# EDGAR Filing Document

**Accession Number:** 0002002453
**File Stem:** 0001493152-25-023494
**Filing Date:** 2025-11
**Character Count:** 354781
**Document Hash:** cac5472ebb7217bc74fb543a2b85d7b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-023494.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001493152-25-023494

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 27

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STAK Inc.
- **CENTRAL INDEX KEY:** 0002002453
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291542
- **FILM NUMBER:** 251486474

**BUSINESS ADDRESS:**
- **STREET 1:** LOCATION IS FLOOR 8, BLOCK 11
- **STREET 2:** NO. 6 BEI TANG HE EAST RD, TIANNING DIST
- **CITY:** CHANGZHOUCITY,JIANGSU PROVINCE
- **STATE:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** 86 519 8880 2609

**MAIL ADDRESS:**
- **STREET 1:** LOCATION IS FLOOR 8, BLOCK 11
- **STREET 2:** NO. 6 BEI TANG HE EAST RD, TIANNING DIST
- **CITY:** CHANGZHOUCITY,JIANGSU PROVINCE
- **STATE:** F4
- **ZIP:** 00000

**As filed with the U.S. Securities and Exchange Commission on November 14, 2025.**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**STAK Inc.** 

**斯塔克工业集团有限公司**

(Exact Name of Registrant as Specified in its Charter)

**Not Applicable**

(Translation of Registrant's Name into English)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **3533** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

Building 11, 8th Floor, No. 6 Beitanghe East Road,

Tianning District, Changzhou, Jiangsu,

People's Republic of China, 213000

Telephone: +86 519-8880 2609

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

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**

**+1 302-738-6680**

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

**Copies of all communications, including communications sent to agent for service, should be sent to:**

 **Steve Lin, Esq..**

 **Han Kun Law Offices LLP**

 **Rooms 4301-10, 43/F., Gloucester Tower**

 **The Landmark**

 **15 Queen's Road Central**

 **Hong Kong**

 **Telephone: +852 2820 5600**

**Approximate date of commencement of proposed sale to the 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 of 1933, check the following box: ☐

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

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

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

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

Emerging growth company ☒

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

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

*The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.*

*PRELIMINARY PROSPECTUS (Subject to Completion)*

*Dated November 14, 2025*

![](formf-1_001.jpg)

**STAK Inc.** 

**斯塔克工业集团有限公司**

**3,000,000** **Units (each Unit consisting of one Class A Ordinary Share and two Warrants, each to purchase one Class A Ordinary Share)**

**3,000,000** **Class A Ordinary Shares included in the Units**

 **6,000,000 Class A Ordinary Shares Underlying the Warrants**

We are offering 3,000,000 units (each a "Unit," and collectively, the "Units"), with each Unit consisting of (i) one Class A ordinary share, $0.001 par value per share (each a "Class A Ordinary Share," and collectively, the "Class A Ordinary Shares"), and (ii) two warrants, each to purchase one Class A Ordinary Share (each a "Warrant," and collectively, the "Warrants"), at the exercise price of $1.2 per share, directly to certain investors. We are offering the Units at an assumed public offering price of $1.0 per share and the accompanying warrants.

The Warrants offered hereby will have a three-year term, will be immediately exercisable after issuance and may be exercised at any time until exercised in full, with an initial exercise price of $1.2 per share.

We are also registering all of the Class A Ordinary Shares issuable from time to time upon full exercise of each of the Warrants included in the Units offered hereby. See "*Description of Share Capital and Governing Documents—Units Being Offered*" in this prospectus for more information.

The Units do not have stand-alone rights and will not be certificated or issued as stand-alone securities. The Class A Ordinary Shares and the Warrants included in the Units are immediately separable and will be issued separately in this offering.

Our Class A Ordinary Shares are listed on the Nasdaq Capital Market ("Nasdaq"), under the symbol "STAK." There is no established public trading market for the Units or the Warrants, and we do not expect a market to develop. In addition, we do not intend to list the Units or the Warrants on any securities exchange or other trading market. Without an active trading market, the liquidity of the Units and the Warrants will be limited.

The number of Units offered in this prospectus and all other applicable information has been determined based on an assumed public offering price of $1.0 per Unit.

Our Class A Ordinary Shares began trading on the Nasdaq under the symbol "STAK" on February 26, 2025. On February 27, 2025, the Company closed its initial public offering (the "IPO") of 1,250,000 ordinary shares at a public offering price of $4.00 per ordinary share. On March 4, 2025, the underwriters for the IPO partially exercised their over-allotment option to purchase an additional 160,349 ordinary shares at a public offering price of $4.00 per ordinary share. The total gross proceeds received from the IPO, including proceeds from the exercise of the over-allotment option, were $5,641,396.

The Company (a) by way of ordinary resolution of shareholders passed at the extraordinary general meeting of the Company held on June 5, 2025 (the "EGM"), (i) re-designated and re-classified 37,500,000 authorized ordinary shares (including all of the existing issued ordinary shares) as 37,500,000 Class A Ordinary Shares of par value $0.001 each, cancelled 12,500,000 authorized but unissued ordinary shares and created a new share class of 12,500,000 Class B Ordinary Shares of par value $0.001 each (each a "Class B Ordinary Share," and collectively, the "Class B Ordinary Shares," and together with the Class A Ordinary Shares, the "Ordinary Shares"); (ii) immediately after such implementation of dual class structure, increased the Company's authorized share capital to $100,000 divided into 75,000,000 Class A Ordinary Shares of a par value of $0.001 each and 25,000,000 Class B Ordinary Shares of a par value of $0.001 each, by creation of an additional 37,500,000 Class A Ordinary Shares and 12,500,000 Class B Ordinary Shares; and (b) by way of special resolution of shareholders passed at the EGM, (iii) adopted the second amended and restated memorandum and articles of association of the Company in its entirety and in substitution for and to the exclusion of the then existing memorandum and articles of association of the Company with effect from the date the said increased of authorized share capital took effect to reflect the changes of the authorized share capital and the rights of Class B Ordinary Shares; and (iv) approved, subject to the effectiveness of the said dual class structure, the increase of authorized share capital and the adoption of second amended and restated memorandum and articles of association, the Company's repurchase of 7,700,000 Class A Ordinary Shares held by Lanying Capital Limited in consideration of and out of the proceeds of the Company's new issuance of 7,700,000 Class B Ordinary Shares to Lanying Capital Limited and the Company's repurchase of 1,500,000 Class A Ordinary Shares held by MT. Yang Holding Ltd in consideration of and out of the proceeds of the Company's new issuance of 1,500,000 Class B Ordinary Shares to MT. Yang Holding Ltd. Unless otherwise noted, the share and per share information in this prospectus reflects the completion of the implementation of dual class structure and re-classification of the applicable ordinary shares issued and sold prior to the completion date of the implementation of dual class structure.

Immediately prior to the completion of this offering, the Company has an aggregate of 4,010,349 Class A Ordinary Shares with one vote each and 9,200,000 Class B Ordinary Shares with 30 votes each, $0.001 par value per share issued and outstanding.

We are an "emerging growth company" as defined under the federal securities laws and will be subject to reduced public company reporting requirements. See "*Prospectus Summary—Implications of Being an Emerging Growth Company*" and "*Risk Factors*" on pages 14 and 16, respectively.

 

We will continue to be a "controlled company" as defined under the Nasdaq Stock Market Rules because our controlling shareholder, Mr. Chuanbo Jiang, our CEO and Chairman of the board, currently owns 83.7% of our total issued and outstanding Class B Ordinary Shares, representing 82.5% of the total voting power of as the date of this prospectus, and will own 83.7% of our total issued and outstanding Class B Ordinary Shares, representing 81.6% of the total voting power following the completion of this offering, assuming that all Units are sold and none of the Warrants included in the Units is exercised. 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 and our nominating and corporate governance and compensation committees might not consist entirely of independent directors.

 

 

We are not a Chinese operating company but a Cayman Islands holding company without material operations and this structure involves unique risks to investors. Investors in our securities should be aware that they are not holding equity interests in our Chinese operating companies directly. Investors are purchasing equity solely in STAK Inc. 斯塔克工 业集团有限公司 , our Cayman Islands holding company. The risks could result in a material change in 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. Our securities offered in this offering are securities of our Cayman Islands holding company, which has no material operations of its own and conducts substantially all of its operations through the operating entities established in the People's Republic of China, or the PRC, primarily YLAN Technology (Changzhou) Co., Ltd. ("YLAN"), our wholly-owned subsidiary and its subsidiary. Because all of our operations are conducted in mainland China through our wholly-owned subsidiaries, we are subject to certain legal and operational risks associated with our operations in mainland China, including that changes in the legal, political and economic policies of the Chinese government, the relations between China and the United States, or Chinese or United States regulations may materially and adversely affect our business, financial condition and results of operations. The PRC laws and regulations governing our current business operations are sometimes vague and uncertain, and therefore, these risks could result in a material change in our operations and/or the value of our Class A Ordinary Shares or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless. Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. See "*Risk Factors*" beginning on page 16 of this prospectus for a discussion of risks facing the Company and this offering as a result of this structure.

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 an announcement 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. On December 28, 2021, the revised Measures for Cybersecurity Review, or the "Revised Review Measures," were published by Cyberspace Administration of China, or the CAC, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, Ministry of State Security, Ministry of Finance, Ministry of Commerce, People's Bank of China, State Administration for Market Regulation, State Administration of Radio and Television, China Securities Regulatory Commission, State Secrecy Administration and State Cryptography Administration, which became effective on February 15, 2022 and provides that critical information infrastructure operators that purchase internet products and services and data processing operators engaging in data processing activities that affect or may affect national security shall be subject to the cybersecurity review by the Cybersecurity Review Office. The Revised Review Measures also requires cyberspace operators with personal information of more than 1 million users who want to list abroad to file a cybersecurity review with the Office of Cybersecurity Review. As of the date of this prospectus, these new laws and guidelines have not impacted the Company's ability to conduct its business, accept foreign investments, or list and trade on a U.S. or other foreign exchange; however, there are uncertainties in the interpretation and enforcement of these new laws and guidelines, which could materially and adversely impact our business and financial outlook and may impact our ability to accept foreign investments or continue to list on a U.S. or other foreign exchange. Also as of the date of this prospectus, we do not believe we are in a monopolistic position in the manufacturing industry.

On February 17, 2023, China Securities Regulatory Commission (the "CSRC") issued the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines, which became effective on March 31, 2023 (the "Overseas Listing Regulations"). The Overseas Listing Regulations require that a PRC domestic enterprise seeking to issue and list its shares overseas shall complete the filing procedures with the CSRC, failing which we may be fined between RMB 1 million and RMB 10 million. Where an enterprise, whose principal business activities are conducted in mainland China, seeks to issue and list its shares in the name of an overseas entity, such practice is deemed as an indirect overseas issuance and listing in the meaning of the Overseas Listing Regulations. Among other things, if an overseas listed issuer intends to implement any offering in an overseas market, it should, through its major operating entity incorporated in the PRC, submit filing materials to the CSRC within three working days after the completion of the offering. The required filing materials shall include but not be limited to: (1) filing report and relevant commitments; and (2) domestic legal opinions. We have completed the filing procedures with the CSRC for our initial public offering on August 9, 2024. According to the Overseas Listing Regulations, we are subject to the filing procedures and need to complete the filing procedures with CSRC within three working days after the completion of this offering. Further, we are required to complete the filing procedure with the CSRC under the Trial Measures for any future offerings or any other capital raising activities, and we cannot assure you that we will be able to complete such filings in a timely manner, or at all. Any failure by us to comply with such filing requirements under the Trial Measures may result in an order to rectify, warnings and fines against us and could materially hinder our ability to offer or to continue to offer our securities. The Overseas Listing Regulations may subject us to additional compliance requirements in the future, and we cannot assure you that we will be able to get the clearance of filing procedures under the Overseas Listing Regulations on a timely basis, or at all. Any failure of us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our securities, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our Class A Ordinary Shares to significantly decline in value or become worthless.

Furthermore, as more stringent criteria have been imposed by the U.S. Securities and Exchange Commission ("SEC") and the Public Company Accounting Oversight Board (the "PCAOB") recently, our securities may be prohibited from trading if our auditor cannot be fully inspected. The Holding Foreign Companies Accountable Act, or the HFCA Act, was enacted on December 18, 2020. The HFCA Act states if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit such Class A Ordinary Shares from being traded on a national securities exchange or in the over the counter trading market in the U.S. On December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act (the "AHFCA 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. See "*Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in China—Our Ordinary Shares may be delisted under the HFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment*" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus. On December 16, 2021, the PCAOB issued its determination (the "2021 Determinations") that the PCAOB 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, and the PCAOB included in the report of its determination a list of the accounting firms that are headquartered in the PRC or Hong Kong. This list does not include our auditor, HTL International, LLC. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and investigations of audit firms based in mainland China and Hong Kong. Pursuant to the Protocol, the PCAOB has independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. However, uncertainties still exist about whether this new framework will be fully complied with. While our auditor is based in the U.S. and is registered with PCAOB and subject to PCAOB inspection, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction, then such lack of inspection could cause our securities to be delisted from the Nasdaq Capital Market. On August 26, 2022, the PCAOB signed an agreement with the CSRC and the Ministry of Finance of the People's Republic of China, allowing the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong completely, consistent with U.S. law. On December 15, 2022, the PCAOB issued a Determination Report which determined that the PCAOB (1) is able to select engagements, audit areas, and potential violations to be reviewed or investigated, (2) has timely access to, and the ability to retain and use, any document or information that the PCAOB considers relevant to an inspection or investigation, and (3) is able to conduct inspections and investigations in a manner consistent with the provisions of the Act and the rules of the PCAOB, as interpreted and applied by the PCAOB. Consequently, the PCAOB concluded that in the absence of any evidence that authorities in the PRC currently are taking any positions to impair the PCAOB's ability to execute its statutory mandate with respect to inspections or investigations, the HFCA Act dictates that the PCAOB vacates the 2021 Determinations. As required by the HFCA Act, if in the future the PCAOB determines it no longer can inspect or investigate completely because of a position taken by an authority in the PRC, the PCAOB will act expeditiously to consider whether the PCAOB should issue a new determination.

For the fiscal years ended June 30, 2025, 2024 and 2023, STAK Inc. 斯塔克工业集团有限公司 made capital contributions of $0.6 million, nil and nil, respectively, to its PRC subsidiaries through its intermediary holding company. Funds are transferred among our PRC subsidiaries for working capital purposes, primarily between YLAN, our main operating subsidiary, and its subsidiaries. The transfer of funds among companies are subject to the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases (2020 Revision) (the "Provisions on Private Lending Cases"), which was implemented on August 20, 2020 to regulate the financing activities between natural persons, legal persons and unincorporated organizations. For the fiscal years ended June 30, 2025, 2024 and 2023, no transfers, dividends or distributions from a subsidiary were made to STAK Inc. 斯塔克工业集团有限公司 or other investors. As advised by our PRC counsel, DeHeng Law Offices (Shenzhen), the Provisions on Private Lending Cases do not prohibit using cash generated from one subsidiary to fund another subsidiary's operations. We have not been notified of any other restriction which could limit our PRC subsidiaries' ability to transfer cash between subsidiaries.

**Please see "*Risk Factors*" beginning on page 16 of this prospectus for additional information.**

**We are an "emerging growth company" as defined under the federal securities laws and will be subject to reduced public company reporting requirements. Please read the disclosures beginning on page 19 of this prospectus for more information.**

**Neither the SEC 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.**

**Investing in our securities involves a high degree of risk, including the risk of losing your entire investment. See "*Risk Factors*" beginning on page 16 of this prospectus to read about factors you should consider before buying our securities.**

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| | | |
|:---|:---|:---|
|  | **PER UNIT** | **TOTAL** |
| **Public offering price** | $| $|
| ***Proceeds, before expenses, to us*** | $| $|

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The offering price will be determined through arm's length negotiation between our company and the investors.

**Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed on the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

**Prospectus dated , 2025**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_001) | 3 |
| [PROSPECTUS SUMMARY](#a_002) | 5 |
| [RISK FACTORS](#a_004) | 16 |
| [THE OFFERING](#a_003) | 23 |
| [USE OF PROCEEDS](#a_005) | 24 |
| [DIVIDEND POLICY](#a_006) | 25 |
| [CAPITALIZATION](#a_007) | 26 |
| [DILUTION](#a_008) | 27 |
| [PRINCIPAL SHAREHOLDERS](#vv_003) | 28 |
| [RELATED PARTY TRANSACTIONS](#vv_004) | 29 |
| [DESCRIPTION OF SHARE CAPITAL AND GOVERNING DOCUMENTS](#vv_005) | 30 |
| [TAXATION](#vv_007) | 42 |
| [PLAN OF DISTRIBUTION](#vv_008) | 43 |
| [EXPENSES OF THE OFFERING](#vv_009) | 44 |
| [LEGAL MATTERS](#vv_010) | 45 |
| [EXPERTS](#vv_011) | 46 |
| [ENFORCEMENT OF CIVIL LIABILITIES](#vv_012) | 47 |
| [WHERE YOU CAN FIND MORE INFORMATION](#vv_013) | 48 |
| [INCORPORATION OF DOCUMENTS BY REFERENCE](#sc_002) | 49 |

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**Conventions Which Apply to this Prospectus**

Throughout this prospectus, we use a number of key terms and provide a number of key performance indicators used by management. Unless the context otherwise requires, the following definitions apply throughout where the context so admits:

● "Changzhou
 Zhongshan" refers Changzhou Zhongshan Intelligent Equipment Co., Ltd., one of our PRC subsidiaries.

● "China"
 or the "PRC", in each case, refers to the People's Republic of China;

● "Class
 A Ordinary Shares" refer to the Class A ordinary shares of STAK Inc. 斯塔克工 业集团有限公司 , par value $0.001 per share;

● "Class
 B Ordinary Shares" refer to the Class B ordinary shares of STAK Inc. 斯塔克工 业集团有限公司 , par value $0.001 per share;

● "Hong
 Kong" refers to Hong Kong Special Administrative Region in the PRC;

● "mainland
 China" are to the People's Republic of China, excluding, solely for the purpose of this prospectus, Hong Kong, Macau
 and Taiwan. The term "mainland Chinese" has a correlative meaning for the purpose of this prospectus;

● "PRC
 Subsidiaries" refers to the Company's subsidiaries incorporated in the mainland China, including STAK (Changzhou) Intelligent
 Technology Co., Ltd, YLAN Technology (Changzhou) Co., Ltd, and Changzhou Zhongshan Intelligent Equipment Co., Ltd;

● "RMB"
 or "Chinese Yuan" refers to the legal currency of China;

● "SEC"
 refers to the Securities and Exchange Commission;

● "Ordinary
 Shares" refer to the Class A Ordinary Shares and Class B Ordinary Shares of STAK Inc. 斯塔克工 业集团有限公司 , collectively;

● "we,"
 "us," "our," the "Company" and the "Group" refer to STAK Inc. 斯塔克工业集团有限公司,
 a Cayman Islands exempted company, together as a group with its subsidiaries;

● "U.S.
 dollars," "dollars," "USD" or "$" refers to the legal currency of the United States; and

● "YLAN"
 refers to YLAN Technology (Changzhou) Co., Ltd., as an operating entity of STAK Inc. 斯塔克工业集团有限公司
 in mainland China.

The Company by way of special resolution of shareholders passed on May 20, 2024, effected a one thousand-for-one subdivision of its then ordinary shares, following which the Company's authorized share capital became $50,000 divided into 50,000,000 ordinary shares of $0.001 par value each. On the same day, certain shareholders surrendered an aggregate of 40,000,000 ordinary shares to the Company for no consideration, which shares were cancelled thereafter. Following the share surrender and cancellation, there were ordinary shares were 10,000,000 ordinary shares of par value of $0.001 per share in issue and outstanding.

The Company (a) by way of ordinary resolution of shareholders passed at the EGM of the Company held on June 5, 2025 (the "EGM") (i) re-designated and re-classified 37,500,000 authorized ordinary shares (including all of the existing issued ordinary shares) as 37,500,000 Class A Ordinary Shares of par value $0.001 each, cancelled 12,500,000 authorized but unissued ordinary shares and created a new share class of 12,500,000 Class B Ordinary Shares of par value $0.001 each; (ii) immediately after such implementation of dual class structure, increased the Company's authorized share capital to $100,000 divided into 75,000,000 Class A Ordinary Shares of a par value of $0.001 each and 25,000,000 Class B Ordinary Shares of a par value of $0.001 each, by creation of an additional 37,500,000 Class A Ordinary Shares and 12,500,000 Class B Ordinary Shares; and (b) by way of special resolution of shareholders passed as the EGM, (iii) adopted the second amended and restated memorandum and articles of association of the Company in its entirety and in substitution for and to the exclusion of the then existing memorandum and articles of association of the Company with effect from the date of the said increased of authorized share capital took effect to reflect the changes of the authorized share capital and the rights of Class B Ordinary Shares; and (iv) approved, subject to the effectiveness of the said dual class structure, the increase of authorized share capital and the adoption of the second amended and restated memorandum and articles of association, the Company's repurchase of 7,700,000 Class A Ordinary Shares held by Lanying Capital Limited in consideration of and out of the proceeds of the Company's new issuance of 7,700,000 Class B Ordinary Shares to Lanying Capital Limited and the Company's repurchase of 1,500,000 Class A Ordinary Shares held by MT. Yang Holding Ltd in consideration of and out of the proceeds of the Company's new issuance of 1,500,000 Class B Ordinary Shares to MT. Yang Holding Ltd. Throughout this prospectus, the share and per share information reflects the completion of the implementation of dual class structure and re-classification of the applicable ordinary shares issued and sold prior to the completion date of the implementation of dual class structure, unless otherwise indicated.

Our business is conducted through our wholly-owned subsidiaries in mainland China and we do not operate in Hong Kong, Macau, or Taiwan. Our consolidated financial statements are presented in U.S. dollars. In this prospectus, we refer to assets, obligations, commitments, and liabilities in our consolidated financial statements in U.S. dollars. These dollar references are based on the exchange rate of RMB to U.S. dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our obligations and the value of our assets in terms of U.S. dollars which may result in an increase or decrease in the amount of our obligations (expressed in dollars) and the value of our assets, including accounts receivable (expressed in dollars).

The expressions "associated company", "related corporation" and "subsidiary" shall have the respective meanings ascribed to them in the Companies Act (As Revised) of the Cayman Islands (the "Companies Act"), as the case may be. Any discrepancies in tables included herein between the total sum of amounts listed and the totals thereof are due to rounding. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

Certain of our customers and suppliers are referred to in this prospectus by their trade names. Our contracts with these customers and suppliers are typically with an entity or entities in the relevant customer or supplier's group of companies.

Internet site addresses in this prospectus are included for reference only and the information contained in any website, including our website, is not incorporated by reference into, and does not form part of, this prospectus.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that involve risks and uncertainties. All statements other than statements of current or historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those listed under "*Risk Factors*," that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

In some cases, you can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "potential," "intend," "plan," "believe," "likely to" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements about:

● changes
 in political, social and economic conditions, the regulatory environment, laws and regulations and interpretation thereof in the
 jurisdictions where we conduct business or expect to conduct business;

● the
 risk that we may be unable to realize our anticipated growth strategies and expected internal growth;

● changes
 in the availability and cost of professional staff which we require to operate our business;

● changes
 in customers' preferences and needs;

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

● changes
 in our future capital needs and the availability of financing and capital to fund such needs;

● changes
 in currency exchange rates or interest rates;

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

● changes
 in our plan to enter into certain new business sectors; and

● other
 factors beyond our control.

You should read this prospectus and the documents that we refer to in this prospectus with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this prospectus include additional factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should read this prospectus and the documents that we refer to in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.

This prospectus also contains statistical data and estimates that we obtained from industry publications and reports generated by government or third-party providers of market intelligence. Although we have not independently verified the data, we believe that the publications and reports are reliable.

**Presentation of Financial and Other Information**

Unless otherwise indicated, all financial information contained in this prospectus is prepared and presented in accordance with the accounting principles generally accepted in the United States of America ("U.S. GAAP").

All references in this prospectus to "U.S. dollars," "US$," "$" and "USD" refer to the currency of the United States of America. Unless otherwise indicated, all references to currency amounts in this prospectus are in USD.

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

**Impact of the COVID-19 Pandemic on Our Operations and Financial Performance**

The COVID-19 pandemic significantly impacted our business operations in 2021, 2022, and early 2023. The Chinese government's implementation of various governmental measures, including lockdowns, closures, quarantines, and travel bans, had adverse effects on our product demand and manufacturing capacity. The sporadic COVID-19 outbreaks in some provinces, coupled with the normalization of the dynamic COVID-Zero policy, continued to affect our business, including aspects such as business travel, marketing, and customer service, throughout 2020 and 2022. Furthermore, the dynamic COVID-Zero policy implemented during the Winter Olympic Games and the outbreak of the epidemic in Shanghai in the first half of 2022 severely impacted our factories' manufacturing capabilities. It is important to note that the World Health Organization ("WHO") declared that COVID-19 was no longer a "global health emergency" and China has shifted its approach and abandoned the dynamic COVID-Zero policy. These risks include potential disruptions to logistics, supply chains, production, delivery, as well as the overall development of our business activities.

See "*Item 3. Key Information—3.D. Risk Factors—Risks Related to Our Business and Industry—Pandemics and epidemics, natural disasters, terrorist activities, political unrest, and other outbreaks could disrupt our operations, which could materially and adversely affect our business, financial condition, and results of operations*" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

**PROSPECTUS SUMMARY**

*This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before investing in our securities. For a more complete understanding of us and this offering, you should read and carefully consider the entire prospectus, including the more detailed information set forth under "Item 3. Key Information—3.D. Risk Factors" and "Item 5. Operating and Financial Review and Prospects" and our consolidated financial statements and the related notes of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus. Some of the statements in this prospectus are forward-looking statements. See section titled "Special Note Regarding Forward-Looking Statements."*

**Business Overview**

We are a fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specialized production and maintenance equipment. We design and manufacture oilfield-specialized production and maintenance equipment, then collaborate with qualified specialized vehicle manufacturing companies to integrate the equipment onto vehicle chassis, producing specialized oilfield vehicles for sale. Additionally, we sell oilfield-specialized equipment components, related products, and provide automation solutions.

Our products include oilfield vehicles such as oil pumping trucks, oil-well repair trucks, fracking trucks, well flushing-wax removal trucks, and boiler trucks. We also produce specialized equipment and components for oil well repair and maintenance, fracking, oil well cleaning and wax removal, oil pumping, and boilers.

Through our in-house developed automation products, we offer efficient, energy-saving, and environmentally friendly equipment and services for oilfield operations, meeting the cost reduction and efficiency enhancement needs of oilfield service companies.

STAK Inc. 斯塔克工业集团有限公司 is a holding company headquartered in Changzhou, China. The core team members of the Company have been focusing on the research and design of general-purpose automation control modules and the development of industrial software for specialized applications since 2012. In early 2020, the team, led by our CEO, Chuanbo Jiang, shifted its focus to the production of specialized oilfield equipment and integrated solutions, leading to the establishment of YLAN. The team relocated to Changzhou City pursuant to an Investment Promotion and Protection Agreement with the representative of Changzhou Tianning Economic Development Zone, Changzhou local government. YLAN, an operating entity of STAK Inc. 斯塔克工业集团有限公司 in mainland China, specializes in the research, manufacturing, sale, and related services of oilfield-specialized production and maintenance equipment. In April 2022, YLAN incorporated Changzhou Zhongshan Intelligent Equipment Co., Ltd. to engage in the field of specialized trucks through collaboration with specialized vehicle manufacturers. Our initial public offering ("IPO") plan has received support from the local government, and it was included in the list of prospective listed companies by the People's Government of Tianning District of Changzhou City on September 26, 2022 (Changzhou Tianning Market Listing Office [2022] No. 3), providing various favorable supporting for the Company. YLAN was also acknowledged as one of 197 key enterprises for future securities exchange listing and included in the "Long Teng Action Plan" by the local government.

![](formf-1_003.jpg)

**Our Products and Solutions** 

We provide specially designed and configured vehicles and equipment for oilfield development and operations. These vehicles and equipment play a crucial role in cost reduction and efficiency improvement during exploration, extraction, transportation, and production processes in oilfields. Our main products currently include oil pumping trucks, oil-well repair trucks, fracking trucks, well flushing-wax removal trucks, boiler trucks, and other maintenance vehicles. We manufacture the equipment for oilfield development and operations and outsource the final vehicle assembly work to manufacturers holding special vehicle production permission.

**Corporate Information**

Our principal executive office is located at Floor 8, Block 11, The Industry Park of Intelligent Auto Parts. No. 6 Bei Tang He East Rd., Tianning District, Changzhou City, Jiangsu Province, People's Republic of China, and our phone number is +86 519 88802609. Our registered office in the Cayman Islands is located at the offices of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands. We maintain a corporate website at http://www.stakindustry.com/. The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus. We have appointed Puglisi & Associates, located at 850 Library Avenue, Suite 204, Newark, Delaware 19711, as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

**Corporate History and Structure**

We are a holding company incorporated in the Cayman Islands and conduct our operations in mainland China through our PRC Subsidiaries. We began our operations in June 2020 when YLAN was founded in Changzhou, China.

With the growth of our business and in order to facilitate international capital raising, we underwent an offshore reorganization in 2023. In May 2023, STAK Inc. 斯塔克工业集团有限公司 was incorporated in the Cayman Islands as our offshore holding company. Shortly after its incorporation, STAK Inc. 斯塔克工业集团有限公司 incorporated a wholly-owned subsidiary in Hong Kong, namely, STAK Holdings Limited, or STAK HK. In August 2023, STAK HK established STAK (Changzhou) Intelligent Technology Co., Ltd, or WFOE, as a wholly foreign owned entity in the PRC. WFOE acquired 100% equity interest in YLAN in September 2023, and STAK Inc. 斯塔克工业集团有限公司 became the ultimate holding company of our operating subsidiaries, YLAN and Changzhou Zhongshan, a wholly-owned subsidiary of YLAN, which was established in April 2022 in mainland China. YLAN also established two registered branch offices for its operations in Shiyan, Hubei Province and Guiyang, Guizhou Province in September 2024 and January 2025, respectively.

Our Class A Ordinary Shares began trading on the Nasdaq under the symbol "STAK" on February 26, 2025. On February 27, 2025, the Company closed its IPO of 1,250,000 ordinary shares at a public offering price of $4.00 per ordinary share. On March 4, 2025, the underwriters for the IPO partially exercised their over-allotment option to purchase an additional 160,349 ordinary shares at a public offering price of $4.00 per ordinary share. The total gross proceeds received from the IPO, including proceeds from the exercise of the over-allotment option, were $5.6 million.

On February 27, 2025, the Company issued warrants to the Kingswood Capital Partners, LLC, the representative of the underwriters in the IPO, to purchase an aggregate of 70,517 ordinary shares (the "Representative's Warrants"). Such Representative's Warrants have an exercise price of $4.80 per share. The Representative's Warrants may be exercised in cash or on a cashless basis, and are exercisable for five years from February 27, 2025 to 5:00 p.m., Eastern time, February 25, 2030. The Representative's Warrants are not redeemable by the Company. As of the date of this prospectus,·70,517 ordinary shares were reserved and no shares were exercised.

The Company (a) by way of ordinary resolution of shareholders passed at the EGM of the Company held on June 5, 2025 (the "EGM") (i) re-designated and re-classified 37,500,000 authorized ordinary shares (including all of the existing issued ordinary shares) as 37,500,000 Class A Ordinary Shares of par value $0.001 each, cancelled 12,500,000 authorized but unissued ordinary shares and created a new share class of 12,500,000 Class B Ordinary Shares of par value $0.001 each; (ii) immediately after such implementation of dual class structure, increased the Company's authorized share capital to $100,000 divided into 75,000,000 Class A Ordinary Shares of a par value of $0.001 each and 25,000,000 Class B Ordinary Shares of a par value of $0.001 each, by creation of an additional 37,500,000 Class A Ordinary Shares and 12,500,000 Class B Ordinary Shares; and (b) by way of special resolution of shareholders passed as the EGM, (iii) adopted the second amended and restated memorandum and articles of association of the Company in its entirety and in substitution for and to the exclusion of the then existing memorandum and articles of association of the Company with effect from the date of the said increased of authorized share capital took effect to reflect the changes of the authorized share capital and the rights of Class B Ordinary Shares; and (iv) approved, subject to the effectiveness of the said dual class structure, the increase of authorized share capital and the adoption of the second amended and restated memorandum and articles of association, the Company's repurchase of 7,700,000 Class A Ordinary Shares held by Lanying Capital Limited in consideration of and out of the proceeds of the Company's new issuance of 7,700,000 Class B Ordinary Shares to Lanying Capital Limited and the Company's repurchase of 1,500,000 Class A Ordinary Shares held by MT. Yang Holding Ltd in consideration of and out of the proceeds of the Company's new issuance of 1,500,000 Class B Ordinary Shares to MT. Yang Holding Ltd. As of the date of this prospectus, the Company has an aggregate of 4,010,349 Class A Ordinary Shares with one vote each and 9,200,000 Class B Ordinary Shares with 30 votes each, $0.001 par value per share issued and outstanding.

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

![](formf-1_004.jpg)

**Historic Milestones**

![](formf-1_005.jpg)

**Compliance with Foreign Investment Related Regulations**

We have been advised by our PRC Counsel, DeHeng Law Offices (Shenzhen), that pursuant to the relevant laws and regulations in PRC, none of our business is stipulated on the Special Administrative Measures for the Access of Foreign Investment (Negative List) (2024 Version) (the "2024 Negative List"), which was promulgated by the Ministry of Commerce of the PRC ("MOFCOM") and the National Development and Reform Commission of the PRC ("NDRC") on September 6, 2024 and became effective on November 1, 2024. Therefore, we are able to conduct our business through our wholly-owned PRC Subsidiaries without being subject to restrictions imposed by the foreign investment laws and regulations of the PRC.

**Summary Risk Factors**

Our prospectus should be considered in light of the risks, uncertainties, expenses, and difficulties frequently encountered by similar companies. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more carefully in the section titled "*Risk Factors*" in this prospectus and "*Item 3. Key Information—3.D*. *Risk Factors*" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

***Risks Related to Our Business and Industry (for a more detailed discussion, see "Item 3. Key Information—3.D. Risk Factors—Risks Related to our Business and Industry" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus)***

&nbsp;&nbsp;&nbsp;&nbsp;● Our operating history may not
 be indicative of our future growth or financial results and we may not be able to sustain our historical growth rates.

● We
 cannot assure you that we will maintain profitability.

● We
 operate in a volatile industry where the demand for oil equipment can fluctuate significantly, often in correlation with oil and
 natural gas prices, which makes it difficult for investors to evaluate our future prospects, and we cannot assure you that our current
 or future strategies will be successfully implemented or will generate sustainable profit.

● We
 have a limited operating history and experience in specialized oilfield equipment and integrated solutions, which makes it difficult
 to evaluate our business. We cannot assure you that the market for our products will develop as we expect or that we will be able
 to maintain the growth rate that we have experienced to date.

● Failure
 to maintain and enlarge our customer base or strengthen customer engagement may adversely affect our business and results of operations.

● Failure
 to maintain the quality of our products and service could have a material and adverse effect on our reputation, financial condition
 and results of operations.

● We
 depend on our cooperation with our business partners. Our business may be negatively affected if such partners do not continue their
 relationship with us or if their operations fail.

● We
 may experience significant liability claims or complaints from customers, litigation and regulatory investigations and proceedings.

● We
 are dependent on our top customers. If we fail to acquire new customers or retain existing customers in a cost-effective manner,
 our business, financial condition and results of operations may be materially and adversely affected.

● Our
 industry is intensely competitive. We may face competition from, and we may be unable to compete successfully against, new entrants
 and established companies with greater resources.

● We
 are dependent upon key executives and highly qualified managers and we cannot assure their retention.

● Pandemics
 and epidemics, natural disasters, terrorist activities, political unrest, and other outbreaks could disrupt our operations, which
 could materially and adversely affect our business, financial condition, and results of operations.

***Risks Related to Doing Business in China (for a more detailed discussion, see "Item 3. Key Information—3.D. Risk Factors —— Risks Related to Doing Business in China" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus)***

● Uncertainties
 and quick changes in the PRC legal system could result in a material and negative impact on our business operations, decrease the
 value of our Ordinary Shares and limit the legal protections available to you and us.

● If
 the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
 in mainland 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.

● We
 are subject to the filing procedures with the CSRC in connection with subsequent securities offerings. The approval of or
 clearance by the CAC and other compliance procedures may be required in connection with subsequent offerings and subsequent
 securities offerings, and, if required, we cannot predict whether we will be able to obtain such approval or clearance.

● We
 must remit subsequent offerings proceeds to mainland China before they may be used to benefit our business in mainland China,
 and we cannot assure that we can finish all necessary governmental registration processes in a timely manner.

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

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

● The Chinese government may intervene in or influence
 our operations at any time, which could result in a material change in our operations and significantly and adversely impact the
 value of our securities.

● PRC regulation of loans to and direct investment
 in PRC entities by offshore holding companies and governmental control of currency conversion may delay us from using the proceeds
 of our subsequent offerings to make loans or additional capital contributions to our PRC Subsidiaries, which could materially and
 adversely affect our liquidity and our ability to fund and expand our business.

● Our Ordinary Shares may be delisted under the
 HFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years. The delisting of our Ordinary Shares, or the threat
 of their being delisted, may materially and adversely affect the value of your investment.

● Uncertainties with respect to the PRC legal system
 could adversely affect us.

● PRC regulations relating to the establishment
 of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiary to liability
 or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary's ability to increase their
 registered capital or distribute profits to us, or may otherwise adversely affect us.

● Failure
to make adequate contributions to various employee benefit plans and withhold individual income tax on employees' salaries as required
by PRC regulations may subject us to penalties.

● We
do not hold a special vehicle production permission to produce special vehicles as requested by the Chinese Ministry of Industry and
Information Technology. If the government does not allow outsourcing or if our business demand exceeds the outsourcing factory's
capacity in the future, it could severely restrict our growth and adversely affect the value of your investment.

● We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.

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

***Risks Related to This Offering and Our Securities (for a more detailed discussion, see "Risk Factors—Risks Related to This Offering and Our Securities" beginning on page 16 of this prospectus)***

● There
 is no public market for the Units or the Warrants. See page 16 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● The
 Warrants in this offering are speculative in nature. See page 16 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● Holders
 of the Warrants will not have rights of holders of our Class A Ordinary Shares until such Warrants are exercised. See page 16
 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● The
 Issuance of our Class A Ordinary Shares in the public market as a result of this offering is likely to cause the market price of
 our Class A Ordinary Shares to fall. See page 16 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● The
 market price and trading volume for our Class A Ordinary Shares have been and may continue to be volatile. See page
 16 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● If
 securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
 regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.
 See page 17 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● You
 will experience immediate and substantial dilution in the net tangible book value of Class A Ordinary Shares included in the Units
 and may experience additional dilution of your investment in the future. The existing shareholders will likely experience substantial
 dilution when the Warrants issued in this offering are exercised. See page 17 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● Because
 we do not expect to pay dividends in the foreseeable future after this offering, you must
 rely on price appreciation of our
 Class A Ordinary Shares for return on your investment. See page 18 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● Substantial
 future sales or perceived potential sales of Class A Ordinary Shares, including as a result of certain provisions contained in the
 Warrants, in the public market could cause the price of the Class A Ordinary Shares to decline. See page 18 of "*Risk Factors—Risks Related to This Offering and Our Securities"* for further details.

● You
 must rely on the judgment of our management as to the use of the net proceeds from this offering, and such use may not produce income
 or increase the price of our Class A Ordinary Shares. See page 19 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● We
 may need additional capital and may sell additional Class A Ordinary Shares or other equity securities or incur indebtedness, which
 could result in additional dilution to our shareholders or increase our debt service obligations. See page 19 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details

● Certain
 existing shareholders have substantial influence over our company and their interests may not be aligned with the interests of our
 other shareholders. See page 19 of "*Risk Factors—Risks Related to This Offering and Our Securities* "
 for further details.

● We
 are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
 See page 19 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● 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. See page 20 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● We
 may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses. See page
 20 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

● We
 have incurred and will continue to incur increased costs as a result of being a public company. See page 21 of "*Risk Factors—Risks Related to This Offering and Our Securities*" for further details.

***Risks Related to Our Capital Structure (for a more detailed discussion, see "Risk Factors—Risks Related to Our Capital Structure" beginning on page 22 of this prospectus)***

● Our
 dual class share structure with different voting rights may adversely affect the value and liquidity of the Class A Ordinary Shares.
 See page 22 of "*Risk Factors—Risks Related to Our Capital Structure*" for further details.

● Our
 dual class share structure with different voting rights, as well as the concentration of our share ownership among executive officers,
 directors and principal shareholders, will limit your ability to influence corporate matters and could discourage others from pursuing
 any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial. See page 22 of "*Risk Factors—Risks Related to Our Capital Structure*" for further details.

● Future
 issuances of Class B Ordinary Shares may be dilutive to holders of Class A Ordinary Shares. See page 22 of "*Risk Factors—Risks Related to Our Capital Structure*" for further details.

**CSRC Approval Required for This Offering**

Recent statements by the Chinese government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in mainland China-based issuers. On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities 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.

Furthermore, on December 28, 2021, the CAC, the NDRC, and several other administrations jointly issued the Revised Review Measures, which became effective and replaced the existing Measures for Cybersecurity Review on February 15, 2022. According to the Revised Review Measures, if an "online platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Moreover, the State Council released the Regulations on Network Data Security Management in September 2024, effective on January 1, 2025, which among other things, stipulates that an important data processor must conduct risk assessment of their network data handling activities on an annual basis and submit risk assessment reports to the competent authorities at or above the provincial level, which shall in turn promptly notify the cyberspace administration and the public security organ at the same level. On July 7, 2022, the CAC released the Measures for the Security Assessment of Cross-Border Data, which became effective on September 1, 2022. We do not collect or store any personal data (including certain personal information) from our individual end-users. As of the date of this prospectus, we have not collected or stored personal information from our individual end-users. As a result, the likelihood of us being subject to the review of the CAC is remote. Given the recent issuance of the Measures for the Security Assessment of Cross-Border Data, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation.

On February 17, 2023, the CSRC issued the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines, which became effective on March 31, 2023 (the "Overseas Listing Regulations"). The Overseas Listing Regulations require that a PRC domestic enterprise seeking to issue and list its shares overseas shall complete the filing procedures with the CSRC, failing which we may be liable to a fine of between RMB 1 million and RMB 10 million. Where an enterprise, whose principal business activities are conducted in mainland China, seeks to issue and list its shares in the name of an overseas entity, such practice is deemed as an indirect overseas issuance and listing in the meaning of the Overseas Listing Regulations. Among other things, if an overseas listed issuer intends to implement any offering in an overseas market, it should, through its major operating entity incorporated in the PRC, submit filing materials to the CSRC within three working days after the completion of the offering. The required filing materials shall include but not be limited to: (1) filing report and relevant commitments; and (2) domestic legal opinions. We have completed the filing procedures with the CSRC for our initial public offering on August 9, 2024. According to the Overseas Listing Regulations, we are subject to the filing procedures and need to complete the filing procedures with CSRC within three working days after the completion of this offering. Further, we are required to complete the filing procedure with the CSRC under the Trial Measures for any future offerings or any other capital raising activities, and we cannot assure you that we will be able to complete such filings in a timely manner, or at all. The Overseas Listing Regulations may subject us to additional compliance requirements in the future, and we cannot assure you that we will be able to get the clearance of filing procedures under the Overseas Listing Regulations on a timely basis, or at all. Any failure of us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our securities, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our Class A Ordinary Shares to significantly decline in value or become worthless.

As further advised by our PRC counsel, as of the date of this prospectus, except for the requirement to make a post-offering filing with the CSRC, no effective laws or regulations in the PRC explicitly require us to seek approval from any other PRC governmental authorities for this offering, nor has our Company or any of our subsidiaries received any inquiry, notice, warning or sanctions regarding our planned overseas securities offerings from the CSRC or any other PRC governmental authorities. We cannot assure you that we will remain fully compliant with all new regulatory requirements of these opinions or any future implementation rules on a timely basis, or at all. If we are subject to additional requirements that we obtain the approval or clearance from either the CSRC, the CAC or any other regulators in China for this offering but fail to obtain such approval or clearance, we will not be able to pursue this offering any further. See "*Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in China—We are subject to the filing procedures with the CSRC in connection with subsequent securities offerings. The approval of or clearance by the CAC and other compliance procedures may be required in connection with subsequent securities offerings, and, if required, we cannot predict whether we will be able to obtain such approval or clearance*" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

**Impact of the COVID-19 Pandemic on Our Operations and Financial Performance**

The COVID-19 pandemic significantly impacted our business operations in 2021, 2022, and early 2023. The Chinese government's implementation of various governmental measures, including lockdowns, closures, quarantines, and travel bans, had adverse effects on our product demand and manufacturing capacity. The COVID-19 sporadic outbreaks in some provinces, coupled with the normalization of the dynamic COVID-Zero policy, continued to affect our business, including aspects such as business travel, marketing, and customer service, throughout 2020 and 2022. Furthermore, the dynamic COVID-Zero policy implemented during the Winter Olympic Games and the outbreak of the epidemic in Shanghai in the first half of 2022 severely impacted our factories' manufacturing capabilities. It is important to note that the WHO declared that COVID-19 was no longer a "global health emergency" and mainland China has shifted its approach and abandoned the dynamic COVID-Zero policy. These risks include potential disruptions to logistics, supply chains, production, delivery, as well as the overall development of our business activities.

See "*Item 3. Key Information—3.D. Risk Factors—Risks Related to Our Business and Industry—Pandemics and epidemics, natural disasters, terrorist activities, political unrest, and other outbreaks could disrupt our operations, which could materially and adversely affect our business, financial condition, and results of operations*" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

**Implications of Being an Emerging Growth Company**

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 of 2012, or the "JOBS Act." An "emerging growth company" may take advantage of reduced reporting requirements that are otherwise applicable to larger public companies. In particular, as an emerging growth company, we:

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

● are
 not required to obtain an attestation and report from our auditors on our management's assessment of our internal control over
 financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

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

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

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

● are
 not required to conduct an evaluation of our internal control over financial reporting until our second annual report on Form 20-F
 following the effectiveness of the IPO.

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions until we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an "emerging growth company" at the end of the fiscal year in which the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933, as amended (the "Securities Act") occurred, if we have more than $1.235 billion in annual revenue, have more than $700 million in market value of our Class A Ordinary Shares held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt over a three-year period.

**Implications of Being a Foreign Private Issuer**

We are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

● we
 are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;

● for
 interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that
 apply to domestic public companies;

● we
 are not required to provide the same level of disclosure on certain issues, such as executive compensation;

● we
 are exempt from provisions of Regulation Fair Disclosure aimed at preventing issuers from making selective disclosures of material
 information;

● we
 are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations
 in respect of a security registered under the Exchange Act; and

● we
 are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership
 and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.

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

The Nasdaq listing rules provide that a foreign private issuer may follow the practices of its home country, which for us is the Cayman Islands, rather than the Nasdaq rules as to certain corporate governance requirements, including the requirement that the issuer have a majority of independent directors, the audit committee, compensation committee, and nomination committee requirements, the requirement to disclose third-party director and nominee compensation, and the requirement to distribute annual and interim reports. A foreign private issuer that follows a home country practice in lieu of one or more of the listing rules is required to disclose in its annual reports filed with the SEC each requirement that it does not follow and describe the home country practice followed by the issuer in lieu of such requirements. Although we do not currently intend to take advantage of these exceptions to the Nasdaq corporate governance rules, we may in the future take advantage of one or more of these exemptions. See "*Risk Factors—Risks Related to This Offering and Our Securities—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.*"

**RISK FACTORS**

 *Investing in our Class A Ordinary Shares involves a high degree of risks. You should carefully consider the risks described under "Item 3.—3.D. Risk Factors" in our Annual Report on Form 20-F for the year ended June 30, 2025, as filed with the SEC on November 5, 2025, and all other information contained in, or incorporated by reference in, this prospectus, as updated by those subsequent filings with the SEC under the Exchange Act, before making an investment decision. The risks and uncertainties described below and incorporated by reference are not the only ones we face. Additional risks and uncertainties not presently known to us may also adversely affect our business. Our business, financial condition and/or results of operations could be materially and adversely affected if any of these risks occur, and as a result the trading price of our Class A Ordinary Shares could decline and you could lose all or part of your investment.*

 *This prospectus also contains forward-looking statements that involve risks and uncertainties. See "Special Note Regarding Forward-Looking Statements." Our actual results could differ materially and adversely from those anticipated in these forward-looking statements as a result of certain factors.*

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

***There is no public market for the Units or the Warrants.***

There is no established public trading market for the Units or the Warrants, and we do not expect a market to develop. In addition, we do not intend to apply to list the Units or the Warrants on any national securities exchange or other nationally recognized trading system, including Nasdaq. Without an active market, the liquidity of the Units and the Warrants will be limited.

***The Warrants in this offering are speculative in nature.***

Following this offering, the market value of the Warrants, if any, is uncertain and there can be no assurance that the market value of the Warrants will equal or exceed their imputed offering price. The Warrants will be not listed or quoted for trading on any market or exchange. In addition, each Warrant will expire three year from its date of issuance.

***Holders of the Warrants will not have rights of holders of our Class A Ordinary Shares until such Warrants are exercised.***

Until holders of the Warrants acquire Class A Ordinary Shares upon exercise of the Warrants, holders of the Warrants will have no rights with respect to the Class A Ordinary Shares underlying such Warrants.

***The Issuance of our Class A Ordinary Shares in the public market as a result of this offering is likely to cause the market price of our Class A Ordinary Shares to fall.***

We are registering a maximum of 9,000,000 Class A Ordinary Shares (including the Class A Ordinary Shares underlying the Warrants) offered under this prospectus. Sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that such sales might occur, is likely to adversely affect the market price of our Class A Ordinary Shares. The issuance of new Class A Ordinary Shares is likely to result in resales of our Class A Ordinary Shares by our current shareholders concerned about the potential ownership dilution of their holdings. Any such issuance is likely to result in substantial dilution to our existing shareholders and will likely cause our share price to decline.

***The market price and trading volume for our Class A Ordinary Shares have been and may continue to be volatile.***

The trading price of our Class A Ordinary Shares has been and may continue to be volatile and could fluctuate widely due to factors beyond our control. Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with a number of recent initial public offerings, especially among companies with relatively smaller public floats. As a relatively small-capitalized company with relatively small public float after this offering, we may experience greater stock price volatility, lower trading volume and less liquidity than large-capitalized companies. In particular, our Class A Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices due to factors beyond our control. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares. This may happen because of broad market and industry factors, like the performance and fluctuation in the market prices or the underperformance or deteriorating financial results of internet or other companies based in mainland China that have listed their securities in the United States in recent years. The securities of some of these companies have experienced significant volatility since their initial public offerings, including, in some cases, substantial price declines in their trading prices. The trading performances of other Chinese companies' securities after their offerings, including internet and e-commerce companies, may affect the attitudes of investors toward Chinese companies listed in the United States, which consequently may impact the trading performance of the Class A 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 other matters of other Chinese companies may also negatively affect the attitudes of investors towards Chinese companies in general, including us, regardless of whether we have conducted any inappropriate activities. In addition, securities markets may from time to time experience significant price and volume fluctuations that are not related to our operating performance.

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

● regulatory
 developments affecting us, our consumers or our industry;

● conditions
 in the global demand for oil which may directly affect on our business;

● announcements
 of studies and reports relating to the quality of our product and service offerings or those of our competitors;

● changes
 in the economic performance or market valuations of other oilfield automation machinery services businesses;

● 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;

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

● additions
 to or departures of our senior management;

● detrimental
 negative publicity about us, our management or our industry;

● fluctuations
 of exchange rates between the Renminbi and the U.S. dollar;

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

● sales
 or perceived potential sales of additional Class A Ordinary Shares.

The trading market for our Class A Ordinary Shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who cover us downgrade the Class A Ordinary Shares or publish inaccurate or unfavorable research about our business, the market price for our Class A Ordinary Shares would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for our Class A Ordinary Shares to decline.

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

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

***You will experience immediate and substantial dilution in the net tangible book value of Ordinary Shares included in the Units and may experience additional dilution of your investment in the future. The existing shareholders will likely experience substantial dilution when the Warrants issued in this offering are exercised.***

The offering price of per share included in the Units is higher than the net tangible book value per share outstanding prior to this offering. Consequently, when you purchase Units in the offering at an assumed public offering price of $1.0 per Unit upon completion of the offering, you will incur immediate dilution of $0.21 per share, with respect to the net tangible book value of the Ordinary Shares as of June 30, 2025. See "*Dilution*." In addition, you will likely experience further dilution upon the exercise of the Warrants issued in connection with this offering.

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

We currently intend to retain most, if not all, of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our Class A Ordinary Shares as a source for any future dividend income.

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

***Substantial future sales or perceived potential sales of Class A Ordinary Shares, including as a result of certain provisions contained in the Warrants, in the public market could cause the price of the Class A Ordinary Shares to decline.***

Sales of Class A Ordinary Shares in the public market after this offering, or the perception that these sales could occur, could cause the market price of our Class A Ordinary Shares to decline. Immediately after the completion of this offering, we will have 7,010,349 Class A Ordinary Shares outstanding, assuming that all Units are sold and none of the Warrants included in the Units is exercised. All Class A Ordinary Shares sold in this offering will be freely transferable without restriction or additional registration under the Securities Act.

The Warrants will have a three-year term, will be immediately exercisable upon issuance and have an initial exercise price of $1.2 per share, pursuant to which a maximum of 6,000,000 Class A Ordinary Shares underlying the Warrants may be issued following the completion of this offering. Such substantial issuance of Class A Ordinary Shares could cause the price of our Class A Ordinary Shares to decline. Moreover, the perceived risk of this potential dilution could cause shareholders to attempt to sell their shares and investors to short our Class A Ordinary Shares. These sales also may make it more difficult for us to sell equity or equity-related securities in the future at a time and price that we deem reasonable or appropriate.

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

As of June 30, 2025, our cash and cash equivalent were $1.0 million. Immediately following the completion of this offering, we expect to receive net offering proceeds of approximately $2.9 million after deducting the estimated offering expenses payable by us. We intend to use these funds as set forth under "*Use of Proceeds*." However, our management will have considerable discretion in the application of the net proceeds received by us. You will not have the opportunity, as part of your investment decision, to assess whether proceeds are being used appropriately. The net proceeds may be used for corporate purposes that do not improve our efforts to achieve or maintain profitability or increase the price of our Class A Ordinary Shares. The net proceeds from this offering may be placed in investments that do not produce income or that lose value.

***We may need additional capital and may sell additional Class A Ordinary Shares or other equity securities or incur indebtedness, which could result in additional dilution to our shareholders or increase our debt service obligations.***

We may require additional cash resources due to changed business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our cash resources are insufficient to satisfy our cash requirements, we may seek to sell additional equity or debt securities or obtain a credit facility. The sale of additional equity securities or equity-linked debt securities could result in additional dilution to our shareholders. The incurrence of indebtedness would result in debt service obligations and could result in operating and financing covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or terms acceptable to us, if at all.

***Certain existing shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other shareholders.***

Upon the completion of this offering, our directors and officers will collectively own an aggregate of 97.5% of the total voting power, assuming that all Units are sold and none of the Warrants included in the Units is exercised. As a result, they have substantial influence over our business, including significant corporate actions such as mergers, consolidations, election of directors and other significant corporate actions.

They may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may discourage, delay or prevent a change in control of our company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our company and may reduce the price of the Class A Ordinary Shares. These actions may be taken even if they are opposed by our other shareholders, including those who purchase the Units in this offering. In addition, the significant concentration of share ownership may adversely affect the trading price of our Class A Ordinary Shares due to investors' perception that conflicts of interest may exist or arise. For more information regarding our principal shareholders and their affiliated entities, see "*Principal Shareholders*."

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

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

In addition, under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to avail ourselves of an exemption that allows us to delay adopting new or revised accounting standards until such time as those standards apply to private companies. As a result, we will not be subject to the same new or revised accounting standards as other public companies that comply with the public company effective dates. We have also elected to take advantage of certain of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage of other reduced reporting requirements in future filings. As a result of these elections, the information that we provide to our shareholders may be different than you might receive from other public reporting companies.

***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 of a security registered
 under the Exchange Act;

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

● the
 selective disclosure rules by issuers of material nonpublic information under Regulation FD.

We are 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 semi-annual basis as press releases, distributed pursuant to the rules and regulations of the Nasdaq Capital Market. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

As a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq Capital Market corporate governance requirements; these practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq Capital Market corporate governance requirements. Currently, we do not have any immediate plans to rely on home country practice with respect to our corporate governance.

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

As discussed above, 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 Class A Ordinary Shares are directly or indirectly held by residents of the U.S. and we fail to meet additional requirements necessary to maintain our foreign private issuer status. In the future, if we lose our foreign private issuer status as of the last date of our second fiscal quarter, we would be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms beginning on the following January 1, which are more detailed and extensive than the forms available to a foreign private issuer. We would also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders would become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we would lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq Capital Market listing rules. As a U.S. listed public company that is not a foreign private issuer, we would incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer, and accounting, reporting and other expenses in order to maintain a listing on a U.S. securities exchange.

***We have incurred and will continue to incur increased costs as a result of being a public company.***

We are a public company and have incurred significant legal, accounting and other expenses. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and the Nasdaq Capital Market, impose various requirements on the corporate governance practices of public companies. As a company with less than $1.235 billion in net revenues for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. 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 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting.

These rules and regulations may increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. We have incurred and will continue to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the SEC. For example, as a result of becoming a public company, we need to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. 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.

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

***There can be no assurance that we will not be a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which could subject United States investors in the Class A Ordinary Shares to significant adverse United States income tax consequences.***

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

**Risks Related to Our Capital Structure**

***Our dual class share structure with different voting rights may adversely affect the value and liquidity of the Class A Ordinary Shares.***

We cannot predict whether our dual class share structure with different voting rights will result in a lower or more volatile market price of our Class A Ordinary Shares, in adverse publicity, or other adverse consequences. Certain index providers have announced restrictions on including companies with multiple class share structures in certain of their indices. Because of our dual class structure, we will likely be excluded from these indices and other stock indices that take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices would likely preclude investment by many of these funds and could make our Class A Ordinary Shares less attractive to investors. In addition, several shareholder advisory firms have announced their opposition to the use of a multiple class structure and our dual class structure may cause shareholder advisory firms to publish negative commentary about our corporate governance, in which case, the market price and liquidity of the Class A Ordinary Shares could be adversely affected.

***Our dual class share structure with different voting rights, as well as the concentration of our share ownership among executive officers, directors and principal shareholders, will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.***

We have adopted a dual class share structure such that our Ordinary Shares consist of Class A Ordinary Shares and Class B Ordinary Shares. In respect of matters requiring the votes of shareholders, each Class A Ordinary Share is entitled to one (1) vote and each Class B Ordinary Share is entitled to thirty (30) votes. Each Class B Ordinary Share is convertible into one Class A Ordinary share at any time by the holder thereof. Our Class A Ordinary Shares are not convertible into our Class B Ordinary Shares under any circumstances. Only our Class A Ordinary Shares are listed on Nasdaq. For more information, see "*Description of Share Capital and Governing Documents*."

Upon the completion of this offering, Mr. Chuanbo Jiang, our CEO and Chairman of the board, and Ms. Huyun Gao, our COO, will collectively beneficially own all of our issued and outstanding Class B Ordinary Shares, which will constitute approximately 97.5% of the total voting power, assuming that all Units are sold and none of the Warrants included in the Units are exercised. See "*Principal Shareholders*." As a result of this dual class share structure and the concentration of control, upon the completion of this offering, Mr. Chuanbo Jiang and Ms. Huyun Gao will have significant influence over our business, including decisions regarding mergers, consolidations, liquidations and the sale of all or substantially all of our assets, election of directors and other significant corporate actions. In addition, our executive officers, directors, and principal shareholders and their affiliated entities together beneficially own approximately 97.5% of the total voting power upon the completion of this offering, assuming that all Units are sold and none of the Warrants included in the Units is exercised. These shareholders may take actions that are not in the best interest of us or our other shareholders. This concentration of control may discourage, delay or prevent a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part of a sale of our company and may reduce the price of our Class A Ordinary Shares. This voting structure will also limit your ability to influence corporate matters and could discourage investors from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial

***Future issuances of Class B Ordinary Shares may be dilutive to holders of Class A Ordinary Shares.***

We may issue additional Class B Ordinary Shares in the future in connection with future financings, strategic transactions, equity incentive plans, or otherwise. Any such issuance could result in dilution to existing holders of our Class A Ordinary Shares.

In addition, since Class B Ordinary Shares carry greater voting rights than Class A Ordinary Shares, any future issuances of Class B Ordinary Shares could have the effect of further concentrating voting power in certain shareholders. This may reduce the influence of Class A Ordinary Shareholders over matters requiring shareholder approval.

There can be no assurance as to when or if we will issue additional Class B Ordinary Shares, or the terms of any such issuance. However, any such future issuances could materially and adversely affect the market price of our Class A Ordinary Shares and dilute the interests of existing Class A Ordinary Shareholders.

**THE OFFERING**

---

| | |
|:---|:---|
| **Units offered by us** | 3,000,000 Units, based on an assumed public offering price of $1.0 per Unit, with each Unit consisting of one Class A Ordinary Share and two Warrants. The Units will not be certificated, and each of the Class A Ordinary Shares and the Warrants are immediately separable and will be issued separately in this offering. |
| **Public offering price** | An assumed public offering price of $1.0 per Unit. |
| **Class A Ordinary Shares included in the Units offered by us (assuming that none of the Warrants included in the Units is exercised)** | 3,000,000 Class A Ordinary Shares. |
| **Warrants included in the Units offered by us** | The Warrants will have a three-year term, will be immediately exercisable upon issuance and have an initial exercise price of $1.2 per share. Holders of the Warrants may be issued a maximum of 6,000,000 Class A Ordinary Shares upon the exercise of the Warrants.<br>For more information regarding the Warrants, you should carefully read the section titled "*Description of Share Capital and Governing Documents—Warrants*" in this prospectus, and the form of the Warrants, which are filed as an exhibit to the registration statement of which this prospectus is a part. |
| **Ordinary Shares outstanding prior to completion of this offering** | 4,010,349 Class A Ordinary Shares and 9,200,000 Class B Ordinary Shares. |
| **Ordinary Shares outstanding immediately after this offering** | 7,010,349 Class A Ordinary Shares, assuming that all Units are sold and none of the Warrants included in the Units is exercised, and 9,200,000 Class B Ordinary Shares. |
| **Listing** | Our Class A Ordinary Shares are listed on the Nasdaq Capital Market under the symbol "STAK." There is no established public trading market for the Units or the Warrants, and we do not expect a market to develop. We do not intend to apply for listing of the Units or the Warrants on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of such securities will be limited. |
| **Ticker symbol** | STAK |
| **Transfer Agent** | VStock Transfer, LLC |
| **Use of proceeds** | We estimate that we will receive net proceeds from this offering of approximately $2.9 million, based on an assumed public offering price of $1.0 per Unit and assuming that all Units are sold and none of the Warrants included in the Units is exercised, after deducting estimated offering expenses payable by us. |
| **Payment and settlement** | We expect that the delivery of the securities for the closing against payment therefor will occur on or about , 2025. |
| **Risk factors** | The securities offered hereby involve a high degree of risk. You should read "*Risk Factors*" beginning on page 16 for a discussion of factors to consider before deciding to invest in our securities. |

---

**USE OF PROCEEDS**

We estimate that we will receive net proceeds from this offering of approximately $2.9 million, based on an assumed public offering price of $1.0 per Unit, assuming that all Units are sold and none of the Warrants included in the Units is exercised, after deducting estimated offering expenses payable by us.

We will only receive additional proceeds from the exercise of the Warrants issuable in connection with this offering.

We plan to use the net proceeds of this offering in the following order of priority:

● Approximately
 40% for research and development; and

● Approximately
 60% for working capital and other general corporate purposes.

To the extent that our actual net proceeds are not sufficient to fund all of the proposed purposes, we will decrease our allocation of the net proceeds for the purposes set out above on a pro rata basis. We would anticipate raising additional capital through equity or debt financing sufficient to fund our proposed uses above.

The amounts and timing of any expenditures will vary depending on the amount of cash generated by our operations, and the rate of growth, if any, of our business, and our plans and business conditions. The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management will have significant flexibility in applying and discretion to apply the net proceeds of the 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.

Pending deployment of the net proceeds for the uses described above, the funds may be placed in short-term deposits with financial institutions or used to invest in short-term money market instruments.

Each $0.10 increase (decrease) in the public offering price per Unit would increase (decrease) the net proceeds to us from this offering, after deducting estimated offering expenses payable by us, by approximately $0.3 million, assuming that the number of Units offered by us, as set forth on the cover page of this prospectus, remains the same. We may also increase or decrease the number of Units we are offering. An increase (decrease) of 100,000 in the number of Units we are offering would increase (decrease) the net proceeds to us from this offering, after deducting estimated offering expenses payable by us, by approximately $0.1 million, assuming the public offering price stays the same. We do not expect that a change in the offering price or the number of Units by these amounts would have a material effect on our intended uses of the net proceeds from this offering, although it may impact the amount of time prior to which we may need to seek additional capital.

**DIVIDEND POLICY**

We have no formal dividend policy. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business and to repay indebtedness and, therefore, we do not anticipate paying any cash dividends in the foreseeable future. Our board of directors has complete discretion in deciding whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Even if our board of directors decides to pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors.

**CAPITALIZATION**

The following tables set forth our capitalization as of June 30, 2025:

● on
 an actual basis; and

● on
 a pro forma basis to reflect (i) the issuance and sale of 3,000,000 Units offered hereby, based on an assumed public
 offering price of $1.0 per Unit, assuming that all Units are sold and none of the Warrants included in the Units is exercised,
 (ii) the application of the net proceeds after deducting estimated offering expenses payable by us.

You should read the tables together with our consolidated financial statements and the related notes included elsewhere in this prospectus and the information under "*Item 5. Operating and Financial Review and Prospects*" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

---

| | | |
|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Actual** | **Pro Forma** |
|  | **(in US$)** | **(in US$)** |
| Cash: | 1022625 | 3902893 |
| Debt: |  |  |
| Short-term borrowings | 5636831 | 5636831 |
| Long-term borrowing | 418784 | 418784 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp; Class A Ordinary Shares, 4,010,349 Class A Ordinary Shares outstanding on an actual basis and 7,010,349 Class A Ordinary Shares outstanding on a pro forma basis | 4010 | 7010 |
| &nbsp;&nbsp;&nbsp; Class B ordinary shares, 9,200,000 Class B Ordinary Shares outstanding on an actual basis and 9,200,000 Class B Ordinary Shares outstanding on a pro forma basis | 9200 | 9200 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 12157104 | 15034372 |
| &nbsp;&nbsp;&nbsp;Statutory reserves | 672402 | 672402 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 324893 | 324893 |
| &nbsp;&nbsp;&nbsp;Accumulated comprehensive loss | (267863) | (267863) |
| Total equity | 12899746 | 15780014 |
| Total capitalization | 18955361 | 21835629 |

---

**DILUTION**

If you invest in our securities, assuming no value is attributed to any of the Warrants included in the Units offered hereby, your interest will be diluted to the extent of the difference between the public offering price per share and our net tangible book value per share after this offering. Dilution results from the fact that the public offering price per share is substantially in excess of the book value per share attributable to the existing shareholders for our presently outstanding Ordinary Shares.

Net tangible book value represents the amount of our total assets, excluding intangible assets, right-of-use assets and deferred tax assets, less our total liabilities. Our net tangible book value as of June 30, 2025 was $9,901,678, or $0.75 per share. Dilution is determined by subtracting the net tangible book value per share (as adjusted for the offering) from the public offering price per share and after deducting estimated offering expenses payable by us.

After giving effect to the issuance and sale of 3,000,000 Units offered hereby at an assumed public offering price of $1.0 per Unit, and after deducting estimated offering expenses payable by us and assuming that all Units are sold and none of the Warrants included in the Units is exercised, our pro forma net tangible book value as of June 30, 2025 would have been $0.79 per share. This represents an immediate increase in net tangible book value of $0.04 to existing shareholders and an immediate dilution in net tangible book value of $0.21 per share to investors purchasing Units in this offering. The dilution information discussed above is illustrative only and may change based on the actual public offering price and other terms of this offering. The following table illustrates such dilution:

---

| | |
|:---|:---|
|  | **Per share** |
| Public offering price per Unit | $1.00 |
| Net tangible book value per share as of June 30, 2025 | $0.75 |
| Pro forma net tangible book value per share after giving effect to this offering | $0.79 |
| Amount of dilution in net tangible book value per share to investors in this offering | $0.21 |

---

A $0.10 increase in the public offering price of $1.0 per Unit would increase our pro forma net tangible book value as of June 30, 2025 after this offering, given the same assumptions described above, by approximately $300,000, or $0.02 per share, and would increase dilution to new investors by approximately $0.08 per share, assuming that the number of Units offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated offering expenses payable by us.

We may also increase or decrease the number of Units we are offering. An increase of 100,000 in the number of Units would not affect the net tangible book value per share and per share for dilution to investors in this offering, given the same assumptions described above.

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 public offering price of our Units and other terms of this offering determined at the pricing.

The following table summarizes, on a pro forma basis as of June 30, 2025, the total number of shares purchased from us, the total cash consideration paid to us, and the average price per share paid by existing shareholders and by investors in this offering. The table below reflects an assumed public offering price of $1.0 per Unit and excludes estimated offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Shares Purchased** | **Ordinary<br> Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price <br> Per Share** |
|  | **Number** | **%** | **US$** | **%** | **US$** |
| Existing shareholders | 13210349 | 81.5 | 12170314  | 80.9  | 0.92  |
| Investors in this offering | 3000000 | 18.5 | 2880268  | 19.1  | 0.96  |
| Total | 16210349 | 100.0 | 15050582  | 100.0  | 0.93  |

---

**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 our 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. Holders of our Class A Ordinary Shares and Class B Ordinary Shares are entitled to one (1) vote per share and thirty (30) votes per share, respectively, 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, subject to applicable community property laws.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Prior to This Offering <sup>(2)</sup>** | **Prior to This Offering <sup>(2)</sup>** | **Prior to This Offering <sup>(2)</sup>** | **Prior to This Offering <sup>(2)</sup>** | **Prior to This Offering <sup>(2)</sup>** | **After This Offering <sup>(3)</sup>** | **After This Offering <sup>(3)</sup>** | **After This Offering <sup>(3)</sup>** | **After This Offering <sup>(3)</sup>** | **After This Offering <sup>(3)</sup>** |
| | **Class A Ordinary<br> Shares<br> Beneficially <br> Owned** | **Class A Ordinary<br> Shares<br> Beneficially <br> Owned** | **Class B Ordinary<br> Shares<br> Beneficially <br> Owned** | **Class B Ordinary<br> Shares<br> Beneficially <br> Owned** | **Voting Power** | **Class A Ordinary Shares<br> Beneficially <br> Owned** | **Class A Ordinary Shares<br> Beneficially <br> Owned** | **Class B Ordinary <br> Shares <br> Beneficially <br> Owned** | **Class B Ordinary <br> Shares <br> Beneficially <br> Owned** | **Voting Power** |
| <br>**Name of Beneficial Owners<sup>(1)</sup>** | **Number** | **%** | **Number** | **%** | **%** | **Number** | **%** | **Number** | **%** | **%** |
| **Directors and Executive Officers:** |  |  |  |  |  |  |  |  |  |  |
| Chuanbo Jiang<sup>(4)</sup> |  |  | 7700000 | 83.7 | 82.5 |  |  | 7700000 | 83.7 | 81.6 |
| Diana Li |  |  |  |  |  |  |  |  |  |  |
| Huyun Gao<sup>(5)</sup> |  |  | 1500000 | 16.3 | 16.1 |  |  | 1500000 | 16.3 | 15.9 |
| Ke Dennis Xu |  |  |  |  |  |  |  |  |  |  |
| Zhaohui Randall Xu |  |  |  |  |  |  |  |  |  |  |
| Yiqin Hu |  |  |  |  |  |  |  |  |  |  |
| Johannes AG Beekmans |  |  |  |  |  |  |  |  |  |  |
| **All directors and executive officers as a group 5% shareholders:** |  |  | 9200000 | 100.0 | 98.6 |  |  | 9200000 | 100.0 | 97.5 |
| Lanying Capital Ltd<sup>(4)</sup> |  |  | 7700000 | 83.7 | 82.5 |  |  | 7700000 | 83.7 | 81.6 |
| MT. Yang Holding Ltd<sup>(5)</sup> |  |  | 1500000 | 16.3 | 16.1 |  |  | 1500000 | 16.3 | 15.9 |
| **Total** |  |  | 9200000 | 100.0 | 98.6 |  |  | 9200000 | 100.0 | 97.5 |

---

\* Less than 1%.

(1) Unless otherwise noted, the business address of each of the following entities or individuals is Building 11, 8th Floor, No. 6 Beitanghe East Road, Tianning District, Changzhou, Jiangsu, People's Republic of China, 213000.

(2) Applicable percentage of ownership is based on 4,010,349 Class A Ordinary Shares and 9,200,000 Class B Ordinary Shares outstanding immediately before the offering as of the date of this prospectus.

(3) Applicable percentage of ownership is based on 7,010,349 Class A Ordinary Shares and 9,200,000 Class B Ordinary Shares outstanding immediately after the offering, assuming that all Units are sold and none of the Warrants included in the Units is exercised.

(4) Chuanbo Jiang, our CEO and Chairman of the board, beneficially holds 7,700,000 Class B Ordinary Shares, or 83.7% of the outstanding Class B Ordinary Shares through his 100% shareholding of Lanying Capital Ltd. Following the EGM held in June 2025, the Company repurchased 7,700,000 Class A Ordinary Shares from Lanying Capital Limited and issued a corresponding number of Class B Ordinary Shares to such shareholder.

(5) Huyun Gao, our COO, beneficially holds 1,500,000 Class B Ordinary Shares, or 16.3% of the outstanding Class B Ordinary Shares of the Company through her 100% shareholding of MT. Yang Holding Ltd. Following the EGM held in June 2025, the Company repurchased 1,500,000 Class A Ordinary Shares from MT. Yang Holding Ltd and issued a corresponding number of Class B Ordinary Shares to such shareholder.

**RELATED PARTY TRANSACTIONS**

 **Employment Agreements and Director Agreements**

See "*Item 6. Directors, Senior Management and Employees—6.B. Compensation—Employment Agreements and Director Agreements*" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

**Share Incentive Plan** 

See "*Item 7. Directors, Senior Management and Employees—6.B. Compensation—Share Incentive Plan*" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

 **Other Related Party Transactions**

See "*Item 6. Major Shareholders and Related Party Transactions—7.B. Related Party Transactions—Other Related Party Transactions*" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

**DESCRIPTION OF SHARE CAPITAL AND GOVERNING DOCUMENTS**

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability and our affairs are governed by our memorandum and articles of association as revised and amended from time to time, the Companies Act, and the common law by the Cayman Islands.

Our authorized share capital is $100,000 divided into (a) 75,000,000 Class A Ordinary Shares of a par value of $0.001 each and (b) 25,000,000 Class B Ordinary Shares of a par value of $0.001 each.

As of the date of this prospectus, we have an aggregate of 4,010,349 Class A Ordinary Shares and 9,200,000 Class B Ordinary Shares issued and outstanding. All of our Ordinary Shares issued and outstanding prior to the completion of the offering are fully paid, and all of our Ordinary Shares to be issued in the offering will be issued as fully paid.

**Units Being Offered**

We are offering up to 3,000,000 Units at an assumed public offering price of $1.0 per Unit, with each Unit consisting of one Class A Ordinary Share and two Warrants.

The Class A Ordinary Shares and the Warrants included in the Units are being sold in this offering only as part of the Units. However, the Units will not be certificated, and the Class A Ordinary Shares and the Warrants comprising such Units will be immediately separable and will be issued separately. Upon issuance, the Class A Ordinary Shares and the Warrants may be transferred independent of one another, subject to applicable law and transfer restrictions.

**Our Second Amended and Restated Memorandum and Articles of Association**

Our Company has adopted by way of special resolution dated June 5, 2025 the second amended and restated memorandum and articles of association. The following are summaries of material provisions of the second amended and restated memorandum and articles of association, and of the Companies Act, insofar as they relate to the material terms of our shares.

*Objects of Our Company.* Under our second amended and restated memorandum and articles of association, the objects of our company are unrestricted and we have the full power and authority to carry out any object not prohibited by the law of the Cayman Islands.

*Ordinary Shares.* Our Ordinary Shares are issued in registered form and are issued when registered in our register of members. Unless the board of directors determine otherwise, each holder of our Ordinary Shares does not receive a certificate in respect of such Ordinary Shares. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares. Subject to the provisions of the Companies Act and our second amended and restated memorandum and articles of association regarding redemption and purchase of the shares, the directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any unissued shares to such persons, at such times and on such terms and conditions as they may decide. The directors may deal with unissued shares either at a premium or at par, or with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise. No share may be issued at a discount except in accordance with the provisions of the Companies Act. The directors may refuse to accept any application for shares, and may accept any application in whole or in part, for any reason or for no reason.

*Dividends.* Subject to the provisions of the Companies Act and any rights attaching to any class or classes of shares under and in accordance with the articles of association: (a) the directors may declare dividends or distributions out of our funds which are lawfully available for that purpose; and (b) our shareholders may, by ordinary resolution, declare dividends but no such dividend shall exceed the amount recommended by the directors. Subject to the requirements of the Companies Act regarding the application of a company's share premium account and with the sanction of an ordinary resolution, dividends may also be declared and paid out of any share premium account. The directors when paying dividends to shareholders may make such payment either in cash or in specie. Unless provided by the rights attached to a share, no dividend shall bear interest.

*Voting Rights.* A resolution put to the vote of the meeting shall be decided on a poll, and subject to any rights or restrictions as to voting attached to any shares, unless any share carries special voting rights, each Class A Ordinary Share shall be entitled to one (1) vote and each Class B Ordinary Share shall be entitled to thirty (30) votes on all matters subject to vote at general meetings of the Company. In addition, all shareholders holding shares of a particular class are entitled to vote at a meeting of the holders of that class of shares. Votes may be given either personally or by proxy.

*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 second amended and restated memorandum and articles of association provide that we may (but are not obliged to) in each year hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors. All general meetings other than annual general meetings shall be called extraordinary general meetings.

The directors may convene general meetings whenever they think fit. General meetings shall also be convened on the written requisition of one or more of the shareholders entitled to attend and vote at our general meetings who (together) hold not less than ten percent of the rights to vote at such general meeting in accordance with the notice provisions in the articles of association, specifying the purpose of the meeting and signed by each of the shareholders making the requisition. If the directors do not convene such meeting within 21 clear days' from the date of receipt of the written requisition, those shareholders who requested the meeting or any of them may convene the general meeting themselves within three months after the end of such period of 21 clear days in which case reasonable expenses incurred by them as a result of the directors failing to convene a meeting shall be reimbursed by us.

Advance notice of at least 7 clear days is required for the convening of a general meeting shall be given to shareholders entitled to attend and vote at such meeting. The notice shall specify, among other things, the place, the date and the hour of the meeting, whether the meeting will be held virtually, at a physical place or both, the general nature of the business to be transacted, and if a resolution is proposed as a special resolution, the text of that resolution shall be given to all shareholders. Notice of every general meeting shall also be given to the directors, persons entitled to a share in consequence of the death or bankruptcy of a shareholder and our auditors.

Subject to the Companies Act and with the consent of the shareholders who, individually or collectively, hold at least 90 percent of the voting rights of all those who have a right to vote at a general meeting, a general meeting may be convened on shorter notice.

A quorum shall consist of the presence (whether in person or represented by proxy) of one or more shareholders holding shares that represent not less than one-third of the outstanding shares carrying the right to vote at such general meeting.

If, within 15 minutes from the time appointed for the general meeting, or at any time during the meeting, a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be cancelled. In any other case it shall stand adjourned to the same time and place seven days hence or to such other time or place as is determined by the directors.

The chairman may, with or without an appointed date for resumption, at any time during the meeting, with the consent of the shareholders constituting a quorum. When a meeting is adjourned for more than seven clear days, shareholders shall be given at least seven clear days' notice of the date, time and place of the adjourned meeting and the general nature of the business to be transacted.

A resolution put to the vote of the meeting shall be decided on a poll. In the case of an equality of votes, the chairman of the meeting, shall not be entitled to a second or casting vote.

*Transfer of Ordinary Shares.* Subject to any applicable requirements set forth in the articles of association and provided that a transfer of Ordinary Shares complies with applicable rules of the Nasdaq Capital Market, a shareholder may transfer all or any of his or her Ordinary Shares to another person by completing an instrument of transfer in the common form or in a form prescribed by Nasdaq or any other form approved by our board of directors, executed:

● where
 the Ordinary Shares are fully paid, by or on behalf of that shareholder; and

● where
 the Ordinary Shares are partly paid, by or on behalf of that shareholder and the transferee.

The transferor shall be deemed to remain the holder of an Ordinary Share until the name of the transferee is entered into our register of members.

Where the Ordinary Shares in question are not listed on or subject to the rules of the Nasdaq Capital Market, our board of directors may, in its absolute discretion, decline to register any transfer of any Ordinary Share that is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of such Ordinary Share unless:

● 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;

● the
 instrument of transfer is in respect of only one class of shares;

● the
 instrument of transfer is properly stamped, if required;

● the
 Ordinary Share transferred is fully paid and free of any lien in favor of us;

● in
 the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four;
 and

● any
 applicable fee of such maximum sum as the Nasdaq
 Capital Market may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect
 thereof.

If our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, on 14 days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and the register of members closed at such times and for such periods as our board of directors may, in their absolute discretion, 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.

*Liquidation.* If we are wound up, the shareholders may, subject to the articles and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either or both of the following: (a) to divide in specie among the shareholders the whole or any part of our assets and, for that purpose, to value any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and (b) to vest the whole or any part of the assets in trustees for the benefit of shareholders and those liable to contribute to the winding up. The directors have the authority to present a petition for our winding up to the Grand Court of the Cayman Islands on our behalf without the sanction of a resolution passed at a general meeting.

*Calls on Shares and Forfeiture of Shares.* Subject to the terms of allotment, the directors may make calls on the shareholders in respect of any monies unpaid on their shares including any premium and each shareholder shall (subject to receiving at least 14 clear days' notice specifying when and where payment is to be made), pay to us the amount called on his shares. Shareholders registered as the joint holders of a share shall be jointly and severally liable to pay all calls in respect of the share. If a call remains unpaid after it has become due and payable the person from whom it is due and payable shall pay interest on the amount unpaid from the day it became due and payable until it is paid at the rate fixed by the terms of allotment of the share or in the notice of the call or if no rate is fixed, at the rate of ten percent per annum. The directors may waive payment of the interest wholly or in part.

We have a first and paramount lien on all shares (whether fully paid up or not) registered in the name of a shareholder (whether solely or jointly with others). The lien is for all monies payable to us by the shareholder or the shareholder's estate: (a) either alone or jointly with any other person, whether or not that other person is a shareholder; and (b) whether or not those monies are presently payable.

At any time the directors may declare any share to be wholly or partly exempt from the lien on shares provisions of the articles.

We may sell, in such manner as the directors may determine, any share on which the sum in respect of which the lien exists is presently payable, if due notice that such sum is payable has been given (as prescribed by the articles) and, within 14 clear days of the date on which the notice is deemed to be given under the articles, such notice has not been complied with.

*Redemption, Repurchase, and Surrender of Shares.* Subject to the Companies Act and any rights for the time being conferred on the shareholders holding a particular class of shares, we may by action of our directors: (a) issue shares that are to be redeemed or liable to be redeemed, at our option or the shareholder holding those redeemable shares, on the terms and in the manner our directors determine before the issue of those shares; (b) with the consent by special resolution of the shareholders holding shares of a particular class, vary the rights attaching to that class of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at our option on the terms and in the manner which the directors determine at the time of such variation; and (c) purchase all or any of our own shares of any class including any redeemable shares on the terms and in the manner which the directors determine at the time of such purchase.

We may make a payment in respect of the redemption or purchase of its own shares in any manner authorized by the Companies Act, including out of any combination of capital, our profits and the proceeds of a fresh issue of shares.

When making a payment in respect of the redemption or purchase of shares, the directors may make the payment in cash or in specie (or partly in one and partly in the other) if so authorized by the terms of the allotment of those shares or by the terms applying to those shares, or otherwise by agreement with the shareholder holding those shares.

*Conversion Rights*. Each Class B Ordinary Share is convertible, at the option of the holder thereof, at any time after the date of issuance of such share and without the payment of any additional sum, into fully paid Class A Ordinary Share on a one-to-one basis subject to adjustments. A holder of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares into Class B Ordinary Shares under any circumstances.

The Company shall at all times reserve and keep available out of the Company's authorized but unissued Class A Ordinary Shares, such number of its Class A Ordinary Shares as shall from time to time be sufficient to effect the conversion of all outstanding Class B Ordinary Shares; and free of all liens, charges, options, mortgages, pledges, claims, equities, encumbrances and other third-party rights of any nature, and not subject to any pre-emptive rights, and the Company shall not make any issue, grant or distribution or take any other action if the effect would be that on the conversion of the Class B Ordinary Shares to Class A Ordinary Shares it would be required to issue Class A Ordinary Shares at a price lower than the par value thereof.

*Issuance of Additional Shares.* Our second amended and restated memorandum and articles of association authorizes our board of directors to issue additional shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

*Inspection of Books and Records.* Holders of our shares will have no general right under Cayman Islands law to inspect or obtain copies of our register of members or our corporate records (except for the memorandum and articles of association of our company, any special resolutions passed by our company and the register of mortgages and charges of our company). However, we will provide our shareholders with annual audited financial statements. See "*Where You Can Find Additional Information*."

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● is
 a company that conducts its business mainly outside the Cayman Islands;

● is
 prohibited from trading in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the exempted
 company carried on outside the Cayman Islands (and for this purpose can effect and conclude contracts in the Cayman Islands and exercise
 in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands);

● is
 not required to open its register of members for inspection by shareholders of that company;

● does
 not have to hold an annual general meeting;

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

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

● may
 register as an exempted limited duration company; and

● may
 register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on 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).

**Warrants**

The following summary of certain terms and provisions of the Warrants offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions of the form of each of the Warrants, which will be filed as exhibits to the registration statement of which this prospectus forms a part. Prospective investors should carefully review the terms and provisions set forth in the applicable form of Warrants.

*Exercisability and Duration.* The Warrants will have a three-year term, will be immediately exercisable upon issuance and have an initial exercise price of $1.2 per share.

If, at the time a holder exercises its Warrants, a registration statement registering the issuance of the Class A Ordinary Shares underlying the Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of Class A Ordinary Shares determined according to a formula set forth in the Warrant.

*Dividends and Share Splits.* If the Company, at any time while any of the Warrants are outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Class A Ordinary Shares or any other equity or equity equivalent securities payable in Class A Ordinary Shares, (ii) subdivides outstanding Class A Ordinary Shares into a larger number of shares, (iii) combines (including by way of reverse share split) outstanding Class A Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of Class A Ordinary Shares or any other shares of the Company, then in each case the exercise price and the number of shares issuable upon exercise of the Warrant shall be proportionately adjusted. However, if the adjustment above would otherwise result in an increase in the exercise price of the Warrant, no adjustment shall be made.

*Transferability.* Subject to applicable laws, the Warrants may be offered for sale, sold, transferred or assigned at the option of the holder upon surrender of the Warrants to us together with the appropriate instruments of transfer.

*Exchange Listing.* We do not plan on applying to list the Warrants on the Nasdaq Capital Market, any other national securities exchange or any other nationally recognized trading system.

*Fundamental Transactions.* In the event of a fundamental transaction ("Fundamental Transaction"), as described in the Warrants and generally including any merger, consolidation, sale of substantially all assets, or other change of control transaction in which the Company's shareholders immediately prior to such transaction own less than 50% of the voting power of the surviving entity, the holders of the Warrants will be entitled to receive upon exercise of the Warrants the kind and amount of securities, cash or other property that a holder of the number of Class A Ordinary Shares for which such Warrant was exercisable immediately prior to the Fundamental Transaction would have been entitled to receive pursuant to such transaction, or at the option of the holder, the Company or successor entity shall purchase such portion of the Warrant that remains outstanding after the Fundamental Transaction for cash equal to the Black-Scholes value thereof. If the Company is not the surviving entity in the Fundamental Transaction, any successor entity shall assume the obligations under such Warrant.

*Governing Law.* The Warrants shall be governed by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of the Warrants shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdictions other than the State of New York.

*Subsequent Rights Offerings.* If at any time the Company grants, issues or sells any Class A Ordinary Share equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of Class A Ordinary Share (the "Purchase Rights"), then the holder of Warrants will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the holder could have acquired if the holder had held the number of Class A Ordinary Shares acquirable upon complete exercise of the Warrants immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Class A Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights.

*Pro Rata Distributions.* During such time as the Warrants are outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Class A Ordinary Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "Distribution"), at any time after the issuance of the Warrants, then, in each such case, the holder of Warrants shall be entitled to participate in such Distribution to the same extent that the holder would have participated therein if the holder had held the number of Class A Ordinary Shares acquirable upon complete exercise of the Warrants immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Class A Ordinary Shares are to be determined for the participation in such Distribution (provided, however, that, to the extent that the holder's right to participate in any such Distribution would result in the holder exceeding the Beneficial Ownership Limitations, then the holder shall not be entitled to participate in such Distribution to such extent.

*Amendment and Waiver.* The provisions of the Warrants may be amended or waived, and the Company may take any action, or omit to perform any act required to be performed by it, if the Company has obtained the written consent of the holders of the applicable Warrants.

**Differences in Corporate Law**

The Companies Act is derived, to a large extent, from the older Companies Acts of England and Wales but does not follow recent English statutory enactments and, accordingly, there are significant differences between the Companies Act and the current Companies Act of the United Kingdom. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the comparable laws applicable to companies incorporated in the United States and their shareholders.

*Mergers and Similar Arrangements.* The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies provided that the laws of the foreign jurisdiction permit such merger or consolidation. For these purposes, (i) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property, and liabilities in one of such companies as the surviving company, and (ii) a "consolidation" means the combination of two or more constituent companies into a new 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 shareholders 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 that 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. For this purpose, a subsidiary is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.

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 dissenting shareholder of a Cayman constituent is entitled to payment of the fair value of his or her shares upon dissenting from a merger or consolidation. The exercise of such 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.

In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by seventy-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 person of that class acting in respect of his or
 her interest; and

● the
 arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

When a takeover offer is made and accepted by holders of 90.0% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, give notice to require the holders of the remaining shares to transfer such shares 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 is thus approved, or if a takeover 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 law authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge:

● a
 company acts act illegally or ultra vires with respect to the company and is therefore incapable of ratification by the shareholders;

● the
 act which, although not ultra vires, requires authorization by a qualified (or special) majority (that is, more than a simple majority
 vote that has not been obtained; and

● an
 act which constitutes a "fraud on the minority." Where the wrongdoers are themselves in control of the company,

*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, or against the indemnified person's own fraud or dishonesty. Our second amended and restated memorandum and articles of association provide to the extent permitted by Cayman Islands 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:

(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), secretary's or officer's duties, powers, authorities
 or discretions; and

(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 the Companies Act, 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 or former director (including alternate director), secretary or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that it is ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

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

*Directors' Fiduciary Duties.* Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself or herself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he 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 owes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties (a) a duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to exercise their powers for the purposes they were conferred, (c) a duty to avoid fettering his or her discretion in the future and (d) a duty to avoid conflicts of interest and of duty. The common law duties owed by a director are those to act with skill, care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our directors must ensure compliance with our amended articles of association, as amended and restated from time to time. We have the right to seek damages where certain duties owed by any of our directors are breached.

*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. Cayman Islands law and our second amended and restated articles of association provide that our shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

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

The Companies Act does not provide shareholders any right to bring business before a meeting or requisition a general meeting. However, these rights may be provided in the company's memorandum and articles of association. Our second amended and restated articles of association allow one or more of our shareholders who together hold not less than 10% of the rights to vote to requisition a general meeting of our shareholders, in which case our directors are obliged to call such meeting. Other than this right to requisition a shareholders' meeting, our amended and restated articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we may but 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 second amended and restated articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors.* Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our second amended and restated articles of association, directors may be removed, by an ordinary resolution of our shareholders. In addition, a director's office shall be vacated if the director (i) is prohibited by the law of the Cayman Islands from acting as a director, (ii) is made bankrupt or makes any arrangement or composition with his creditors generally; (iii) only held office as a Director for a fixed term and such term expires; (iv) in the opinion of a registered medical practitioner by whom he is being treated he becomes physically or mentally incapable of acting as a director; (v) resigns his or her office by notice in writing to the company; (vi) is removed from office pursuant to any other provisions of our second amended and restated memorandum and articles of association.

*Transactions with Interested Shareholders.* The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction that 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.

If we are wound up, the shareholders may, subject to the articles and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either or both of the following: (a) to divide in specie among the shareholders the whole or any part of our assets and, for that purpose, to value any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and (b) to vest the whole or any part of the assets in trustees for the benefit of shareholders and those liable to contribute to the winding up. The directors have the authority to present a petition for our winding up to the Grand Court of the Cayman Islands on our behalf without the sanction of a resolution passed at a general meeting.

*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 the Companies Act and our second amended and restated articles of association, if our share capital is divided into more than one class of shares, the rights attaching to any class of share (unless otherwise provided by the terms of issue of the shares of that class) may be varied either with the consent in writing of the holders of not less than two-thirds of the issued shares of that class, or with the sanction of a resolution passed by a majority of not less than two-thirds of the holders of shares of the class present in person or by proxy at a separate general meeting of the holders of 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 second amended and restated memorandum and articles of association, our then effective memorandum and articles of association may only be amended by a special resolution of our shareholders.

*Rights of Non-resident or Foreign Shareholders.* There are no limitations imposed by our second amended and restated memorandum and articles of association 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 second amended and restated memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

**Anti-money Laundering — Cayman Islands**

In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (Revised) of the Cayman Islands, as amended and revised from time to time (the "Regulations"). Depending on the circumstances of each application, a detailed verification of identity might not be required where:

● the subscriber makes the payment for their investment from an account held in the subscriber's name at a recognized financial institution; or

● the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized jurisdiction; or

● the application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying investors.

For the purposes of these exceptions, recognition of a financial institution, regulatory authority, or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

We also reserve the right to refuse to make any redemption payment to a shareholder if our directors or officers suspect or are advised that the payment of redemption proceeds to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

If any person resident in the Cayman Islands knows or suspects or has reason for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of their business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) a nominated officer (appointed in accordance with the Proceeds of Crime Act (Revised) of the Cayman Islands) or the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised), if the disclosure relates to criminal conduct or money laundering or (ii) to a police constable or a nominated officer (pursuant to the Terrorism Act (Revised) of the Cayman Islands) or the Financial Reporting Authority, pursuant to the Terrorism Act (Revised), if the disclosure relates to involvement with terrorism or terrorist financing and terrorist property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

**Data Protection in the Cayman Islands — Privacy Notice**

This privacy notice explains the manner in which we collect, process, and maintain personal data about our investors pursuant to the Data Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice, or orders promulgated pursuant thereto (the "DPA").

We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the DPA as a "data controller," whilst certain of our service providers, affiliates, and delegates may act as "data processors" under the DPA. These service providers may process personal information for their own lawful purposes in connection with services provided to us.

By virtue of your investment in our Company, we and certain of our service providers may collect, record, store, transfer, and otherwise process personal data by which individuals may be directly or indirectly identified.

Your personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for us to perform a contract to which you are a party or for taking pre-contractual steps at your request, (b) where the processing is necessary for compliance with any legal, tax, or regulatory obligation to which we are subject, or (c) where the processing is for the purposes of legitimate interests pursued by us or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact you.

We anticipate that we will share your personal data with our service providers for the purposes set out in this privacy notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting, and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion, and financial crime or compliance with a court order).

Your personal data shall not be held by our Company for longer than necessary with regard to the purposes of the data processing.

We will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that data.

We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction, or damage to the personal data.

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation to your investment into our Company, this will be relevant for those individuals and you should inform such individuals of the content.

You have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy notice fulfils our obligation in this respect), (b) the right to obtain a copy of your personal data, (c) the right to require us to stop direct marketing, (d) the right to have inaccurate or incomplete personal data corrected, (e) the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data, (f) the right to be notified of a data breach (unless the breach is unlikely to be prejudicial), (g) the right to obtain information as to any countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer, or wish to transfer your personal data, general measures we take to ensure the security of personal data, and any information available to us as to the source of your personal data, (h) the right to complain to the Office of the Ombudsman of the Cayman Islands, and (i) the right to require us to delete your personal data in some limited circumstances.

If you consider that your personal data has not been handled correctly, or you are not satisfied with our responses to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman. The Ombudsman can be contacted by calling +1 (345) 946-6283 or by email at <u>info@ombudsman.ky</u>.

**Legislation of the Cayman Islands**

The Cayman Islands, together with several other non-European Union jurisdictions, have recently introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the International Tax Co-operation (Economic Substance) Act (Revised) (the "Substance Act") came into force in the Cayman Islands introducing certain economic substance requirements for in-scope Cayman Islands entities which are engaged in certain "relevant activities," which in the case of exempted companies incorporated before January 1, 2019, applies in respect of financial years commencing July 1, 2019, onwards. However, it is anticipated that our Company may remain out of scope of the legislation or else be subject to more limited substance requirements.

**TAXATION**

See "*Item 10. Additional Information —10.E. Taxation*" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus.

**PLAN OF DISTRIBUTION**

We are offering Units directly to certain investors without participation of underwriters or placement agents. We will enter into subscription agreements directly with investors in connection with this offering. Price and other terms will be determined through arm's length negotiation between our company and each of the investors. Our obligations to issue and sell the Units offered hereby to the investors are subject to the conditions set forth in the securities purchase agreements. An investor's obligation to purchase Units offered hereby is subject to the conditions set forth in the relevant subscription agreement as well.

The closing of the sale of Units in this offering is currently expected to take place on or about , 2025.

**EXPENSES OF THE OFFERING**

Set forth below is an itemization of the total expenses, which are expected to be incurred in connection with the offer and sale of our securities in this offering. With the exception of the registration fee payable to the SEC, all amounts are estimates.

---

| | |
|:---|:---|
| SEC registration fee | $2009 |
| Legal fees and expenses | $117723 |
| **Total** | $**119732** |

---

**LEGAL MATTERS**

We are being represented by Han Kun Law Offices LLP with respect to certain legal matters of United States federal securities and New York state law. The validity of the Class A Ordinary Shares offered hereby and legal matters as to Cayman Islands law will be passed upon for us by Ogier. Certain legal matters as to PRC law will be passed upon for us by DeHeng Law Offices (Shenzhen). Han Kun Law Offices LLP may rely upon Ogier with respect to matters governed by Cayman Islands law and DeHeng Law Offices (Shenzhen) with respect to matters governed by PRC law.

**EXPERTS**

The consolidated financial statements as of June 30, 2025 and 2024 and for each of the years in the three-year period ended June 30, 2025 have been incorporated by reference herein in reliance on the report of HTL International, LLC, an independent registered public accounting firm, given on the authority of such firm as experts in accounting and auditing. The office of HTL International, LLC is located at 12 Greenway Plaza, Suite 1100, Houston, TX 77046.

**ENFORCEMENT OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated under the laws of the Cayman Islands because of certain benefits associated with being a Cayman Islands 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. The Cayman Islands, however, has a less exhaustive body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States.

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

Substantially all of our assets are located in the PRC. In addition, most of our directors and officers are nationals or residents of the PRC and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

We have appointed Puglisi & Associates, located at 850 Library Avenue, Suite 204, Newark, Delaware 19711, as our agent to receive service of process with respect to any action brought against us in the United States District Court for the Southern District of New York under the federal securities laws of the United States or of any state in the United States or any action brought against us in the Supreme Court of the State of New York in the County of New York under the securities laws of the State of New York.

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

Ogier has further advised us that there is no statutory enforcement laws in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment: (i) is given by a foreign court of competent jurisdiction; (ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given; (iii) is final; (iv) is not in respect of taxes, a fine or a penalty; (v) was not obtained by fraud; and (vi) is not of a kind the enforcement of which is contrary to natural justice or public policy of the Cayman Islands.

Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

DeHeng Law Offices (Shenzhen) has further advised us that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. Under the PRC laws, a foreign judgment cannot be directly or summarily enforced in the PRC. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. The requirements for a foreign judgment to be recognized and enforceable in the PRC are: (i) there exists an applicable international treaty or the principle of reciprocity applies between China and the foreign jurisdiction; (ii) the foreign judgment is final and conclusive; (iii) the foreign court had proper jurisdiction under Chinese conflict-of-law rules; (iv) the defendant was duly served and afforded a fair opportunity to be heard; and (v) recognition would not violate China's sovereignty, security, public order, or fundamental legal principles. As of the date hereof, China has not entered into any bilateral judicial assistance treaty with either the United States or the Cayman Islands concerning the reciprocal enforcement of civil judgments. While limited instances of de facto reciprocity have emerged in recent years, such practice remains inconsistent and highly fact-specific. Consequently, it is uncertain whether and on what basis a PRC court would recognize or enforce a judgment rendered by a court in the United States or the Cayman Islands.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a Registration Statement on Form F-1 under the Securities Act, including amendments and relevant exhibits and schedules, covering the underlying Class A Ordinary Shares represented by the securities to be sold in this offering.

Our SEC filings, including the Registration Statement on Form F-1, are also available to you on the SEC's website at *http://www.sec.gov*.

 **INCORPORATION OF DOCUMENTS BY REFERENCE**

The SEC allows us to "incorporate by reference" the information we have filed with it, which means that we can disclose important information to you by referring you to those documents. The information we incorporate by reference is an important part of this prospectus. We specifically are incorporating by reference the following documents filed with the SEC:

● our Annual Report on [Form 20-F](https://www.sec.gov/Archives/edgar/data/2002453/000149315225020818/form20-f.htm) for the year ended June 30, 2025,
 filed with the SEC on November 5, 2025;

● the description of our securities contained in our Registration
 Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/2002453/000149315225008039/form8a12b.htm) filed with the SEC on February 24, 2025, as updated by [Exhibit 2.2](https://www.sec.gov/Archives/edgar/data/2002453/000149315225020818/ex2-2.htm) to our Annual Report on Form 20-F for the
 fiscal year ended June 30, 2025 initially filed with the SEC on November 5, 2025, and including any amendments or reports filed for purposes of updating such descriptions.

The information relating to us contained in this prospectus does not purport to be comprehensive and should be read together with the information contained in the documents incorporated or deemed to be incorporated by reference in this prospectus.

You should rely only on the information incorporated by reference or provided in this prospectus. We have not authorized anyone else to provide you with different information. You should not assume that the information in this prospectus is accurate as of any date other than the date of this prospectus or the date of the documents incorporated by reference in this prospectus. As you read the above documents, you may find inconsistencies in information from one document to another. If you find inconsistencies between the documents and this prospectus, you should rely on the statements made in the most recent document. All information appearing in this prospectus is qualified in its entirety by the information and financial statements, including the notes thereto, contained in the documents incorporated by reference herein.

We will provide you without charge, upon your written or oral request, a copy of any of the documents incorporated by reference in this prospectus, other than exhibits to such documents which are not specifically incorporated by reference into such documents. Please direct your written or telephone requests to:

STAK Inc. 斯塔克工业集团有限公司

Building 11, 8th Floor, No. 6 Beitanghe East Road,

Tianning District, Changzhou, Jiangsu,

People's Republic of China, 213000

Telephone: +86 519-8880 2609

You may also obtain information about us by visiting our website at http://www.stakindustry.com/. Except for the specific incorporated documents listed above, no information available on or through our website shall be deemed to be incorporated in this prospectus or the registration statement of which it forms a part.

**Part II — Information Not Required in the Prospectus**

**Item 6. Indemnification of Directors and Officers.**

Cayman Islands law does not limit the extent to which a company's articles of association may provide indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to the public interest, such as providing indemnification against civil fraud or the consequences of committing a crime, or against the indemnified person's own fraud or dishonesty. Our articles of association provide to the extent permitted by Cayman Islands 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:

(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), secretary's or officer's duties, powers, authorities
 or discretions; and

(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 the Companies Act, 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 or former director (including alternate director), secretary or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that it is ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to 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.

**Item 7. Recent Sales of Unregistered Securities.**

In May 2023, the Company issued 50,000 ordinary shares to the following founding shareholders at par value ($1 per share) for a total consideration of $50,000. The Company received the consideration of $50,000 on May 20, 2024. The ordinary shares were issued in reliance upon exemptions from registration under Section 4(a)(2) of the Securities Act. No underwriters were involved in these issuances of ordinary shares.

---

| | | |
|:---|:---|:---|
| **Name** | **Number of <br> Ordinary Shares** | **Number of <br> Ordinary Shares** |
| Cheukyin Tai |  | 500 |
| Haoyu Xiong |  | 1500 |
| Huailiang Xu |  | 2000 |
| Lanying Capital Ltd |  | 38500 |
| MT. Yang Holding Ltd |  | 7500 |

---

On May 20, 2024, the Company effected a one thousand-for-one subdivision of shares to shareholders, which increased the total number of authorized and issued ordinary shares from 50,000 to 50,000,000, and decreased the par value of ordinary shares from $1 to $0.001. Then the shareholders surrendered an aggregate of 40,000,000 ordinary shares to the Company for no consideration, which shares were cancelled thereafter. Following the surrender, the issued and outstanding ordinary shares are 10,000,000 of par value of $0.001 per share.

On February 27, 2025, the Company issued warrants to the Kingswood Capital Partners, LLC, the representative of the underwriters in the IPO, to purchase an aggregate of 70,517 ordinary shares (the "Representative's Warrants"). Such Representative's Warrants have an exercise price of $4.80 per share. The Representative's Warrants may be exercised in cash or on a cashless basis, and are exercisable for five years from February 27, 2025 to 5:00 p.m., Eastern time, February 25, 2030. The Representative's Warrants are not redeemable by the Company. As of the date of this prospectus,·70,517 ordinary shares were reserved and no shares were exercised.

On June 5, 2025, the Company by way of resolution of shareholders passed at the EGM of the Company (i) re-designated and re-classified 37,500,000 ordinary shares as 37,500,000 Class A Ordinary Shares of par value $0.001 each, cancelled 12,500,000 ordinary shares and created a new share class of 12,500,000 Class B Ordinary Shares of par value $0.001 each; (ii) immediately after such implementation of dual class structure, increased the Company's authorized share capital to $100,000 divided into (a) 75,000,000 Class A Ordinary Shares of a par value of $0.001 each and (b) 25,000,000 Class B Ordinary Shares of a par value of $0.001 each, by creation of an additional 37,500,000 Class A Ordinary Shares and 12,500,000 Class B Ordinary Shares; (iii) immediately after such implementation of dual class structure and the increase of authorized share capital, adopted the second amended and restated memorandum and articles of association of the Company to reflect the changes of the authorized share capital and the rights of Class B Ordinary Shares; and (iv) subject to such implementation of dual class structure, the increase of authorized share capital and the effectiveness of the second amended and restated memorandum and articles of association, approved that repurchase of certain Class A Ordinary Shares held by certain shareholders and issuance of Class B Ordinary Shares thereto. Subsequently, the Company repurchased 7,700,000 and 1,500,000 Class A Ordinary Shares from two shareholders, Lanying Capital Limited and MT. Yang Holding Ltd, respectively, and issued a corresponding number of Class B Ordinary Shares to such shareholders.

Other than disclosed herein, we did not issue any securities in the past three years.

**Item 8. Exhibits.**

(a) The
 following documents are filed as part of this registration statement:

---

| | |
|:---|:---|
| 3.1 | [Second Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.1 to the Form 6-K (File No. 001-42535), filed with the Securities and Exchange Commission on June 13, 2025)](https://www.sec.gov/Archives/edgar/data/2002453/000164117225014950/ex3-1.htm) |
| 4.1 | [Specimen Share Certificate (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex4-1.htm) |
| 4.2\* | [Form of the Warrant](ex4-2.htm) |
| 5.1\* | [Opinion of Ogier as to the validity of the Class A Ordinary Shares being registered](ex5-1.htm) |
| 5.2\* | [Opinion of Han Kun Law Offices LLP as to the eligibility of the Warrants](ex5-2.htm) |
| 8.1\*  | [Opinion of Ogier as to certain Cayman Islands tax matters (included in Exhibit 5.1)](ex5-1.htm)  |
| 8.2\*  | [Opinion of DeHeng Law Offices (Shenzhen) as to certain PRC tax matters (included in Exhibit 99.5)](ex99-5.htm)  |
| 10.1 | [Translation of Framework Cooperation Agreements entered by YLAN and Baolu Auto Industrial (Shiyan) Limited dated August 10, 2022 (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex10-1.htm) |
| 10.2 | [Translation of Framework Cooperation Agreements entered by YLAN and Yizhuan Auto Limited dated June 30, 2022 (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex10-2.htm) |
| 10.3 | [Translation of Leasing Agreement entered by and among YLAN, Changzhou Hongce Urban Development and Construction Co., Ltd., and Jiangsu Tianing Economic Development Zone dated August 3, 2023 (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex10-3.htm) |
| 10.4 | [Translation of Leasing Agreement entered by and between YLAN and Shiyan Neng Sheng Gong Mao Development Limited (incorporated herein by reference to Exhibit 10.4 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex10-4.htm) |
| 10.5 | [Form of Officer Employment Agreement (incorporated herein by reference to Exhibit 10.5 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex10-5.htm) |
| 10.6 | [Form of Independent Director Agreement between the Registrant and Independent Directors (incorporated herein by reference to Exhibit 10.6 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex10-6.htm) |
| 10.7 | [2025 Share Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form S-8 (File No. 333-286004), filed with the Securities and Exchange Commission on March 21, 2025)](https://www.sec.gov/Archives/edgar/data/2002453/000149315225011143/ex10-1.htm) |
| 10.8\* | [Form of Securities Purchase Agreement](ex10-8.htm) |
| 14.1 | [Code of Business Conduct and Ethics (incorporated herein by reference to Exhibit 14.1 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex14-1.htm) |
| 21.1 | [List of Subsidiaries (incorporated herein by reference to Exhibit 21.1 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex21-1.htm) |
| 23.1\* | [Consent of HTL International, LLC](ex23-1.htm) |
| 23.2\* | [Consent of Ogier (included in Exhibit 5.1)](ex5-1.htm) |
| 23.3\*  | [Consent of DeHeng Law Offices (Shenzhen) (included in Exhibit 99.5)](ex99-5.htm)  |
| 24.1\* | [Power of Attorney (included on signature page to the registration statement)](#jw_001) |
| 99.1 | [Charter of the Audit Committee (incorporated herein by reference to Exhibit 99.1 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex99-1.htm) |
| 99.2 | [Charter of the Compensation Committee (incorporated herein by reference to Exhibit 99.2 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex99-2.htm) |
| 99.3 | [Charter of the Nomination Committee (incorporated herein by reference to Exhibit 99.3 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex99-3.htm) |
| 99.4 | [Form of Clawback Policy (incorporated herein by reference to Exhibit 99.8 to the registration statement on Form F-1 (File No. 333-283258), as amended, initially filed with the Securities and Exchange Commission on November 15, 2024)](https://www.sec.gov/Archives/edgar/data/2002453/000149315224046238/ex99-8.htm) |
| 99.5\* | [Opinion of DeHeng Law Offices (Shenzhen) as to certain PRC law matters](ex99-5.htm) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

\* Filed herewith.

(b) Financial
 Statement Schedules

None.

**Item 9. Undertakings**

Insofar as indemnification for liabilities arising under the Securities Act of 1933 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 U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the 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 of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

(a) for
 purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed
 as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant
 to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time
 it was declared effective; and

(b) for
 the purpose of determining any liability under the Securities Act of 1933, 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 Changzhou, People's Republic of China, on November 14, 2025.

---

| | |
|:---|:---|
| **STAK Inc. 斯塔克工业集团有限公司** | **STAK Inc. 斯塔克工业集团有限公司** |
| By: | */s/ Chuanbo Jiang*  |
| Name: | Chuanbo Jiang |
| Title: | Chief Executive Officer and Director |

---

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Chuanbo Jiang and Diana Li, and each of them, his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for and in his or her name, place and stead, in any and all capacities, to (1) act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this Registration Statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act, together with all schedules and exhibits thereto, (2) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (3) act on and file any supplement to any prospectus included in this Registration Statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act, and (4) take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving, ratifying and confirming all that such agent, proxy and attorney-in-fact or any of his or her substitutes may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Date** |
| */s/ Chuanbo Jiang*  | Chief Executive Officer and Director | November 14, 2025 |
| Chuanbo Jiang | (Principal executive officer) |  |
| */s/ Diana Li*  | Chief Financial Officer | November 14, 2025 |
| Diana Li | (Principal financial and accounting officer) |  |
| */s/ Zhaohui Randall Xu*  | Independent Director | November 14, 2025 |
| Zhaohui Randall Xu |  |  |
| */s/ Yiqin Hu* | Independent Director | November 14, 2025 |
| Yiqin Hu |  |  |
| */s/ Johannes Antonius Gerardus Beekmans* | Independent Director | November 14, 2025 |
| Johannes Antonius Gerardus Beekmans |  |  |

---

**Authorized U.S. Representative**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of STAK Inc. 斯塔克工业集团有限公司, has signed this registration statement in Newark, Delaware, on November 14, 2025.

---

| | |
|:---|:---|
| **Authorized U.S. Representative** | **Authorized U.S. Representative** |
| By: | */s/ Donald J. Puglisi*  |
| Name: | Donald J. Puglisi |
| Title: | Managing Director |

---

## Exhibit 4.2

**Exhibit 4.2**

**WARRANT**

**For the Purchase of 6,000,000 Class A Ordinary Shares**

**of**

**STAK Inc.**

斯塔克工业集团有限公司

1. <u>Warrant</u>. THIS CERTIFIES THAT, pursuant to that certain Securities Purchase Agreement, dated November [●], 2025 (the "**Securities Purchase Agreement**"), by and between STAK Inc. 斯塔克工 业集团有限公司 , a Cayman Islands exempted company (the "**Company**"), and [●], providing for the public offering (the "**Offering**") of Class A ordinary shares, par value US$0.001 per share, of the Company (the "**Class A Ordinary Shares**") and warrants to purchase Class A Ordinary Shares (the "**Warrants**"), [●] or its assignee(s) ("**Holder**"), as registered owner of this Warrant, is entitled, at any time or from time to time on or after **November [●], 2025** (the "**Commencement Date**"), and at or before 5:00 p.m., Eastern time, **November [●], 2028** (the "**Expiration Date**"), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to 6,000,000 Class A Ordinary Shares (the "**Shares**"), subject to adjustment as provided in <u>Section 6</u> hereof. If the Expiration Date is a day on which banking institutions are authorized by law or executive order to close, then this Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period commencing on the date hereof and ending on the Expiration Date, the Company agrees not to take any action that would terminate this Warrant. This Warrant is initially exercisable at $1.20 per Share; <u>provided</u>, <u>however</u>, that upon the occurrence of any of the events specified in <u>Section 6</u> hereof, the rights granted by this Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. This Warrant is being issued pursuant to the terms of the Securities Purchase Agreement. The term "**Effective Date**" shall mean the effective date of the registration statement in connection with the Offering. The term "**Exercise Price**" shall mean $**1.20**, the initial exercise price, or the adjusted exercise price, depending on the context.

2. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Exercise Form</u>. In order to exercise this Warrant, the exercise form attached hereto must be duly executed and completed and delivered to the Company, together with this Warrant and payment of the Exercise Price for the Shares being purchased payable in immediately available funds in a manner reasonably designated by the Company. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Delivery of Shares Upon Exercise*. The Company shall use commercially reasonable efforts to cause the Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder's prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system ("**DWAC**") if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Shares or resale of the Shares or (B) this Warrant is being exercised by delivery to the address specified by the Holder in the Notice of Exercise by the date that is one (1) Trading Day after the latest of (A) the delivery to the Company of the Notice of Exercise, (B) surrender of this Warrant (if required) and (C) receipt by the Company of the aggregate Exercise Price as set forth above (such date, the "**Share Delivery Date**"). The Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such Shares for all purposes, as of the date the Warrant has been exercised and payment to the Company of the aggregate Exercise Price has been received by the Company and all taxes required to be paid by the Holder, if any, pursuant to <u>Section 2.2(vi)</u> prior to the issuance of such Shares have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Delivery of New Warrants Upon Exercise*. If this Warrant shall have been exercised in part, the Company shall, at the written request of the Holder and upon surrender of this Warrant, at the time of delivery of the Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Rescission Rights*. If the Company fails to cause its transfer agent to transmit to the Holder the Shares pursuant to <u>Section 2.2(i)</u> by the Share Delivery Date, unless such failure was not caused by the fault or negligence of the Company, then the Holder will have the right to rescind such exercise upon written notice to the Company within one Trading Day after the Share Delivery Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Compensation for Buy-In on Failure to Timely Deliver Shares Upon Exercise*. In addition to any other rights available to the Holder, if the Holder has taken all actions necessary under the terms of this Warrant for such Holder to receive the Shares, if the Company fails to cause the Transfer Agent to transmit to the Holder the Shares pursuant to an exercise on or before the Share Delivery Date, unless such failure was not caused by the fault or negligence of the Company, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, Class A Ordinary Shares to deliver in satisfaction of a sale by the Holder of the which the Holder anticipated receiving upon such exercise (a "*Buy-In*"), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions and any other applicable fees, if any) for the Class A Ordinary Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Class A Ordinary Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Class A Ordinary Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver Class A Ordinary Shares upon exercise of the Warrant as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *No Fractional Shares or Scrip*. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Charges, Taxes and Expenses*. Issuance of Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Shares, all of which taxes and expenses shall be paid by the Company, and such Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that, in the event Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all transfer agent fees required for same-day processing of any Notice of Exercise.

3. <u>Transfer – General Restrictions</u>. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with this Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) business days transfer this Warrant on the books of the Company and shall execute and deliver a new Warrant or Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "**Warrant Register**"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

4. <u>Registration</u>. The Company shall be required to keep a registration statement effective on Form F-1 (or Form F-3, if the Company is eligible to use such form) until such date that is the earlier of the date when all of the Shares underlying this Warrant have been publicly sold by the Holder or such time as Rule 144 or another similar exemption under the Securities Act of 1933, as amended, is available for the sale of all of such Holder's Shares underlying this Warrant including without limitation during a three-month period without registration.

5. <u>New Warrants to be Issued</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Partial Exercise or Transfer</u>. Subject to the restrictions in <u>Section 3</u> hereof, this Warrant may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to <u>Section 2</u> hereto, the Company shall cause to be delivered to the Holder without charge a new Warrant of like tenor to this Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Warrant has not been exercised or assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Replacement on Loss</u>. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, the Company, at its own expense, shall execute and deliver a new Warrant of like tenor and date. Any such new Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

6. <u>Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Adjustments to Exercise Price and Number of Shares</u>. The Exercise Price and the number of Shares underlying this Warrant shall be subject to adjustment from time to time as hereinafter set forth, provided that the Exercise Price shall not be adjusted such that it would result in the Shares being issued at a price below its par value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 <u>Share Dividends; Split Ups</u>. If, after the date hereof, and subject to the provisions of <u>Section 6.3</u> below, the number of outstanding Class A Ordinary Shares is increased by a share dividend payable in Class A Ordinary Shares or by a split up of Class A Ordinary Shares, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction, then, on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Class A Ordinary Shares, and the Exercise Price shall be proportionately decreased. Any adjustment made pursuant to this <u>Section 6.1.1</u> shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to <u>Section 6.1.1</u> above, if at any time during which this Warrant is outstanding the Company grants, issues or sells any securities of the Company which by their terms are convertible into or exercisable for Class A Ordinary Shares ("**Class A Ordinary Share Equivalents**") or other rights to purchase stock, warrants, securities or other property, pro rata to all of the record holders of the Class A Ordinary Shares (the "**Purchase Rights**"), and not the Holder, then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Class A Ordinary Shares acquirable upon complete exercise of this Warrant immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Class A Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights. The provisions of this <u>Section 6.1.2</u> will not apply to any grant, issuance or sale of Ordinary Share Equivalents or other rights to purchase stock, warrants, securities or other property of the Company which is not made pro rata to all of the record holders of Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 <u>Aggregation of Shares</u>. If, after the date hereof, and subject to the provisions of <u>Section 6.3</u> below, the number of outstanding Class A Ordinary Shares is decreased by a consolidation, combination or reclassification of Class A Ordinary Shares or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the Exercise Price shall be proportionately increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 <u>Replacement of Shares upon Reorganization, etc</u>. In case of any reclassification or reorganization of the outstanding Class A Ordinary Shares other than a change covered by <u>Section 6.1.1, 6.1.2</u> or <u>6.1.3</u> hereof or that solely affects the par value of such Class A Ordinary Shares, or in the case of any share reconstruction or amalgamation or merger or consolidation of the Company with or into another corporation or other entity (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Class A Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety, or in the case any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Class A Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Class A Ordinary Shares, or in the case the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Class A Ordinary Shares or any compulsory share exchange pursuant to which the Class A Ordinary Shares are effectively converted into or exchanged for other securities, cash or property, or (in the case the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another person or group of persons, whereby such other Person or group acquires more than 50% of the outstanding Class A Ordinary Shares (not including any Class A Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), then the Holder of this Warrant shall have the right thereafter (until the expiration of the right of exercise of this Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by <u>Section 6.1.1</u>, <u>6.1.2</u> or <u>6.1.3</u>, then such adjustment shall be made pursuant to <u>Sections 6.1.1</u>, <u>6.1.2</u> or <u>6.1.3</u> and this <u>Section 6.1.4</u>. The provisions of this <u>Section 6.1.4</u> shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5 <u>Changes in Form of Warrant</u>. This form of Warrant need not be changed because of any change pursuant to this <u>Section 6.1</u>, and any Warrant issued after such change may state the same Exercise Price and the same number of Shares as are stated in the initial Warrant. The acceptance by the Holder of the issuance of a new Warrant reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Substitute Warrant</u>. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into, another corporation or other entity (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change of the outstanding Class A Ordinary Shares), the corporation or other entity formed by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Warrant providing that the holder of each Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Warrant) to receive, upon exercise of such Warrant, the kind and amount of shares and other securities and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this <u>Section 6</u>. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Elimination of Fractional Interests</u>. The Company shall not be required to issue fractions of Shares upon the exercise of this Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number of Shares or other securities, properties or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this <u>Section 6</u>, the Company shall promptly provide the Holder with a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Shares and setting forth a brief statement of the facts requiring such adjustment, provided that no adjustment shall be made to the Exercise Price if this would result in the Exercise Price to fall below the par value of the Class A Ordinary Shares, in which case the Exercise Price shall be equivalent to its par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Class A Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Class A Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Share rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Class A Ordinary Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Class A Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall provide the Holder with, at least 10 days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Class A Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Class A Ordinary Shares of record shall be entitled to exchange their Class A Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; <u>provided</u> that the failure to provide such notice or any defect therein or in the provision thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. Notwithstanding the foregoing, no notice need be given to the Holder if the Company makes a public announcement of the applicable event via nationally distributed press release or via a publicly available and legally compliant filing with the U.S. Securities and Exchange Commission (the "**Commission**").

7. <u>Reservation and Listing</u>.

The Company shall at all times reserve and keep available out of its authorized Class A Ordinary Shares, solely for the purpose of issuance upon exercise of this Warrant, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of this Warrant and payment of the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive or similar rights of any shareholder and free and clear of all liens, taxes and charges. As long as this Warrant shall be outstanding, the Company shall use commercially reasonable efforts to cause all Shares issuable upon exercise of this Warrant to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTCQB or OTCQX Markets operated by OTC Markets Group, Inc., or any similar over-the-counter market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.

8. <u>Certain Notice Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Holder's Right to Receive Notice</u>. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the expiration of this Warrant and its exercise, any of the events described in <u>Section 8.2</u> shall occur, then, in one or more of said events, the Company shall give written notice of such event at least five (5) days prior to the date fixed as a record date or the date of closing the transfer books (the "**Notice Date**") for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders; provided, however, that the Company shall not be obligated to provide any written notice under this <u>Section 8</u> if it makes a public announcement of the applicable event via nationally distributed press release or via a publicly available and legally compliant filing with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Events Requiring Notice</u>. The Company shall be required to give the notice described in this <u>Section 8</u> upon one or more of the following events: (i) if the Company shall take a record of the holders of its shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of its shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Notice of Change in Exercise Price; Notice of Exercise Price</u>. The Company shall, within five (5) business days after an event requiring a change in the Exercise Price pursuant to <u>Section 6</u> hereof, send notice to the Holder of such event and change ("**Price Notice**"). The Price Notice shall describe the event causing the change and the method of calculating the same and shall be certified as being true and accurate by the Company's Chief Executive Officer and Chief Financial Officer. The Company shall, within five (5) business days after receipt by the Company of a written request by the Holder, send notice to the Holder of the Exercise Price then in effect and the number of Shares or the amount, if any, of other shares, securities or assets then issuable upon exercise of this Warrant and shall be certified as being true and accurate by the Company's Chief Executive Officer and Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Transmittal of Notices</u>. All notices, requests, consents and other communications under this Warrant shall be in writing and shall be deemed to have been duly made when (1) hand delivered, (2) mailed by express mail or private courier service, or (3) if sent by electronic mail, on the day the notice was sent if during regular business hours and, if sent outside of regular business hours, on the following business day, to following addresses or to such other addresses as the Company or Holder may designate by notice to the other party:

If to the Holder:

[●]

[●]

Attention: [●]

Email: <u>[●]</u>

If to the Company:

STAK Inc. 斯塔克工 业集团有限公司

Building 11, 8th Floor, No. 6 Beitanghe East Road, Tianning District

Changzhou, Jiangsu, People's Republic of China 213000

Attention: Chuanbo Jiang

Email: <u>chuanbo.jiang@stakindustry.com</u>

9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Amendments</u>. The Company and the Holder may from time to time supplement, modify or amend this Warrant by a written agreement signed by the Company and the Holder. All modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Headings</u>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Entire Agreement</u>. This Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Binding Effect</u>. This Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Warrant or any provisions herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Governing Law; Dispute Resolution</u>. The provisions in the Securities Purchase Agreement relating to the governing law and dispute resolution are incorporated from the Securities Purchase Agreement and apply in all cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Waiver, etc</u>. The failure of the Company or the Holder to at any time enforce any of the provisions of this Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Shares, if share certificates are issued, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if share certificates are issued, if mutilated, the Company will make and deliver a new Warrant or share certificate, if share certificates are issued, of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate, if share certificates are issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance or other equitable remedy that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 <u>Execution in Counterparts</u>. This Warrant may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer as of the [●]th day of November 2025.

---

| |
|:---|
| **STAK Inc. 斯塔克工** **业集团有限公司** |
| By: |
| Name: |
| Title: |

---

 ****

***Acknowledged and Agreed***

By: 

Name: 

Title: 

*[Signature to Warrants]*

**Form of Exercise**

The undersigned holder hereby exercises the right to purchase _________________ shares ("**Warrant Shares**") of STAK Inc. 斯塔克工 业集团有限公司 , a Cayman Islands exempted company (the "**Company**"), evidenced by the attached Warrant (the "**Warrant**"). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant. Please issue the Warrant Shares as to which the Warrant is exercised in accordance with the instructions given below and, if applicable, a new Warrant representing the number of Warrant Shares for which the Warrant has not been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Form of Exercise Price</u>. The Holder intends that payment of the Exercise Price shall be made with respect to _________________ Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payment of Exercise Price</u>. The holder shall pay the aggregate Exercise Price in the sum of $________ to the Company in accordance with the terms of the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Delivery of Warrant Shares</u>. The Company shall deliver to the holder _________ Warrant Shares in accordance with the terms of the Warrant. Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

Date: _______________ __, ______

---

| |
|:---|
| Name of Registered Holder |
| By: |
| Name: |
| Title: |

---

**INSTRUCTIONS FOR REGISTRATION OF SECURITIES**

---

| | |
|:---|:---|
| Name: | |
|  | (Print in Block Letters) |
| Address: |  |

---

NOTICE: The signature to this form must correspond with the name as written upon the face of the Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

**FORM OF ASSIGNMENT**

FOR VALUE RECEIVED, the undersigned registered owner of this Warrant to which this form is attached, hereby sells, assigns and transfers unto the Assignee named below all of the rights of the undersigned to purchase Class A ordinary shares, par value $0.001 per share, of STAK Inc. 斯塔克工 业集团有限公司 , a Cayman Islands exempted company (the "**Company**"), evidenced by this Warrant, with respect to the number of shares set forth below.

---

| | | |
|:---|:---|:---|
| **Name of Assignee** | **Address and Phone Number** | **No. of Shares** |

---

The undersigned also represents that, by assignment hereof, the Assignee acknowledges that this Warrant and the Class A ordinary shares to be issued upon exercise hereof or conversion thereof are being acquired for investment and that the Assignee will not offer, sell or otherwise dispose of this Warrant or any Class A ordinary shares to be issued upon exercise hereof or conversion thereof except under circumstances which will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws. Further, the Assignee has acknowledged that upon exercise of this Warrant, the Assignee shall, if requested by the Company, confirm in writing, in a form satisfactory to the Company, that the Class A ordinary shares so purchased are being acquired for investment and not with a view toward distribution or resale.

---

| |
|:---|
| Signature of Holder |
| Date |

---

The undersigned assignee agrees to be bound by all of the terms and conditions of this Warrant.

---

| |
|:---|
| Signature of Assignee |
| Date |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | | |
|:---|:---|:---|
| **STAK Inc. 斯塔克工业集团有限公司**<br> 89 Nexus Way, Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands | D: | +852 3656 6054 /<br> +852 3656 6061 |
| **STAK Inc. 斯塔克工业集团有限公司**<br> 89 Nexus Way, Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands | E: | nathan.powell@ogier.com / florence.chan@ogier.com |
| **STAK Inc. 斯塔克工业集团有限公司**<br> 89 Nexus Way, Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands |  |  |
| **STAK Inc. 斯塔克工业集团有限公司**<br> 89 Nexus Way, Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands | Reference: | FYC/AGC/506993.00003 |

---

14 November 2025

Dear Sirs

**STAK Inc. 斯塔克工业集团有限公司 (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended to date (the **Act**). The Registration Statement relates to the offering by the Company (the **Offering**) of 3,000,000 units of the Company (the **Unit(s)**), where each Unit consists of one (1) class A ordinary share of par value of US$0.001 each of the Company (the **Class A Ordinary Share(s)**) and two (2) warrants of the Company (the **Warrant(s)**), each Warrant entitling the holder thereof to purchase one (1) Class A Ordinary Share pursuant to its terms.

The Units (including the Class A Ordinary Shares and the Warrants comprised therein), and the underlying Class A Ordinary Shares issuable upon the exercise of the Warrants shall be collectively referred to as the **Offering Securities**.

We are furnishing this opinion as Exhibit 5.1 and Exhibit 23.2 to the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents (as defined below).

---

| | |
|:---|:---|
| **1** | **Documents examined** |

---

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 certificate of incorporation of the Company dated 9 May 2023 issued by the Registrar of Companies
 of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 second amended and restated memorandum and articles of association of the Company as adopted
 by special resolutions of the Company passed on 5 June 2025 (the **Memorandum and Articles**);

---

| | | | |
|:---|:---|:---|:---|
| **Ogier**<br> Providing advice on British Virgin Islands,<br> Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | **Partners**<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Justin Davis<br> Joanne Collett<br> Dennis Li | Cecilia Li<br> Yuki Yan<br> David Lin<br> Alan Wong<br> Rachel Huang\*\*<br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup><br>| \* admitted in New Zealand<br> \*\* admitted in England and Wales<br> <sup>‡</sup> not ordinarily resident in Hong Kong |

---

Page 2 of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 certificate of good standing dated 12 November 2025 issued by the Registrar in respect of
 the Company (the **Good Standing Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 register of directors and officers of the Company dated 3 March 2025 (the **ROD**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
listed shareholder list of the Company as provided to us on 13 November 2025 (the **ROM**, and together with the ROD, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
specimen certificate for Class A Ordinary Shares to be issued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
draft form of the Warrant to be issued by the Company as exhibited to the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
draft form of the securities purchase agreement to be entered into between the Company and each investor in connection with the Offering
as exhibited to the Registration Statement (the **Securities Purchase Agreement**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
certificate from a director of the Company dated 14 November 2025 (the **Director's Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
written resolutions of the directors of the Company dated 13 November 2025 approving the Company's filing of the Registration
Statement and issuance of the Offering Securities (the **Board Resolutions**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 Registration Statement.

The form of the Warrant and the Securities Purchase Agreement shall be collectively referred to as the **Transactional Documents**.

---

| | |
|:---|:---|
| **2** | **Assumptions** |

---

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 copy documents examined by us (whether in facsimile, electronic or other form) conform to
 the originals and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 signatures, seals, dates, stamps and markings (whether on original or copy documents) are
 genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each
 of the Good Standing Certificate, the Registers and the Director's Certificate is accurate
 and complete as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Memorandum and Articles provided to us are in full force and effect and have not been amended,
 varied, supplemented or revoked in any respect;

Page 3 of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 copies of the Registration Statement are true and correct copies and the Registration Statement
 conform in every material respect to the latest drafts of the same produced to us and, where
 the Registration Statement has been provided to us in successive drafts marked-up to indicate
 changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Board Resolutions remain in full force and effect and have not been, and will not be, rescinded
 or amended, and each of the directors of the Company has acted in good faith with a view
 to the best interests of the Company and has exercised the standard of care, diligence and
 skill that is required of him or her in approving the Offering and the transactions set out
 in the Board Resolutions and no director has a financial interest in or other relationship
 to a party of the transactions contemplated by the Offering and the Board Resolutions which
 has not been properly disclosed in the Board Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) neither
 the directors and shareholders of the Company have taken or will take any steps to wind up
 the Company or to appoint a liquidator or restructuring officer of the Company, and no receiver
 has been or will be appointed over any of the Company's property or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company will issue the Offering Securities in furtherance of its objects as set out in its
 Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 Company will have sufficient authorized but unissued share capital to effect the issue of
 any of the Class A Ordinary Shares at the time of issuance, whether as a principal issue
 or on the conversion, exchange or exercise of any Offering Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) each
 party (other than the Company) has capacity, power and authority to enter into and perform
 their obligations under all Transactional Documents entered into by such parties in connection
 with the issuance of the Offering Securities, and the due execution and delivery thereof
 by each party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Company will duly execute and delivery the Transactional Documents in the draft form as exhibited
 in the Registration Statement in accordance with the Board Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 Transactional Documents are, or will be, legal, valid, binding and enforceable against all
 relevant parties in accordance with their terms under the laws of the State of New York and
 all other relevant laws(the **Relevant Law**) (other than, with respect to the Company,
 the laws of the Cayman Islands);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 choice of the Relevant Law as the governing law of the Transactional Documents has been made
 in good faith and would be regarded as a valid and binding selection which will be upheld
 by the courts of the State of New York and any other relevant jurisdiction (other than the
 Cayman Islands) as a matter of the Relevant Law and all other relevant laws (other than the
 laws of the Cayman Islands);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) no
 invitation has been or will be made by or on behalf of the Company to the public in the Cayman
 Islands to subscribe for any Unit and none of the Unit (nor the Class A Ordinary Shares underlying
 such securities) have been offered or issued to residents of the Cayman Islands;

Page 4 of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) no
 monies paid to or for the account of any party under the Transactional Documents or in connection
 with any Offering Securities issuable under the Transactional Documents or any property received
 or disposed of by any party to the Transactional Documents or in connection with the Offering
 Securities issuable under the Transactional Documents, or the consummation of the transactions
 contemplated thereby represent or will represent proceeds of criminal conduct or criminal
 property or terrorist property (as defined in the Proceeds of Crime Act (As Revised) and
 the Terrorism Act (As Revised), respectively);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) upon
 the issue of any Class A Ordinary Shares, whether as a principal issue or on the conversion,
 exchange or exercise of the Offering Securities in connection with the Offering, the Company
 will receive consideration for the full issue price which shall be equal to at least the
 par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the
 Company is, and after the issuance (where applicable) of the Offering Securities, able to
 pay its liabilities as they fall due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) there
 is no provision of the law of any jurisdiction, other than the Cayman Islands, which would
 have any implication in relation to the opinions expressed herein.

---

| | |
|:---|:---|
| **3** | **Opinions** |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has been duly incorporated as an exempted company with limited liability and is validly
 existing and in good standing with the Registrar under the laws of the Cayman Islands.

**Authorised Share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 authorised share capital of the Company is US$100,000 divided into 75,000,000 Class A Ordinary
 Shares of par value US$0.001 each and 25,000,000 Class B Ordinary Shares of par value US$0.001
 each.

**Valid Issuance of Class A Ordinary Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Class A Ordinary Shares comprised in the Units to be offered and issued by the Company as
 contemplated by the Registration Statement have been duly authorised for issue and when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issued
 by the Company against payment in full of the consideration thereof (being not less than
 the par value of the Class A Ordinary Shares) in accordance with the terms set out in the
 Registration Statement, the terms set out in the applicable definitive Transactional Documents
 referred to within the Registration Statement and the Company's then effective memorandum
 and articles of association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 issuance of Class A Ordinary Shares have been duly registered in the Company's register of
 members as fully paid shares,

will be validly issued, fully paid and non-assessable.

Page 5 of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Class A Ordinary Shares issuable pursuant to the Warrants, when the Warrants are exercisable
 under the terms of the applicable definitive Transactional Documents as approved by the Board
 as referred to within the Registration Statement, have been duly reserved and authorised
 for issue and when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issued
 by the Company upon due exercise of the Warrants in accordance with the terms of the applicable
 definitive Transactional Documents as referred to in the Registration Statement and in accordance
 with the Company's then effective memorandum and articles of association and against full
 payment of the exercise price therefor (being not less than the par value of the Class A
 Ordinary Shares) under the terms of the applicable Transactional Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 issuance of Class A Ordinary Shares have been duly registered in the Company's register of
 members as fully paid shares,

will be, validly issued, fully paid and non-assessable.

---

| | |
|:---|:---|
| **4** | **Limitations and Qualifications** |

---

4.1 We
 offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 to any laws other than the laws of the Cayman Islands, and we have not, for the purposes
 of this opinion, made any investigation of the laws of any other jurisdiction, and we express
 no opinion as to the meaning, validity, or effect of references in the Documents to statutes,
 rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman
 Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except
 to the extent that this opinion expressly provides otherwise, as to the commercial terms
 of, or the validity, enforceability or effect of the Registration Statement, the accuracy
 of representations, the fulfilment of warranties or conditions, the occurrence of events
 of default or terminating events or the existence of any conflicts or inconsistencies among
 the Registration Statement and any other agreements into which the Company may have entered
 or any other documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as
 to whether the acceptance, execution or performance of the Company's obligations under the
 Registration Statement or the applicable definitive agreement will result in the breach of
 or infringe any other agreement, deed or document (other than the Memorandum and Articles)
 entered into by or binding on the Company.

4.2 Under
 the Companies Act (Revised) (the **Companies Act**) of the Cayman Islands annual returns
 in respect of the Company must be filed with the Registrar, together with payment of annual
 filing fees. A failure to file annual returns and pay annual filing fees may result in the
 Company being struck off the Register of Companies, following which its assets will vest
 in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention
 for the benefit of the public of the Cayman Islands.

4.3 In **good standing** means only that as of the date of this opinion the Company is up-to-date
 with the filing of its annual returns and payment of annual fees with the Registrar. We have
 made no enquiries into the Company's good standing with respect to any filings or payment
 of fees, or both, that it may be required to make under the laws of the Cayman Islands other
 than the Companies Act.

Page 6 of **6**

---

| | |
|:---|:---|
| **5** | **Governing law of this opinion** |

---

5.1 This
 opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed
 by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited
 to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined
 to, and given on the basis of, the laws and practice in the Cayman Islands at the date of
 this opinion.

5.2 Unless
 otherwise indicated, a reference to any specific Cayman Islands legislation is a reference
 to that legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| **6** | **Reliance** |

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings "*Enforceability of Civil Liabilities*" and "*Legal Matters*" of the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the Rules and Regulations of the Commission thereunder.

This opinion may be used only in connection with the offer and sale of the Units while the Registration Statement is effective.

Yours faithfully

/s/ Ogier

**Ogier**

## Exhibit 5.2

**Exhibit 5.2**

---

| | |
|:---|:---|
| ![](ex5-2_002.jpg) | ![](ex5-2_001.jpg) |

---

STAK Inc. 斯塔克工业集团有限公司

Building 11, 8th Floor, No. 6 Beitanghe East Road

Tianning District, Changzhou, Jiangsu

People's Republic of China, 213000

Re: <u>Registration Statement on Form F-1 of STAK Inc. 斯塔克工业集团有限公司</u> 

Ladies and Gentlemen:

We are issuing this opinion in our capacity as special United States counsel to STAK Inc. 斯塔克工业集团有限公司, a Cayman Islands exempted company (the "***Company***"), in connection with the registration under the Securities Act of 1933, as amended (the "***Act***"), on a Registration Statement on Form F-1 originally filed with the U.S. Securities and Exchange Commission (the "***Commission***") on November 14, 2025 (such Registration Statement, as amended or supplemented, the "***Registration Statement***") providing for the registration of (i) 3,000,000 units (the "***Units***"), with each Unit consisting of one Class A ordinary share, par value $0.001 per share, of STAK Inc. 斯塔克工业集团有限公司 (the "***Class A Ordinary Share***") and two warrants, each to purchase one Class A Ordinary Share (the "***Warrants***"), and (ii) 6,000,000 Class A Ordinary Shares underlying the Warrants (the "***Warrant Shares***," and collectively with "***Units***," the "***Securities***"), which are to be offered and sold directly by the Company pursuant to that certain securities purchase agreements between the Company and each purchaser party thereto (the "***Securities Purchase Agreements***") .

This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K promulgated under the Act.

In rendering the opinions stated herein, we have examined and relied upon the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Form of the Warrant, filed as Exhibit 4.2 to the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Form of Securities Purchase Agreement, filed as Exhibit 10.8 to the Registration Statement.

For purposes of this letter, we have examined such other documents, records, certificates, resolutions and other instruments deemed necessary as a basis for this opinion, and we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of all documents submitted to us as copies. As to any facts material to the opinions expressed herein which we have not independently established or verified, we have relied upon statements and representations of officers and other representatives of the Company and others.

We do not express any opinion with respect to the laws of any jurisdiction other than the laws of the State of New York.

Based upon the foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that (i) when the Units have been duly executed and delivered by the Company against payment of the consideration pursuant to the Securities Purchase Agreements, such Units will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with the respective terms of the Class A Ordinary Shares and the Warrants; and (ii) when the Warrants included in the Units have been duly executed and delivered by the Company against payment of the consideration pursuant to the Securities Purchase Agreements, such Warrants will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.

In addition, in rendering the foregoing opinions we have assumed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company (i) is duly incorporated and is validly existing and in good standing, (ii) has requisite legal status and legal capacity under the laws of the jurisdiction of its organization and (iii) has complied and will comply with all aspects of the laws of the jurisdiction of its organization in connection with the transactions contemplated by, and the performance of its obligations under the Securities Purchase Agreements, including the issuance of the Securities;

![](ex5-2_003.jpg)

![](ex5-2_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company has the corporate power and authority to execute, deliver and perform all its obligations under the Securities Purchase Agreements, including the issuance of the Securities;(c) each of the Securities Purchase Agreements and the Warrants is duly executed and delivered by all parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Registration Statement becomes and remains effective, and the prospectus which is a part of the Registration Statement, and the prospectus delivery requirements with respect thereto, fulfill all of the requirements of the Securities Act, throughout all periods relevant to the opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Securities will be issued and offered to purchasers on the terms identified in the Securities Purchase Agreement and in the manner described in the Registration Statement, including all amendments thereto, and in the prospectus forming a part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) neither the execution and delivery by the Company of the Securities Purchase Agreements nor the performance by the Company of its obligations thereunder, including the issuance of the Securities: (i) conflicts or will conflict with the Second Amended and Restated Memorandum and Articles of Association of the Company, (ii) constitutes or will constitute a violation of, or a default under, any lease, indenture, instrument or other agreement to which the Company or its property is subject, (iii) contravenes or will contravene any order or decree of any governmental authority to which the Company or its property is subject or (iv) violates or will violate any law, rule or regulation to which the Company or its property is subject (except that we do not make the assumption set forth in this clause (iv) with respect to the laws of the State of New York); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) neither the execution and delivery by the Company of the Securities Purchase Agreements nor the performance by the Company of its obligations thereunder, including the issuance of the Securities, requires or will require the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of any jurisdiction.

Our opinions expressed above are subject to the qualifications that we express no opinion as to the applicability of, compliance with, or effect of (i) any bankruptcy, insolvency, reorganization, fraudulent transfer, fraudulent conveyance, moratorium or other similar law or judicially developed doctrine in this area (such as substantive consolidation or equitable subordination) affecting the enforcement of creditors' rights generally, (ii) general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law), (iii) an implied covenant of good faith and fair dealing, (iv) public policy considerations which may limit the rights of parties to obtain certain remedies, (v) any requirement that a claim with respect to any security denominated in other than U.S. dollars (or a judgment denominated in other than U.S. dollars in respect of such claim) be converted into U.S. dollars at a rate of exchange prevailing on a date determined in accordance with applicable law, (vi) governmental authority to limit, delay or prohibit the making of payments outside of the United States or in a foreign currency or currency unit and (vii) any laws except the laws of the State of New York. We advise you that issues addressed by this letter may be governed in whole or in part by other laws, but we express no opinion as to whether any relevant difference exists between the laws upon which our opinions are based and any other laws which may actually govern.

We hereby consent to the filing of this opinion with the Commission as Exhibit 5.2 to the Registration Statement. We also consent to the reference to our firm under the heading "Legal Matters" in the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission.

We do not find it necessary for the purposes of this opinion, and accordingly we do not purport to cover herein, the application of the securities or "Blue Sky" laws of the various states to the offering of the Securities.

This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. We assume no obligation to revise or supplement this opinion should the present laws of the State of New York be changed by legislative action, judicial decision or otherwise.

This opinion is furnished to you in connection with the filing of the Registration Statement and is not to be used, circulated, quoted or otherwise relied upon for any other purposes.

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| Very truly yours, |
| /s/ Han Kun Law Offices LLP |

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## Exhibit 10.8

**Exhibit 10.8**

**SECURITIES PURCHASE AGREEMENT**

This **Securities Purchase Agreement** (this "***Agreement***") is dated as of [●], 2025 between **STAK Inc. 斯塔克工** **业集团有限公司**, a Cayman Islands exempted company (the "***Company***"), and each of the purchasers identified on Schedule A attached hereto (including such purchasers' successors and assigns, each a "***Purchaser***" and, collectively, the "***Purchasers***"). The terms "party" and "parties" shall refer to each of the Company and each Purchaser, as the context requires.

**Whereas**, subject to the terms and conditions set forth in this Agreement and pursuant to a registration statement to be declared effective under the U.S. Securities Act of 1933, as amended (the "***Securities Act***"), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

**Now, Therefore, In Consideration** of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

**1. Sale and purchase**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Sale and Purchase of Shares**. Subject to the terms and conditions set forth herein, the Company hereby agrees to sell, and each Purchaser, severally and not jointly, agrees to purchase, that number shares in the form of units, with each unit consisting of (i) one Class A ordinary share, par value US$0.001 per share ("***Class A Ordinary Share***") and (ii) two warrants, each to purchase one Class A Ordinary Share at the exercise price of US$1.2 per share ("***Warrants***"), at a purchase price of $1.0 per Unit (collectively, the "***Shares***"). The number of Shares to be purchased by each Purchaser and the corresponding purchase price owed by such Purchaser (the "***Purchase Price***" and, with the Purchase Price owed by all Purchasers collectively, the "***Aggregate Purchase Price"***) are as specified on the Schedule of Purchasers attached hereto as Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Closing**. The consummation of the sale and purchase of the Shares hereunder (the "***Closing***", and the date of the Closing, the "***Closing Date***") shall take place in thirty business days and be held remotely via electronic exchange of documents, or at such other location and date as may be agreed upon in writing by the Company and the Purchasers. The Closing shall take place on the terms and subject to the satisfaction or, to the extent permissible, waiver by the party entitled to the benefit of the conditions set forth in Section 1.4 (other than conditions that by their nature are to be satisfied at that Closing, but subject to the satisfaction or, to the extent permissible, waiver of those conditions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 Payment for and Delivery of Shares**. On the Closing Date, (i) the Company shall issue and register in the name of each Purchaser the number of Shares set forth opposite such Purchaser's name on the Schedule of Purchasers attached hereto as Schedule A through the Company's transfer agent (the "***Transfer Agent***"), (ii) each Purchaser shall deliver the Purchase Price in immediately available funds in a manner reasonably designated by the Company at least two (2) business days prior to the Closing Date; and (iii) each Purchaser shall deliver all other documents, agreements or instruments required to be delivered by such Purchaser under this Agreement. Each Purchaser shall, if applicable, instruct its broker-dealer or custodian to record the Shares in its account. All transaction fees shall be borne by the Purchaser, such that the net amount received by the Company equals the full Purchase Price specified for such Purchaser in Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 Closing Conditions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The obligations of the Company hereunder in connection with the Closing are subject to the satisfaction or waiver of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the accuracy of the representations and warranties of each Purchaser contained herein (unless as of a specific date therein in which case they shall be accurate as of such date) in all material respects on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** all obligations, covenants and agreements of each Purchaser required to be performed on or prior to the Closing Date shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** the delivery by each Purchaser of this Agreement duly executed by the Purchaser; 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;**(iv)** the receipt by the Company of the Aggregate Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The obligations of each Purchaser hereunder in connection with the Closing are subject to the satisfaction or waiver (solely as to such Purchaser) of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the accuracy of the representations and warranties of the Company contained herein (unless as of a specific date therein) in all material respects when made and on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** all obligations, covenants and agreements of the Company required to be performed on or prior to the Closing Date shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** the delivery by the Company of this Agreement duly executed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** a copy of the irrevocable instructions to the Transfer Agent dated the Closing Date instructing the Transfer Agent to issue and register in the name of each Purchaser, or its broker-dealer as specified on Schedule A, the number of Shares set forth on Schedule A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** the Class A Ordinary Shares shall not have been suspended by the U.S. Securities and Exchange Commission (the "***SEC***") or the Nasdaq Capital Market ("***Nasdaq Capital Market***") or from trading on Nasdaq Capital Market, and no such suspension by the SEC has been threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** the Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, required as a precondition for the sale of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** no statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably would have or result in a Material Adverse Effect (as defined 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;**(ix)** (A) the Registration Statement (as defined below) shall become and remain effective at all times up to and including the Closing Date and the issuance of the Shares to the Purchasers may be made thereunder; (B) neither the Company nor any of the Purchasers shall have received notice that the SEC has issued or intends to issue a stop order with respect to such Registration Statement or that the SEC has suspended or withdrawn the effectiveness of such Registration Statement, either temporarily or permanently, or has threatened to do so; and (C) no other suspension or withdrawal of the effectiveness of such Registration Statement or the Prospectus shall exist; 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;**(x)** the Company shall have delivered to Purchasers the Prospectus (as defined below), which may be delivered in accordance with Rule 172 under the Securities Act.

**2. Representations and Warranties of the Company**. Except as set forth in the prospectus that forms a part of the Registration Statement (the "***Prospectus***"), or the SEC Documents (as defined below), including the Exchange Act (as defined below) filings incorporated by reference therein, the Company hereby makes the following representations and warranties to each Purchaser that as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Organization and Qualification**. The Company is an exempted company with limited liability duly incorporated, validly existing and in good standing under the laws of the Cayman Islands, and each subsidiary of the Company is duly incorporated or organized, validly existing and in good standing (with respect to jurisdictions that recognize the concept of good standing) under the laws of its jurisdiction of organization. Each of the Company and its subsidiaries has the requisite power and authority to own, lease and operate its properties and to carry on its business as currently being conducted, and is duly qualified or licensed to do business in all material respects in each jurisdiction in which the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Authorization; Enforcement; Validity**. The Company has the requisite corporate power and authority to execute and deliver this Agreement and any other documents or agreements executed in connection with the transactions contemplated hereunder (the "***Transaction Documents***") and to perform its obligations thereunder. The execution, delivery and performance by the Company of the Transaction Documents, including the issuance of the Shares, have been duly authorized by all necessary corporate action on the part of the Company. Each Transaction Document to which the Company is a party has been or will be duly executed and delivered by the Company, and, assuming the due authorization, execution and delivery by each Purchaser and the other parties thereto, constitutes a legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms, except as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Issuance of the Shares; Registration**. The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company. Upon issuance in accordance with the terms of this Agreement, the Class A Ordinary Shares will be freely tradable on the Nasdaq Capital Market without restriction. The Company has prepared and filed with the SEC the Registration Statement on Form F-1 (File No. 333-[●]) (the "***Registration Statement***") in conformity with the requirements of the Securities Act which registers the sale of the Shares to be issued hereunder, including the Prospectus, and such amendments thereto as may have been required to the date of this Agreement. The Registration Statement will become effective prior to the Closing Date under the Securities Act. As of the date of this Agreement and as of the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and the Prospectus (and any amendments thereto), at the time the Prospectus, or any amendment thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Capitalization**. The authorized share capital of the Company is US$100,000 divided into (a) 75,000,000 Class A ordinary shares of a par value of US$0.001 each and (b) 25,000,000 Class B ordinary shares of a par value of US$0.001 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) No Conflicts**. The execution, delivery and performance by the Company of the Transaction Documents, including the issuance of the Shares, will not (i) result in a violation of the Second Amended and Restated Memorandum and Articles of Association of the Company in effect as of the date of this Agreement, or (ii) result in a violation of any law applicable to the Company or by which any property or asset thereof is bound, except for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or have a Material Adverse Effect on the ability of the Company to perform its obligations under the Transaction Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Filings, Consents and Approvals**. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filing with the SEC of the Prospectus, and (ii) such other required filing or notification under applicable securities laws and/or listing rules of Nasdaq Capital Market regarding the issuance of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Nasdaq Capital Market Listing**. The Shares are registered pursuant to Section 12(b) of the Exchange Act and the Class A Ordinary Shares are listed on Nasdaq Capital Market. The issuance and sale of the Shares under this Agreement and the transactions contemplated hereby do not contravene the rules and regulations of Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) SEC Documents; Financial Statements**. Since the date of the Company's most recent audited or reviewed financial statements contained in the Company's Annual Report on Form 20-F for the year ended June 30, 2025 ("***Form 20-F***"), the Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Exchange Act (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein being referred to herein as the "***SEC Documents***"). As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of their respective dates, the financial statements of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto as in effect as of the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (the *"**U.S. GAAP***"), consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments which will not be material, either individually or in the aggregate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j) No Additional Representations.** The Company makes no representations or warranties as to any matter whatsoever except as expressly set forth in the Transaction Documents or in any certificate delivered by the Company to each Purchaser in accordance with the terms thereof.

**3. Representations and Warranties of Each Purchaser**. Each Purchaser hereby represents and warrants, severally and not jointly, as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Organization; Authority**. Each Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by each Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which such Purchaser is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, and, assuming due authorization, execution and delivery by the Company and each other party thereto, will constitute a legal, valid and binding obligation of such Purchaser, enforceable against it in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Understandings or Arrangements**. Each Purchaser is acquiring the Shares as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Shares (this representation and warranty not limiting such Purchasers' rights to sell the Shares pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Each Purchaser is acquiring the Shares hereunder in the ordinary course of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Experience of the Purchaser**. Each Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated the merits and risks of such investment. Each Purchaser is able to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Access to Information**. Each Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and all reports, schedules, forms, statements and other documents filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and, subject to the Company's need to comply with Regulation FD, has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) General Solicitation**. No Purchaser is purchasing the Shares as a result of any advertisement, article, notice or other communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or, to our knowledge, any other general solicitation or general advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Adequacy of Funds.** Each Purchaser has, and on the Closing Date each Purchaser shall have, adequate, unencumbered, freely-transferable funds sufficient to pay its respective Purchase Price pursuant to Section 1.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) No Voting Agreements.** The Purchaser is not a party to any agreement or arrangement, whether written or oral, between the Purchaser and any other Purchaser and any of the Company's shareholders as of the date hereof, regulating the management of the Company, the shareholders' rights in the Company, the transfer of shares in the Company, including any voting agreements, shareholder agreements or any other similar agreement, even if its title is different or has any other relations or agreements with any of the Company's shareholders, directors or officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) Independent Advice.** Each Purchaser understands that nothing in this Agreement or any other materials presented by or on behalf of the Company to the Purchaser in connection with the purchase of the Securities constitutes legal, tax or investment advice.

**4. Intentionally Omitted**

**5. Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Each Purchaser, severally and not jointly, agrees that, until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 6.16, each Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in this Agreement, including the schedule hereto (the "***Confidential Information***"), *provided*, *however*, that each party and its respective representatives may disclose such information to their respective affiliates, permitted assignees, financing sources, partners, shareholders, senior management, employees, professional advisors, agents in each case only where such persons are bound by appropriate non-disclosure obligations and have agreed to maintain the confidentiality of such information. Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are publicly announced as described in Section 6.16, (ii) each Purchaser shall not be in violation of this Section 5 if such Purchaser is required to disclose Confidential Information in response to a valid order by a court or other governmental body or regulatory body, provided that (A) to the extent practicable and unless prohibited by law, such party provides the Company with prior written notice of such disclosure, (B) such Purchaser reasonably cooperates with the Company in Company's seeking of confidential treatment, a protective order or other appropriate remedy regarding the Confidential Information and (C) such Purchaser discloses only that portion of such Confidential Information that they are required to disclose, all at Company's written direction an entirely at Purchaser's expense, and (iii) each Purchaser's disclosure obligations under this Agreement with respect to the Confidential Information shall not apply to the extent such information was permitted to be disclosed by written authorization of the Company.

**6. Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Further Assurances**: Each Purchaser and the Company shall use its reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated by this Agreement on a timely basis, including ensuring the Company's receipt of the Aggregate Purchase Price, the execution and delivery of any documents, certificates, instruments or other papers that are reasonably required for the consummation of such transactions, and will cooperate and consult with the other and use its reasonable best efforts to prepare and file all necessary documentation, to effect all necessary applications, notices, petitions, filings and other documents, and to obtain all necessary permits of, or any exemption by, all governmental authorities, necessary or advisable to consummate the transactions contemplated by this Agreement. During the period from the date of this Agreement through the Closing Date, except as required by applicable law or with the prior written consent of the other party, each of the Purchasers and the Company will use reasonable best effort to avoid taking any action which, or failing to take any action the failure of which to be taken, would, or would reasonably be expected to (a) result in any of the representations and warranties set forth herein on the part of the party taking or failing to take such action being or becoming untrue in any respect, (b) result in any conditions set forth in herein not to be satisfied, or (c) result in any material violation of any provision of this Agreement. After the Closing Date, each party shall use commercially reasonable efforts to provide such information, and to execute and deliver such further certificates, agreements and other documents and take such other actions as the other party may reasonably request to consummate or implement such transactions or to evidence such events or matters, provided that the Company agrees to keep any such information provided by any Purchaser confidential, except as required by the federal securities laws, rules or regulations, or as requested by the staff of the SEC or other regulatory authority, or to the extent such disclosure is required by other laws, rules or regulations, or any order of a governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Termination**. This Agreement may be terminated by the Company or any Purchaser, as to such Purchaser's obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated within ten (10) calendar days from the date hereof, provided, however, that the right to terminate this Agreement pursuant to this Section 6.2 shall not be available to a party if such party's breach of a representation, warranty, covenant or agreement under this Agreement has been the cause of the failure of the Closing to occur on or before such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Fees and Expenses**. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Purchasers shall pay all fees and expenses of the Transfer Agent, as applicable, in connection with the issuance and registration of the Shares, including without limitation, any fees charged in connection with the delivery of issuance confirmations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Entire Agreement**. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 Notices**. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:00 p.m. (New York City time) on a business day (provided no rejection notice is received), (b) the next business day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a business day or later than 5:30 p.m. (New York City time) on any business day, (c) the second (2nd) business day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 Amendments; Waivers**. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and each Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7 Headings**. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 Successors and Assigns**. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Each Purchaser may assign any or all of its rights under this Agreement to any person to whom such Purchaser assigns or transfers any Shares, *provided* that such transferee agrees in writing to be bound, with respect to the transferred Shares, by the provisions of the Transaction Documents that apply to each Purchaser*.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9 No Third-Party Beneficiaries**. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 Governing Law**. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflict of laws thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11 Dispute Resolution.** Any dispute, controversy, difference or claim arising out of or relating to this Agreement, 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 the American Arbitration Association("***AAA***") in accordance with the Commercial Arbitration Rules and Mediation Procedures of the American Arbitration Association ("***AAA Rules***"), in effect on the date of this Agreement. The seat of arbitration shall be New York City, New York. The number of arbitrators shall be three. The arbitrators shall be neutral and shall be appointed in accordance with the Commercial Arbitration Rules of the AAA. The arbitration proceedings shall be conducted in English. Except as may be required by law, neither a party nor the arbitrators may disclose the existence, content, or results of any arbitration without the prior written consent of the Company and the relevant Purchaser, unless to protect or pursue a legal right. If more than one arbitration is commenced under this Agreement and any party contends that two or more arbitrations are substantially related and that the issues should be heard in one proceeding, the arbitrators selected in the first-filed proceeding shall determine whether, in the interests of justice and efficiency, the proceedings should be consolidated before those arbitrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12 Execution**. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by email delivery of a ".pdf" format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or ".pdf" signature page was an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.13 Severability**. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.14 Remedies**. The parties hereto acknowledge and agree that irreparable harm would occur for which money damages would not be an adequate remedy if any provision of this Agreement was not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that, in addition to any other remedies at law or in equity, each party hereto shall be entitled to injunctions to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement without posting any bond or other undertaking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.15 Construction**. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices, Shares in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Class A Ordinary Shares that occur after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.16 Disclosure of Transactions and Other Material Information**. Subject to the foregoing, and except for the filing of a Report of Foreign Private Issuer on Form 6-K (including and press release included in such 6-K) and the filing of the Registration Statement, including the Prospectus, none of the Company, its subsidiaries, or any Purchaser shall issue any press releases or any other public statements with respect to the transactions contemplated hereby without the consent of the other parties hereto; <u>provided</u>, <u>however</u>, that the Company may make public disclosure with respect to such transactions as is required by applicable law and regulations. Without the prior written consent of any applicable Purchaser, the Company shall not (and shall cause each of its subsidiaries and affiliates to not) disclose the name of such Purchaser in any filing, announcement, release or otherwise, except (a) as required by federal securities law in connection with the filing of final Transaction Documents (including signature pages thereto) with the SEC and (b) to the extent such disclosure is required by law or Nasdaq Capital Market regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.17 Independent Nature of Purchasers' Obligations and Rights**. The obligations of each Purchaser hereunder are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Nothing contained herein, and no action taken by any Purchaser pursuant hereto, shall be deemed to constitute the Purchasers as, and the Company acknowledges that the Purchasers do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any matters, and the Company acknowledges that the Purchasers are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or the transactions contemplated by this Agreement. The decision of each Purchaser to purchase the Shares pursuant to this Agreement has been made by such Purchaser independently of any other Purchaser. Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with such Purchaser making its investment hereunder and that no other Purchaser will be acting as agent of such Purchaser in connection with monitoring such Purchaser's investment in the Shares or enforcing its rights under this Agreement. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

[**Remainder of Page Intentionally Left Blank; Signature Page Follows**]

**In Witness Whereof**, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| |
|:---|
| **THE COMPANY:** |
| **STAK INC. 斯塔克工** **业集团有限公司** |
| By: |
| Name: |
| Title: |
| Address for Notice: |

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*[**SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT**]*

**EACH OF THE PURCHASERS SET FORTH IN SCHEDULE A HERETO, SEVERALLY AND NOT JOINTLY**

[●]

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| |
|:---|
| By: |
| Address for Notice for Purchaser: |

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*[**SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT**]*

**Schedule A**

**Schedule of Purchasers**

*A-1*

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form F-1 of STAK Inc. and its subsidiaries (the "Company") of our report dated November 5, 2025, relating to our audits of the consolidated balance sheets of the Company as of June 30, 2025 and 2024, and the related consolidated statements of operations and comprehensive (loss) income, changes in shareholders' equity, and cash flows for each of the years in the three-year period ended June 30, 2025 and the related notes, appearing in the Annual Report on Form 20-F of the Company.

We also consent to the reference of our Firm under the caption "Experts" in this Registration Statement.

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| |
|:---|
| /s/ HTL International, LLC |
| HTL International, LLC |
| Houston, Texas |
| November 14, 2025 |

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## Exhibit 99.5

**Exhibit 99.5**

![](ex99-5_001.jpg)

33/F, Anlian Plaza, Jintian Rd., Futian, Shenzhen 518026 China

Tel：+86-755-88286488 Fax：+86-755-88286499

Website: www.dehenglaw.com

November 14, 2025

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| | |
|:---|:---|
| **To:** | **STAK INC.** |
|  | Building 11, 8th Floor, No. 6 Beitanghe East Road, |
|  | Tianning District, Changzhou, Jiangsu, |
|  | People's Republic of China, 213000 |

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**Re: Legal Opinion on Certain PRC Legal Matters**

Dear Sir/Madam,

We are qualified lawyers of the People's Republic of China (the "**PRC**", for the purpose of this legal opinion, excluding the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan region), and are qualified to issue opinions on the laws and regulations of the PRC effective as of the date hereof (the "**PRC Laws**").

We have acted as the PRC counsel for STAK INC. (the "**Company**"), a company incorporated under the laws of Cayman Islands, in connection with a registered offering (the "**Offering**") of 3,000,000 units (each a "**Unit**"), with each Unit consisting of (i) one Class A ordinary share, $0.001 par value per share (each a "Class A Ordinary Share"), and (ii) two warrants, each to purchase one Class A Ordinary Share (each a "Warrant"), at the exercise price of $1.2 per share, directly to certain investors, as set forth in the Company's registration statement on Form F-1 (File No. 333-[\*]), including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the Securities and Exchange Commission (the "**SEC**") under the U.S. Securities Act of 1933, as amended, in relation to the Offering.

In rendering this Opinion we have examined the Registration Statement, the originals or copies certified or otherwise identified to our satisfaction, of documents provided to us by the Company and such other documents, corporate records, certificates issued by Governmental Authorities in the PRC and officers of the Company, and/or the PRC Subsidiaries and other instruments (the "**Documents**") as we have considered necessary, advisable or desirable for the purpose of rendering this Opinion. Where certain facts were not, or may not be possible to be independently established by us, we have relied upon certificates or statements or representations issued or made by relevant Governmental Authorities of the PRC and the appropriate representatives of the Company and/or the PRC Subsidiaries with the proper powers and functions, and we have qualified our opinion as "to our best knowledge after due and reasonable inquiries," as to such factual matters without further independent investigation.

In our examination of the Documents and for the purpose of rendering this Opinion, we have assumed without further inquiry:

(A) the
 genuineness of all signatures, seals and chops, and the authenticity of all Documents submitted to us as originals and the conformity
 with originals of the Documents submitted to us as copies and the authenticity of such originals;

(B) the
 Documents as submitted to us remain in full force and effect up to the date of this Opinion, and have not been revoked, amended,
 revised, modified or supplemented as of the date of this Opinion except as otherwise indicated in such Documents;

(C) the
 truthfulness, accuracy, fairness and completeness of the Documents, as well as all factual statements contained in the Documents;

(D) that
 all information (including factual statements) provided to us by the Company and the PRC Subsidiaries in response to our inquiries
 for the purpose of this Opinion is true, accurate, complete and not misleading and that the Company and the PRC Subsidiaries have
 not withheld anything in response to our inquiries that, if disclosed to us, would reasonably cause us to alter this Opinion in whole
 or in part;

(E) that
 all parties, other than the PRC Subsidiaries, have the requisite power and authority to enter into, execute, deliver and perform
 the Documents to which they are parties;

(F) that
 all parties, other than the PRC Subsidiaries, have duly executed, delivered, performed or will duly perform their obligations under
 the Documents to which they are parties;

(G) that
 all Governmental Authorizations and other official statement or documentation were obtained from the competent Government Authorities
 by lawful means in due course;

(H) that
 all Documents are legal, valid, binding and enforceable under all such laws as govern or relate to them other than PRC Laws. Where
 important facts were not independently established to us, we have relied upon certificates issued by Government Authorities and representatives
 of the Company with proper authority in each case; and

(I) that
 this Opinion is limited to matters of the PRC Laws effective as the date hereof. We have not investigated, and we do not express
 or imply any opinion on accounting, auditing, or laws of any other jurisdiction.

The following terms as used in this Opinion are defined as follows:

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| | |
|:---|:---|
| **"Government Agency"** | means any competent government authorities, agencies, courts, arbitration commissions, or regulatory bodies of the PRC or any province, autonomous region, city or other administrative division of the PRC. |

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| | |
|:---|:---|
| "**Governmental Authorizations**" | mean any approval, consent, permit, authorization, filing, registration, exemption, waiver, endorsement, annual inspection, qualification and license required by the PRC Laws to be obtained from any Government Agency. |

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| | |
|:---|:---|
| "**Material Adverse Effect**" | means material adverse effect on the conditions (financial or otherwise), results of operations, business, or assets of the Company and the PRC Subsidiaries taken as a whole. |

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| | |
|:---|:---|
| "**Overseas Listing Regulations"** | mean the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines，which was issued by the CSRC on February 17, 2023 and became effective on March 31, 2023. |

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| | |
|:---|:---|
| "**PRC Authorities**" | mean any national, provincial or local governmental, regulatory or administrative authority, agency or commission in the PRC, or any court, tribunal or any other judicial or arbitral body in the PRC. |

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| | |
|:---|:---|
| "**PRC Subsidiaries**" | means the subsidiaries of the Company incorporated in the PRC as listed in <u>Annex A</u> hereto. |

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| | |
|:---|:---|
| "**Prospectus**" | means the prospectus, including all amendments or supplements thereto, that form parts of the Registration Statement. |

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**I.** **Opinions** 

Based on the foregoing examinations and assumptions and subject to the disclosures contained in the Registration Statement and the qualifications set out below, we are of the opinion that, as of the date hereof, so far as PRC Laws are concerned:

1. The
 ownership structures of the PRC Subsidiaries, currently and immediately after this Offering,
 do not violate any applicable PRC laws or regulations currently in effect; and such description
 is true and accurate and nothing has been omitted from such description which would make
 the same misleading in any material respects.

2. Each
 of the PRC Subsidiaries has been duly incorporated and is validly existing as a company with limited liability and has full legal
 person status under the PRC Laws and its articles of association are in full force and effect and are in compliance with the PRC
 Laws.

3. To
 the best of our knowledge after due inquiry, each of the PRC Subsidiaries has the capacity and authority to own, use, license, operate
 or lease its legally owned properties and assets and to conduct business in the manner presently conducted and as described in the
 Registration Statement, and such businesses conducted by the PRC Subsidiaries as described in the Registration Statement are not
 in breach or violation of any PRC Laws.

4. To
 the best of our knowledge after due inquiry, and except as disclosed in the Registration Statement, there are no legal, arbitral
 or governmental proceedings, regulatory investigations or other governmental decisions, rulings, orders, or actions before any Governmental
 Agencies in progress or pending or threaten in the PRC to which any PRC Subsidiaries is a party or to which any assets of any of
 the PRC Subsidiaries is a subject which, if determined adversely against any of the PRC Subsidiaries, would be reasonably expected
 to materially adversely affect the Offering or to have a Material Adverse Effect, individually or in aggregate.

5. We
 have advised the Company as to the content of the Overseas Listing Regulations, which are applicable to overseas securities offerings
 and/or listings conducted by issuers who are (i) PRC domestic companies and (ii) companies incorporated overseas with substantial
 operations in the PRC and stipulate that such issuer shall fulfill the filing procedures within three working days after it makes
 an application for initial public offering and listing in an overseas stock market. Among other things, if an overseas listed issuer
 intends to effect any follow-on offering in an overseas stock market, it should, through its major operating entity incorporated
 in the PRC, submit filing materials to the CSRC within three working days after the completion of the offering. The required filing
 materials shall include, but not be limited to, (1) filing report and relevant commitment letter and (2) domestic legal opinions.
 The Overseas Listing Regulations stipulate the legal consequences for breaches, including failure to fulfill filing obligations or
 engaging in fraudulent filing behavior, which may result in a fine ranging from RMB1 million to RMB10 million, and in cases of severe
 violations, the relevant responsible persons may also be barred from entering the securities market.

6. On
 December 28, 2021, the Measures for Cybersecurity Review (2021 version) was promulgated and took effective on February 15, 2022,
 which iterates that any "online platform operators" controlling personal information of more than one million users which
 seeks to list on a foreign stock exchange should also be subject to cybersecurity review by the Cyberspace Administration of China
 (the "**CAC** "). The Measures for Cybersecurity Review, among others, evaluates the potential risks of critical information
 infrastructure, core data, important data, or a large amount of personal information being influenced, controlled or maliciously
 used by foreign governments after the overseas listing of an operator. The procurement of network products and services, data processing
 activities and overseas listing should also be subject to the cybersecurity review if the CAC concerns or they potentially pose risks
 to national security. We are of the view that the Company is not subject to the cybersecurity review by the CAC for the Offering,
 since (i) the Measures for Cybersecurity Review is not applicable to further equity or debt offerings by companies that have completed
 their initial public offerings in the United States; (ii) the Company does not possess personal information on more than one million
 users in its business operations; and (iii) data processed in the Company's business does not have a bearing on national security
 and may not be classified as core or important data by the PRC governmental authorities. However, there can be no assurance that
 the PRC Authorities may take a view that is not contrary to or otherwise different from our opinion stated above.

7. Transfers
 of funds among PRC companies are subject to the Provisions of the Supreme People's Court on Several Issues Concerning the Application
 of Law in the Trial of Private Lending Cases (the "Private Lending Provisions"), which took effect on August 20, 2020
 and govern financing activities among natural persons, legal persons, and unincorporated organizations. The Private Lending Provisions
 do not prohibit the use of cash generated by one PRC subsidiary to fund the operations of another PRC subsidiary, provided that such
 intercompany transfers are conducted for legitimate business purposes and do not constitute disguised private lending arrangements
 that violate applicable laws or regulatory requirements.

8. The
 recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and
 enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China
 and the country where the judgment is made or on principles of reciprocity between jurisdictions. Specifically, recognition and enforcement
 are permissible only where: (i) there exists an applicable international treaty or the principle of reciprocity applies between China
 and the foreign jurisdiction; (ii) the foreign judgment is final and conclusive; (iii) the foreign court had proper jurisdiction
 under Chinese conflict-of-law rules; (iv) the defendant was duly served and afforded a fair opportunity to be heard; and (v) recognition
 would not violate China's sovereignty, security, public order, or fundamental legal principles. As of the date hereof, China
 has not entered into any bilateral judicial assistance treaty with either the United States or the Cayman Islands concerning the
 reciprocal enforcement of civil judgments. While limited instances of de facto reciprocity have emerged in recent years, such practice
 remains inconsistent and highly fact-specific. Consequently, it is uncertain whether and on what basis a PRC court would recognize
 or enforce a judgment rendered by a court in the United States or the Cayman Islands.

9. As
 of the date of this Opinion, the Company is currently not required to obtain approval from any of the PRC central or local government
 and has not received any denial for listing on the U.S exchanges or offering the securities being registered to foreign investors.

10. The
 statements set forth in the Registration Statement under the captions "Prospectus Summary" , "Risk Factors"
 "Legal Matters" and "Taxation" to the extent that they constitute matters of PRC Laws or summaries of legal
 matters under PRC Laws, fairly reflect the matters purported to be summarized therein in all material aspects; and did not omit to
 state any material fact necessary to make the statements, in light of the circumstances under which they were made, not misleading
 in any material respect.

**II.** **Qualifications** 

This Opinion is subject to the following qualifications:

This Opinion is subject to (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws affecting creditors' rights generally, and (ii) possible judicial or administrative actions or any PRC Law affecting creditors' rights.

This Opinion is subject to (i) certain equitable, legal or statutory principles in affecting the enforceability of contractual rights generally under concepts of public interest, interests of the state, national security, reasonableness, good faith and fair dealing, and applicable statutes of limitation; (ii) any circumstances in connection with formulation, execution or implementation of any legal documents that would be deemed materially mistaken, clearly unconscionable, fraudulent, or coercionary at the conclusions thereof; (iii) judicial discretion with respect to the availability of indemnifications, remedies or defenses, the calculation of damages, the entitlement to attorney fees and other costs, the waiver of immunity from jurisdiction of any court or from legal process; and (iv) the legally vested discretion of any competent PRC legislative, administrative or judicial bodies in exercising their authority in the PRC.

This Opinion only encompasses opinions on legal aspects and relates only to PRC Laws effective as of the date of this Opinion and we express no opinion as to any laws other than PRC Laws. There is no guarantee that any of such PRC Laws will not be changed, amended, replaced or revoked in the immediate future or in the longer term with or without retroactive effect.

This Opinion is given for use only by the Company and underwriters but not for the use by any other person or for any other purposes. Without our prior written consent, this Opinion (including its drafts or supplements) shall not, in whole or in part, be copied, reproduced or disclosed to any other person in accordance with PRC Laws, except where the disclosure of this opinion is required to be made by applicable laws or is required in order to establish a defense to any legal or regulatory proceedings or investigation, or is requested by any court, regulatory, governmental authority, self-regulatory organizations or stock exchange, in each case, (i) on a non-reliance basis and (ii) with a prior written notice provided to us unless such prior written notice is not permissible under the applicable laws or otherwise not practicable.

This opinion is delivered solely for the purpose of and in connection with the Registration Statement submitted to the SEC on the date of this opinion and may not be used for any other purpose without our prior written consent.

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the use of our firm's name in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

---

| |
|:---|
| Yours faithfully,<br>|
| /s/ DeHeng Law Offices (Shenzhen) |
| DeHeng Law Offices (Shenzhen) |

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**Annex A: List of PRC Subsidiaries**

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| | | | | |
|:---|:---|:---|:---|:---|
| **No.** | **PRC Subsidiaries** | **Registered Capital** | **Date of Incorporation** | **Shareholder(s) and Percentage of effective ownership** |
| 1. | STAK (Changzhou) Intelligent Technology Co., Ltd<br> 斯塔克（常州）智能科技有限公司 | USD1,000,000 | August 4, 2023 | STAK Holdings Limited<br> -100.00% |
| 2. | YLAN Technology (Changzhou) Co., Ltd,<br> 一览科技（常州）有限公司 | RMB30,000,000 | June 18, 2020 | STAK (Changzhou) Intelligent Technology Co., Ltd<br> -100.00% |
| 3. | Changzhou Zhongshan Intelligent Equipment Co., Ltd<br> 常州重山智能装备有限公司 | RMB30,000,000 | April 8，2022 | YLAN Technology (Changzhou) Co., Ltd, -100.00% |

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The English names of the PRC Subsidiaries have been translated from its official Chinese names.

## Ex-Filing

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

**Exhibit 107** 

**Filing Fee Table**

**Form F-1** 

(Form Type)

**STAK Inc.**

**斯塔克工业集团有限公司** 

(Exact Name of Registrant as Specified in its Charter)

**Newly Registered and Carry Forward Securities** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Security <br> Type | Security <br>Class <br>Title | Fee <br> Calculation <br> or Carry <br> Forward <br> Rule | Amount <br> Registered | Proposed <br> Maximum <br> Offering <br> Price <br> Per Unit | Maximum <br> Aggregate <br> Offering <br> Price | Fee <br> Rate | Amount of <br>Registration <br>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* |
| Fees To Be Paid | Equity | Class A Ordinary Shares, par value $0.001 per share <sup>(1)</sup> | Rule 457(a) | 3000000 | $1.0 | $3000000 | 0.00013810 | $414.30 |
| Fees To Be Paid | Equity | Warrants to purchase Class A Ordinary Shares <sup>(2)</sup> | Other |  |  |  |  |  |
| Fees To Be Paid | Equity | Class A Ordinary Shares issuable upon exercise of the Warrants <sup>(3)</sup> | Rule 457(a) | 6000000 | $1.2 | $7200000 | 0.00013810 | $994.32 |
|  |  | **Total Offering Amounts** | **Total Offering Amounts** |  |  | $10200000 |  | 1408.62 |
|  |  | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  |
|  |  | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  | 0.00 |
|  |  | **Net Fee Due** |  |  |  |  |  | $1408.62 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated
 solely for the purpose of calculating the registration fee in accordance with Rule 457(a) of the Securities Act of 1933, as amended
 (the "Securities Act").

&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 accordance with Rule 457(g) of the Securities Act, because the Registrant's Class A Ordinary Shares underlying the Warrants
 are registered hereby, no separate registration fee is required with respect to the Warrants registered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Estimated
 solely for the purpose of calculating the registration fee in accordance with Rule 457(a) of the Securities Act.

N/A