records of the Group. In general, matters not publicised or released to the public domain by the Company may be sensitive and the staff should treat this information with reasonable care and security. The internet and email are provided to employees as tools to carry out their employment duties. All messages created, sent or retrieved using company internet and email facilities remain the property of the Group and cannot be considered private. As users, all staff has responsibility to ensure these facilities are used in an ethical and lawful manner in accordance with the relevant laws and Group policies and procedures in each respective jurisdiction. Failure to abide by such laws or policies and procedures can result in disciplinary action, including termination of employment.

6. Disciplinary Action

Any violation of the Code relating to harassment and discrimination must be reported to the corresponding manager. Following investigation, any confirmed violation of harassment must be reported to Chief Executive Officer.

Any other types of potential actual violations of the Code must be reported to the Chief Executive Officer. Alternatively, one may prefer to initially report to his/her manager who must in turn report to Chief Executive Officer.

As the Group takes this reporting seriously and wants to fully investigate both potential and actual violations, it is preferred that these reports not be made anonymously. All reports and inquiries will be handled confidentially to the extent possible under the circumstances to preserve anonymity. Notwithstanding this, it is recognized that for any number of reasons an employee may not feel comfortable reporting potential violations directly. In these cases, anonymous reports may be submitted to the Chief Executive Officer.

Anyone found violating the Code will be subject to disciplinary action which may include dismissal. Anyone initiating or threatening to initiate retaliation against a complainant or informant will be subject to disciplinary action which may include immediate dismissal.

## Exhibit 99.3

**Exhibit 99.3**

**Bend NovaTech Group Limited**

**AUDIT COMMITTEE CHARTER**

The Audit Committee (the "Committee") is appointed by the Board of Directors (the "Board") of Bend NovaTech Group Limited, an exempted company with limited liability incorporated in the Cayman Islands (the "Company") as a committee of the Board. The purpose of the Committee is to assist the Board in fulfilling its oversight responsibility relating to (i) the monitoring of the integrity of the Company's and its subsidiaries' financial statements and financial reporting process and the Company's and its subsidiaries' systems of internal accounting and financial controls, (ii) the monitoring of the effectiveness of and performance of the internal and external, control, risk management and audit services function, (iii) the monitoring of the annual independent audit of the Company's and subsidiaries' financial statements, the engagement of the independent auditors and the evaluation of the independent auditors' qualifications, independence and performance, (iv) the compliance by the Company with legal and regulatory requirements, including the Company's disclosure of controls and procedures, (v) the compliance with the Company's Code of Ethics and Business Conduct and conduct of the Company's officers and directors, (vi) the evaluation of enterprise risk issues, and (vii) the fulfillment of the other responsibilities set out herein.

I. Purpose and authority

The Committee shall oversee the accounting and financial reporting processes of the Company and the audits of the Company's financial statements. The Committee is responsible for:

● Overseeing the Company's accounting and financial reporting processes and financial statement audits

● Overseeing the Company's compliance with legal and regulatory requirements

● Overseeing the Company's independent auditor's qualifications and independence

● Overseeing the performance of the Company's independent auditor

● Overseeing the Company's systems of disclosure and controls procedures

● Overseeing the Company's internal controls over financial reporting

● Overseeing the Company's compliance with ethical standards adopted by the Company

The Committee should encourage continuous improvement and should foster adherence to the Company's policies, procedures and practices at all levels. The Committee has the authority to conduct investigations into any matters within its scope of responsibility and obtain advice and assistance from outside legal, accounting, or other advisers when necessary to perform its duties and responsibilities.

In carrying out its duties and responsibilities, the Committee has the authority to engage outside legal, accounting, or other advisers, and to seek any information it requires from employees, officers, and directors.

The Company will provide appropriate funding, as determined by the Committee, for the compensation to the independent auditor, to any advisers that the Committee chooses to engage, and for payment of ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

The Audit Committee serves a Board level oversight role where it oversees the relationship with the independent auditor, as set forth in this Charter, receives information and provides advice, counsel and general direction, as it deems appropriate, to management and the auditors, taking into account the information it receives, discussions with the auditor, and the experience of the Committee's members in business, financial and accounting matters. The fundamental responsibility for the Company's financial statements and disclosures rests with management and the independent auditor.

II. Composition and meetings

<u>Membership and Structure</u>. The Committee shall consist of at least three (3) independent non- executive director who has competence in accounting or auditing. The Committee members shall be elected by the Board, upon the recommendation of the Nominating and Corporate Governance Committee, on such terms as may be specified by the Board.

<u>Appointment</u>. Committee members will be appointed by the board at the annual board meeting to serve until their successors are elected. Unless a chair is elected by the full board, the members of the Committee may designate a chair by majority rule.

<u>Qualification</u>s. All Committee members shall meet all applicable independence requirements of The Nasdaq Stock Market LLC and any successor thereto ("Nasdaq") and of Rule 10A- 3(b)(1) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), subject to the exemptions provided in Rule 10A-3(c) under the Exchange Act, and other applicable rules and regulations of the SEC. Additionally, no member of the Committee shall have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the preceding three (3) years and all members of the Committee must be able to read and understand fundamental financial statements, including a balance sheet, income statement, and cash flow statement.

<u>Financial Expert</u>. As a matter of best practices, the Committee will endeavor to have at least one of its members with the requisite qualifications to be designated by the Board as an "audit committee financial expert," as such term is defined by Item 407(d)(5) of Regulation S-K as promulgated by the SEC ("Regulation S-K"). The Committee shall report to the Board for further action as appropriate, including, but not limited to, a determination by the Board that the Committee membership includes or does not include one or more "audit committee financial experts" and any related disclosure to be made concerning this matter. The designation of a member of the Committee as an "audit committee financial expert" will not increase the duties, obligations or liability of the designee as compared to the duties, obligations and liability imposed on the designee as a member of the Committee and of the Board. If the Committee does not have an "audit committee financial expert," then, in accordance with Nasdaq requirements, at least one member of the Committee must be financially sophisticated, in that he or she has past employment experience in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which results in the individual's financial sophistication, including but not limited to being or having been a chief executive officer, chief financial officer, other senior officer with financial oversight responsibilities.

<u>Chair</u>. Unless the Chair of the Committee (the "Chair") is elected by the full Board, the Committee members may designate a Chair consistent with any recommendation of the Nominating and Corporate Governance Committee.

<u>Resignation, Removal and Replacement</u>. Any director may resign from the Committee at any time upon notice of such resignation to the Company. An independent director who ceases to be independent under Nasdaq requirements shall promptly resign to the extent required for the Company to comply with applicable laws, rules and regulations. The Board shall have the power at any time to remove a member of the Committee with or without cause, to fill all vacancies, and to designate alternate members, upon the recommendation of the Committee, to replace any absent or disqualified members, so long as the Committee shall at all times have at least three (3) members and be composed solely of independent board members.

<u>Meetings</u>. The board will determine that a director's simultaneous service on multiple Committees will not impair the ability of such member to serve on the Committee. The Committee will meet at least quarterly or more frequently as circumstances dictate. The Committee chair will approve the agenda for the Committee's meetings and any member may suggest items for consideration. Briefing materials will be provided to the Committee as far in advance of meetings as practicable.

Each regularly scheduled meeting will conclude, at the discretion of the Committee chair, with an executive session of the Committee absent members of management. The Committee may also, at its discretion, meet with the independent auditors in executive session.

III. Responsibilities and duties

The function of the Committee is to oversee the Company's management and independent accountants in the production of the Company's financial statements, as well as all controls and procedures relating thereto. The Company's management is primarily responsible for the preparation and presentation of the Company's financial statements and for maintaining appropriate systems for accounting and financial reporting principles and policies and internal controls and procedures that provide for compliance with accounting standards and applicable laws and regulations. The Company's independent accountants are primarily responsible for planning and carrying out a proper audit of the Company's annual financial statements, reviewing the Company's unaudited interim financial statements and auditing management's assessment of effectiveness of internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (the "PCAOB") and other procedures. The independent accountants are accountable to the Board and the Committee, as representatives of the Company's shareholders. The Board and the Committee have the ultimate authority and responsibility to select, evaluate and, where appropriate, replace the Company's independent accountants. For purposes of this Charter, the term "management" means the appropriate officers of each of the Company and its subsidiaries and the phrase "internal accounting staff" means the appropriate officers and employees of each of the Company and its subsidiaries.

In fulfilling their responsibilities hereunder, it is recognized that members of the Committee are not full-time employees of the Company or members of management and are not, and do not represent themselves to be, accountants or auditors by profession. As such, it is not the duty or the responsibility of the Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures to determine if the financial statements are complete and accurate and whether they have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), or to set auditor independence standards.

Each member of the Committee shall be entitled to rely on (i) the integrity of those persons within and outside the Company and management from which it receives information, (ii) the accuracy of the financial and other information provided to the Committee absent actual knowledge to the contrary (which shall be promptly reported to the Board), and (iii) statements made by the officers and employees of the Company and its subsidiaries or other third parties as to any information technology, internal and external audit and other non-audit services provided by the independent accountants to the Company. In carrying out its responsibilities, the Committee's policies and procedures shall be adapted, as appropriate, to best react to changing markets and regulatory environments.

Nothing in this Charter shall be interpreted as diminishing or derogating the duties, responsibilities or obligations of the Board. Subject to the requirements of the Company's memorandum and articles of association as amended from time to time, the Committee shall:

Retention of Independent Accountants and Approval of Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Select or retain each year a firm or firms of independent accountants to audit the accounts and records of the Company and its subsidiaries, to approve the terms of compensation of such independent accountants (including negotiating and executing on behalf of the Company engagement letters) and to terminate such independent accountants as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-approve any independent accountants' engagement to render audit and/or permissible non-audit services (including the fees charged and proposed to be charged by the independent accountants), subject to the *de minimus* exceptions under Section 10A(i)(1)(B) of the Exchange Act, and as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Committee may delegate its pre-approval responsibilities to one (1) or more of its members. The member(s) to whom such responsibility is delegated must report, for informational purposes only, any pre-approval decisions to the Committee at its next scheduled meeting.

Oversight of the Independent Accountants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Obtain and review a report from the independent accountants at least annually regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the independent accountants' internal quality-control
procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any material issues raised by the most recent internal quality-control review, peer review, or review by the PCAOB, of the firm, or
by any inquiry or investigation by governmental or professional authorities within the preceding five (5) years respecting one (1) or
more independent audits carried out by the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any steps taken with regard to the issues identified in (a) or (b) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all relationships between the independent accountants and the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Obtain from the independent accountants annually a formal written statement of the fees billed in each of the last two (2) fiscal years for each of the following categories of services rendered by the independent accountants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the audit of the Company's annual financial statements and the reviews of the financial statements included in the Company's
interim reports or services that are normally provided by the independent accountants in connection with statutory or regulatory filings
or engagements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that are reasonably related to the performance of the audit or review of the Company's financial statements, in the aggregate
and by each service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) tax compliance, tax advice and tax planning services, in the aggregate and by each service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all other products and services rendered by the independent accountants, in the aggregate and by each service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Evaluate the qualifications, performance and independence of the independent accountants, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluating the performance of the lead (or coordinating) audit partner, and the quality and depth of the professional staff assigned
to the Company and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) considering whether the accountant's quality controls are appropriate and adequate in light of the standards and requirements
established by the PCAOB and under applicable law at such time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) considering whether the provision of permitted non-audit services is compatible with maintaining the accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Consider the opinions of management and the internal accounting staff in connection with the foregoing responsibilities. The Committee shall present its conclusions with respect to the independent accountants to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Monitor the rotation required by applicable law of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Oversee compliance with the following guidelines relating to the Company's hiring of employees or former employees of the independent accountants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no member of the audit team that is auditing the Company can be hired by the Company in a financial reporting oversight role (as defined
in the SEC's Regulation S-X) for a period of one (1) year following association with that audit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's Chief Financial Officer shall report annually to the Committee the profile of the preceding year's hires
from the independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Consider the effect on the Company of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any changes in accounting principles or practices proposed by management or the independent accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any changes in service providers, such accountants, that could impact the Company's internal control over financial reporting;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any changes in schedules (such as fiscal or tax year-end changes) or structures or transactions that require special accounting activities,
services or resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Review any presentations or reports prepared by the independent accountants with respect to any applicable tax matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Annually review a formal written statement from the independent accountants delineating all relationships between the independent accountants and the Company, consistent with applicable requirements and standards of the SEC and the PCAOB, and discuss with the independent accountants their methods and procedures for ensuring independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Evaluate the efficiency and appropriateness of the services provided by the independent accountants, including any significant difficulties with the audit or any restrictions on the scope of their activities or access to required records, data and information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Interact with the independent accountants, including reviewing and, where necessary, resolving any problems or difficulties the independent accountants may have encountered in connection with the annual audit or otherwise, any management letters provided to the Committee and the Company's responses. Such review shall address any difficulties encountered in the course of the audit work, including any restrictions on the scope of activities or access to required information, any disagreements that have arisen between management and the independent accountants regarding financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Review with the independent accountants the effect of regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of the Company.

Financial Statements and Disclosure Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Review and discuss with management and the independent accountants the annual audited financial statements, including disclosures made in management's discussion and analysis of financial condition and results of operations, and recommend to the Board whether the audited financial statements should be included in the Company's Annual Report on Form 20-F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Review and discuss with management and the independent accountants the Company's interim financial statements, including disclosures made in management's discussion and analysis of financial condition and results of operations, prior to the filing of its reports on Form 6-K, including the results of the independent accountants' reviews of the interim financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Review with the Company's Chief Executive Officer, Chief Financial Officer and independent accountants, the adequacy and effectiveness of the Company's and its subsidiaries' internal control over financial reporting and review periodically, but in no event less frequently than semiannually, management's conclusions about the effectiveness of such internal control over financial reporting, including any significant deficiencies and material weaknesses in, or material non-compliance with, such internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Review with the Company's Chief Executive Officer, Chief Financial Officer and independent accountants, the adequacy and effectiveness of the Company's and its subsidiaries' disclosure controls and procedures and review periodically, but in no event less frequently than semiannually, management's conclusions about the effectiveness of such disclosure controls and procedures, including any significant deficiencies in, or material non-compliance with, such controls and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Review disclosures made to the Committee by the Company's Chief Executive Officer and Chief Financial Officer, or persons performing similar roles, during their certification process for the Company's Annual Report on Form 20-F and reports on Form 6-K concerning any significant deficiencies in the design or operation of disclosure controls and procedures and, when applicable, internal control over financial reporting, or material weaknesses in such control, and any fraud involving management or other employees who have a significant role in the Company's disclosure controls and procedures and internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Review and discuss the types of information to be disclosed and the types of presentation to be made in connection with earnings releases by the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Review and discuss the types of financial and non-financial information and earning guidance to be provided to analysts and ratings agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Meet with the Company's independent accountants at least four times during each fiscal year, including private meetings, and review written materials prepared by the independent accountants, as appropriate. At these meetings, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review the arrangements for and the scope of the annual audit and any special audits or other special permissible services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review the Company's financial statements and to discuss any matters of concern arising in connection with audits of such financial
statements, including any adjustments to such statements recommended by the independent accountants or any other results of the audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) consider and review, as appropriate and in consultation with the independent accountants, the appropriateness and adequacy of the
Company's financial and accounting policies, internal control over financial reporting and, as appropriate, the internal controls
of key service providers, and to review management's responses to the independent accountants' comments relating to those
policies, procedures and controls, and to take any necessary action in light of material control deficiencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review with the independent accountants their opinions as to the fairness of the financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) review and discuss semiannual reports from the independent accountants relating to: (1) all critical accounting policies and practices
to be used; (2) all alternative treatment of financial information within GAAP that have been discussed with management, ramifications
of the use of such alternative disclosures and treatments and the treatment preferred by the independent accountants; and (3) other material
written communications between the independent accountant and management, such as any management letter or schedule of unadjusted differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Prepare the report and filing required by the SEC to be included in the Company's public filing.

Compliance Oversight

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Administer the following procedures relating to the receipt, retention and treatment of complaints received by the Company regarding questionable accounting, internal accounting controls over financial reporting or auditing matters, and the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall forward to the Committee any complaints or concerns that it has received regarding questionable financial statement
disclosures, accounting, internal accounting controls or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company shall establish and publish on its website an e-mail address for receiving anonymous complaints or concerns related to
questionable financial statement disclosures, accounting,
internal accounting controls or auditing matters, provided that the Company may engage the services of a third-party service provider
to receive such complaints on behalf of the Company via telephone, email or other appropriate method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any employee of the Company may submit, on a confidential, anonymous basis if the employee so desires, any concerns regarding questionable
financial statement disclosures, accounting, internal accounting controls or auditing matters by setting forth such concerns in writing
and forwarding them in a sealed envelope to the Chairman of the Committee, such envelope to be labeled with a legend such as "To
be opened by the Committee only" (employees may deposit such envelope in the Company's internal mail system or deliver it
by hand to a member of the Committee and if an employee would like to discuss any matter with the Committee, the employee should indicate
this in the submission and include a telephone number at which he or she might be contacted if the Committee deems it appropriate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Committee shall review and consider any such complaints and concerns that it has received and take any action that it deems appropriate
in order to respond thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Committee may request special treatment for any complaint or concern, including the retention of outside counsel or other advisors;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Committee shall retain any such complaints or concerns for a period of no less than five (5) years.

The Committee shall annually reassess the effectiveness of the procedures described immediately above and modify them as necessary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. The Committee will be designated as and serve as the Qualified Legal Compliance Committee (the "QLCC") for the Company in accordance with the provisions of Section 307 of Sarbanes-Oxley Act of 2002. Upon receipt of a report of evidence of a material legal violation, the Committee will notify the Board of such report, investigate and recommend appropriate measures to the Board. If the Company does not appropriately respond, the Committee may take further appropriate action, including notification to the SEC. In its capacity as the QLCC, the Committee shall have responsibility for the matters set forth in Appendix A to this charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Review with management or any external counsel as the Committee considers appropriate, any legal matters (including the status of pending litigation) that may have a material impact on the Company and any material reports or inquiries from regulatory or governmental agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Review with management the adequacy and effectiveness of the Company's procedures to ensure compliance with its legal and regulatory responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Oversee compliance with the Company's Code of Ethics and Business Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Discuss with management, the independent accountants, outside counsel, as appropriate, and, in the judgment of the Committee, such special counsel, separate accounting firm and other consultants and advisors as the Committee deems appropriate, any correspondence with regulators or governmental agencies and any published reports which raise material issues regarding the Company's financial statements, accounting policies or internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Obtain reports from management, the internal or external auditor or internal or external audit service provider, as the case may be, and the independent auditor regarding compliance with applicable legal and regulatory requirements.

Oversight of Company's Internal And External Audit Function

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. The internal and external auditor or internal and external audit service provider, as the case may be, shall report periodically to the Committee regarding any significant deficiencies in the design or operation of the Company's and its subsidiaries' internal control over financial reporting, material weaknesses in the internal control over financial reporting and any fraud (regardless of materiality) involving persons having a significant role in the internal control over financial reporting, as well as any significant changes in internal control over financial reporting implemented by management during the most recent reporting period of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Discuss with management, the internal and external auditor or internal and external audit service provider, as the case may be, and the independent accountant the Company's major risk exposures (whether financial, operations or both) and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and risk management policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. With respect to any internal and external audit services that may be outsourced, engage, evaluate and terminate internal and external audit service providers and approve fees to be paid to such internal and external audit service providers.

Financial Oversight

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Review and approve decisions by the Company and its subsidiaries to enter into derivative transactions (including, but limited to, swaps, put and call options or combinations thereof, caps, floors, collars, and forward or spot exchanges) and related matters, as appropriate, as well as non-cleared swaps that are exempt from the clearing and trade execution requirements established under applicable federal law, rules and regulations, including swaps that are entered into in reliance upon the "end-user exceptions" to the mandatory execution and clearing requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulations. The Committee may review and approve swap transactions submitted to it by management on (a) an individual transaction basis or (b) a blanket basis, with respect to all non- cleared swaps that are exempt from the federal clearing and trade execution requirements, which approval must be reviewed at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Periodically review, at least on an annual basis, or more often (particularly in the event of a material change in hedging strategy) and approve the Company's policies for the use of swaps that are entered into in reliance upon the end-user exceptions.

Other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. Prepare the disclosure required by Item 407(d)(3)(i) of Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. Report its activities to the Board on a regular basis and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Perform an annual self-evaluation of the Committee's performance and annually review and reassess the adequacy of and, if appropriate, propose to the Board, any desired changes in, this Charter, all to supplement the oversight authority by the Nominating and Corporate Governance Committee with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. The Committee shall have such further responsibilities as are given to it from time to time by the Board. The Committee shall consult, on an ongoing basis, with management, the independent accountants and counsel as to legal or regulatory developments affecting its responsibilities, as well as relevant tax, accounting and industry developments.

The foregoing list of duties is not exhaustive, and the Committee may, in addition, perform such other functions as may be necessary or appropriate for the performance of its duties.

**IV. <u>Additional Resources</u>**.

The Committee shall have the right to use reasonable amounts of time of the Company's independent accountants, outside lawyers and other internal staff and also shall have the right to hire independent experts, lawyers and other consultants to assist and advise the Committee in connection with its responsibilities. The Committee shall also be given the resources, as determined by the Committee, for payment of (i) compensation to any registered independent public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company, (ii) compensation to any independent experts, lawyers and other consultants hired to assist and advise the Committee in connection with its responsibilities, and (iii) ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties. The Committee shall keep the Company's Chief Financial Officer advised as to the general range of anticipated expenses for outside consultants, and shall obtain the concurrence of the Board in advance for any expenditures.

**V. <u>Amendments</u>**.

Any amendments to this Charter must be approved or ratified by a majority vote of the Company's Board, including a majority of independent directors.

**VI. <u>Disclosure of Charter</u>**.

This Charter will be made available on the Company's website at www.stg-rebar.com.hk.

 **

***Adopted, by the Board of Directors on July 25, 2025***

 **

<u>**APPENDIX A**</u>

**THE AUDIT COMMITTEE'S RESPONSIBILITIES AS A**

**QUALIFIED LEGAL COMPLIANCE COMMITTEE**

In its capacity as the Qualified Legal Compliance Committee, the Audit Committee shall have responsibility for the following matters:

● To review any report by an attorney or a legal counsel representing the Company and/or its subsidiaries of a material violation of U.S. federal or state securities law, a material breach of fiduciary duty arising under U.S. federal or state law or a similar material violation of any U.S. federal or state law (each, a "material violation").

● Any report or referral under this charter shall be made in the first instance to the Chair of the Audit Committee by direct communication, either in person or by telephone. If it is an exigent matter and the Chair of the Audit Committee is unavailable, then an attorney or a legal counsel representing the Company and/or its subsidiaries shall report the matter to another member of the Audit Committee.

● A reporting attorney or legal counsel shall ensure that the person to whom he or she reports is expressly advised that the attorney is making a report or referral under this charter.

● Reports to the Audit Committee by an attorney or a legal counsel representing the Company and/or its subsidiaries shall be subject to the attorney-client privilege. The Audit Committee shall maintain the confidentiality of such reports, except to the extent the Audit Committee deems it necessary to disclose such reports or related information in carrying out its functions under this charter and the SEC rules.

● Upon receipt of a report, the Audit Committee shall:

● inform Chief Executive Officer of such report, unless such notification would be futile; and

● determine whether an investigation is necessary regarding any report of evidence of a material violation by the Company, its officers, directors, employees or agents.

● If the Audit Committee determines an investigation is necessary or appropriate, the Audit Committee shall:

notify the Board of Directors; and initiate an investigation, which may be conducted by an attorney or a legal counsel representing the Company and/or its subsidiaries.

● At the conclusion of any such investigation, the Audit Committee shall:

recommend that the Company implement an appropriate response to the evidence of a material violation, which appropriate response may include:

● a finding that no material violation has occurred, is ongoing or is about to occur;

● the adoption of appropriate remedial measures, including appropriate steps or sanctions to stop any material violations that are ongoing, to prevent any material violation that has yet to occur, and to remedy or otherwise appropriately address any material violation that has already occurred and to minimize the likelihood of its recurrence; or

● retaining or directing an attorney or a legal counsel representing the Company and/or its subsidiaries to review the reported evidence of a material violation, and either (i) the Company substantially implements any remedial recommendations made by an attorney or a legal counsel representing the Company and/or its subsidiaries after a reasonable investigation and evaluation of the reported evidence, or (ii) the attorney or legal counsel representing the Company and/or its subsidiaries advises the Company that he or she may, consistent with his or her professional obligations, assert a colorable defense on behalf of the Company or its officers, directors, employees or agents, in any investigation or judicial or administrative proceeding relating to the reported evidence or a material violation; and

● inform the Chief Executive Officer and the Board of Directors of the results of any such investigation initiated by the Audit Committee, and the appropriate remedial measures to be adopted.

● The Audit Committee may take all other appropriate action, including notifying the SEC, if the Company fails in any material respect to implement an appropriate response that the Audit Committee has recommended that the Company take.

## Exhibit 99.4

**Exhibit 99.4**

**Bend NovaTech Group Limited**

**COMPENSATION COMMITTEE CHARTER**

**I.**  **<u>Purpose</u>** .

The Compensation Committee (the "**Committee**") is established by the Board of Directors (the "**Board**"**)** of Bend NovaTech Group Limited, an exempted company with limited liability incorporated in the Cayman Islands (the "**Company**") as a committee of the Board. The purpose of the Committee is to assist the Board in fulfilling its oversight responsibilities related to the Company's compensation structure and compensation, including equity compensation, and other remunerations paid by the Company.

The Committee has overall responsibility for (i) reviewing and approving the compensation of the Company's Chief Executive Officer, Chief Financial Officer and any other executive officers that serve in executive officer capacities for the Company, (ii) evaluating and making recommendations to the Board regarding the compensation of the directors of the Company; (iii) evaluating and making recommendations to the Board regarding equity-based and incentive-compensation plans, policies and programs that are subject to Board approval; and (iv) the fulfillment of the other responsibilities set out herein.

**II.**  **<u>Membership, Structure and Qualifications</u>** .

<u>Membership and Structure</u>. The Committee shall consist of two (2) or more independent directors. The Committee members shall be elected by the Board, upon the recommendation of the Nominating and Corporate Governance Committee, on such terms as may be specified by the Board.

<u>Qualifications</u>. All Committee members shall meet all applicable independence requirements of The Nasdaq Stock Market LLC and any successor thereto ("**Nasdaq**") and applicable rules and regulations of the U.S. Securities and Exchange Commission (the "**SEC**"). In addition, each member of the Committee also shall satisfy all requirements necessary from time to time to be "non-employee directors" under Rule 16b-3 of the Exchange Act of 1934, as amended. In addition, in affirmatively determining the independence of any director who will serve on the Committee, the Board must consider all factors specifically relevant to determining whether a director has a relationship to the Company which is material to that director's ability to be independent from management in connection with the duties of a Committee member, including, but not limited to: (i) the source of compensation of such director, including any consulting, advisory or other compensatory fee paid by the Company to such director; and (ii) whether such director is affiliated with the Company, a subsidiary of the Company or an affiliate of a subsidiary of the Company.

<u>Chairman</u>. Unless the Chairman of the Committee (the "**Chairman**"**)** is elected by the full Board, the Committee members may designate a Chairman consistent with any recommendation of the Nominating and Corporate Governance Committee.

<u>Resignation, Removal and Replacement</u>. Any director may resign from the Committee at any time upon notice of such resignation to the Company. An independent director who ceases to be independent under Nasdaq requirements shall promptly resign to the extent required for the Company to comply with applicable laws, rules and regulations. The Board shall have the power at any time to remove a member of the Committee with or without cause, to fill all vacancies, and to designate alternate members, upon the recommendation of the Committee, to replace any absent or disqualified members, so long as the Committee shall at all times have at least three (3) members and be composed solely of independent board members.

**III.**  **<u>Meetings and Other Actions</u>** .

All meetings of and other actions by the Committee shall be held and taken pursuant to the memorandum and articles of association of the Company (as may be amended from time to time, the "**Charter Documents**"), including provisions governing notice of meetings and waiver thereof, the number of Committee members required to take action at meetings and by written consent, and other related matters. The Committee may invite any director who is not a member of the Committee, management, counsel, representatives of service providers or other persons to attend meetings and provide information as the Committee, in its sole discretion, considers appropriate.

Unless otherwise authorized by the Board, the Committee shall not delegate any of its authority to any subcommittee.

**IV.**  **<u>Goals, Responsibilities and Authority</u>** .

The following are the general goals, responsibilities and authority of the Committee and are set forth only for its guidance. The Committee, however, may diverge from these responsibilities and/or may assume such other responsibilities as the Board may delegate from time to time and/or as the Committee may deem necessary or appropriate from time to time in performing its functions in accordance with the Charter Documents and other governance documents of the Company and with applicable law (it being understood that the Committee may condition its approval of any compensation on Board ratification to the extent so required to comply with applicable tax law).

Nothing in this Charter shall be interpreted as diminishing or derogating the duties, responsibilities or obligations of the Board. Subject to the requirements of the Charter Documents, the Committee shall have the following responsibilities:

Executive Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review from time to time, modify if necessary, and approve the Company's corporate goals and objectives relevant to compensation and the Company's executive compensation structure and compensation range to ensure that it is designed to achieve the objectives of rewarding the Company's executive officers appropriately for their contributions to corporate growth and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Evaluate the Chief Executive Officer's performance in light of such goals and objectives and, either as a Committee or together with the other independent directors (as directed by the Board), determine and approve the Chief Executive Officer's compensation based on this evaluation. The Chief Executive Officer may not be present during voting or deliberations on his or her compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Annually review and determine the compensation of the Company's Chief Executive Officer and other executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Upon the engagement of and annually thereafter, determine and approve the compensation paid to the Company's Chief Financial Officer and any other executive officers that serve in executive officer capacities for the Company.

Director Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Select peer groups of companies that shall be used for purposes of determining competitive director compensation packages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Periodically evaluate and make recommendations to the Board concerning the reimbursement of directors' expenses, if any, for attendance of each meeting of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Periodically evaluate and make recommendations to the Board concerning the total compensation package for directors including, without limitation, the annual retainer fee, the meeting fee, incentives, equity-based compensation and other benefits paid to directors, taking into account the compensation of directors at selected peer groups of companies. The Committee shall recommend to the Board any adjustments in director compensation that the Committee considers appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Recommend to the Board the terms and awards of any share compensation for members of the Board.

Long-Term Incentive Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Approve all long-term incentive awards for the executive officers of the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Periodically evaluate (and approve any proposed amendments to) the terms and administration of the Company's and its subsidiaries' annual and long-term incentive plans to assure that they are structured and administered in a manner consistent with the Company's and its subsidiaries' goals and objectives as to participation in such plans, target annual incentive awards, corporate financial goals, actual awards paid to the executive officers of the Company's subsidiaries, and total funds reserved for payment under the compensation plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Determine when it is necessary (based on advice of counsel) or otherwise desirable: (a) to modify, discontinue or supplement any such plans; or (b) to submit such amendment or adoption to a vote of the full Board and/or the Company's shareholders to the extent required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Evaluate and make recommendations to the Board concerning the adoption of any new equity-based and incentive-compensation plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Oversee the administration of any equity incentive plans of the Company in accordance with their terms, construe all terms, provisions, conditions and limitations of such plan and make factual determinations required for the administration of such plans. The Committee may amend or terminate such plans at any time, subject to the terms of the plans.

Compensation Advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. In its sole discretion, retain or obtain the advice of a compensation consultant, independent legal counsel or other adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Have the direct responsibility for the appointment, compensation and oversight of the work of any compensation consultant, independent legal counsel or other adviser retained by the Committee. The Company must provide for appropriate funding, as determined by the Committee, for payment of reasonable compensation to a compensation consultant, independent or legal counsel that is not independent or any other adviser retained by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Prior to retaining or obtaining any compensation consultant, independent legal counsel or other adviser (other than in-house legal counsel), the Committee must conduct an independence assessment of such compensation consultant, legal counsel or other adviser, including the consideration of all relevant factors to that person's independence from management. Such factors include, but are not limited to, the following: (a) the provision of other services to the Company by the person that employs the compensation consultant, legal counsel or other adviser; (b) the amount of fees received from the Company by the person that employs the compensation consultant, legal counsel or other adviser, as a percentage of the total revenue of the person that employs the compensation consultant, legal counsel or other adviser; (c) the policies and procedures of the person that employs the compensation consultant, legal counsel or other adviser that are designed to prevent conflicts of interest; (d) any business or personal relationship of the compensation consultant, legal counsel or other adviser with a Committee member; (e) any shares of the Company owned by the compensation consultant, legal counsel or other adviser; and (f) any business or personal relationship of the compensation consultant, legal counsel, other adviser or the person employing the adviser with an executive officer of the Company. Only after the Committee has considered the preceding independence factors, the Committee may select or receive advice from any compensation advisor they prefer, including those who are not independent. The Committee is not required to conduct any independence assessment if, pursuant to Regulation S-K Item 407, disclosure of the engagement of such compensation consultant, legal counsel or other adviser is not required.

Other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Fulfill any disclosure, reporting or other requirements imposed on or required of the Committee by the SEC, Nasdaq or other applicable laws, rules and regulations, as the forgoing may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Review organizational and staffing matters with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Prepare the disclosure required by Item 407(e)(5) of Regulation S-K or any equivalent disclosure of filing mandated or required by Cayman Islands law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Grant the right to receive indemnification and right to be paid by the Company the expenses incurred in defending any proceeding in advance to its disposition, to any employees in their capacity as officer, director employee or agent of the Company, any of directors the Company and any of the Company's and its subsidiaries' executive officers to the fullest extent of the provisions of the Charter Documents and other governance documents of the Company and with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Perform an annual self-evaluation of the Committee's performance and annually review and reassess the adequacy of and, if appropriate, propose to the Board, any desired changes in, the Committee's Charter, all to supplement the oversight authority by the Nominating and Corporate Governance Committee with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Perform such other duties and responsibilities as may be assigned to the Committee, from time to time, by the Board of the Company and/or the Chairman of the Board, or as designated in plan documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Make regular reports to the Board and propose any necessary action to the Board. Such reports shall provide information with respect to any delegation of authority by the Committee to the Company and its subsidiaries' executive officers or to a third party.

The foregoing list of duties is not exhaustive, and the Committee may, in addition, perform such other functions as may be necessary or appropriate for the performance of its duties.

**V.**  **<u>Additional Resources</u>** .

Subject to the approval of the Board, the Committee shall have the right to use reasonable amounts of time of the Company's independent accountants, outside lawyers and other internal staff to assist and advise the Committee in connection with its responsibilities. The Committee shall keep the Company's Chief Financial Officer informed as to the general range of anticipated expenses for outside consultants.

**VI.**  **<u>Amendments</u>** .

Any amendments to this Charter must be approved or ratified by a majority vote of the Company's Board, including a majority of independent directors.

**VII.**  **<u>Disclosure of Charter</u>** .

This Charter will be made available on the Company's website at www.stg-rebar.com.hk.

Adopted by the Board of Directors on July 25, 2025.

## Exhibit 99.5

**Exhibit 99.5**

**Bend NovaTech Group Limited**

**NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

**I.**  **<u>Purpose</u>** .

The Nominating and Corporate Governance Committee (the "**Committee**") is appointed by the Board of Directors (the "**Board**") of Bend NovaTech Group Limited, an exempted company with limited liability incorporated in the Cayman Islands (the "**Company**") as a committee of the Board. The purpose of the Committee is to assist the Board in fulfilling its oversight responsibility to assure that the Company is governed in a manner consistent with the interests of the Company's shareholders and in compliance with applicable laws, regulations, rules and orders.

The Committee has overall responsibility for: (i) identifying and evaluating individuals qualified to become members of the Board by reviewing nominees for election to the Board and recommending to the Board director nominees for election to fill any vacancies on the Board and whether at general meeting of the Company or otherwise, (ii) advising the Board with respect to Board organization, desired qualifications of Board members, the membership, function, operation, structure and composition of committees (including any committee authority to delegate to subcommittees), and self-evaluation and policies, (iii) advising on matters relating to corporate governance, in each case subject to the requirements of the memorandum and articles of association of the Company (as may be amended from time to time, the "**Charter Documents**") and monitoring developments in the law and practice of corporate governance, and (iv) overseeing compliance with the Company's Code of Ethics and Business Conduct and conduct of the Company's officers and directors.

II. <u>Membership, Structure and Qualifications</u>.

<u>Membership and Structure</u>. The Committee shall consist of two (2) or more independent directors. The Committee members shall be elected by the Board, upon the recommendation of the Committee, on such terms as may be specified by the Board or shareholders as applicable.

<u>Qualifications</u>. All Committee members shall meet all applicable independence requirements of The Nasdaq Stock Market LLC ("**Nasdaq**") and applicable rules and regulations of the U.S. Securities and Exchange Commission (the "**SEC**").

<u>Chairman</u>. Unless the Chairman of the Committee (the "**Chairman**") is elected by the full Board, the Committee members may designate a Chairman consistent with any recommendation of the Committee.

<u>Resignation, Removal and Replacement</u>. Any director may resign from the Committee at any time upon notice of such resignation to the Company. An independent director who ceases to be independent under Nasdaq requirements shall promptly resign to the extent required for the Company to comply with applicable laws, rules and regulations. The Board shall have the power at any time to remove a member of the Committee with or without cause, to fill all vacancies, and to designate alternate members, upon the recommendation of the Committee, to replace any absent or disqualified members, so long as the Committee shall at all times have at least two (2) members and be composed majority of independent board members.

III. <u>Meetings and Other Actions</u>.

All meetings of and other actions by the Committee shall be held and taken pursuant to the Charter Documents, including provisions governing notice of meetings and waiver thereof, the number of Committee members required to take actions at meetings and by written consent, and other related matters. The Committee may invite any director who is not a member of the Committee, management, counsel, representatives of service providers or other persons to attend meetings and provide information as the Committee, in its sole discretion, considers appropriate.

Unless otherwise authorized by the Board, the Committee shall not delegate any of its authority to any subcommittee.

In the event that the Committee's Chairman is unable to perform any of his or her functions or obligations hereunder, the Chairman of the Company's Compensation Committee is hereby authorized and directed to act in the place and stead of the Chairman of this Committee and fulfill any and all functions or obligations that would otherwise be the responsibility of the Chairman of this Committee, without any further action or authorization by this Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>Goals, Responsibilities and Authority</u>.

The following are the general goals, responsibilities and authority of the Committee and are set forth only for its guidance. The Committee, however, may diverge from these responsibilities and/or may assume such other responsibilities as the Board may delegate from time to time and/or as the Committee may deem necessary or appropriate from time to time in performing its functions in accordance with the Charter Documents and other governance documents of the Company with applicable law.

Nothing in this Charter shall be interpreted as diminishing or derogating the duties, responsibilities or obligations of the Board. Subject to the requirements of the Charter Documents and/or applicable law, the Committee shall have the following responsibilities:

Nominating Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Evaluate periodically the desirability of and recommend to the Board any changes in the size and composition of the Board or the qualifications for Board membership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Select and evaluate nominated directors, nominated either by the Board or the shareholders, in accordance with the general and specific considerations set forth 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;(a) <u>General Considerations</u>*.* The Board shall be comprised of at least enough independent directors to comply with Nasdaq requirements as well as applicable rules and regulations of the SEC (each such independent director, an "**Independent Director**" and collectively, the "**Independent Directors**"). In making its recommendations, the Committee may consider some or all of the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. the candidate's judgment, skill, experience with other organizations of comparable purpose, complexity and size, and subject to similar legal restrictions and oversight;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the interplay of the candidate's experience with the experience of other Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the extent to which the candidate would be a desirable addition to the Board and any committee thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. whether or not the person has any relationships that might impair his or her independence, including, but not limited to, business, financial or family relationships with the Company's management; 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;5. the candidate's ability to contribute to the effective management of the Company, taking into account the needs of the Company and such factors as the individual's experience, perspective, skills and knowledge of the industries in which the Company's subsidiaries operate.

&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>Specific Considerations</u>. In addition to the foregoing general considerations, the Committee shall develop, reevaluate at least annually and modify as appropriate a set of specific considerations outlining the skills, experiences (whether in business or in other areas such as public service, academia or scientific communities), particular areas of expertise, specific backgrounds, and other characteristics for which there is a specific need on the Board and which would enhance the effectiveness of the Board and its committees given its current composition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Evaluate each new director candidate and each incumbent director before recommending that the Board nominate or re-nominate such individual for election or reelection (or that the Board elect such individual on an interim basis) as a director based upon the extent to which such individual satisfies the general criteria above and will contribute significantly to satisfying the overall mix of specific criteria identified above. Each decision to re-nominate an incumbent director should be based upon a careful consideration of such individual's contributions, including the value of his or her experience as a director of the Company, the availability of new director candidates who may offer unique contributions and the Company's changing needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Seek to identify potential director candidates who will strengthen the Board and will contribute to the overall mix of considerations identified above. This process should include establishing procedures for soliciting and reviewing potential nominees from directors and shareholders and for notifying those who suggest nominees of the outcome of such review. The Committee shall have sole authority to retain and terminate any third-party search firms to be used to identify director candidates, including sole authority to approve any such search firm's fees and other terms of retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Submit to the Board the candidates for director to be recommended by the Board for election at the meetings of shareholders or otherwise and to be added to the Board at any other times due to any expansion of the Board, director resignations or retirements or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In the event of a vacancy on the Board, following determination by the Board that such vacancy shall be filled, identify candidates for director qualified to fill such vacancy that satisfies the general criteria above.

Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Monitor performance of the Board and its individual members based upon the general criteria and the specific criteria applicable to the Board and each of its members. If any serious issues are identified with any director, work with such director to resolve such issues or, if necessary, seek such director's resignation or recommend to the Board such person's removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Review director compensation process, self-evaluation and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Develop and periodically evaluate initial orientation guidelines and continuing education guidelines for each member of the Board and each member of each committee thereof regarding his or her responsibilities as a director generally and as a member of any applicable committee of the Board, and monitor and evaluate annually (and at any additional time a new member joins the Board or any committee thereof).

Board Committees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Review and evaluate at least annually the adequacy of the Committee's own performance and Charter and provide a report on such evaluation and recommended proposed changes to the Charter to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Evaluate at least annually the performance, authority, operations, charter and composition of each standing or *ad hoc* committee of the Board (including any authority of a committee to delegate to a subcommittee) and the performance of each committee member and recommend any changes considered appropriate in the authority, operations, charter, number or membership of each committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Submit to the Board annually (and at any additional times that any committee members are to be selected) recommendations regarding candidates for membership on each committee of the Board.

Evaluation of and Succession Planning for Executive Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Assist the Board in evaluating the performance of and other factors relating to the retention of executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Develop and periodically review and revise as appropriate a management succession plan and related procedures. Consider and recommend to the Board candidates for successor to executive officers.

Corporate Governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Develop, monitor and make recommendations to the Board on matters of Company policies and practices relating to corporate governance, including the Company's corporate governance guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Review and make recommendations to the Board regarding proposals of shareholders that relate to corporate governance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Oversee the evaluation of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Oversee compliance with the Company's Code of Ethics and Business Conduct.

Other Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Perform such other duties and responsibilities as may be assigned to the Committee, from time to time, by the Board and/or the Chairman of the Board, or as designated in the Charter Documents or by applicable law.

The forgoing list of duties is not exhaustive, and the Committee may, in addition, perform such other functions as may be necessary or appropriate for the performance of its duties.

V. <u>Additional Resources</u>.

Subject to the approval of the Board, the Committee shall have the right to use reasonable amounts of time of the Company's independent accountants, outside lawyers and other internal staff and also shall have the right to hire independent experts, lawyers and other consultants to assist and advise the Committee in connection with its responsibilities. The Committee shall keep the Company's Chief Financial Officer informed as to the general range of anticipated expenses for outside consultants, and shall obtain the approval of the Board in advance for any expenditures.

VI. <u>Amendments</u>.

Any amendments to this Charter must be approved or ratified by a majority vote of the Company's Board, including a majority of independent directors.

VII. <u>Disclosure of Charter</u>.

This Charter will be made available on the Company's website at www.stg-rebar.com.hk .

Adopted by the Board of Directors on July 25, 2025.

## Exhibit 99.6

**Exhibit 99.6**

**CONSENT OF PERSON NAMED TO BECOME A DIRECTOR**

Pursuant to Rule 438 promulgated under the Securities Act of 1933, as amended, the undersigned hereby consents to being named as a director nominee and to the disclosure of the undersigned's biographical information included in the Registration Statement on Form F-1, and any amendments thereto, to be filed by Bend NovaTech Group Limited with the Securities and Exchange Commission. The undersigned further consents to the filing of this consent as an exhibit to such Registration Statement.

---

| | |
|:---|:---|
| /s/ Xiaomin Yu | /s/ Xiaomin Yu |
| Name: | Xiaomin Yu |
| Date: | August 8, 2025 |

---

## Exhibit 99.7

**Exhibit 99.7**

**CONSENT OF PERSON NAMED TO BECOME A DIRECTOR**

Pursuant to Rule 438 promulgated under the Securities Act of 1933, as amended, the undersigned hereby consents to being named as a director nominee and to the disclosure of the undersigned's biographical information included in the Registration Statement on Form F-1, and any amendments thereto, to be filed by Bend NovaTech Group Limited with the Securities and Exchange Commission. The undersigned further consents to the filing of this consent as an exhibit to such Registration Statement.

---

| | |
|:---|:---|
| /s/ Hongqin Zhao | /s/ Hongqin Zhao |
| Name: | Hongqin Zhao |
| Date: | August 8, 2025 |

---

## Exhibit 99.8

**Exhibit 99.8**

**CONSENT OF PERSON NAMED TO BECOME A DIRECTOR**

Pursuant to Rule 438 promulgated under the Securities Act of 1933, as amended, the undersigned hereby consents to being named as a director nominee and to the disclosure of the undersigned's biographical information included in the Registration Statement on Form F-1, and any amendments thereto, to be filed by Bend NovaTech Group Limited with the Securities and Exchange Commission. The undersigned further consents to the filing of this consent as an exhibit to such Registration Statement.

---

| | |
|:---|:---|
| /s/ Jianwen Shi | /s/ Jianwen Shi |
| Name: | Jianwen Shi |
| Date: | August 8, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**BEND NOVATECH GROUP LIMITED**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary Shares, $0.0001 par value | (1) | 457(o) |  | $| $8625000.00 | 0.0001531 | $1320.49 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $8625000.00 |  | 1320.49 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1320.49 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. Includes ordinary shares that may be purchased by the underwriters pursuant to their over-allotment option. Pursuant to Rule 416 under the Securities Act of 1933, as amended, the securities being registered hereunder include such indeterminate number of additional ordinary shares as may be issued after the date hereof as a result of share splits, share dividends or similar transactions.